Unusual Entrepreneur Interview With Hamilton Powell Of CrownAndCaliber.com
In 2011, Hamilton Powell sold a couch on Craigslist. By 9:00pm, a man in a van showed up with $400 cash to his office. It scared the heck out of him!
That’s when he started thinking about the downsides of Craigslist and it led him to search for common categories that are more valuable, and therefore even scarier to sell, than couches. He typed in several search terms and when he typed in “Rolex” he was dumbfounded. Right there, he knew there had to be a better way to sell a watch. And Crown & Caliber was born!
Crown & Caliber is the first exclusive buyer and consigner of watches on the internet with a modern twist – not only do consumers get the best value possible for their timepieces, but a portion goes back to supporting saving children’s lives in third world countries.
Before Crown & Caliber, people looking to sell a watch were forced to sell through Craigslist, Ebay, or go to a second hand jeweler. Hamilton changed all of that with his revolutionary 5 step process of selling luxury watches online that is fast, safe, easy and doesn’t require customers to spend money on shipping or insurance.
Enjoy!
Unusual Entrepreneur Interview Questions Part One
ENTREPRENEURSHIP: Awakening the Spirit of business
1. Can you please tell us a little about yourself and your business? What do you do?, how do you do it?, why do you do it and who do you do it for?
Born and raised in Atlanta, GA, I am the CEO of Crown & Caliber and the managing member of Powell Growth Capital, which is the funding source of Crown & Caliber. Crown & Caliber is the nation’s preferred solution to selling a luxury watch. Our Consignment Process allows us to work together with our customers to sell the watch for the highest possible value. We understand that a watch does more than just tell time and often has significant sentimental value to the owner. We enjoy speaking with all of our customers over the phone to learn more about them and their watch and to establish trust, ensuring them that selling with Crown & Caliber will be a rewarding process.
2. How would you describe your entrepreneurial journey into the world of business? Where there any key incidents or life changing events that inspired your decision to become an entrepreneur?
I was fortunate enough to have great teachers in school. I believe teachers can be incredible role models for entrepreneurs.
3. When you started out in business, what specific idea, purpose or vision was your key driving force?
I believe too many start-ups are “solutions in search of problems”. When I founded Crown & Caliber, I did so because it is nearly impossible for an individual to sell a luxury watch in a profitable and safe way. Therefore, we sought to create an innovative solution to this problem.
4. What is your take on the general notion that entrepreneurs should build a business around what they naturally love to do?
It is important to be passionate about your business. When speaking with customers on the phone, they can tell that we truly care about their timepiece. We are passionate about watches and people, which is evident to all of our customers through the relationships that we build with them.
5. What is your personal life mission as an entrepreneur? That is; what contributions do you want to make with your life or what would you like to be remembered for as an entrepreneur through the businesses you create when you die?
Our time on earth is short and it is important to leave a legacy. When we leave this earth, we will be remembered for the things we did and the people we touched. I have implemented this philosophy into the foundation of Crown & Caliber. With every watch Crown & Caliber sells, a portion of the money is donated to MAP International, which provides medicines to sick children around the world. Although they may never know who helped provide that medicine, our business efforts have helped to change a life. And that is a great legacy to leave.
6. What would you describe as the purpose of entrepreneurship? That is; what role do entrepreneurs play in the world?
An entrepreneur needs to be innovative and offer customers a product or service that addresses their needs. It is important to do significant research before creating a new business in order to figure out what voids need to be filled so that your business is not pushing a product on people who don’t need it.
Unusual Entrepreneur Interview Questions Part Two
STRATEGY: The unusual execution of business best practices
7. How do you identify business opportunities and what metrics do you use to measure their viability?
Any business must solve a true problem. It can’t just be a good idea – it must be a practical solution.
8. Do you have mentors, business coach or external consultants that you work closely with to grow yourself and your business? If yes, to what extent would you describe their impact on your business? If no, are there any particular reasons?
Crown & Caliber has a Board who offer great insight. These members are from all over the world and are from all different industries. It is important to have people outside of your business who can provide guidance because they can give views that are similar to the customers’, rather than from that of an employee. Each of these members has a different background and they are able to draw from their different experiences to help direct Crown & Caliber.
9. How do you strategically use your time as an entrepreneur? What key activities would you recommend entrepreneurs use their time for?
I think one of the least focused on aspect of the day to day life of an entrepreneur is taking time to read. By reading you will be able to raise your standards beyond just being the best in your industry.
10. How do you generate profitable customers for your business? What unusual approaches do you adopt for marketing your products/services?
As an online business, we focus many of our marketing efforts to online customers. We fill our site with rich content, in the hopes that watch enthusiasts visit it to learn more about their favorite watch, as well as to participate in our Consignment Process.
11. Many entrepreneurs complain about not succeeding in business due to lack of adequate funding, what is your take on this matter and how do you cope with funding issues in your business?
I believe funding is important – but using the funds wisely can be a difficult thing. It is easy to “ready fire aim” when you are well funded – so in some ways, having a lack of funds can be the best thing for the business. It forces you to focus.
12. When starting out a new business, who are the likely possible partners or professional service providers you would recommend every entrepreneur work with?
No matter what business you are in – you need a “coach”. This is an unbiased individual whom you can turn to seek honest advice.
13. The pricing of products/services is always an issue for entrepreneurs, what unusual approach do you take when it comes to pricing?
When a customer submits a quote request, it is immediately sent to our valuation team. Within the next few days, our team reaches out to the customer with a quote. If the customer accepts, we send them pre-paid, pre-insured packaging materials. Our watch-makers then authenticate and verify the watch and we provide the customer with a firm quote. Up to this point, the entire process has been free to the customer. If they decline our offer, we return their watch, free of charge.
We take on all of these costs ourselves because we want to make the process as convenient and easy as possible for the customer. If they accept our consignment offer, we charge the customer 19.5% of the final selling price as a service fee. Because it is a percentage of the final sale price, it shows the customer that we will work as hard as possible to get the highest value for his or her watch.
Unusual Entrepreneur Interview Questions Part Three
MISCELLANEOUS: Resourceful Recommendations, tools, books, and ideas for entrepreneurs
14. Since you became an entrepreneur – someone who solves problems for people profitably; what has been your most outstanding accomplishments in the context of business?
