Author name: financialfreedomllc20

Do you try to persuade people of your point of view?

Do you interact with customers? (Or patients, subscribers, fans or citizens)…

Are you a designer?

Would life be easier if your boss understood you better?

Is there a policy you’d like to change or a candidate you’d like to help elect?

Are you hoping to make things better?

Then you’re a marketer.

Proud of it.

Might as well learn to do it better. Because the work matters.

Today’s launch day for the tenth session of The Marketing Seminar. It’s the most effective, widely proven and popular workshop of its kind. I hope you’ll check it out. (Today’s the best day to look for the purple circle). It’s our last session of the year, and this is a great time to join in. That link gets you a significant time-sensitive discount at checkout.

So far more than 10,000 people in nearly a hundred countries have shown up and connected, contributed and learned to improve their craft.

We’d love to have you join us. (Check out what nearly 100 alumni had to say).

With every startup or business idea, there comes a dream to scale it to the moon. I am a journalist with two small startups under my belt. Being in the startup world for years, I have been on both sides of the spectrum. On one hand, I have mentored many startups due to my association with incubators and accelerators, and on the other hand, I have done extensive research into possible resources, mentors, guides, investors, and backers that I, personally can utilize for my own startups.

When you are a programmer, the reality of your idea is just behind some lines of code; but, if you are a non-technical founder like me, things become difficult. What do you do?

You collaborate with entities like a startup studio.

The recent trend of startup studios is giving non-technical founders access to resources that help them “build” their idea. These resources can be in the form of mentorship, specialized teams, and technical leadership as well.

If you have never heard of a startup studio then here is what you need to know. It is a setup that is built to enable and support other startups. It can also be called a startup factory. The three aspects that define a startup studio are:

– internally generated ideas,

– the singular goal of supporting other startups,

– and a proper infrastructure of idea enabling resources.

The question is, does it help?

Companies such as Dollar Shave Club came out of the Science startup studio in Santa Monica, California, and prove to be a good case study for what’s possible.

As a non-technical founder, collaborating with a startup studio can provide you with the following benefits:

1. It can act as your CTO/Co-Founder

Startup studios are more invested in your business than a web design agency. This is because startup studios build you from the ground up, they help you launch the idea and watch it grow. Hence, they are motivated to provide guidance, support, and resources for a longer period of time.

Startup studios also act as your co-founder and CTO to “build” your product and later also work on the growth of your startup and devise strategies for the future. The key interest of any startup studio is the success and growth of their startups, its valuations, and its future.

2. It helps to create blueprints or prototypes

In the startup world, if you are stepping in with just a passionate idea without proper resources, guidance, or backup. There is little chance that your startup will succeed.

However, with a startup studio, you can raise your success rate significantly. It is because they provide an almost foolproof blueprint on how to launch and develop your idea. With the help of a startup studio, you can build a prototype you can use to move forward with your idea, validate it, do risk analysis, or calculate possible lacks and failures.

3. It can help you validate product/market fit

When you come up with an idea, initially that is all it is. No matter how great, how innovative, or problem solving an idea is, it is just… an idea. Until you roll up your sleeves and work on it. Once you get started on bringing your idea to a reality that’s when the first pool of obstacles, failures, and problems arrive. This is the first test of your endurance and the validity of your idea.

With a startup studio, you can do just that. You can take your idea, create a prototype, launch it, and validate if it can withhold in the real world.

4. It gives you access to idea pools

Startup studios go through several businesses, ideas, potential startups on an everyday basis. Their exposure, to new ideas, technologies, and possibilities, is immense. The individuals in the studio are also tech-savvy and innovative which leads to even more solutions and ideas.

It is a high possibility that when growing your startup you will reach a dead-end, a failure, a u-turn, or crossroads. When faced with such situations, you can bounce ideas, discuss, evaluate, and analyze each opportunity or solution with the startup studio. The diverse set of mindsets will allow you to make a suitable pivot for the future of your company.

5. It lets you tap into a pool of resources

With a startup studio, you have easy access to tech-savvy, diverse minded, experienced, professionals. A startup studio has a team of designers, developers, marketers, and administrative staff for the early-stage startups they are associated with.

Having access to a pool of resources, startups can get all the help they need in launching their idea without hiring and thus, saving the expense of salaries during its prototype phase.

