Welcome to another edition of the Unusual Entrepreneur Interviews and today I’ve got another unusual entrepreneur on the hot seat. His name is Dane Maxwell.  He is the 29 years old founder of the Foundation, a bad ass tribe of unusual entrepreneurs building lucrative software companies from scratch with no idea, no market knowledge, no coding skills or capital. If you don’t believe this, here’s a case study from one of his protégés, Sam Owens!

I am so fascinated by Dane’s approach to business, totally unusual. He is challenging the usual way of starting up a business; going into a business you are passionate about and having the required skills and experience to pull it off.  Dane doesn’t go about business from this approach, rather he begins with finding a problem, then going out to build a software solution regardless of whether he has the skills and experience to pull it off or not!

According to him, don’t be passionate about the business or the idea; rather be passionate about the process of solving people’s problems. This is a must read interview. I am completely blown away by his approach and so happy to have him here to share this unusual approach to business with you!

 

If you are just joining us for the first time, this is the unusual entrepreneur interview series. It is a parade of unusual entrepreneurs who are changing the world and profiting from purpose. Profiting from purpose by changing the world isn’t an impossible dream as many tend to think of it, but a realistic one as many unusual entrepreneurs have extraordinarily proven. Click here to read more unusual entrepreneur interviews.

 

Take it away Dane!

 

 

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?

I’m an Iowa native entrepreneur living in Boulder Colorado right now. I create companies out of thin air without any idea what to build, limited cash, and zero expertise in an industry. I’ve built 6 software as service products for the real estate space. I built the first one without spending any money on development, and I didn’t come up with the idea either. I like SaaS because I think it is the most superior business model online. It’s high profit margins, at least 50% if you run it correctly, and the lifetime value of a customer exceeds any other model I’ve seen personally. It’s also the easiest to enter, because people are scared to enter it. But it’s really a simple business to run too.

How do you do it?,

I pick markets I know nothing about, like real estate, and I start asking questions in them. I ask “What is the most important activity in your business?” and then follow it up with “Do you have any pain associated with that activity?” And I get a stream of profitable ideas to start creating products for. Once the idea is in writing, I go and find an expert to build it for me. Instead of paying the expert I give them 10% of the revenue for the life of the product. I show them the marketing plan and the money potential and they are signed on.

Why do you do it and who do you do it for?

I do this because it’s the most fun I’ve ever had in my life with business. The potential when you run this kind of business model is limitless.

2. How would you describe your entrepreneurial journey into the world of business?

I started by reading Perry Marshall, Gary Halbert, Jay Abraham, and Dan Kennedy. After about a year of reading these guys I learned how to really create a business from thin air in about 6 months.

Were there any key incidents or life changing events that inspired your decision to become an entrepreneur?

Reading Rich Dad Poor Dad is what taught me the importance of being an entrepreneur. I want to make money while I sleep. I don’t want my income to be limited by my time. I also lost $12,000 after flipping websites for 6 months, and was forced to move back into my parent’s basement. It was the pain of this that caused me to snap and learn how to create businesses without any money, because I had none.

3. When you started out in business, what specific idea, purpose or vision was your key driving force?

Reading Rich Dad Poor Dad, and working at my uncle’s real estate company I got to see the pain and started solving problems. Now I just go into cold markets and ask a few questions to identify that pain.

4. What is your take on the general notion that entrepreneurs should build a business around what they naturally love to do?

I think this can be a flaw that prevents people from getting started. I advise people to become passionate about solving problems, and become passionate about the process of building the business. I’m not particularly passionate about real estate or any specific business in particular, but I am incredibly passionate about solving problems.

When I advise entrepreneurs to start companies, I encourage SaaS or a business that has these 4 principles.

1. Automated sales
2. Re-curring revenue
3. No accounts receivable
4. Selling tools and shovels instead of digging for gold

These are the kinds of businesses that give freedom. Instead of trying to find your passion and start a business, just become passionate about the process.

5. What is your personal life mission as an entrepreneur?

Ralph Waldo Emerson has a quote that says something along the lines of “If at least one person can breath easier because you exist, then you have mattered.” My goal is to create as many entrepreneurs as possible. Right now the goal with our current business is to create 20 new software companies. We take people with no skills, but just a burning desire, and turn them into entrepreneurs. My goal is to create as many as possible. And in the next year, that includes 20 new companies from thin air.

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?

That people were able to breathe easier because I existed. I want to know that I have mattered. I want people to see the abundance of Joy they have internally when they live life from a set of empowered beliefs.

6. What would you describe as the purpose of entrepreneurship? That is; what role do entrepreneurs play in the world?

I don’t really care about business per say. It’s the process of entrepreneurship that excites me. We believe that entrepreneurship is the greatest vehicle for personal growth, self discovery, and impact on the world.

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 identify business opportunities by Finding The Pain in different markets. I ask questions like “What is the most important activity in your business?” and… “Do you have any pain associated with that activity?” But my questions are not limited to those… I ask all kinds of questions like “What problems cost you the most money in your business?” … or “What is the most painful part of your day?”

I actually have about 15 questions I use as go to’s for Finding The Pain. Remember it’s all about finding the pain. To measure viability and reduce risk: I will collect money in advance before a product exists from customers. They get a discount, and are usually excited to be involved in the process of the product creation.

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 are perspective expanders. When I wanted to charge $50 a month for my first product RecruitingNinja.com … my first mentor told me to double my prices… So I did to $100. No one blinked when I told them $100. Then I had another mentor tell me to double my prices again to $200, so I did. Mentors have quadrupled my income. By quadrupling my perspective.

9. How do you strategically use your time as an entrepreneur? What key activities would you recommend entrepreneurs use their time for?

The first hour of every morning is revenue generation. It’s not Facebook, email, or anything else “reactive” … the first hour is all pro-active marketing to generate revenue. Things like scheduling and running webinars, sending out email blasts, or creating new ads to run online on different sites to drive traffic.

10. How do you generate profitable customers for your business? What unusual approaches do you adopt for marketing your products/services?