The thing I am most proud of in our business is our culture. When we started C&C, we began first by defining our culture. Our culture is defined by a simple phrase: “We live for the line, not the dot”. Every one of our team members believes in this. What does it mean? Well – simply that we are all alive for a very short period of time (dot), but there are things we can do during our time that will outlast us and continue to positively affect others (the line).
So we focus on those things, like treating our customers as human beings, not transactions – like our relationship with MAP International – how we treat each other at C&C – all of these kind of things will outlast all of us. Having a strong culture has allowed us to recruit incredible talent. If you are in a customer service business like us – you will live and die by the talent of your employees.
The second is our testimonials; it is the most rewarding part of our business. It proves that we can operate profitably while at the same time serving our customers.
15. What would you describe as your major setbacks and what lessons did you pick from them?
Early on with Crown & Caliber, we operated under the “if we build it, they will come” mentality. We built a great site, had an incredible team, and offered an awesome service. But all of that didn’t matter if people couldn’t find us. The element we were missing was PR/Marketing. We were confident that if people just knew about our service, the response would be massive. So we invested in PR/Marketing.
Just as we thought – customers came a-comin’. I think many entrepreneurs are so involved in the product or service; they fail to pay attention to the delivery of the message. You have to be seen (PR), you have to be found (SEO) and you have to advertise (PPC). This was a big failure of mine. Fortunately, crisis averted.
Another of our second biggest “problem” was actually fast growth. While it sounds strange, fast growth can kill a business. We had to adapt quickly – and it’s a good thing we did.
Your Turn
Hamilton has shared a lot in this interview, but just in case, he missed out something, what more would you like to know about the unusual Hamilton Powell?
You can ask him further questions below in the comment section and I will be sure that you will get an answer directly from him.
Also, what did you learn from this unusual entrepreneur? What lessons, what business philosophy of his strike you the most?
Hamilton has shared his unusual story with you, now is time to hear from you. Can’t wait to hear what you have to say!
- Published in Interviews, Thought Bank
Unusual Entrepreneur Interview With Johan Nel Of UmuntuMedia.com
Johan Nel is the South African CEO and founder of Umuntu Media, Africa’s leading online publishing platform. The name of the company, “Umuntu” means people in Ndebele. The company runs local content portals across Africa through its i-Portals and Mimiboard innovation. They currently have presence in about 17 African countries including Namibia, Zambia, Zimbabwe, Mozambique, Angola, Botswana, Rwanda and Tanzania.
In this edition of the unusual entrepreneur interviews, Johan shares with us his unusual story and how far he’s come on his mission of delivering relevant local content on world class platforms across Africa.
How Unusual Is Johan Nel?
Recently, Johan was in Milan as one of the 6 South Africans selected to represent the country at the U-START BLOOM Global showcase Event in Milan, Italy – an event that puts dynamic entrepreneurs worldwide in touch with investors most focused on innovative, high growth and impact-driven projects.
Johan developed the concept for Umuntu using his experience as a marketing and new media specialist. His most recent invention, Mimiboard was awarded “Best innovator Award” at the Nokia and World Bank Innovation Summit.
In his words, “Mimiboard brought 763,000 visitors to our network in the first month. Google were so impressed they popped over for a case study!”
Take it away Johan!
Interview Questions Part One
ENTREPRENEURSHIP: Awakening the Spirit of business
1. Can you please tell us a little about yourself and your business? What do you do?, how do you do it?, why do you do it and who do you do it for?
I am a media and marketing man. I have been in the media and digital industry my entire career. I worked for Naspers (Media24) straight after University. I always had a passion for driving change, pushing the envelope and questioning the norm. This inherent drive to make a difference made me decide to leave my great career, sell my house and start on the entrepreneurial journey.
I set out with a huge vision; I want to change the way that local content is consumed and created in Africa. Umuntu Media was born.
2. How would you describe your entrepreneurial journey into the world of business? Where there any key incidents or life changing events that inspired your decision to become an entrepreneur?
Interesting question to really sit and think back. As far as I can remember back to my childhood I always knew that I am here with a purpose. I always dreamt of success and doing something that makes a difference. (Strange thoughts for a child, but I just embraced this and dreamt a lot) My parents also played a big role. My dad (now passed away) gave me the nickname in Afrikaans – Johan maak n plan – which means Johan, the idea man.
Then you just take the leap! I remember the anxiety of writing my letter of resignation, the fear to sell my house and the uncertainty to tell the family I am now a technology entrepreneur!
3. When you started out in business, what specific idea, purpose or vision was your key driving force?
It was the experience of being in the media industry, the passion for Africa and the innovation that technology can bring. All of these combined helps you to identify opportunities. I really echo what Malcolm Gladwell talks about in his book Outliers. The 10, 000 hour rule. You need lots of experience and exposure in a certain field to really spot the opportunities/be great.
4. What is your take on the general notion that entrepreneurs should build a business around what they naturally love to do?
This fits in perfectly with the above question. You need to be passionate, interested and super knowledgeable about an industry. With that comes the love for what you do. If you can’t find the passion and drive about your chosen industry, I struggle to see how you will be successful.
5. What is your personal life mission as an entrepreneur? That is; what contributions do you want to make with your life or what would you like to be remembered for as an entrepreneur through the businesses you create when you die?
Wow, big question. We are now 7 billion people on earth. If we all contribute more than we consume then we are building a great planet for all future generations. The future of the human race relies on us. We can’t say that someone else will take care of it, or that it’s not up to me. I just want to add my part to building a great world. I believe that technology, media and access to local and relevant content is my current contribution. In future I would like to add my name to sustainable energy, food production and transport.
6. What would you describe as the purpose of entrepreneurship? That is; what role do entrepreneurs play in the world?
Entrepreneurs are the backbone of any society. We are the disruptors, we create future wealth, future commerce, we build new industries, we innovate and move the world forward.
Interview Questions Part Two
STRATEGY: The unusual execution of business best practices
7. How do you identify business opportunities and what metrics do you use to measure their viability?
As mentioned before I see myself as the idea man. That is great, but I also need to surround myself with a great team. I always employ people that are smarter than I am. It’s about finding that balance between ideas, the commercial value of that idea and then having the support of a team than will analyze, shoot down or execute.
