Thanks for joining us on this journey into entrepreneurship and human discovery. Your hosts Rohan, Kevin, and Dara will reveal everything we’ve learned and help you open the doors to achieving your startup goals…
4 Rules of Business That Were Made to be Broken
‘Everybody has a plan until they get punched in the mouth.’
Mike Tyson may not be at the top of your list of philosophers, but the implication is profound nonetheless. And it applies directly to the first rule of business that Kevin and Rohan think you should consider breaking, that of developing a detailed business plan. While a business plan does have its place in a limited number of cases, they argue that you simply cannot predict what will happen once a business is up and running, and the Innclusive Grow team recommends an alternative that doesn’t involve exhaustive projections that will likely prove meaningless.
Rohan, Kevin and Kerry-Ann identify other needless business conventions, offering an unconventional approach to inventory, alternatives to the traditional workspace, and an innovative marketing plan that drives traffic to your site organically. Listen and learn how to save marketing dollars, reduce your risk, and get your business going more quickly – by breaking the rules!
[1:23] Why it’s okay to skip the business plan
- Allows for action
- Launch and learn
- Create one-pager as alternative
- Only necessary in raising capital (bank, VC)
[6:07] What to include in your one-pager
- What you’re selling
- Is it already in marketplace (answer should be ‘yes’)
- What does competition look like (branding, communication, shipping, etc.)
- How intend to attract customers
[7:45] What you should document as business grows
- ‘No battle plan survives contact with the enemy’
- Document efforts that result in customer acquisition
- Devote time to platforms with best returns (80/20 rule)
- Create systems, processes based on experience
[16:39] How to approach inventory
- Start small (buy just five, move those first)
- Consider drop-shipping
- Don’t purchase in bulk without established audience
- Mitigate risk in terms of cost and time
[22:28] The pros and cons of working from an office
- Office makes venture feel ‘real’
- No office means work from anywhere, save on overhead
- Some don’t do well virtually, need interaction
- Do what works best for productivity
[27:13] Why you shouldn’t spend money on marketing (at first)
- More important to create community (focus on relationships, trust)
- Implement free, organic marketing strategies
- Google search articles, reach out to authors
- Compile list of bloggers, YouTubers and send free product
- Guest post
- Write case studies
- Personal Facebook page
- Twitter advanced search
- Spend time in forums
- Once understand customers, purchase targeted ads
[36:51] The importance of quality content
- Facebook rewards over time
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As an entrepreneur, simplicity is key, from starting a business to actually running it. In most areas of your business, simplicity will win, especially in customer acquisition. You have to make the process simple for your potential customers, as well as recurring customers, otherwise, you may lose them. Let’s face it, no one wants to go through a long complicated process in order to get your service. You wouldn’t do it, so why make your customers go through that?
The Innclusive Grow team outlines why simplicity rules and how it has proved beneficial in their businesses. They discuss the ways in which new entrepreneurs complicate things, and the mistakes that entrepreneurs in general tend to make. They provide examples, as well as useful tips to keep things simple and your business successful. Tune in to hear how you can provide a smooth and simple process for your customers, to keep them coming back for more!
[00:50] Why is simplicity the winner in most scenarios?
- Grows your business a lot faster
[02:31] Why do we need to be reminded that things should be simple?
- Allows you to take action quickly
- Things are done in a faster time
[05:34] Are newer entrepreneurs likely to make things complex?
- Want things to be perfect, wanting to be exact
- Feel uncomfortable dealing with uncertainty
- Fearful of losing the first few customers
[09:00] Ways in which entrepreneurs complicate things
- Providing too many options
[10:53] Other ways in which newer entrepreneurs complicate things
- Long sign up process
- Complicated questions on forms
[15:07] How to deal with getting a general idea of who your customer is if you don’t get the information upfront
- Making your checkout process simple
- Creating simple forms that even a child can fill out
[17:32] Ways you can get help or accountability to prevent you from over complicating things
- Bank accounts
- Assume your customers are lazy
- Simplify the way in which you obtain feedback (short and simple)
[19:53] How to understand the pain of target customers
- Find a simple way to get them into your funnel
- After getting into the funnel, ask additional questions
- Make things simple for customers
- Reduce the process of booking your service for recurring customers
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Many of us struggle with self-doubt, underestimating and undervaluing ourselves, and feeling that we’re incapable of doing certain things. This can be referred to as imposter syndrome, where you feel like a “fraud”. Some of us struggle with it silently and believe that it’s just unique to us. We fear going outside of our comfort zone, trying new things, taking action. We even fear that others might not understand this imposter syndrome, so we remain quiet and refuse to seek help. You probably don’t understand it yourself. But guess what? You’re not alone. It’s pretty common and there are ways to manage it. Yes, it’s true! It’s manageable and you don’t have to endure it alone.
The Innclusive Grow team is ready to help! They offer an explanation of what this imposter syndrome is, how to identify it, and ways to cope. They even provide personal experiences and what they’ve done to overcome this. With all these useful tips, resources and techniques, you can’t afford to miss out on this podcast. You’ll be glad you did!
[02:09] What is Imposter Syndrome?
