The Urban Engine Podcast

Matt talks with Michael Carroll, Lacey Reinoehl, and Jarrod Parkes about mobile app development and solutions. They discuss the common options and features in app design, and cover the importance of determining scope of work and managing expectations with the customer desiring the app. Highlights (2:50) Lacey talks about process to define minimum viable product for your desired app. Clarify the base functionality and allow the app developer an initial idea of what the scope of work is required to complete (along with if a native or non-native app will be required). (13:10) Jarrod walks thru an example of the app developer’s estimate of the work required to start an app and what stages of development are expected. (19:14) There’s often sticker shock when it comes to paying for app development. Michael explains how a couple developers working on an app for a month (typical to get an app to at least the minimum viable product stage) can hit $20,000-30,000 in burn rate. The hourly rate for app developers currently is typically in the $50- 200/hour range. (25:08) The group talks about the importance of qualifying the customer and managing expectations,  along with determining if a native app is actually needed (as that is far more costly than non-native apps). (46:41) Lacey talks about the importance of pitching yourself to a developer. There’s currently no shortage of work for app developers today and you need to convince them that this will be a project they would like to take on and is viable. Summary Since the introduction of the iPhone in 2007 and Android in 2008, smartphone applications have quickly become an essential part of our daily lives. Options for an app are either native (iOS and Android have 97%+ of the global market share) or non-native. An app developer works with a customer to determine how best to add value via the creation of the app with regards to required functionality (native apps enable more real-time interaction with smartphone sensors like GPS, the camera, etc.) within the limits of the budget available for the project. Ideally, the customer spends time before reaching out to the app developer to clearly define the purpose of the app and mock up a draft design and functionality (in Keynote, PowerPoint, or various app mockup tools). The customer should clearly explain the viability of the project to convince the developer to take on the challenge. The app developer will work with the customer to further refine the minimum viable product and set realistic expectations about milestones, costs (both up-front development and long- term maintenance), and level of support provided by the developer. The end result should be a meaningful app that adds value and achieves what cannot be done with any other existing app today.   Links Lacey Reinoehl’s company: https://zaroslabs.com/ Jarrod Parkes: https://jarrodparkes.com/ React Native (JavaScript framework that can ease porting apps to iOS + Android): https://github.com/facebook/react-native App mockup tools: https://hackernoon.com/the-votes-are-in-the-top-7-wireframing-mockup-tools-for- mobile-app-pros-134cd1d9af0a Global market share of smartphone OS options: http://gs.statcounter.com/os-market-share/mobile/worldwide Books: - Sprint: How to Solve Big Problems and Test New Ideas in Just Five Days https://www.amazon.com/Sprint-Solve-Problems-Test-Ideas/dp/150112174X - The Lean Startup https://www.amazon.com/Lean-Startup-Entrepreneurs-Continuous- Innovation/dp/0307887898 - Don’t Make Me Think https://www.amazon.com/Dont-Make-Think-Revisited-Usability/dp/0321965515