8. Do you have mentors, business coach or external consultants that you work closely with to grow yourself and your business? If yes, to what extent would you describe their impact on your business? If no, are there any particular reasons?
Yes, most definitely. This is critical. As mentioned above the team is amazing and every day I learn something new. I also receive very valuable insight/mentorship from our investors (eVA Fund). I have also met amazing mentors through my career and I stay in touch with them, ask them for advice and learn from them. (Cameron Hulett, Jacques Van Niekerk, Dr Iqbal Surve, Samuel Mensah)
I am also part of the Endeavor entrepreneurial process. Here you get access to worldwide mentors, insights into the company and strategic advice.
9. How do you strategically use your time as an entrepreneur? What key activities would you recommend entrepreneurs use their time for?
This takes up majority of your life; it is so integrated into one’s life that there is no split between work and life. I found it critical to balance family time and exercise with the long workdays.
10. How do you generate profitable customers for your business? What unusual approaches do you adopt for marketing your products/services?
We run the company according to the Lean Startup methodology. This means that we launch soon, tests uptake in the market, adapt quickly and constantly speak to our target market. This helps us to build and launch products that the market wants and its helps us launch products on acceptable price points.
11. Many entrepreneurs complain about not succeeding in business due to lack of adequate funding, what is your take on this matter and how do you cope with funding issues in your business?
The VC ecosystem in Africa is still in its infancy if you compare it to the US. We really need to bootstrap when we build companies. I believe that you need strategic VC partners when building not to only fund, but also to help you grow the company.
12. When starting out a new business, who are the likely possible partners or professional service providers you would recommend every entrepreneur work with?
This is all dependent on your industry. In our case, because we are in the media space we partnered with other leading media companies, technology providers, operators, developers, VC’s and Google.
13. The pricing of products/services is always an issue for entrepreneurs, what unusual approach do you take when it comes to pricing?
This is so true. Again building on the Lean Startup methodology we test, talk and engage with the market constantly. This means that you get reactions on price points, get real insights and adjust accordingly.
Interview Questions Part Three
MISCELLANEOUS: Resourceful Recommendations, tools, books, and ideas for entrepreneurs
14. Since you became an entrepreneur – someone who solves problems for people profitably; what has been your most outstanding accomplishments in the context of business?
Reaching 30million impressions per month on our technology!
15. What would you describe as your major setbacks and what lessons did you pick from them?
We’ve had one or two bets on Round B funding which took longer than we anticipated. This puts a startup under cash flow pressure if you focus too heavily on those funding rounds. We’ve learned how to run leaner and focus more on profitability so that we don’t need to worry heavily about next round funding.
16. Where there any particular questions you expected me to ask that is beneficial to entrepreneurs and I didn’t? Kindly share with us such questions and their relevant answers here.
Nope, great set of questions.
Your Turn
Johan has shared a lot in this interview, but just in case, he missed out something, what more would you like to know about the unusual Johan Nel?
You can ask him further questions below in the comment section and I will be sure that you will get an answer directly from him.
Also, what did you learn from this unusual entrepreneur? What lessons, what business philosophy of his strike you the most?
Johan has shared his unusual story with you, now is time to hear from you. Can’t wait to hear what you have to say!
- Published in Interviews, Thought Bank
Unusual Entrepreneur Interview With Jenny Blake of LifeAfterCollege.org
In this fourth edition of the Unusual Entrepreneur Interviews for 2013, I have with me today, Jenny Blake the founder of Life After College –where she helps fresh college graduates get a grip on their after college life!
She’s a bestselling author, micro-business coach and international speaker who helps people move beyond burnout to build sustainable, dynamic careers they love. With two years at a technology start-up as the first employee, over five years at Google on the Training and Career Development teams, and two years of running her own business, Jenny combines her love of technology with her superpower of organizing information to help clients through big transitions — often to launch a book, blog or business.
Take it away Jenny!
Interview Questions Part One
ENTREPRENEURSHIP: Awakening the Spirit of business
1. Can you please tell us a little about yourself and your business? What do you do?, how do you do it?, why do you do it and who do you do it for?
Hi! My name is Jenny, and I’m an author, speaker, career coach and occasional yoga teacher living in New York City (when not out of a suitcase). I love working with other solopreneurs looking to get their biggest, hariest, scariest ideas out there to the world. You can find me at JennyBlake.me, where I explore how to thrive at the intersection of mind, body and business.
2. How would you describe your entrepreneurial journey into the world of business? Where there any key incidents or life changing events that inspired your decision to become an entrepreneur?
I realized one day that, despite my fears about whether I could succeed at running my own business, I would forever regret not trying. That set me on my entrepreneurial path and I haven’t looked back since! There have been lots of ups and downs, and I’m learning to live with the uncertainty that comes with solopreneurship, but it’s also so rewarding and a deeply meaningful growth process.
3. When you started out in business, what specific idea, purpose or vision was your key driving force?
My book, Life After College, had just come out and I knew I couldn’t promote it fully while working full-time. I took a 3-month sabbatical from my job at Google (where I had worked for 5 years in Coaching, Training, and Career Development).
4. What is your take on the general notion that entrepreneurs should build a business around what they naturally love to do?
I’m all for it AND it’s critical to make sure that you are developing marketable skills that others will actually pay you for. I wrote about this in more detail in my recent post, The Two Year (Scratching the Surface of) Mastery Itch.
5. What is your personal life mission as an entrepreneur? That is; what contributions do you want to make with your life or what would you like to be remembered for as an entrepreneur through the businesses you create when you die?
I want to be remembered for inspiring others to go after what they really want, while providing insanely useful tips and tools to help them ensure that they aren’t just tiptoeing around their best ideas but vigorously pursuing them.
6. What would you describe as the purpose of entrepreneurship? That is; what role do entrepreneurs play in the world?
Creating value through innovation by solving a problem or pain that people are experiencing, or making an existing process more efficient or effective.
Interview Questions Part Two
STRATEGY: The unusual execution of business best practices
7. How do you identify business opportunities and what metrics do you use to measure their viability?
I am really a fan of agile development these days. At Google people often followed the axiom “launch and iterate.” Sometimes, particularly as a new entrepreneur, it can be hard to tell what ideas to pursue. Without investing too much up-front, launch a beta version and get feedback from your audience. It has also worked well for me to get feedback up front through surveys and conversation with my audience, before I start to build.
