vision

10 Things Seasoned Entrepreneurs Know

November 20, 2018 by Launch Youniversity Leave a Comment

We’ve gotten to interview some incredible guests on this podcast. A top clothing designer, a best-selling author and Justin Beiber’s vocal coach… to name a few. While every entrepreneur has a unique perspective, there are a few common denominators that most everyone has learned along the way.

1. Your time is your most valuable resource.

When you own a company, everything and everyone will be competing for your attention at all times. Put processes in place to protect it.

2. Fail fast and fail cheap.

Don’t be afraid to run quick experiments to learn what works and what doesn’t. When you know, you don’t need to waste time and capital on what doesn’t work. Pivot quickly.

3. You just need one person who’s been there before.

It’s not uncommon to hear “it takes a village” or “find your tribe” when listening to startup advice. But that can be intimidating for first-time business owners. Where do you even find the village? What if you’re a tribe of one? It’s okay. Focus on finding just one person who’s been there before, someone you can call and ask, “Do I need to file this paperwork?”

4. You’re not the only person investors are meeting with.

Shark Tank has given entrepreneurs the false impression they’ll pitch to four people and get to choose their offer. In reality, investors are typically looking at up to 100 different deals at a time. You’ll be turned down…a lot. Don’t let it stop you from moving forward. With each pitch, you’ll get better and better.

5. Vision alone can’t run a business.

You might have an innovative, inspiring, crystal-clear vision, but if you don’t have a solid business plan, then you won’t see profits. Cash is the lifeblood of your business, and without it, the vision will never come to fruition.

6. Leadership matters.

If you want to keep a great team, be mindful of how well they’re being led. When people start to leave a leader or department, it’s time to pause and ask, “Is this a trend?” Don’t let bad leadership undermine what you’re trying to do with your company.

7. Don’t be afraid to look at what other people are doing.

When launching, there’s a lot of pressure to do something nobody else has done. But, that doesn’t mean you can’t pull inspiration from companies you admire. Find a brand you respect (in or out of your industry) and study their past launches. What did they do well? What didn’t they do well? What would you have done?

8. You already have what you need to get started.

We tell ourselves lies and excuses like, “I don’t have the right equipment” or “I don’t have a customer base yet” when the truth is: The most successful entrepreneurs didn’t when they started either. They moved forward with what they had and made upgrades as their business grew. If Steve Jobs started in his garage, you can, too.

9. Create the kind of company you’d like to work for.

Culture happens no matter what. So instead of just letting culture happen to your business, be intentional about creating it. Always ask yourself: If I didn’t own this company, would I like working here?

10. Making your first hire is scary, but worth it.

As a business owner, it’s easy to look at a hire as loss-of-profit. But when you hire well, having a team that supports you will change everything (For the better!).

We hope this list inspires and challenges you to stay the course on the entrepreneur journey. If you’re learning hard lessons, you’re in good company! We know with vision, passion, and business plan… there’s nothing you won’t be able to accomplish.

Tune into The Launch Youniversity Podcast every Thursday to hear words of wisdom from people who have been there before. Available through iTunes, Stitcher and more.

How to Find Your Company Values

November 16, 2018 by Launch Youniversity Leave a Comment

Identifying your values or writing out your mission statement isn’t usually the first thing entrepreneurs do when starting a business. Typically, vision, hustle, and business plans are the first things to matter.

But somewhere along the way, almost every successful business owner hits a point where—even if they’re seeing profit—the company doesn’t feel quite right.

There isn’t a central rally cry amongst the team. There’s confusion about the “why” behind it all. The once clear vision is now all over the place.

That’s when leaders realize they need a mission statement or a set of values. A written down explanation about who your company is and why you exist.

It sounds simple enough, but most organizations spend months crafting the perfect mission or values. It’s a big decision because it’s not something you want to change often, if at all.

So how do you begin the process of finding yours? Can you have a set of values or a mission if you’re not a non-profit company? Yes.

Start by asking these two questions: What breaks your heart? What makes your heart beat?

Dana Spinola, founder and CEO of Fab’rik, shared these questions on the Launch Youniversity Podcast. As a clothing boutique owner, she didn’t know if there was a way to incorporate her values and mission into a retail store… until she started with what breaks and beats her heart. Listen now to hear what she discovered.

What breaks your heart?

Why does your company exist? What problem were you looking to solve? Why is it a problem in the first place? Is there anyone else trying to solve this problem? Why are you different? How can you be the best change?

What makes your heart beat?

What do you love most about your business? What do you love most about your customers? What hopes and dreams do you have for the future? How can your business make a real difference in the world?

Mission and values exist for all businesses — big and small, across every industry.

Once you identify your values or mission, you and your team will have a renewed sense of pride for the work you do. You’ll have something to look to when you hit bumps in the road. And most importantly, you’ll know with certainty who you are as a company and what your purpose is.

How to Pitch to Investors

November 9, 2018 by Launch Youniversity Leave a Comment

You have the perfect business idea. You may even have the right team to make it come to life. But where do you get the money to make it happen?

Many launchers know the answer is most often investors. So how do you pitch your dream and secure the funds to make it a reality?

Over the last decade, Matt McKee has secured millions of dollars in funding for multiple projects and startups. In a recent podcast, Matt shared his story and advice on pitching to investors. He believes there is one thing most entrepreneurs forget, and often times it is the one reason investors say “no” to funding your vision.