We provide world class service and get referrals. Right now our specialty is Google PPC and Facebook. We run ads for “real estate transaction management” and drive traffic to PaperlessPipeline. We are able to acquire customers at 5% of their lifetime value. It’s a cash cow because we are ninja’s at traffic generation and conversion. These are concepts I teach in TheFoundation.io

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?

Money is readily available to those who are adding value in the world. If you have lack of money, it is a lack in resourcefulness within your mindset. We believe excuses about money are really a lack of desire… the entrepreneur doesn’t want it bad enough. If they did. If their life depended on finding money. They could do it. When I started my first product, RecruitingNinja.com, it took $3000 to build. I had $100 in my bank account. So I went to my first customer and asked them to fund the entire development in exchange for a lifetime license. Now… this is just a tactic, and there are a million tactics to get money when you don’t have any. What’s more important is the underlying belief and mindset that you can create money from thin air when you are providing value. This is all taught in depth at TheFoundation.io

12. When starting out a new business, who are the likely possible partners or professional service providers you would recommend every entrepreneur work with?

The most important partner is your potential customer. They should be your advisory board and funding source. Period. Advisors are nice… but they won’t be using your product. Talk with the people who will be using your product.

13. The pricing of products/services is always an issue for entrepreneurs, what unusual approach do you take when it comes to pricing?

We do a number of approaches, here is one. Pricing is really a simple process. But it can be an art form. First… create price anchors for your product, and then charge 10% of the value you provide. In the case of RecruitingNinja, a recruited real estate agent is worth $10,000 a year to a broker. 2 agents would be $20,000. So I charged $2400 per year for a wordpress type CMS customized to real estate offices. It was a cash cow, and brokers loved it, because they were happy with a 20X ROI. With 2 recruited agents in a year, the product provided 10x the value they paid. Price anchors can be created around anything. If you don’t have a hard price you can do 10% of… and if your product is $100 a month, just say it’s the price of a cup of coffee per day. Do a quick search on “price anchors” to see plenty of examples here. Again, this is all taught in TheFoundation.io

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’ve created 5 new companies from thin air in the last year from everyday average people at TheFoundation.io … it’s remarkable. A kid from New Zealand is building a million dollar business because of our unique teaching style. Taking my framework and letting other people use it has been amazing.

15. What would you describe as your major setbacks and what lessons did you pick from them?

Losing $12,000 by trying to purchase a website for sale. I create businesses now instead of buying them.

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.

No you asked amazing questions man. Very grateful to share this message with your audience.

Your Turn

 What more would you like to know about the Unusual Dane Maxwell? 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? What ideas, insights or tips are you going to immediately apply to your business as a result of reading this interview?

Dane has shared his unusual story with you, now is time to hear from you. Can’t wait to hear what you have to say!

Welcome to another edition of the Unusual Entrepreneur Interviews and today we have here with us unusual entrepreneur Ryan Hart.

He is the 26 years old founder of Hart Ventures, a company that is passionate about creating innovation for the purpose of meaningfully improving the lives of others.

I’m so excited to have him on the unusual entrepreneur interview series because of his company’s recent invention, MillionDollarEarth.com – “the creative wall for businesses to hang their advertisement on.”

 

If you are just joining us for the first time, this is the unusual entrepreneur interview series. It is a parade of unusual entrepreneurs who are changing the world and profiting from purpose. Profiting from purpose by changing the world isn’t an impossible dream as many tend to think of it, but a realistic one as many unusual entrepreneurs have extraordinarily proven. Click here to read more unusual entrepreneur interviews.

 

 

How Unusual Is Ryan Hart?

According to his LivetoClose Kick-ass startup profile;

“Ryan Hart was pondering what to do with his newly earned MBA. He decided to put it in a box and venture out to earn his stripes in the dot com world, dreaming of changing the lives of others with his creativity and passion.”

With his MBA packed in a box, Ryan set out to create an unusual company, Hart Ventures; which involves angel investors, venture capitalists, and strategic partners, to build world class teams and successful organically incubated businesses. Hart Ventures enters into four ventures a year while exiting at least one.

 

And here’s how far that entrepreneurial decision has taken him;

 

In the 2009 Richard Bransons Perfect Pitch Competition, Bundlebuy.com one of the company’s innovations finished in the Top 10 of 1150 businesses. Bundlebuy.com was later sold to the founder of Shop.com, Lee Lorenzen. CrowninTown.com won the 2010 PLU Business Plan competition. YourStarForever.com was featured for Valentine’s Day on Groupon.com.

 

The company’s most recent invention, MillionDollarEarth.com, was nominated for a 2011 WebAward. Million Dollar Earth allows you to unify your social media outlets in one location [the virtual pinpoints within Google Maps] while associating your brand with a unique city or iconic landmark. In other words, someone could virtually own an entire city of their choice!

How?

  “Online there has been no unique voice in advertising, I want MillionDollarEarth.com to change that and be the creative wall for businesses to hang their advertisement on.”  — Ryan Hart

Clients can now purchase one of 1,000 cities worldwide for approximately a thousand dollars each. Primary pricing is based on each city’s audience or population size. Each city comes equipped with many options included on its map tab including: a Facebook fan page, Twitter feed, YouTube videos, as well as a custom text box.

Ryan and his team are passionate about using the platform and the proceeds from MillionDollarEarth.com to make a difference in the lives of people around the world who do not have safe water to drink. They are donating ten percent of the proceeds to Charity: Water, a non-profit organization dedicated to bringing clean and safe drinking water to millions of people in developing nations!

Take it away Ryan!

 

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 the managing partner of Hart Ventures, LLC. We invent, build, market and sell online businesses. I work with a team of people, web developers, graphic designers, PR specialists, and sales teams. We want to innovate online and bring joy and creativity to the Internet. We view the computer screen as our canvas.

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 built my first computer with my graduation money from High School and began selling things pretty successfully on eBay. Over the years I saw many websites where I thought, “Man I should have thought of that.” After I graduated college I met Scott Dahl, who had the ability to build anything I dreamt up. This really opened my mind up to rethink the possible and re-explore the Internet and how business is done online.