8. Do you have mentors, business coach or external consultants that you work closely with to grow yourself and your business? If yes, to what extent would you describe their impact on your business? If no, are there any particular reasons?
Mentors and coaches have played a HUGE role in my success (and sanity) over the years, but I don’t have just one that I always turn to. I love having a variety of people in my corner that I can turn to for advice, guidance and reassurance. If there’s someone you admire, don’t be afraid to reach out and ask for a few minutes of their time!
9. How do you strategically use your time as an entrepreneur? What key activities would you recommend entrepreneurs use their time for?
Every morning I have coffee, do a short meditation, and read for a little bit to ease into my day. I identify 2-3 “must do” priorities and tackle those first thing. I try not to get swallowed up by email right away, unless that is my designated “big frog” for the day.
10. How do you generate profitable customers for your business? What unusual approaches do you adopt for marketing your products/services?
All of my business comes through my websites (LifeAfterCollege.org and JennyBlake.me), the first of which I have had for almost eight years now. I focus on providing insanely useful tips and tools, and authentic, relatable content and trust that the customers will follow. Thankfully they have!
11. Many entrepreneurs complain about not succeeding in business due to lack of adequate funding, what is your take on this matter and how do you cope with funding issues in your business?
I’d suggest reading Chris Guillebeau’s $100 Startup — it’s amazing how much you can do with very little up-front investment. I do recommend having a savings runway of at least six months of living expenses so that you can make it through lean times without panicking.
12. When starting out a new business, who are the likely possible partners or professional service providers you would recommend every entrepreneur work with?
There are tons of helpful online apps for small business owners (I list all the ones I use in my Business Ninja Tech Toolkit) — I’d start there, since you often don’t need to hire as many professionals as you think. Do definitely consult a lawyer and accountant, though. On that note, eMinutes is currently helping 500 entrepreneurs register their business for free!
13. The pricing of products/services is always an issue for entrepreneurs, what unusual approach do you take when it comes to pricing?
Experiment! Nothing is final. Try to come up with three numbers for each product: minimum you would want, nice to have, and a stretch number. Usually it’s somewhere between the second two, unless you specifically choose to price low for a secondary goal (such as going for quantity and exposure rather than income).
Interview Questions Part Three
MISCELLANEOUS: Resourceful Recommendations, tools, books, and ideas for entrepreneurs
14. Since you became an entrepreneur – someone who solves problems for people profitably; what has been your most outstanding accomplishments in the context of business?
I’m proud of maintaining really healthy habits while working for myself: I schedule my meetings around my yoga classes, I really prioritize sleep (above almost all else!) and I eat very clean. This helps me show up as my best, most creative self each day.
15. What would you describe as your major setbacks and what lessons did you pick from them?
Going through personal transitions can be tough when running your own business. If I don’t feel like working or am in a “building mode” rather than client acquisition, I have come to accept the trade-off that happens: I won’t just automatically get a paycheck every two weeks the way I did in the corporate setting, so I may experience a more lean month income-wise. That said, maybe not! Sometimes I’ll serendipitously get a big income surge that I wasn’t expecting (say from a speaking engagement), but that’s all part of the adventure of entrepreneurship 🙂
16. Where there any particular questions you expected me to ask that is beneficial to entrepreneurs and I didn’t? Kindly share with us such questions and their relevant answers here.
My personal motto is “build and your courage will follow.” Don’t expect to feel 100% confident BEFORE you take a leap or pursue a big idea — usually that comes after you start making moves. It’s part of the reward for finally taking action.
Your Turn
Jenny has shared a lot in this interview, but just in case, she missed out something, what more would you like to know about the unusual Jenny Blake?
You can ask her further questions below in the comment section and I will be sure that you will get an answer directly from her.
Also, what did you learn from this unusual entrepreneur? What lessons, what philosophy of her strike you the most?
Jenny has shared her unusual story with you, now is time to hear from you. Can’t wait to hear what you have to say!
- Published in Interviews, Thought Bank
Unusual Entrepreneur Interview With Mike Morris Of Triplefy.com
Welcome to another edition of the unusual entrepreneur interviews and today we have with us Mike Morris, the founder of Triplefy – an online platform for small business to create and instantly sell Daily Deals and Gift Cards.
Enjoy!
Interview Questions Part One
ENTREPRENEURSHIP – Awakening the Spirit of business
1. Can you please tell us a little about yourself and your business? What do you do?, how do you do it?, why do you do it and who do you do it for?
Hi, my name is Mike Morris and I graduated from the University of Rhode Island and the University of Connecticut. I am a programmer turned entrepreneur, and I am the founder of Triplefy, an online platform for small business to create and instantly sell Daily Deals and Gift Cards & also Recdesk, a recreational software useful to parks and recreational departments and communities. To simply put, I love building online tools to help other succeed in business.
2. How would you describe your entrepreneurial journey into the world of business? Where there any key incidents or life changing events that inspired your decision to become an entrepreneur?
No, there were no major incidents; I just want to help others and be part of their success. I wanted the freedom to enjoy life with my friends and family, entrepreneurship will allow me to do just that.
3. When you started out in business, what specific idea, purpose or vision was your key driving force?
The most important thing that I wanted to do was to help small businesses to build and grow within their communities. I created Triplefy because I wanted to give them a way to promote their business, reward loyal customers and become a profitable business. We strongly believe in helping small businesses and local economies grow.
4. What is your take on the general notion that entrepreneurs should build a business around what they naturally love to do?
I think it’s extremely important to build a business around what you already love to do. It takes a long time to be successful at anything, so by building something that you love, your chances of being successful is a lot better. When you absolutely love what you do then it becomes just a habit it doesn’t feel like you’re working. When you’re at this stage there is no doubt you can build a successful business.
5. What is your personal life mission as an entrepreneur? That is; what contributions do you want to make with your life or what would you like to be remembered for as an entrepreneur through the businesses you create when you die?
Great question, I think about it all the time. I simply want to be remembered as someone who made a difference in the world. I want people to say that my work has helped better their live and businesses. I am a strong believer in growing small businesses. I believe small businesses are the heart of the community. With that said, I would love to be remembered as someone who helped small businesses to become successful.