Resource: Before you know what to communicate, you must understand how to effectively share your ideas. That’s why Launch Youniversity created Elevator Pitch, an online, workshop-style video course that guides you through proven methods to shape, hone, and sharpen your message and polish your delivery. Check it out today!

The One Thing to Remember Before You Pitch

Matt reminds entrepreneurs not to be discouraged if they have failed pitches. He says you won’t know if there is a true market until you pitch several times. He recommends pitching to at least 50 different investors.

Remember, investors are saying no 99 times before saying yes to one.

The One Thing to Include With Your Vision

You are passionate about your idea. You know you have a life-changing solution to a problem. You’ve gone through Elevator Pitch and can successfully paint the picture of your vision.

Matt says unfortunately most people fail in their pitch when they stop there — they only offered the idea. You aren’t only selling your idea. Investors want to know how they will get their money back.

As you share your vision, you must also talk about your business model. How are the investors going to get their money back? Give them a plan for how the business will grow.

Business models are rarely unique. Research successful business models, determine what will work best for you and your idea, then model your plan after that. Matt recommends painting a big vision.

You may have a great idea, a great team, and a great market, but at the end of the day, an entrepreneur must have the right execution. Share that execution plan with the investors and you will be on your way to making your vision a reality.

3 Keys to Growing Your Business

October 31, 2018 by Launch Youniversity Leave a Comment

One struggle most early launchers face is wanting to grow big and grow fast. You’re passionate, you have an idea you believe will win, and you want to see it succeed.

However, most companies don’t get big overnight. So instead of focusing on getting bigger, make it a priority to get better. The “getting bigger” will come naturally. Truett Cathy once said, “If you’ll get better, people demand you get bigger.”

Here are three ways to improve your business:

1. Build a Support Network

Behind every great leader is a great mentor and support system. Humans were created for relationship and community, so it makes sense people succeed better together.

Peyton Day, CEO of Roam, shared the importance of his support system in a recent podcast. He encouraged all launchers to find a great partner who is an encourager, and know them well.

Who do you trust to not only offer encouragement, but honest critiques to help you grow? Find someone who is a confidant, that can be a sounding board for any dreams, ideas, questions, or concerns. The right person or people you trust will help you make better decisions, and in turn, make you a better leader.

2. Show the Vision to the Team

Any organization has to know where they are going, the why, and the how. It’s up to the leaders to paint the picture of where your team is headed and how to get there.

As the business grows, you must continue to cast the new vision. Seeing where you are going and feeling a sense of accomplishment when goals are met is a huge motivator and confidence booster for your team. They will buy into the mission even if they don’t always agree with every step along the way.

Peyton Day encourages every launcher to build the winning formula: a solid foundation on core values and a common sense of purpose and vision with the right people.

3. Be Comfortable Delegating

You can’t do it all.

Leaders have bought into this false philosophy that if you give your team autonomy, it shows you’ve lost control. Nothing could be further from the truth. The key is finding the right people you trust to delegate work to.

A good rule of thumb, according to Peyton, is to delegate a task to someone once they can perform said task at 75 percent capacity. If your team member can do the job 75 percent as well as you can, it is time to pass on the job duty.

Building a support network, painting the vision for your team, and delegating work will empower your team and allow you to elevate your thinking. It is essential leaders work on the business, not just in it. That is where your business will get better and simultaneously get bigger.

How to Have a Stand-Out Business

October 26, 2018 by Launch Youniversity Leave a Comment

Launchers are great at spotting a need or a problem. But not only are entrepreneurs good at spotting the holes, they are wired to fulfill the need and become part of the solution. That is when most successful businesses are created.

However, it isn’t without competition. Whether you are just starting your business in a sea of solutions, or you want to stay relevant years down the road, you must stand out. How do you set yourself apart from the competition?

Here are three principles that are foundational to setting yourself apart.

Create the right leadership.

Your company can thrive or fail based on your leaders. Leaders set the tone and direction for the team and organization. They can bring out the best or worst in their team members, which eventually trickles to the customer experience.

Choose wise individuals whom you trust to lead not only your team members, but the organization as a whole.

Create an exciting vision.

A Biblical Proverb states, “Where there is no vision, the people will perish.” Watch any group of people — boys on a sports team, a class working on a group project, or a family making dinner together — you will see confusion and chaos if there is no direction or goal.

Create a vision people can get excited about. Eventually, you will find you have dedicated team members who are excited about what they are working toward. They will come to life as their talents are used to meet the common goal.

Create an inspiring culture.

Your company’s culture not only affects your team members, but it also changes how they interact with customers. When your team feels a sense of purpose and achievement in a fun environment, they will respond to customers differently. People will notice.

Take Chick-Fil-A, for example. It’s not that they are the only restaurant offering fried chicken, but they are the only restaurant that offers a culture of friendly team members who always responds with a genuine smile and “My pleasure!” alongside quality food.

It’s a big task to build the right leadership team, vision, and culture, so where do you start? What can you do today to move in the right direction of setting yourself apart? The best practice is to simply follow the Golden Rule — treat others as you wish to be treated. When a company offers personalized service, done with excellence, people will see you are different and you will stand out from the competition.

vision

10 Things Seasoned Entrepreneurs Know