(01:32) Grit is not choosing the easier path because long-term you're actually going to be more satisfied with the decision that you made.
(08:05) Cole explains the impact of having entrepreneur parents are entrepreneurs (see the academic paper listed below with data on this subject; children are 1.3-3X more likely to be entrepreneurs when their parents are)
(08:30) Cole describes his first business in middle school (pressure washing). He printed out 250 flyers and received zero calls.
(13:59) Cole tells the story of his 1st Amazon business he started about 3 years ago with the idea of selling gun grips. The day after getting the delivery, Amazon stops allowing sales in that product category. Instead, he had to pivot to selling on EBay (more manual labor than Amazon, but was able to clear the inventory). Now have an actual successful business selling other products on Amazon today.
(17:59) “You gotta be closed-minded on the end goal, but you can’t be closed-minded on how you’re going to get there”
Cole Rickles sits down to tell quite a few interesting stories of the various startups he has been involved in going all the way back to middle school. Most attempts fail, but the successes only occur because of the presence of grit. Good things never come easily, so persevering while being open-minded on how you are going to get to your clearly-defined end goal is essential to success with any entrepreneurial undertaking. The idea of grit has been popularized in the last few years (especially by Angela Duckworth’s book on grit listed below released in 2016), but the idea of how one can instill grit in another person is still up for debate on how that is done. One significant advantage Cole (and many other entrepreneurs in the Huntsville community) has is entrepreneur parents who provided first-hand real-world lessons in the value and results of grit.
(SpaceX failures video)
(TED talk on grit) https://www.ted.com/talks/angela_lee_duckworth_grit_the_power_of_passion_and_perseverance?language=en
(Grit from a psychology perspective)
(How Parents Are Robbing Their Children of Adulthood: Today’s “snowplow parents” keep their children’s futures obstacle-free — even when it means crossing ethical and legal boundaries.)
(Podcast: How I Built This)
(Academic paper: Why Do Entrepreneurial Parents Have Entrepreneurial Children?)
The Little Engine That Could
Grit: The Power of Passion and Perseverance
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.
(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-
(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.
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.
Lacey Reinoehl’s company:
App mockup tools:
Global market share of smartphone OS options:
Sprint: How to Solve Big Problems and Test New Ideas in Just Five Days
The Lean Startup
Don’t Make Me Think
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.
(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.
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.
The Catalyst Center Business Assistant Microloan info:
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:
Last 30 year chart of global M&A activity:
Rich Marsden (HSV M&A attorney Brandon mentioned who is very active in the HSV area):
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.
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.
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.
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.
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.