6. What would you describe as the purpose of entrepreneurship? That is; what role do entrepreneurs play in the world?
Entrepreneurship is the freedom to follow your own path. I believe entrepreneurs play a very important role in the world today. We are innovators; we are making people’s lives better and easier by providing easy solutions to hard problems. Entrepreneurs are able to create jobs and better the world around us.
Interview Questions Part Two
STRATEGY – The unusual execution of business best practices
7. How do you identify business opportunities and what metrics do you use to measure their viability?
It’s very simple, I look for problems, I listen to my customers; learn what issues they are having, and then I move on to fix those issues. Business opportunities are everywhere you just have to look and listen to people. Learn about their problems and then provide them with an easy solution. It is as simple as that.
8. Do you have mentors, business coach or external consultants that you work closely with to grow yourself and your business? If yes, to what extent would you describe their impact on your business? If no, are there any particular reasons?
We’re based in New Haven, CT and I am part of the work space community call Launch Haven. It is a great community of entrepreneurs helping each other succeeds. In terms of mentors I don’t have one per se, but I do have access to a large community of people to help me. It does have a huge impact on my business. The fact that I have a group of entrepreneurs that I can go to whenever I am having an issue is very helpful.
9. How do you strategically use your time as an entrepreneur? What key activities would you recommend entrepreneurs use their time for?
I recommend every entrepreneur to always spend some time reading. Most of the things that I learned came from reading. It doesn’t have to be a lot, just 15 minute a day could really help you grow and understand the basics. Reading works great for me whenever I am feeling a bit un-motivated.
10. How do you generate profitable customers for your business? What unusual approaches do you adopt for marketing your products/services?
When it comes to Triplefy we mostly target recent Groupon & Living Social users. Businesses that have used those services seem to understand a lot quicker what our service can do for them. Some of the marketing tactics that we do includes social media, online forums and content marketing. Those seems to work best for us right now.
11. Many entrepreneurs complain about not succeeding in business due to lack of adequate funding, what is your take on this matter and how do you cope with funding issues in your business?
In my opinion most companies fail because they have no customers. It has nothing to do with funding. That fact is if you’re able to get enough people interested in the product then funding will be no issue. I bootstrap for both Tripelfy and RecDesk. I did not look for any outside funding. Getting investors for your new business can both be a positive and negative. I strongly recommend everyone to bootstrap to get started. But if you absolutely have to get outside funding, then look for investors who are bringing more than just money. Look for people who will bring experience and become a strategic partner.
12. When starting out a new business, who are the likely possible partners or professional service providers you would recommend every entrepreneur work with?
I would recommend working with someone who is just as passionate as you are. Look for someone who can bring something different to the mix. For example, if you’re background is in marketing then maybe look for a partner who is much more technical then you are, like a programmer or web designer. These things can be pretty expensive so having one your team is a win.
13. The pricing of products/services is always an issue for entrepreneurs, what unusual approach do you take when it comes to pricing?
When it comes to pricing products/services entrepreneurs often make the mistake of under valuing their services. So if you’re unsure of what kind of prices you should set. I would first look at what the competition is offering then decide whether it will be more profitable for me to go higher or cheaper. The best thing to do is to start high then lower the prices if I need to. Because let’s face it, it will much harder for you to increase the prices than to lower it. And also don’t forget to take your expenses into account as well when deciding.
Interview Questions Part Three
MISCELLANEOUS – Resourceful Recommendations, tools, books, and ideas for unusual entrepreneurs
14. Since you became an entrepreneur – someone who solves problems for people profitably; what has been your most outstanding accomplishments in the context of business?
We were selected twice in a row as one of the top tech companies to watch in 2011 and 2012 by Connecticut Technology Council. This was a great honor to be among some of the most innovative and successful tech companies here in CT.
Another accomplishment is the fact that we are now supporting small businesses in more 3 countries including Australia, Canada and the UK. We recently launched a French translated version store front for some the users in Canada, and that’s been working out pretty great.
15. What would you describe as your major setbacks and what lessons did you pick from them?
One particular setback that I can think of was the fact that we wanted to be everything to everyone. We didn’t niche our service enough to be able to target the right customers. We lost a lot time trying to attract the wrong kind of customers. We quickly learned that we can’t satisfy everyone so we re-targeted a smaller audience to have a bigger impact.
The most important thing that I learned is that in business, things don’t ever go according to plan. In other words you should always have a backup plan In case things don’t work out.
16. Where there any particular questions you expected me to ask that is beneficial to entrepreneurs and I didn’t? Kindly share with us such questions and their relevant answers here.
I must say these were all great questions. If I could leave your audience with one piece of advice that would be to pursue what you like. We have so little time in this world so we should spend it doing what we like. Build memories, because in the end that’s pretty much all we have. If you’re thinking about starting your own company, stop thinking and just do it already. Opportunities are everywhere; you just have to be ready when for it when it comes.
I would also encourage anyone who already own a business and looking to offer Gift Cards and Deals to their customers to check http://triplefy.com. We are always here to help you can reach us at support@triplefy.com or @triplefy on twitter.
Thank you for having me it was an honor to share my journey with you.
Your Turn
What more would you like to know about the Unusual Mike Morris? You can ask him further questions below in the comment section and I will be sure that you will get an answer directly from him.
Also, what did you learn from this unusual entrepreneur? What lessons, what philosophy of his strike you the most?
Mike has shared his unusual story with you, now is time to hear from you. Can’t wait to hear what you have to say J
- Published in Interviews, Thought Bank
Unusual Entrepreneur Interview With Bassey Daniel Of SMEclub.net
In this second installment of the Unusual Entrepreneur Interviews for 2013, I have with me today, Bassey Daniel the founder of SMEclub –a Multipurpose Co-operative Society.
I met with Bassey Daniel for the first time last year August and we connected immediately because of our shared passion for rebuilding Nigeria through entrepreneurship development. Since then, he’s moved on to become a customer, a friend and above all, a vision partner as we interdependently support one another’s dream!
This is one interview you don’t want to miss, because Bassey Daniel is not only an unusual entrepreneur, his unwavering dedication and determination to the development of entrepreneurship in Africa, not only in Nigeria is inspiring. He’s not just a talker, he’s a doer and for that, I strongly believe you will learn so much from his unusual story. As you will soon see, he has so much to share.
Take it away Bassey!