 3.       When you started out in business, what specific idea, purpose or vision was your key driving force?

I began by creating BundleBuy.com, the precursor to Groupon, but it dealt with products rather than services. I filed for a patent and contracted a team to help me. It was my first run out of the gates and I learned a lot, mainly because I completely failed.

 4.       What is your take on the general notion that entrepreneurs should build a business around what they naturally love to do?

I completely agree. Your passions have to align with your work. This is the only way you will be able to power through the road blocks and navigate the speed bumps. I was just thinking this morning about how every day I face new challenges and fires to put out. It is like being in love with the right woman, you can get through everything.

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 my businesses to make people say WOW out loud, either by solving a problem no one else could, creating something incredibly fun, or providing value to people.  It feels great to be clever. Money isn’t the goal, the satisfaction of building something is.

6.       What would you describe as the purpose of entrepreneurship? That is; what role do entrepreneurs play in the world?

They are the kids that grew up without having the “WHY? mentality” squashed out of them. They are the starters. They put the wheels in motion and then move on to the next.

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 opportunities present themselves every day, which is the easy part. Usually we look at the potential market size, risk involved, and cost to get to revenues, then do a MVP (minimum viable product). There is never a guarantee that something will work, that is what makes it so much fun.

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 had a ton of close friends who have been willing to listen to each and every one of my ideas and have the guts to give me a straight answer. By the time my projects are launched they are usually only 20% of my own ideas.

9.       How do you strategically use your time as an entrepreneur? What key activities would you recommend entrepreneurs use their time for?

Make sure to take a day off each week (Sunday for me) to rest and step back from your work. It really helps to come back to it with fresh eyes.

10.   How do you generate profitable customers for your business? What unusual approaches do you adopt for marketing your products/services?

 90% of all my sales through MillionDollarEarth.com came through relationships with bloggers introducing me to their readers. Like what you are doing here now Tito, through this interview.

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, funding is the bottleneck to Entrepreneurship. It takes a ton of time and energy to form the relationships that bring in a check. I have never had trouble getting a check, but getting it on my terms is sometimes a battle.

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 have a local web designer and developer who built all of my projects. It is a huge help to have a track record of successful projects with contractors. It makes your next venture that much more likely to succeed. My technologies of choice are mailchimp, hootsuite, gmail, google analytics, wordpress, zendesk, vistaprint and paypal.

13.   The pricing of products/services is always an issue for entrepreneurs, what unusual approach do you take when it comes to pricing?

Be fair. People know when you are gouging them, but they also understand paying for the value you deliver to them.

 

 

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?

I would say my most proud accomplishment is helping my brother build his company RhinoCameraGear He currently has a DLSR camera slider project on Kickstarter and has raised over $22,000 in pre-sales in the last 24 hours.

 

15.   What would you describe as your major setbacks and what lessons did you pick from them?

I spent over $30,000 on my first company Bundlebuy.com. I eventually sold it to the founder of Shop.com, but it was still disappointing I couldn’t bring it to market myself. I had the privilege to learn how to bootstrap my next project.

There were two projects I started that I found out later I wasn’t passionate about. I ended up selling out to my partners and moving on. So now my passions drive my projects, rather than the other way around.

There are too many experiences to list, but the best way to learn is from your own. Successes are nice, but failures are much better. I missed the finals two years in a row at my undergraduate business plan competition and then went on to win my graduate business plan competition.

Your Turn

What more would you like to know about the Unusual Ryan  Hart? 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?

Ryan has shared his unusual story with you, now is time to hear from you. Can’t wait to hear what you have to say!

 

Welcome to another edition of the Unusual Entrepreneur Interviews and today we have here with us unusual entrepreneur Bernadette Jiwa. She is the founder of the story of telling, a brand consulting business that helps entrepreneurs make their ideas matter. I’m so excited to have her on the unusual entrepreneur interview series as she is going to be the third femalepreneur interviewed!

 

If you are just joining us for the first time, this is the unusual entrepreneur interview series. It is a parade of unusual entrepreneurs who are changing the world and profiting from purpose. Profiting from purpose by changing the world isn’t an impossible dream as many tend to think of it, but a realistic one as many unusual entrepreneurs have extraordinarily proven. Click here to read more unusual entrepreneur interviews.

How Unusual Is Bernadette Jiwa?

She’s a business writer, idea catalyst and brand storyteller. She helps the entrepreneurs behind emerging brands to stand out and show them how to communicate their difference to customers in today’s noisy, crowded marketplace.

She does this by crafting strategies and stories for passionate companies and visionary brands who want to make meaning and money, by building legacies alongside businesses. She also creates brand names, product names and book titles, with words that paint a thousand pictures.

She is the author of You Are The Map Maker and the co-creator of striking truths. She’s been named as one of The Top 100 Branding Experts To Follow On Twitter . Her writing has been featured in guest posts about Brand Naming on Women 2.0, the female founders website and Building Your Business on the popular branding blog; Logo Design Love.

She collaborated with author Seth Godin as the project manager of the What Matters Now print edition and has written articles included in several of Seth’s Triiibes eBooks. She was an expert panelist at TEDxPerth Pitch School and her blog was voted Best Australian Business Blog 2012.

Take it away Bernadette!

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 craft strategies and stories for passionate entrepreneurs and visionary brands who want to make meaning and money, by building legacies alongside businesses.

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 don’t think it was a conscious decision, just a series of small choices that layered themselves upon each other over time.

3.       When you started out in business, what specific idea, purpose or vision was your key driving force?

To help people communicate the best of themselves, and inspire them to build the bridge from where they are to where they want to be.

4.       What is your take on the general notion that entrepreneurs should build a business around what they naturally love to do?

I believe that you should do things you care about. If you’re lucky enough to be able to make that choice why wouldn’t you?

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 help as many people as I can to do things that they thought were impossible.

6.       What would you describe as the purpose of entrepreneurship? That is; what role do entrepreneurs play in the world?