Conclusion

While a studio startup can be highly impactful for non-technical founders, it can be highly beneficial and enabling for technical founders as well. To run a business you need a whole team of experts and enablers, a startup can not be a one-man show. To thrive, every startup requires collaboration, loyalty, sharing of ideas, resources, and a team to lean on. So whether you are a non-techincal or a technical founder joining a venture-capital-backed studio will absolutely enable growth opportunities.

“No more romanticizing about how cool it is to be an entrepreneur. It’s a struggle to save your company’s life – and your own skin – every day of the week.”

— Spencer Fry, co-founder of CarbonMade

The post How Collaborating With a Startup Studio Can Save Non-Technical Founders appeared first on Startup Digest Blog.

Aneme Dlamini of Startup Grind chats to Simone Musgrave of Musgrave Gin about perseverance, building an actual business, and bringing your femininity as a force to be reckoned with in the business world.

Aneme = A, Simone = S

A: Welcome!

S: Thanks.

A: So, I am not going to go with the traditional ‘background story’ (laughs), I am sure you’ve been asked that many times.

S: I have, yeah (laughs).

A: Cool. So, to jump right in, you left the food industry after 13 years. Why after 13 years, why not before or after then? You mentioned in your SG talk that you actually started Musgrave as a side hustle…

S: Yeah, I was single mom with two small children and I needed that stability. So I stayed in the role. It was also a really good role in the business. I got to travel a lot, I was exposed to every brand within the business. So, the role was a great opportunity to further learn the industry. But towards the end of my time there, my kids had finished school, and I felt like I was not being challenged enough. So, I decided to leave. So long story short, the timing was right (laughs).

A: Awesome! Uhm, I wanted to also question you about your thoughts on expansion (in business). So, first you did Musgrave Original, then Musgrave Pink. Musgrave Pink exploded and was well-received. But my question is, as an entrepreneur, when did you know it was the right time to expand?

S:  Yeah, so I always wanted to do a pink from the beginning. But I knew had to cut my teeth on a classic gin, and I launched the classic. But I needed more sales, so that meant I needed another product. My history being in product development and category management, taught me that. Also, from it, I knew that about a year, would do, for us to launch the next product. The timing, again, was important. People were starting to buy and love Musgrave, and they wanted something more from us. It’s never one factor, it’s a combination of factors. I also had the entrepreneurial surge of ‘f*ck it, I’m going to do this now.’ (laughs).

A: Okay, and how do you mix that sense of urgency and patience, like how do you balance the two for the sanity and sake of your business?

S: It comes down to discipline. What I have seen in the gin industry is that a lot of companies launch one gin, then another, and another, and another. That’s what innovators do, they launch products – the sexy part of the job. Having too many products does not make sense, for an early-stage business. The discipline lies in having a one or two product company and focusing on selling those products to the best of your ability. We haven’t launched a new gin since and we won’t. There is a fine balance between pushing your products and being disciplined enough to not want to do the sexy stuff all the time. It is all about reading the market and knowing whether it makes sense to innovate! ‘Cause often, just putting your energy into your current products will give you more sales and exposure than new products.

A: You’re quite fearless in the way you approach business and the way you have done things. Do you ever have days where you say, ‘Shit, I don’t feel like doing this today’? (laughs)

S: Yeah, the past few days actually! Being an entrepreneur is scary, you know.

A: Yeah

S: I have just had an employee leave me high and dry. No handover, nothing. Just dumped me in the shit. They were working the most important part of the business… So you’ve got to step up. I mean, who else is gonna do it? I am gonna do it! I now have her job, too. So yeah, there are days where I feel, ‘What the hell?’ There’s also the challenge of dealing with retail, when you’re a small player. It’s difficulty, quite a gritty arena to play in. Having said that, I don’t know if I get unmotivated, but I do get tired of the bullshit. And sometimes, that anger energizes me, other times, I just feel like running away (which I can’t) (laughs).

A: Yeah (laughs), that’s the thing about being an entrepreneur, right? You can’t just up and leave when you feel like it.

S: Yeah, I always say, my life looks sexy from the outside. The picture painted on social media is: I am travelling around the world, tasting different gins… but at the end of the day, I actually pick up boxes of gin and sell them. You can have the best product but if you don’t get on and sell them, it’s not a business.

A: So, talk more to that, right. The, what some would call, unsexy part of business, the actual selling of Musgrave Gin. What’s the daily grind?