Interview Questions Part One
ENTREPRENEURSHIP: Awakening the Spirit of business
1. Can you please tell us a little about yourself and your business? What do you do? How do you do it? Why do you do it and who do you do it for?
My name is Bassey Daniel, formerly a banker, now a business and financial consultant. I have several business and social interests, but the one I choose to talk about here is my role as President of SMEclub Multipurpose Co-operative Society. I am driven by a passion to help serious-minded young people actualize their business dreams. I believe that our socio-economic growth lies in promoting the spirit of entrepreneurship and supporting small businesses.
2. How would you describe your entrepreneurial journey into the world of business? Were there any key incidents or life changing events that inspired your decision to become an entrepreneur?
Well, I was a banker for over 15 years. At some point in my career I was asked to manage what was called the “SME Desk”. If you can remember, back in 2001 or so, the Bankers Committee decided to create the Small and Medium Industries Equity Investment Scheme (SMIEIS). Nigerian banks decided to contribute 10% of their net profit every year to a fund for equity investment in SMEs. In my bank I was essentially the investment analyst. My job was to review investment proposals submitted by entrepreneurs and recommend viable ones to the bank’s investment committee. I didn’t see a lot of properly packaged proposals. Even when the business idea itself was brilliant, few people were able to demonstrate that they would be able to translate the idea into a viable business.
One big lesson I took from that experience was that, while most entrepreneurs would mention investment capital as their number one constraint, the biggest challenges are really lack of necessary business information and entrepreneurial/managerial competence. That realization is what gave impetus to start SMEclub, as a community and resource centre to help build entrepreneurial capacity in Africans and provide access to world-class enterprise development tools.
3. When you started out in business, what specific idea, purpose or vision was your key driving force?
The idea behind SMEclub was to create a platform for business people to interact and learn from each other, access good quality business information, access professional services, network and tap into financial and other enterprise development resources.
4. What is your take on the general notion that entrepreneurs should build a business around what they naturally love to do?
I subscribe to it completely. Passion drives excellence and productivity. A time comes in every business growth process when the going gets really tough. At that point it takes passion to weather the storm. I honestly believe that the key reason for the high mortality rate of small businesses is wrong choice of business. There are way too many me-too businesses out there. It also partly explains the prevalence of mediocre approaches to business. An entrepreneur who loves and takes pride in what he does is more likely to pay attention to quality and excellence, rather than just pursue profits. He is also more likely to put up a fight and make sacrifices to save his dream when the going gets tough, rather than simply throw in the towel and move on to some new “great opportunity”.
5. What is your personal life mission as an entrepreneur? That is; what contributions do you want to make with your life or what would you like to be remembered for as an entrepreneur through the businesses you create when you die?
I want to make a positive impact in everything I do – to promote quality, professionalism and excellence. I have invested in small businesses spanning several different sectors and this general principle guides our operations in each one. So, I like to think of myself as someone with a passion for excellence. In terms of the legacy I would like to leave behind, it is associated with the SMEclub. By the time I retire I would like to have built a strong institution with a reputation and track record for helping young people start and grow their businesses, thus creating jobs, building their communities and realizing their business dreams. More than anything else, I would like to be remembered as Founder of SMEclub, an organization that helped many businesses start and grow. I would like to leave behind a long list of highly successful “SMEclub alumni” businesses.
6. What would you describe as the purpose of entrepreneurship? That is; what role do entrepreneurs play in the world?
Like I said earlier, I believe the future of every economy lies in the hands of entrepreneurs. Every major economy in the world today owes its ascendancy and prosperity to the spirit of enterprise. Governments can only do so much. While capitalism has its disadvantages, I believe it is still better than other options because it promotes creativity, innovation and rapid development by encouraging and rewarding free enterprise. The decline of communism is a strong indication of its inefficacy.
Interview Questions Part Two
STRATEGY: The unusual execution of business best practices
7. How do you identify business opportunities and what metrics do you use to measure their viability?
Business ideas simply come from just paying attention to the world around us. Nobody can claim to be a guru on generating business ideas. I make it a point to observe trends, both locally and internationally. When I visit malls overseas, it is not just to shop. I pay attention to how things are being done, what new products are coming into the market, new trends in consumer behavior and think about how they might affect certain business sectors and industries.
To determine the viability of any new business proposition, I ask a few questions;
- Are there enough people in the chosen target market who will be willing and able to buy the product/service at the price required to deliver a profit?
- What does the future hold for this industry, sector, product? Is the market growing, flat, declining?
- Are there diversification opportunities? Can the product be sold to different market segments or is its success tied to the fortunes of a specific sector?
- Is there a committed management with the ability to manage all aspects of the business – technical/production, marketing, administration?
8. Do you have mentors, business coach or external consultants that you work closely with to grow yourself and your business? If yes, to what extent would you describe their impact on your business? If no, are there any particular reasons?
I have a network of friends and professional colleagues I use as sounding boards, but I have never thought of myself as needing a mentor or coach in the real sense of the word. So you could say I have a support ecosystem of contacts who deserve credit for my growth. It is that same form of ecosystem (a network of business professionals and mentors) that SMEclub tries to establish in every community so that every entrepreneur would have fairly easy access to the help they need.
9. How do you strategically use your time as an entrepreneur? What key activities would you recommend entrepreneurs use their time for?
To remain strategic means to constantly have the big picture in mind when making operational decisions. That requires a conscious effort. It requires discipline. It is very easy, particularly in the early stages of business, when the promoter has to do everything, to be so absorbed in the daily grind of the business as to lose sight of the big picture.
I would recommend a number of things:
- Create a vision and mission statement first for yourself, then for your business. Make sure they are heartfelt. That is, don’t borrow a catchy statement from an admired company. Think through what doing this particular business means to you; how it will help actualize your personal goals. Going back to the subject of loving what you do, if your business goals are not consistent with (and support) your personal goals, you are in the wrong business.
- Develop a business plan (a combination of operational and financial plans) for your business and set SMART goals.
- Spend a few hours every week (maybe on weekends) thinking about how your daily activities contribute to your strategic plans – the big picture. Is there anything you are doing which is inconsistent with your strategic goals?
- Make time (i.e. don’t claim to be too busy) to review your business plan every quarter (3 months). Are you meeting the goals you set? If not, why not? Are the goals still realistic? How has your environment changed? How do the changes likely to affect your business? Do you need to change some of your strategies?