The world needs people who are not only capable of imagining the future, but those who know how to go out and create it. Dreamers that ‘do’.

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?

Mostly by using gut instinct. Learning from past experiences, trying, failing or succeeding. If it’s a project I’m jumping out of my skin to work on then I know it’s a good fit.

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 heroes. People I watch closely and I work hard to make even a fraction of the difference they have made. If it wasn’t for them I wouldn’t be doing what I’m doing today.

9.       How do you strategically use your time as an entrepreneur? What key activities would you recommend entrepreneurs use their time for?

Spend most time on the things you care most about.

10.   How do you generate profitable customers for your business? What unusual approaches do you adopt for marketing your products/services?

I like to use a pull rather than push method and out-teach the competition. I work hard to create what others might find valuable.

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?

Funding might have been an issue a couple of decades ago, I don’t believe it is any longer. Most ideas can be tested on a tiny scale for next to nothing. Think big, start small. Plan for big, if it works, scale.

12.   When starting out a new business, who are the likely possible partners or professional service providers you would recommend every entrepreneur work with?

 People who can help you communicate the best of your idea to the world. Designers, copywriters.

13.   The pricing of products/services is always an issue for entrepreneurs, what unusual approach do you take when it comes to pricing?

Don’t compete on price. Compete on value.

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?

I’m most proud of working out how to speak and write to people in a way that resonates. Helping people to tell stories about their business ideas is something I’m really grateful to be able to do. Having the opportunity to work with Seth Godin, who is my hero.

15.   What would you describe as your major setbacks and what lessons did you pick from them?

Choosing the wrong things to focus on at times, failing to understand the problem I wanted to solve. The importance of understanding the problem to solve!

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.

No. You did a great job!

Your Turn

What more would you like to know about the Unusual Bernadette Jiwa? 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 his strike you the most?

Bernadette has shared her unusual story with you, now is time to hear from you. Can’t wait to hear what you have to say!

Welcome to another edition of the Unusual Entrepreneur Interviews and today I am very honoured to have gotten this Unusual Entrepreneur in question. He recently became one of my friends online and I dare say meeting him has been very worthwhile.

Besides the obvious fact [as you will soon see] that we both share the same passion for the entrepreneurial development in Nigeria, he’s someone who puts in the work required for what he desires. He’s just been chosen to be a part of 500 Lagos start-up entrepreneurs in the Lagos State Ignite Enterprise and Employability project. As my newly discovered unusual entrepreneur, Bernadette Jiwa of thestoryoftelling.com would say; he’s a dreamer that ‘do’!

If you are just joining us for the first time, this is the unusual entrepreneur interview series. It is a parade of unusual entrepreneurs who are changing the world and profiting from purpose. Profiting from purpose by changing the world isn’t an impossible dream as many tend to think of it, but a realistic one as many unusual entrepreneurs have extraordinarily proven. Click here to read more unusual entrepreneur interviews.

 

Without further ado, let’s begin!

 

 

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 Olufemi Omotayo, a communicator and the publisher of EntrepreNEWS, a unique medium poised to be the reference point for all entrepreneurs in Nigeria. I am a seasoned writer and researcher with initial and advanced degrees in mass communication. I have an extensive experience as a media practitioner, especially in advert copywriting, reportorial and editorial capacities. My skills cover different genres of writing, especially in poetry and prose narratives. I have authored a few books and won recognition for my writing.

I founded EntrepreNEWS, which is a blend of ‘entrepreneurship’ and ‘news’ due to my perceived gaping need for it in Nigeria. As a journalist with about a decade of experience (many of those in the print media), I had seen enough to want to contribute to building the capacity of Nigerians. Starting as a reporter, I have worked in various capacities culminating as an editor of special publications in a foremost West African pharmaceutical journal. But I see many things in the industry that I think could be improved upon. I feel the media do not have many developmental contents.

So, essentially, EntrepreNEWS hopes to make positive impact, especially for the enterprise-minded Nigerians. The initial focus is on start-ups. The idea is to make more Nigerians embrace entrepreneurship and get resources to enable them operate profitably. That explains why our tagline is: information for empowerment.

 

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?

Entrepreneurs have few common traits which include:

• Identification of a need,
• Dissatisfaction of the status quo, and
• A burning desire to make a difference.

For a long time I did not consider myself as an entrepreneur. Although I aspired for lucrative jobs in the bank and oil and gas industries, I always ended up with media-related jobs. Indeed, I often got them quite easily. But a time comes when a man either considers his happiness or the desire to make an impact.

That moment came for me when out of curiosity I attended a job fair for the second time in 2011. Frankly, I was I was sickened by the sight of the mammoth crowd. I wondered why people continued to pursue the non-available jobs when they could create jobs for others. It became obvious to me that there is little entrepreneurial interest among Nigerian graduates. I wanted to fill that need immediately. I wanted to generate enthusiasm for entrepreneurship among Nigerians. That vision could neither allow me to rest nor concentrate on my job! Eventually I had to resign my employment to face the risk of being an entrepreneur myself. I wanted to be the voice for every start-up.

 

3.       When you started out in business, what specific idea, purpose or vision was your key driving force?

Our key vision is captured in both our name and appendage. We want to be the number one platform where entrepreneurs get news, tips, information, resources; share opinions and network with fellow entrepreneurs. We will be the guide for the start-up owner trying to negotiate through the maze of building profitable businesses in Nigeria.

4.       What is your take on the general notion that entrepreneurs should build a business around what they naturally love to do?

Life is already complicated; we should not make it more difficult. I like Albert Einstein’s quote that “everyone is a genius; but if you judged a fish by its inability to fly you make it believe it is stupid.” You have to operate in an area of your strength. It could either be that you have natural flair for the business idea, or you have undergone necessary training. You cannot just jump into an area totally unknown, except you have divine direction.

 

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 will be fulfilled if I have been able to help many people realise and pursue their entrepreneurial goals in life. I want to help my country create more jobs by informing and educating the people. I want to be the link between the greenhorn entrepreneur and the myriads of available opportunities he/she may be unaware of.