[07:06] Techniques to prevent Imposter Syndrome
- Finding a support system
- Allowing others to help and encourage you
- Power poses to raise confidence (body language)
- Learn to manage it as it appears
- Learn to manage on your own sometimes to avoid consistent dependability
- Take screenshots of compliments, encouragement, etc. given to you
[13:54] Other ways to deal with Imposter Syndrome
- Avoid comparing yourself to others
- Believing in yourself
[15:12] Areas in which Imposter Syndrome appears
- Creating new content
- Public Speaking
- Learning to identify where it comes up for you frequently
[16:55] Things that lead to feeling like an imposter
- Over complicating things
- Having the belief that something has to be difficult for it to have value
- Certain beliefs that have been ingrained is us from a young age
- Dealing with changing dynamics (leadership roles)
[21:25] Attributes of a good leader
- Sharing responsibilities
- Ongoing support
[25:28] Ways to cope with Imposter Syndrome
- Recognize it, don’t deny it
- Knowing who you can get support from
- Identify areas where it comes up
- Look at it from a positive perspective
- Take action
- Overcome fear
[35:59] Dealing with comparison
- Keep busy and avoid comparison
- Take action (just do it)
– Amy Cuddy Ted Talk: Body Language
– On the Edge by Allison Levine
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We live in a society where we are cultured to be afraid of competition. We are told to enter industries or markets with less competition, as if it’s saturated, the likelihood of succeeding is very slim. Is this really true though? Are you bound to fail if you enter a market that’s already saturated? No!
Listen to the Innclusive Grow team as they tell you that that is not entirely the case. As a matter of fact, they say the more competition there is, the better! You’re probably thinking, “What?! But that’s not what I’ve been told! That can’t be true.” Well listen up, as you’re about to get some interesting facts and have your mind blown! Tune into the podcast as they tell the reasons why competition is beneficial and how to take advantage of that competition. You really don’t want to miss out!
[02:24] What’s the deal with competition being a big deal, but to our benefit?
- The more competition in an industry, the more likely success is possible
- The best predictor of success is what has already been proven to be successful by other people
[04:06] Are we cultured to be afraid of competition or is it this mindset when it comes to business?
- We feel comfortable competing in different ways
- Afraid to take action in business because of competition
[05:25] What do we do to take advantage of competition and oversaturation in an industry?
- Look at reviews (Yelp, TripAdvisor, etc.), comments
- Look at pain points (customer service, shipping time, etc.)
- Build a company that addresses the issues of the competition
- Be better than the competition
[08:36] How would you know how to differentiate yourself if you’re in a service based business?
- Social Media
- Google – find reviews, comments
[10:10] If the market is saturated, how do you handle the pricing aspect?
- Ease of purchasing
- Have a slightly higher price – shows there is value there, branding and trust
- Most customers are emotionally based when buying
- Know your competition
- Create the experience – fulfilling customer’s emotional needs
- Set your pricing based on value
[17:32] What are some mistakes entrepreneurs make after deciding to enter a market with competition?
- Reinventing the wheel, making changes
- Think brand is delivering everything when it’s not
- Branding everything yourself and creating the website on your own
[25:44] What’s a case for leaving a market?
- You can’t avoid competition, get used to it and figure out how to keep delivering a great experience to customers
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Many of us have heard the saying, “do what you love and you’ll never work a day in your life”. We’re told to pursue our passion and we’ll have fun with it. Unfortunately, this isn’t always the case. Being passionate about something does not necessarily mean it will be a viable business. However, if it has the markers of a viable business and people have been successful in it, go for it. As Rohan stated, “Don’t let passion be the sole reason for starting a business, let it be a complementary reason.”
The Innclusive Grow team will give their reasons as to why passion is not a good indicator in what business to pursue. They will also discuss how to choose a business, how to measure the probability of success, along with some other great advice. Tune in, you’ll be glad you did!
[02:16] Why shouldn’t passion be the indicator in starting a business?
- You’re not going to always love it
- Criteria for picking your business should be what’s easiest, what’s going to have the highest probability of success if you do that
- People do not pay you to have fun, they pay you to do things that are messy, things you don’t want to do
- Most of the money to be made in the world is doing things that are not fun
[07:48] How do you choose the business or project to pursue?
- Highest probability for success
- Start something with a lot of competition, where other people have been successful
[09:14] Why would you want to go into an already crowded market?
- Only a handful of markets are truly saturated (cable TV, mining – oil)
- Idea of a saturated market does not exist when talking about an entrepreneur starting a business
- If multiple people are successful in a particular business, it means there is a large market, money to be made, business is already validated
[14:43] How do you measure the high probability of success?
- Your time investment
- Money returns; whether you can generate sales or make money in the first 60 days
[19:18] After 60 days, if you don’t make money, what’s next?
- After 30 days, ask yourself if you put in the effort
- If a lot of effort and dedication to marketing was made, think about your branding
- If you did put in the time and effort, something is off (look at pricing, messaging, copy writing)
- After 60, 90 days, look at other alternatives
- Goal should be to have a conversion rate
[25:34] What if it’s a business that requires a lot of money?
- Consider the affordability
- Use what you make from a smaller business to tier to another level until you can get to a bigger level
[35:43] If you don’t like it, how do you motivate yourself to do it?
- Know what your why is; it’s not the passion, it’s the why
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In this episode, Kevin and Rohan discuss how to go about building your tribe and finding co-founders. They share the story of how they started working together and how being transparent with their experience building businesses was one of the main ways they’ve built their tribe.
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In this episode, Rohan and Kevin discuss some of fears people have around entrepreneurship and starting a business. They discuss some of the misconceptions about entrepreneurship that might feed some of these fears and the importance of taking action in spite of the fear.
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The Innclusive Grow podcast is a weekly podcast hosted by Rohan Gilkes, Kevin Pereira and Kerry-Ann Reid-Brown.
The podcast shares a practical advice about starting and running a business. In addition, you’ll get to go behind the scenes of Innclusive and members of the team.
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