Taking time to reflect in this way may make the difference between success and failure.
10. How do you generate profitable customers for your business? What unusual approaches do you adopt for marketing your products/services?
Different strategies work for different business types. It depends on the market segments being targeted. Electronic media such as email, internet, mobile and social networks offer the best returns on investment for certain market segments. For others they do not give much mileage. Traditional media are still relevant and powerful – radio, TV, print, outdoor, etc. We use a combination of several methods to achieve the objective, but because most of our offerings are targeted at middle-aged people and younger; we use more of internet based channels. I don’t know if any of our methods can be called unusual. We probably could use some ideas on unusual media and methods, particularly if they offer improved ROI – we are not interested in being unusual for the fun of it.
11. Many entrepreneurs complain about not succeeding in business due to lack of adequate funding, what is your take on this matter and how do you cope with funding issues in your business?
I agree that it takes money to make money, but business people need to be creative. Sometimes paucity of funds is good in that it forces people to think outside the box. I typically encourage entrepreneurs to think of how they can reframe their requirements. Some useful questions to ask yourself might be:
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Do I really need to rent an office or can I operate from home for now?
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Do I need a computer, printer, and copier or can I use a business center for now?
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Do I need to buy that delivery van immediately or can I hire one for now?
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Do I need to stock all those goods or can I just buy a few samples and purchase inventory on demand?
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Do I need to pay for that website now or can I start with a Facebook page?
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Do I need to finance that contract myself or can I start with clients who are willing to mobilize me?
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Do I need to hire permanent staff and start incurring overheads today or can I use freelance talent and pay only when I have an order?
The other point about finance is that most entrepreneurs would never need to borrow if only they could find the discipline to manage their finances prudently. A lot of business funds gets diverted to personal use and is never returned to the business. Most don’t see the need (or lack the discipline) to separate their personal money from business money. I typically encourage business people to open a separate bank account for the business and keep business transactions separate from their personal transactions. Instead of drawing money from the business for personal expenses they should pay themselves a salary. If they need to draw money from the business for personal use they should document it as an IOU and pay back once they can.
12. When starting out a new business, who are the likely possible partners or professional service providers you would recommend every entrepreneur work with?
You may register a business name yourself, but if you want a limited liability company, you need a lawyer to guide you through the incorporation process. Make sure you have the technical ability to produce the goods and/or provide the services you are offering the market. Make sure you have competences for marketing and book keeping. If you are not good with these aspects of the business (nobody really can do every single one of these things well by himself), find partners who can, employ staff who can or outsource to third parties.
It is typical for small business owners to want to do everything themselves as they try to minimize their costs. That makes sense, but bear in mind that certain duties require professional training to perform. Trying to bite more than you can chew is being penny wise, pound foolish. At the very minimum try to have a team of professionals at your disposal including a lawyer, an accountant and a marketing expert. They may be paid professionals or friends willing to do you a good turn – whatever works for you.
13. The pricing of products/services is always an issue for entrepreneurs, what unusual approach do you take when it comes to pricing?
Your pricing strategy really depends on the competitive dynamics of your industry. If you are selling a commodity like garri or rice you really have no choice but to stay within the market’s pricing range because there is little you can do to add discernable value to the product that would justify premium pricing. Outside of commodity markets there are greater opportunities to add value in any or a combination of the “4 Ps of marketing” to justify a premium price.
As a general principle I would say:
- Make sure you are targeting the right market for your product. Don’t try to sell Mercedes Benz cars to people who are looking for Keke NAPEPs.
- Make sure your pricing is competitive. Identify competitors who are offering similar value propositions to your market and make sure your pricing is relatively within a reasonable range.
- Consider your costs. This doesn’t necessarily mean adopting a “cost plus” approach. Pricing decisions are typically more market-driven than cost-driven. If you find that charging the market price for similar offerings will leave you operating at a loss, it is an indication that your business model may be wrong, or there is something about the competition you don’t know.
Interview Questions Part Three
MISCELLANEOUS: Resourceful Recommendations, tools, books, and ideas for entrepreneurs
14. Since you became an entrepreneur – someone who solves problems for people profitably; what has been your most outstanding accomplishments in the context of business?
I would say that setting up SMEclub is the achievement I am most proud of, not because it has attained its potential, but because it is probably the most significant selfless endeavor I have undertaken.
15. What would you describe as your major setbacks and what lessons did you pick from them?
I have had many setbacks as an entrepreneur. I don’t know if I can measure them in terms of significance, but one recurrent lesson is that change happens. No matter how well developed your plan might be, always prepare for change. Always think about a plan B. That way, you will not be completely caught napping when change happens.
16. Where there any particular questions you expected me to ask that is beneficial to entrepreneurs and I didn’t? Kindly share with us such questions and their relevant answers here.
I think the questions have been pretty comprehensive, but I wanted to seize this opportunity to invite your readers to checkout www.smeclub.net. We are building a great community and resource centre for entrepreneurs, which they will want to be part of and benefit from.
Your Turn
I’m so convinced you had more than you asked for in this interview. But just in case, he missed out something, what more would you like to know about the unusual Bassey Daniel?
You can ask him further questions below in the comment section and I will be sure that you will get an answer directly from him.
Also, what did you learn from this unusual entrepreneur? What lessons, what philosophy of his strike you the most?
Bassey has shared his unusual story with you, now is time to hear from you. Can’t wait to hear what you have to say!
- Published in Interviews, Thought Bank
Unusual Entrepreneur Interview With Joe Falter Of HelloFood.com.ng
Kicking of this year’s unusual entrepreneur interviews is Joe Falter the founder and CEO of Hellofood. Lastnight, we saw a movie –Django– together with other members of the rocket internet team in Nigeria and this morning we pulled off this interview.
Take it away Joe!
Interview Questions Part One
ENTREPRENEURSHIP: Awakening the Spirit of business
1. Can you please tell us a little about yourself and your business? What do you do?, how do you do it?, why do you do it and who do you do it for?
Hellofood.com is a website where customers can order food from their favourite restaurants, in cities across Africa. We operate across the continent, in 6 countries already and many more to come. In Lagos, we have a huge variety of cuisines and styles, with over 100 restaurants signed up, and the top 5 fast food chains all about to join. The site makes it incredibly easy for someone to choose and order food they love online. We believe ordering food should be fast, fuss-free and fun!