6.       What would you describe as the purpose of entrepreneurship? That is; what role do entrepreneurs play in the world?

Entrepreneurs are problem solvers. The world is full of problems, but identifying problems is the lowest level of intelligence. You should be able to go beyond that to actually proffering solution. Entrepreneurs see needs around them and meet those needs profitably. In the end, everybody benefits.

 

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 not a serial entrepreneur even though I have tried my hands on a few ideas. However, to talk about EntrepreNEWS: it is an idea born out of the challenge of lack of entrepreneurship drive and the problem of starting a business in Nigeria. The population of our focus is large but reachable.

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?

Absolutely every business owner should have a mentor. It is very important. I have three top publishers – Pharm Ifeanyi Atueyi, Dr Sunny Obazu-Ojeagbase and Mr Dipo Davies – as mentors and they have been very helpful with their free suggestions and advice. I have spiritual mentors, with the Bible as ultimate. I also believe in personal development and have many guides many of whom are non-Nigerians. I owe my current life situation to their influence. Really, if I have any failure or frustration it is my fault. I either do not obey instruction or I am plain lazy.

9.       How do you strategically use your time as an entrepreneur? What key activities would you recommend entrepreneurs use their time for?

It’s an oft-repeated fact that TIME is the most important resource in the world. I have run afoul of this several times before and have paid the price. Now, however, I understand the real meaning of that expression. And even though my time usage is still not perfect, I have learnt to prioritise my activities. I know how to get the most important things done first before other less important ones. Everyone should have a sense of responsibility to how they utilise their time. Life is short: do what you have to do quick.

10.   How do you generate profitable customers for your business? What unusual approaches do you adopt for marketing your products/services?

EntrepreNEWS is unique in what it does. It meets the needs of budding and established entrepreneurs. That way, it attracts readers among start-ups and seasoned entrepreneurs as well as entrepreneurial institutions. As expected of a print medium, advertisements are our mainstay. Our advertisers cut across the different spectrum of the business world. You can do business with us so far you have a product that entrepreneurs use. Most of our advertisers contacted us after getting copies of the paper from newsstands, events or through subscription.

 

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?

Finance is crucial to the life of any business. As much as possible, every businessperson should get adequate funding. However, tenacity will push a business idea far even when there is money challenge. You just have to keep marketing yourself in the most cost-effective way possible. Frugality is key. And you have to work hard, hope and pray for lucky breaks too.

12.   When starting out a new business, who are the likely possible partners or professional service providers you would recommend every entrepreneur work with?

Almost every new entrepreneur thinks money is their major challenge. This mindset is wrong. There are several things that could be achieved without necessarily having or using money. Many times, connections are all that is necessary. Depending on the type of business you do, find people who have been successful in it and make them your mentors. Attend events and trainings for the purpose of networking. Use the social media effectively. Explore all options.

13.   The pricing of products/services is always an issue for entrepreneurs, what unusual approach do you take when it comes to pricing?

Pricing is a tricky issue in business. Many businesses use this as an avenue to gain market share. They reduce the price of their commodity but may find it difficult to maintain eventually. So, the best thing to do is to make sure the price sufficiently covers the cost of production and makes provision for profit, even if small. You may either serve the upper or lower segment of society and this affect the pricing. The former has fewer consumers with high purchasing power while the latter has a large base although with lower capacity to buy. It is therefore essential for the business owner to do lots of research to determine which method suits the business.

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?

EntrepreNEWS is still in its fledgling stage. Nevertheless, it is making a big impact already. We have commendations and recommendations from members of the entrepreneurial community. Many individuals and institutions have shown strong support for what we do. It is very heart-warming to note the rapid spread of EntrepreNEWS to seven (7) Nigerian states within 5 months. It is beyond our expectation.

15. What would you describe as your major setbacks and what lessons did you pick from them?

EntrepreNEWS has endured several challenges since its inception. Many of these have been highlighted earlier. However, distribution is noteworthy. Although we registered with the Newspaper Distribution Association of Nigeria (NDAN), many unsold copies of few early editions were returned under the guise that people are not aware of the paper’s existence. The sight of the pile of unsold EntrepreNEWS was a torture. But this was overcome by aligning with Mr Dipo Davies’ story of Castles Magazine. Like the famed publisher, we have devised other means of distributing our publication which has proven to be more beneficial.

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.

Not really. This interview is long enough! I just want to commend you for what you are doing and looking forward to featuring you in EntrepreNEWS soonest. You seem to be someone that will add value to our esteemed audience. We have to collaborate. I thank you for this opportunity.

 

Your Turn

What more would you like to know about the Unusual Olufemi Omotayo? 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?

Olufemi has shared his unusual story with you, now is time to hear from you. Can’t wait to hear what you have to say!

Welcome to another edition of the Unusual Entrepreneur Interviews and today I am very honoured to have gotten this Unusual Entrepreneur in question. He’s been one of my friends online since 2008, we met when he was still an employee and he shared his entrepreneurial dream with me. Today, I am glad he is making that dream a reality!

 

If you are just joining us for the first time, this is the unusual entrepreneur interview series. It is a parade of unusual entrepreneurs who are changing the world and profiting from purpose. Profiting from purpose by changing the world isn’t an impossible dream as many tend to think of it, but a realistic one as many unusual entrepreneurs have extraordinarily proven. Click here to read more unusual entrepreneur interviews.

 

Without further ado, let’s begin!

 

 

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 Babatunde Oladele. I am a native of Usi Ekiti, Ido-Osi LGA of Ekiti State, Nigeria. I’m a graduate of English Literature. I also have a Master degree in Communications & Language Arts, both from the University of Ibadan. In addition, I am an alumnus of the School of Media & Communications (SMC) as well as Enterprise Development Centre (EDC), both of the Pan African University, where I did a certificate course in Advanced Writing & Reporting Skills (AWAReS) and Certificate in Entrepreneurial Management (CEM) programme respectively.

