A recent episode of the podcast series By All Means: The Mentor Series highlighted valuable lessons from successful founders of Minnesota-based businesses. The discussions paired emerging entrepreneurs with seasoned business leaders, offering insights into various aspects of entrepreneurship, including fundraising, marketing, and the more nuanced elements of building a company, such as culture and mental health.
The conversations revealed a wealth of experience, with both sides exchanging advice that resonates across industries. Here are some key takeaways from the series.
Leadership and Growth
As businesses scale, the role of leadership must adapt. According to Chuck Runyon, co-founder of Anytime Fitness and Purpose Brands, “Leaders build teams. Teams build the business and then deliver that culture.” This perspective emphasizes the importance of cultivating a strong team dynamic as a foundation for business success.
Founders also underscored the importance of focusing on the product rather than the exit strategy. Dan Bastian, co-founder of Angie’s Boomchickapop, stated, “I tell startups all the time: our focus was never about being acquired. It was all about making the best product and providing the best service.” His experience reinforces the idea that long-term success is built on quality and service, rather than short-term financial goals.
Financial Acumen and Market Awareness
Understanding financial management is crucial for entrepreneurs. Sue Remes, a consultant in the beauty industry, remarked, “You have to know where the money is. I can’t tell you how many entrepreneurs I’ve met who said, ‘I just want to make products,’” emphasizing that financial literacy is a non-negotiable aspect of running a successful business.
In discussing alternatives to traditional funding, Maia Haag, founder and president of I See Me!, shared her perspective: “Venture capital may have helped us grow faster…but we’ve been a highly profitable business without it.” This insight highlights that profitability can stem from strategic marketing and product development, rather than relying solely on outside funding.
Moreover, understanding client needs is essential. Charlie Kratsch, founder and CEO of Infinite Campus, noted, “You can be driven by mission, but at the end of the day, it comes down to making the business case for the potential customer.” This reinforces the idea that effective sales strategies must balance mission-driven goals with practical value propositions.
Another important consideration is the emotional connection with customers. Janet Johanson, founder and board member of FB Solutions Group, stated, “What I learned over time was customers stayed with us for the knowledge, but they initially bought from us because of emotion.” This highlights the significance of emotional engagement in customer retention.
Building a strong network is also vital for entrepreneurs. Hannah Barnstable, founder and CEO of Seven Sundays, advised, “You might need to have those 15-, 20-minute phone calls here and there. Really carve out the time to build those relationships with some key people.” This underscores the importance of maintaining connections with fellow entrepreneurs for mutual support and growth.
Lastly, self-confidence plays a pivotal role in success. Carson Kipfer, co-founder of SportsEngine and Monoline, encouraged founders to “act as if you are the person, even if you don’t feel like it at this exact moment.” This advice emphasizes that believing in one’s expertise is crucial for navigating the challenges of entrepreneurship.
The insights shared in this podcast episode highlight essential lessons for anyone looking to navigate the complexities of building a successful business. The full series can be accessed on major podcast platforms, providing a wealth of knowledge for aspiring entrepreneurs.