I run the business, with support from an incredible team of 50 people across Africa and in Europe. We are here because there are a lot of great restaurants in Lagos, but they’re hard to find. At the same time, with bad phone lines, it’s often difficult to understand restaurants when trying to place an order, often resulting in mistakes. So we bring all the best restaurants in the city to one place online, and make it incredibly easy for the customer to order. So they can choose the food they love, or be surprised by something new, and order in 1 minute without even having to pick up the phone!
2. How would you describe your entrepreneurial journey into the world of business? Were there any key incidents or life changing events that inspired your decision to become an entrepreneur?
It runs in the family – everyone in my family, on my mother’s and father’s sides have always been entrepreneurs. My grandfather ran a bakery chain, a dolls factory, imported jetskis to the UK and operated bingo halls. His was a classic success story that has been a major inspiration to me. However I have always seen my family around me doing work they loved, and being successful at it. Once you have direct exposure to people who have experienced this, and especially if you have the urge to be your own boss, a ‘normal’ job is no longer possible!
3. When you started out in business, what specific idea, purpose or vision was your key driving force?
I started out in business as a management consultant at McKinsey & Co in London. I was driven by a desire to learn as much as possible about business, problem solving and leadership. And with direct exposure to the top leadership of global organizations, it was the perfect environment to learn. But at the same time, I realized I wanted to do something more independent, and to be on the business side, rather than an advisor.
4. What is your take on the general notion that entrepreneurs should build a business around what they naturally love to do?
Successful entrepreneurs pour their heart and soul into their work. They are absolutely obsessive about the details, while maintaining an intense clarity of vision over the big picture. It’s incredibly difficult to put such energy and focus into something that you’re not passionate about. While people start all sorts of businesses for all sorts of reasons, I think you have to have passion and unwavering belief to be very successful in business.
5. What is your personal life mission as an entrepreneur? That is; what contributions do you want to make with your life or what would you like to be remembered for as an entrepreneur through the businesses you create when you die?
Legacy and recognition are not important to me. If I become a successful entrepreneur in the future, it will be because I took advantage of a great opportunity to make life simpler for people, managed to convince them to adopt it, and effectively monetized it.
6. What would you describe as the purpose of entrepreneurship? That is; what role do entrepreneurs play in the world?
Entrepreneurship is ultimately about innovation. Entrepreneurs are here to do things better, invent new ways of doing them, or to change the status quo altogether. Take Hellofood for example – we have recognized that ordering food in Lagos and other parts of Africa can be stressful, difficult and confusing, and we have set out to simplify the process and make it more efficient. If, through that process, we have made people’s lives easier, and perhaps inspired other people to do the same in other areas, then I’m happy with the role we’re playing.
Interview Questions Part Two
STRATEGY: The unusual execution of business best practices
7. Do you have mentors, business coach or external consultants that you work closely with to grow yourself and your business? If yes, to what extent would you describe their impact on your business? If no, are there any particular reasons?
I’m lucky in that I have very active investors, with huge experience of building massive internet businesses. The knowledge, experts and resource that they contribute to the business is invaluable.
8. How do you strategically use your time as an entrepreneur? What key activities would you recommend entrepreneurs use their time for?
There’s no hard and fast answer to this as all businesses are different. One piece of advice I would offer, is to spend as little time as possible in the office answering emails. Save emails for early morning and late at night, and spend the day talking to customers, visiting partners, problem solving with your team. Technology has come a long way in improving business practices, but at the same time, you just need to get out there and experience your business live if you want it to succeed.
9. How do you generate profitable customers for your business? What unusual approaches do you adopt for marketing your products/services?
We have used all sorts of crazy methods to acquire new customers, which I won’t go into in detail! When you land in a new city where you don’t know anyone, you have to be resourceful, get the business out there, and be totally fearless in asking people for help – more often than not, they’ll go out of their way to support you.
10. When starting out a new business, who are the likely possible partners or professional service providers you would recommend every entrepreneur work with?
Again I can’t generalize on this one; however I would certainly warn any entrepreneur against outsourcing critical functions of his/her business. Tech, marketing, logistics and other key expertise should all be in house, or if not possible, the people responsible should be incentivized by business performance, rather than paid an hourly/weekly rate.
11. The pricing of products/services is always an issue for entrepreneurs, what unusual approach do you take when it comes to pricing?
For Hellofood, pricing is incredibly simple. Our customers will never pay more to order food with us, than if they ordered directly from the restaurant. So we peg out prices 1 for 1 against the restaurant, we don’t budge higher. In any internet business that does things slightly different to the status quo, it is very important to keep the model simple and fair.
Interview Questions Part Three
MISCELLANEOUS – Resourceful Recommendations, tools, books, and ideas for unusual entrepreneurs
12. Since you became an entrepreneur – someone who solves problems for people profitably; what has been your most outstanding accomplishments in the context of business?
I’m incredibly proud of the work that the Hellofood team is doing in revolutionizing the way Africa orders food. We have launched Hellofood in six challenging markets since we launched four months ago, and are already passing big milestones. 100 restaurants partnered in Lagos alone, thousands of satisfied customers in Lagos, and exciting new tech features on the way.
13. What would you describe as your major setbacks and what lessons did you pick from them?
Working in Africa, we constantly encounter infrastructure challenges, like connectivity issues, and infrastructure problems. However, we’re an internet company and have technology in place to work around it. For every process at Hellofood, we have a backup in case of technical failure. We can process orders by phone, email, SMS or fax, and it’s incredibly unusual that all of those would not be working. We have not yet had any orders that have failed because of rain or internet/phone downtime, even though there have been plenty of storms, and infrastructure problems since we started here. We also learn from our experience in other countries. Our investors have successfully set up food delivery businesses in Asia, South America and Europe, and bring a huge amount of experience and insight to Hellofood from those businesses.
Your Turn
What more would you like to know about the unusual Joe Falter? You can ask him further questions below in the comment section and I will be sure that you will get an answer directly from him.
Also, what did you learn from this unusual entrepreneur? What lessons, what philosophy of his strike you the most?
Joe has shared his unusual story with you, now is time to hear from you. Can’t wait to hear what you have to say!
- Published in Interviews, Thought Bank