 

I am the Chief Responsibility Officer at The Ready Writers Consult, a company that provides professional Research, Writing, Editing, Publishing, Training and Consultancy services to corporate and individuals.

 

The Ready Writers Consult was set up to offer convenience to individuals and corporate concerns by taking up their research, writing, and editorial inconveniences, so that they could have time to do more in the areas of their core competence. We also aspire to curb the rate of ideas mortality and increase the rate of structured expressions in the society. The truth is, ideas and insights come to us all in a flicker of seconds, but if not documented, they disappear into oblivion with greater speed than they came.

 

Worse, still, if not documented with apposite words or presented in the right way, they end up communicating an entirely wrong message, rather than what the writer meant to say, to the audience; thus alienating the readers from the writer – a very sad phenomenon. These are the problems we set out to solve for individuals and corporate organisations in Nigeria and beyond.

 

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?

Actually, while I was an undergraduate, I had always fancied that I would run my own business some day. I was what you would call a high-flyer while on campus. I was involved in several extra-curricular activities right from my 100 Level. At a time, I was the President of my Department’s students association, Editor-in-Chief of my hostel’s press club (IndyPress Organisation), PRO of the Union of Campus Journalists (UCJ), as well as Chairman of the Organising Committee of National Association of Students of English & Literary Studies; all of these were in a particular academic session!

 

There were times I wondered if I wasn’t being stupid getting involved in so many extra-curricular stuff. But I love being active and I was having fun doing all I was doing. These engagements really stretched me and afforded me a lot of exposures that I wouldn’t have if I had been a triangular student, who only does the round of lectures, library and fellowship. I thank God that I still graduated with a 2:1 at the end of the day. English is a course that is very demanding, as you get to read a lot of books. Particularly in the Literature courses, you have to read several prose, drama and poetry for comparative analysis. But all of these have proved really invaluable to me in what I do now.

 

I graduated from University of Ibadan (UI) brimming with confidence. I wanted to start a writing and publishing company then. But I didn’t have the funding required to start up. So I accepted an appointment and worked as PA to Mrs Ibukun Awosika of The Chair Centre Group for some years, whilst not taking my eyes off my aspiration. After about seven years of working, I became tired of the rat race of shuttling to and from Lekki every day. I told my principal that I wanted to resign and start out on my own. But she would not have it. She encouraged me instead to continue at my job and pursue my dream by the side.

 

Since I didn’t want to leave on a negative note, I decided to heed her counsel and continued with the job. I talked to a number of my friends who had a flair for writing and we started The Ready Writers Consult in my sitting room in May 2009. Eventually, two of them came aboard as fulltime staff, whilst the rest of us worked part time. But, as the demands for our services continued to grow through the months, I couldn’t cope with holding down two jobs again. So I had to inform my boss again that I needed to leave. That was in mid-2010. By this time, we had an office on CMD Road, Magodo, Lagos, and we were growing a comfortable list of clientele. After the formality of resignation and handing over, I eventually left my salary job in July 2010 and resumed full-time at TRW Consult in August 2010.

 

3.       When you started out in business, what specific idea, purpose or vision was your key driving force?

The idea of starting a writing and editing company actually came to me in 2003. And I already had the name, The Ready Writers, since then. But, it was not incorporated until 2009. And, as I mentioned earlier, I did not have the wherewithal to start a business then, so it remained a burning idea through the years.

 

Now, to what led to it, I love writing and I love to read good pieces of writing too. But, these days, almost every page you open you see reveals a lot of substandard usage and improperly written expressions there. Those naturally get to me. And I wanted to do something about it. Besides, I also realised that many people have ideas that they would love to capture into books, but they do not have either the time to sit and write or the literary prowess to do it. I felt I could be of help. Those are major considerations for starting The Ready Writers Consult.

Our mission is to;

 

• (1) Bridge the gap between thoughts and prints; conception and organised expression,

• (2) Reduce the rate of idea mortality (that is ideas that come to mind and filter away unwritten, unshared or unpublished); and

• (3) Upgrade the standard of written communication in our public space.

 

4.       What is your take on the general notion that entrepreneurs should build a business around what they naturally love to do?

It’s the best way to go really. Businesses founded outside of passion may not stand the test of time. The same applies to career; pursuing a career in any field that does not touch a core within you will always leave you with a hollow feeling, regardless of how mega the take-home is. However, once you are doing something you absolutely love to do or you are functioning in a field you are specifically endowed to operate in, it makes the journey easier and the vicissitudes of commerce more bearable.

 

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 am privileged to be revealed my life purpose by God in the book of Isaiah 61:3, ‘to give them beauty for ashes.’ I was created to give a better exchange, and this forms the basis of what we do at The Ready Writers Consult. When people come to us with their idea, we help them to convert it into a book, an essay, a blog, a presentation, or a multimedia product. When they come to us with their manuscript or other written materials, we help them to edit or rewrite it altogether to make it publish-worthy and more appealing to readers.

 

I would like to be remembered as someone who has helped innumerable people to fulfill their dreams, give expressions to their ideas and attain immortality by having their thoughts excellently documented and published.

 

6.       What would you describe as the purpose of entrepreneurship? That is; what role do entrepreneurs play in the world?

I think entrepreneurship is all about offering value. Some people may launch out just to make money. But if the product or service you are offering is not perceived as valuable by the market, then your chances of making money will be limited. It is to the extent that the market attributes value to your output that your bottom line would increase.

 

Entrepreneurship is meeting identified needs and plugging holes for people for various reasons. It may be so that they can live longer and better, that they can make more money or not lose money, that they might look good or be perceived in a positive light in the society, and so on.

 

 

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 I have mentioned, entrepreneurship is all about plugging holes. But not every hole is worth plugging, you have to do a risk analysis on each business opportunity you identify and on each prospect that beckons at you. Otherwise, one will just be busy working round the clock and not break even at the end of the day.

 

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?