S: The daily grind is getting listings (getting into the stores you want to be in), and once you’re in: managing that. So, most of my day is spent managing stock coming from the distillery into the warehouse, and out to the retailers – making sure that everything is on time! Big companies have big teams to help them do that. We are four, in the business.

Oh, and chasing distributors to actually do the selling. And finding answers to my questions like, ‘Why aren’t we listed here, I am paying you commission. Why aren’t we listed?’ So, it’s a chasing game, constantly. It all comes back to selling, that’s where I spend most of my time. The parties and the events are cool, but if you don’t sell, you can’t have an event. You have to be a good salesperson as an entrepreneur (laughs).

A: 100%! And talk more towards, what I call, the ‘fake entrepreneurship lifestyle’- entrepreneurs just doing it for the events, the glitz and glamour, the fame etc. What’s your opinion on it? I mean, you were self-funded from the beginning. Didn’t raise any funds etc. Not very typical. Versus startups that raise R 5 million bucks, but haven’t sold anything at all.

S: Hmm. Yeah, I don’t know if those businesses would survive. Also, someone else owns you. I believe in keeping the business 100% owned by myself. I think, if you see an entrepreneur being involved in the glitz and glam that may be just for show. A true entrepreneur does long hours of gritty work. The unsexy stuff – HR, recruitment, cash flow management, etc. So, the guys who you see raising R5 million won’t be around for long. I just don’t believe money comes easily, nor does quality business growth. I think, truly long-term successful people will have done everything from the ground level.

A: 100%! What are some of the characteristics that you define as ‘vital’, for an entrepreneur to succeed?

S: Grit! I really believe that they need to have grit. Grit and hard work. You have to be focused. You can’t let anyone tell you ‘no’. Whoever tells you ‘no’, just ignore them. And the ability to break the rules. You have to break rules every day. The rules are not made for entrepreneurs or innovative spaces. Just do it, and find out how, later.

I also believe an ethical or moral stance will keep you going in the long-term. The guys that say bad things about other brands, bad mouth others in the industry – aren’t going to work out in the long-term. You get caught out much quicker these days than in the old days.

If you can put all those things together, you can do anything you want with any product. And I look at the youngsters of today (you’re a youngster, no offence), and it is really hard to find those qualities. Young people don’t have as much grit. And in a time where you’re having to be an entrepreneur more than an employee, I really worry, sometimes.

A: What do you look for in employees, or in strategic partners?

S: Yeah, so for strategic alliances, we mainly look at whether or not the brand aligns with our brand and whether our customers align. We pay attention to how they speak to their customers, how they treat their customers, and all such things. From an employment point of view, I look for experience. We have a small team. And as a result, we need super-experienced people. I don’t really have the time right now, to grow people, in my business.

People management is the hardest part about running a business. The unsexist part, but it is going to be the future of business.

A: I have noticed that you’re very open, quite public with your vulnerability. Do you feel like that adds a certain authenticity to your business?

S: Hmm. It seems like people like to connect to human spirit. Things that they can relate to. Putting my surname on the bottle is me putting myself out there. Also, I was a single mom – I don’t like to talk about it that much, because nobody would ask a man in business if he was a single dad – I actually reject the question quite a lot. But it is my reality, and that is why I speak about it. I am who I am. I am on this journey, not to be famous, but to build a successful business and a legacy.

The ‘new consumer’ wants a story, they actually want to know the person behind the brand.

A: That’s quite deep.

S: Yeah.

A: How, if they have, have your daughters impacted the way you do business? Your values etc.?

S: Growing up in a single mom household (our cat is the only male in the house – laughs), they are quite strong and opinionated. They come with a force and a confidence, and I see them becoming powerful and vulnerable – in a balanced way. That inspires me to do as I do.

A: Staying on the parenting topic – as a parent you had to make sure your daughters were in school, everything was okay etc. How did you balance the discipline of ‘I really want to start this business vs. parental responsibilities’

 Also, what is your advice for parents that want to start businesses but are worried, for example, that the first six months will be unpredictable and they still have kids in school etc.?

S: Yeah, so I started it my business while still working. So, I was still getting paid a salary. Just make sure that you are exposed to very little risk.  For me, that worked. It will not always work. But I was at a point in my career where, they weren’t using me that much. So, I had a lot of free time. It’s about finding something that keeps you secure – even if it is your basic salary, and cutting your costs I wouldn’t suggest dumping it all and going straight into business.