   Toni and Matt talk with John Thornton about the Business Assistant Microloan via The Catalyst Center. Brandon Kruse and Trey Sharp joins Toni and Matt to talk about their experiences in selling a business. Highlights (00:57) John Thornton summarizes the benefits of a Business Assistant Microloan (typically $5,000-$25,000) available to startups, early stage businesses, and established small businesses. (09:55) Trey Sharp and Brandon Kruse talk about their experience that led to them selling Sharp Communications and DialMaxx. (27:00) Brandon explains private equity acquisitions are likely to continue (outside of during significant recessions) with continual desire for companies that are generating $1 million+ in net profit per year. (29:43) Brandon explains the fear that a competitor will buy out your customers is silly. Customers leave because they haven’t been serviced, not because they’ve been marketed to better. (52:22) Brandon talks about the importance of knowing your business financials well. Otherwise, you tend to hit a ceiling and it’s hard to get to the next level. Summary The process of building a successful business is quite the challenge, but selling your business is no walk in the park either. Most tend to underestimate the time and effort required to prepare for a sale. Following efficient business practices (making sure personal and business expenses are always separated, running very clean accounting books) does make the acquisition process run smoother. Entrepreneurs today tend to be increasingly focused on the sale of their startup when they should be more focused on actually building a successful business that generates cashflow first. Selling your business when the stars align can bring peace of mind by trading ownership for an immediate return of your time (via payout of the projected returns of the business for the next 5-20+ years depending on market sector and position in the business cycle). The seasons of life often aim an entrepreneur toward another creative direction for a new venture, so selling a prior business can ease and accelerate that transition. There’s plenty of experts in the M&A space (M&A attorneys, veteran entrepreneurs) in the Huntsville area so don’t be afraid to reach out and ask questions as they can distill years of hard lessons into just a few minutes of your time.    Links The Catalyst Center Business Assistant Microloan info: http://catalystcenter.org/services/our-services/item/bam-microloan-program If you want a thorough sneak peak of everything that’s involved in selling your business, this prior edition covers most of the details for $6 shipped: https://www.amazon.com/Complete-Guide-Selling-Business/dp/1413312667 Last 30 year chart of global M&A activity: https://www.ft.com/content/b7e67ba4-c28f-11e8-95b1-d36dfef1b89a Rich Marsden (HSV M&A attorney Brandon mentioned who is very active in the HSV area): https://lanierford.com/attorney/richard-j-marsden 

Matt, Toni, and Trey Sharp talk about how to succeed as an entrepreneur while still thriving in your relationships with family and other non-business interests.

The team talks with Kevin Fernandez about the advantages gained and lessons learned from entry-level jobs and early-stage opportunities.

The team talks with Kevin Fernandez about the importance of giving back to those around you and the power of the Law of Reciprocity.

Matt, Toni, and Trey Sharp discuss negotiating tips and strategies. Areas covered include: dealing with vendors, buying/selling businesses, buying a car, and even negotiating in marriage.

Toni, Matt, and Brandon Kruse talk about setting goals, the difference between "traditional business" and high growth "tech startups", and the power of persistence.

Toni and Matt are joined in this special episode by Brandon Kruse, founder/CEO of CommentSold to discuss all aspects of serving customers in the modern market. Topics discussed range from handling customer problems, how to measure customer satisfaction through surveys, properly qualifying customers to avoid problems in the first place, and more.

In this episode, Matt & LJ talk again with Andy McCloy about how and when to evolve in your tactics & strategies and how to change with the market and the times.

In this episode, Matt and LJ talk with Andy McCloy of Body Creations about how to develop a habit of learning and improving and the importance of being an eternal learner.

You've often been told that networking is important. "It's not what you know, it's who you know" and "Your network is your net worth" are common quotes. But, how do you actually network with others and build your personal circle? For most of us, it doesn't come naturally, and it's not taught in school. Matt and Toni talk with networking guru Kevin Fernandez about how to build your network the right way.

The team talks with Kevin Fernandez about the Power of Persistence and Kevin shares the story of how he almost gave up right before hitting his goal.

Brandon Kruse of CommentSold joins Matt & Toni to talk about managing relationships in entrepreneurship, thinking about competitors, the power of an abundance mindset, and his favorite downtime hobby at Huntsville West.

Matt, Toni, and Trey talk tips, tactics, and routines to get motivated and stay that way. The team also talks about the power of great customer experiences and how key customer experience is to achieving success in the current market.

The team discusses how to deal with frustration as an entrepreneur, the importance of confidence/humility, how to balance confidence & humility, and when & how to ask for and/or offer help.

We discuss reflections on the 3 years of CoWorking Night, the positives, negatives, and things to considers in working with partners or co-founders, and how to network and find new people to grow your circle.

We discuss how to deal with burnout, how to get out of a rut, how to handle failure, the importance of making it hard on yourself to quit things you really want to do, and how to manage, train, and lead people.

In this episode, we discuss tools & tactics to get more things done, goals in entrepreneurship, and how to continually learn and improve yourself and your business.

Matt, Toni, and Trey discuss how to get new ventures off the ground, the pitfalls of being a perfectionist, how to go from idea to perfect product, when/why to bring other people into your idea, and how to invest your time.