Books are my foremost business coaches and mentors. I learn a lot reading about the experiences of those who have built successful enterprises, how they overcome challenges and handled certain situations. I have also been privileged to attend the Certificate in Entrepreneurial Management (CEM) programme at the Enterprise Development Centre (EDC) of Lagos Business School, thanks to Diamond Bank for that scholarship. The programme was an eye-opener for me in enterprise management and sustenance. And having worked as PA to Mrs Awosika for about seven years, I guess I can say I had a firsthand apprenticeship in entrepreneurship whilst in that posting as well.

 

9.       How do you strategically use your time as an entrepreneur? What key activities would you recommend entrepreneurs use their time for?

I think time management is a personal thing. What works for someone may not work for the next person. But it is essential to have a list of daily imperatives to input into your 24 hours on a daily basis. I, for instance, don’t joke with my daily devotion of prayer and Bible studies. I also take time out to read and do some core tasks I consider germane for my self-development and our corporate success. Family time is another very important chunk of my daily time expenditure.

 

10.   How do you generate profitable customers for your business? What unusual approaches do you adopt for marketing your products/services?

The major marketing strategy we have been deploying so far is bulk SMS and distribution of flyers. We also get a lot of referrals from satisfied clients and those who know what we do.

 

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 used to be in that shoe. But there is something I learnt from Mrs Awosika. She always says whatever business you want to do that you require millions of naira to start, you should note the amount you have at hand, be it N5,000 or N10,000, and start the N5,000/N10,000 version of that business. One of the reasons I couldn’t start The Ready Writers Consult since 2003 when I conceived the idea was because of funds. Funny enough, when we eventually started in 2009 I didn’t even have up to N50,000. But I knew better then and I was more prepared on all fronts to start.

 

Concerning the challenges of operational funding, I subscribed to the discipline of budgeting from an early stage of my life. I think I learnt that discipline from my mum really. Even till now, you see her with little pads with things to buy/do written on them, some cancelled, some retained. The art of budgeting has helped me to prioritise in terms of funding. Simple economics counsel that you do a scale of preference when you have many things contending for limited resources. For the first 12 months that I started working fulltime at TRW Consult, I didn’t collect salary, as there were several things we needed to do with money. I also didn’t buy a car until much later when we could afford it. So, I think budgeting, basic economics and personal discipline have been my own way of dealing with funding challenges. Very importantly too, I always cry out to God when funds are not coming in as they should. The Psalmist says He is my Shepherd, and I know the shepherd has the responsibility of providing for His flock, amongst other things. So, I also pray for His supply.

 

12.   When starting out a new business, who are the likely possible partners or professional service providers you would recommend every entrepreneur work with?

The CEM programme at the EDC opened my eyes to a lot of things really. Firstly, I think every entrepreneur would require the services of an accountant, if even on a part time basis. As the saying goes, cash is the blood of every business concern. And the (mis)management of it principally is what determines how long the business would last. You also need the services of a human resource expert to help with the so-called greatest capital of the business. If there is no in-house marketing staff, then one will definitely need to engage the expertise of a marketing consultant. Once these three expertise are secured, I think every other one can follow in sequence based on your peculiar operational requirements.

 

13.   The pricing of products/services is always an issue for entrepreneurs, what unusual approach do you take when it comes to pricing?

I must confess that is one of the major concerns I had when we started. Since we offer professional services, I spent days ruminating on, how do we price our services? How much do we charge for a particular service? Thank God, I got an eBook on Pricing around that time that I took time to digest. In that book, I learnt that pricing is foremost an individual thing; then you also consider a number of metrics to help you arrive at a reasonable price. At the end of deliberations with other members of the team, we concluded on pricing for sustainability and growth.

We realized that we cannot work for everybody, and we don’t even try to do it. We work only for those who value time and would rather outsource their research, writing and editing tasks to us to do whilst they devote their time to doing what they do best. And knowing that time is money, they are willing to pay for the convenience they derive from outsourcing their inconvenience to us.

 

 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?

I think the height of our fulfilment came when IBM honoured us with an Outstanding Enterprise Award in June 2011, whilst they were marking their own 100th year anniversary in Lagos, Nigeria. Another high for us was when Diamond Bank awarded us a scholarship to go for a 4-month enterprise management training at the EDC. We are still very young; we will be three in July 2012. So those laurels mean a lot to us.

 

Another accomplishment is our clientele. We work for a number of influential people who would prefer to remain anonymous. We respect our clients’ privacy and keep the work we do for them confidential. That’s why you don’t see the names of our clients displayed anywhere. We have worked for banks and corporate institutions, government officials, clergies, top professionals, and so forth. We also facilitate business communications, with emphasis on written communication, in the MBA classes of Lagos Business School.

 

The major high for us is when our clients call or email us to commend us for jobs well and professionally done. That gives us the greatest delight.

 

15. What would you describe as your major setbacks and what lessons did you pick from them?

What I consider our major setback was when one of our pioneer operatives pulled a fast one on us and was doing what is generally called PP with our structures and resources. He eventually left us and is still owing us a large sum. Another challenge we have is labour turnover. People come in and go when we can’t pay them what the banks and other big institutions pay. The funny thing is, at the point of application or interview, they tell us all sort of things; they were born to write, all they wanted to do is just to be given an opportunity to fulfil their passion, and all sorts. But, a few weeks down the line, you see them applying for jobs online or they tell you that their families are against what they are doing. Eventually, they leave.

 

We are trying our best to run with the resources at our disposal and to get our staff to buy into the vision and see the big picture, rather than focus on immediate gratification. We have instituted a structure where a staff can rise to becoming a shareholder in the company if they stay long enough and fulfil certain performance metrics. We have also put some incentives mechanism in place to help staff earn more than their take-home and give their utmost best on the job.

 

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.

None for now. Thanks for the honour of your time and space.

Your Turn

What more would you like to know about the Unusual Babatunde Oladele? 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?

Babatunde has shared his unusual story with you, now is time to hear from you. Can’t wait to hear what you have to say 🙂

Welcome to another edition of the Unusual Entrepreneur Interview series. Lately I have been running into several more unusual entrepreneurs whose passion for changing the world and profiting from purpose is totally overwhelming. I recently read about 19 of such unusual women entrepreneurs who are building businesses that MATTER online.  Head there and check them out for yourself, they really rock!
 