It’s not about not taking a risk, it’s about taking a smart risk. I am not a conservative person in terms of risk, but I am conservative when it comes to making sure my home, daughters and other necessities are secure – then I do the risky stuff.

Also, a lot of people are in a rush. To become an overnight success. It’s okay to transition from a job into a business. I still don’t pay myself as much as I was earning at corporate.

A: What are some of the things that you have had to sacrifice?

S: I miss leave. Having time off with no responsibilities. That is what I miss the most. Going from four weeks of leave, to zero days at all, isn’t as cool. I don’t eat out as much etc., when I do, it is for Musgrave.

A: You had a baby food business that you said didn’t pan out too sexily. Did it knock your confidence as an entrepreneur?

S: Not at all. I am actually very thankful that it failed. I learned so much from that business and it actually launched me into the cool corporate position I spoke about earlier. Without that failure, I wouldn’t have been where I am today.

It was disappointing, yes. I felt like I had a good idea, and a good product. But you know, that’s part of the game. But I think, if you look at every successful entrepreneur, they have about 3-4 businesses that didn’t work out.

A: So, when did you know it was time to let go of that business?

S: Yeah, so you could see it, you know? I wasn’t making that much money, the sales were dropping. I was losing too much money on a monthly basis, to continue.

A: Do you feel like burnout is a frequent thing in your life?

S: Yeah, I do. I have burned out, almost twice, this year. As an entrepreneur, you hardly switch off. You can’t. It’s also part of your personality. A lot of entrepreneurs face the same problem. I think, part of dealing with burnout in a better way, is learning to see the signs. It’s not about taking four weeks of leave a year, it’s about that ‘in between’, are you taking care of yourself when you need to?

A: Do you feel like the Type-A/’never switch off’ personality ever disadvantages you? Do you ever feel like you dwell/overthink on certain things?

S:  Yeah, I do think it disadvantages us. Not so much overthinking, but I just think that we don’t become as effective. It’s not only about work now, it then becomes ‘I must do yoga everyday’ or I must go for my run every evening. And you just become obsessive. And it actually helps nothing. It makes you less effective, less creative, and less of a leader. With an A-Type personality, you have to watch yourself.

A: Just to go back to the beginning for a bit, how did you survive those tough first weeks/months of your business?

S: Grit and determination. But also being surrounded by amazing friends. Friends that are supportive and loving can do a world of good! My friends are my go-to group about complaints or successes, anything really. It is important to find laughter within the chaos.

A: One key piece of emotional advice to entreps?

S: There is an obligation to be true. You don’t really want to paint a sexy picture and have people saying ‘Oh, I can’t achieve that’. Always paint an honest picture of the way things are. You never know who you are inspiring.

A: The age-old question, being a female in a male-dominated industry?

S: Yeah, it is quite difficult. I often find myself having to put on my ‘manly boots’ in order to have an equal conversation. I am conscious of keeping my femininity with me in meetings, but also not letting people step all over me. And that balance is quite exhausting, I must say. I come back from conferences emotionally tired, sometimes – because I am constantly putting on my ‘male’ side.

A: What’s the one message you’d love to give to female entrepreneurs?

S: Self-belief and lack of fear. You just have to say to yourself that you’re going to do it. There is no other way. There really isn’t. If you have a good concept, and you work really hard, you will be respected and doors will be opened.

And use your femininity. Use it, actually. I am not saying wear short dresses or anything of that manner, but use your intuition. Women have a lot more perceptive ability, emotional connection, and are not as competitive. These three things can really work to your advantage, use your femininity!

A: Thank you so much for your time, Simone. Super awesome to chat to you.

S: Thanks Aneme!

Check out Simone’s super inspiring talk, here:

Once revenues start rolling in, entrepreneurs have nothing to worry about.  Right? After all, the market has verified that their business model is sound.  What could possibly go wrong? Well, actually, many things can go wrong.  One of my late father’s favorite sayings was, “The single biggest cause of business failure is success.” Entrepreneurs who […]

The post Building Forecasts from the Bottom Up appeared first on Dr Jeff Cornwall.

Step 1 Find the right business for you. Entrepreneurship is a broad term, and you can be an entrepreneur in just about any area. However, you will have to pick a field to work in and business to start. Find a business that won’t only be successful, but is something that you are passionate about.