So Who Is Our Unusual Entrepreneur Guest For Today?

His name is Larry Keltto of “the Solopreneur life” a totally awesome dude. I ran into Larry in the launch year of naijapreneur back in 2010. He was the very first person to talk about the existence of naijapreneur to his community of Solopreneurs. That’s how awesome Larry really is!

 

How Unusual Is Larry Kelto?

Larry has been a Solopreneur since 1993 and has been helping several other Solopreneurs build purpose-driven businesses that change the world and profit from purpose™. And just in case you are wondering what Larry refers to as Solopreneurs, here’s his description of purpose-driven Solopreneurs in brief;

•  They want to achieve socially significant goals through our work.

 

• They are hardwired to want to serve.

 

• They are empathetic.

 

• They don’t view “net worth” purely in monetary terms.

 

• They are grateful for what others have done for us.

 

• They strive to pay forward.

 

• They want to live lives of meaning.

 

 Enough of the introduction, take it away Larry!

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’m a Solopreneur. I work from my home in Minnesota and I provide coachsulting and resources to purpose-driven Solopreneurs who want to change the world. I provide the coachsulting by phone and email, and I deliver resources via: my Web site, TheSolopreneurLife.com; Twitter; Facebook; and BlogTalkRadio. (I’ll get into the “why” in a moment.)

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 in the newspaper business when my wife and I got married, in 1993. We soon realized that my work hours would not mesh well with married life, so I decided to start my own business. My wife predicted that the business would change its shape many times over the years, and she was exactly right.

3.      When you started out in business, what specific idea, purpose or vision was your key driving force?

I did not have a grand plan. In 1993, desktop publishing was in its infancy, and I had expert-level writing and editing ability, plus expert skills with a publishing program called QuarkXpress. I believed that those skills were marketable, and they were. I began working with a mix of local startups and established businesses, and my primary service was producing newsletters for those businesses.

4.      What is your take on the general notion that entrepreneurs should build a business around what they naturally love to do?

I think passion is one element in a three-part formula. The other two elements are;

 1). The market and its needs; and

2). Your skills.

If you can find the spot where passion, the market, and your skills overlap, that’s a great place from which to create a 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?

My mission is to help Solopreneurs succeed in their quests to change the world. In a way, I’m like a teacher — I find satisfaction in seeing the accomplishments of my students/clients.

6.      What would you describe as the purpose of entrepreneurship? That is; what role do entrepreneurs play in the world?

I think entrepreneurs drive innovation, and innovation is the source of most human achievement. Entrepreneurs take risks and try new things that other people don’t. So I think entrepreneurs are responsible for the improvement and advancement of societies.

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 not an exact science for me. I basically look at the three-part formula I referred to above: market need, skills to meet those needs, and passion. Often I will measure the three on a 10-point scale. Anything that approaches a 30-point score is going to be an attractive opportunity.

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 circle of advisors, a group of about six people whom I consult when faced with challenges or decisions. They have had a huge positive impact on me — mostly in the realm of affirmation and encouragement.

9.      How do you strategically use your time as an entrepreneur? What key activities would you recommend entrepreneurs use their time for?

I think time-management tools are very unique to the individual. But I can say that Stephen Covey’s “quadrant” system has worked extremely well for me. Covey introduced the quadrant idea in his book “First Things First,” and I’m at my best when his system is front-and-center every day. The system identifies where you should be spending your time. I’ve learned that the highest and best use of time is on things that are important but not urgent, i.e., personal and professional development; personal health; and building of relationships.

10.     How do you generate profitable customers for your business? What unusual approaches do you adopt for marketing your products/services?

Profitable customers typically are people with whom I believe I will develop a long-term relationship; recurring business is very important to any Solopreneur because it allows you to spend more time on billable work and less time on marketing.

I have a natural curiosity, a genuine desire to learn about people, so being able to ask questions and sincerely be interested in the answers probably sets me apart.

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?

Funding hasn’t been a frustration for me. Maybe that means I haven’t set my sights high enough! I know how much revenue I need to reach my goals, and I’ve been able to reach them without borrowing. I wouldn’t come to me for finance advice. I have a handful of colleagues whom I turn to — and refer clients to — for finance expertise.

12.     When starting out a new business, who are the likely possible partners or professional service providers you would recommend every entrepreneur work with?

All Solopreneurs must have an accountant who understands the needs of small-business owners and their businesses.

13.     The pricing of products/services is always an issue for entrepreneurs, what unusual approach do you take when it comes to pricing?

 

I’m unusual. I offer “Pay What You Can” pricing. I have a posted price; along with the option that clients can opt for “Pay What You Can.” It’s something I had wanted to do for a long time, and I finally did it in 2011. For me, my business, and my niche, it’s perfect. I wouldn’t recommend it to everybody.

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?

I think my accomplishments are threefold:

• Being able to stay in business for 18 years. That’s no small feat, thank you very much. I’ve been able to evolve, grow, and adapt. The world is much different than it was in 1993.

• The relationships I’ve built with clients, colleagues.

• Creating a business that fits both my business and personal goals. I started the business in order to keep my marriage strong, and the business continues to be positive for my family.

15. What would you describe as your major setbacks and what lessons did you pick from them?

I had a period of time — when our kids were small — when I allowed myself to become dependent on one client. I think it stunted my innovation and growth and made my business vulnerable. But to be fair to myself, the energy that had gone toward business development was spent on trying to raise our kids.

Eventually, as my kids got older, I walked away from that client. It took about 2 years to get back to where I wanted to be financially.

The lesson is to not become reliant on one client/customer.

 

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.

If you were just starting out today, what would you do?

I’d be a teacher and a high school football coach.

Your Turn

What more would you like to know about the Unusual Larry Kelto? 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 unsual entrepreneur? What lessons, what philosophy of his strike you the most?

Larry has shared his unusual story with you, now is time to hear from you. Can’t wait to hear what you have to say 🙂