First-time entrepreneurs are often overwhelmed by the number of critical decisions they must make when launching and scaling their new business. But the process behind creating a successful startup is far more simple than many think.

On this episode of The Small Business Show, host Shyann Malone is joined by Ursula Mentjes, business strategist, serial entrepreneur, sales expert, host of the “Quantum Revenue Expansion” podcast, and author of “UpLevel Now” and “The Belief Zone.” Mentjes has helped first-time entrepreneurs from all walks of life learn invaluable sales and leadership skills, allowing them to achieve success despite their lack of experience. Now, she shares her simple formula for starting and managing a new business.

Key Takeaways

1. Mentjes emphasizes the importance of implementing a clear revenue goal and developing a plan to achieve it. Entrepreneurs can do both by first setting a realistic earnings objective and then using that target to reverse engineer their growth strategy.

2. Mentjes urges first-time entrepreneurs to release limiting beliefs that may hinder their ability to grow their business. The misconception that doubling business means doubling the workload is especially widespread and often results in inefficient business management processes.

3. Entrepreneurs must commit fully to their growth goals. Making a firm decision to accomplish something creates the foundation for strategies to develop naturally.

4. Consistent marketing and sales conversations are essential to a small business’s success. First-time entrepreneurs are advised to develop at least three connected marketing strategies and to focus their early efforts on building sales conversations that genuinely connect with potential clients.

5. Common mistakes, such as not hiring enough employees or trying to do everything alone, can quickly undermine a new business. Mentjes notes that hiring can start small and grow as the operation does. This not only helps in scaling the business but also ensures that first-time entrepreneurs can focus on core activities and strategic growth.

6. Mentjes is offering viewers a free guide to start and scale their new businesses! Read her article at the link here.

"I've been blessed by a lot of great coaches, and some of the best advice that I ever got that I followed was to remember that the opportunities you have open at your company are actually someone's dream job." — Ursula Mentjes

Establishing milestones for a startup is essential for long-term success. But, as with all the steps involved in starting a small business, it can be difficult to identify what expectations to set and what benchmarks to track, leading some entrepreneurs to set unrealistic goals for their brand.

On this episode of The Small Business Show, host Shyann Malone is joined by George Deeb, managing partner at business growth consultancy firm Red Rocket Ventures, author of “101 Startup Lessons: An Entrepreneur’s Handbook,” and Forbes contributor. Having helped many startups scale their organizations into successful companies, Deeb shares his insights into how small business owners can use realistic milestones to track their progress and earn both consumer and investor support for their products.

Key Takeaways

1. Deeb emphasizes the critical role milestones play for startups, not just for internal business tracking but also for attracting venture capital investment. These milestones signal to investors that a business is on the right path and achieving its targets, making it a viable investment opportunity.

2. Deeb identifies four areas of progress that small business owners should track using milestones: product development, talent acquisition, business development, and user acquisition. Progress in these areas is fundamental to proving a business’s value and potential to investors.

3. Business growth is segmented into three phases: turning a business plan into a minimum viable product (MVP), evolving the MVP into a full production product, and finally, proving the market demand through customer acquisition and revenue generation. Each milestone typically takes around six months to achieve, but each is necessary to illustrate that the company is on a structured path toward establishing a solid business foundation.

4. Before reaching the proof-of-concept stage that attracts venture capital, startups may need to rely on alternative funding sources such as angel investors, bootstrap financing, or personal funds. This stage is critical for sustaining the business until it can demonstrate enough growth and potential to secure more substantial investments.

5. Deeb advises against overinvestment in the initial stages of product development. Startups should focus on creating an MVP that offers just enough functionality to attract interest and demonstrate potential before tackling more ambitious milestones. This approach not only conserves their resources but also enables faster market entry, which is crucial for capturing early adopters and gaining a competitive edge.

"I've been blessed by a lot of great coaches, and some of the best advice that I ever got that I followed was to remember that the opportunities you have open at your company are actually someone's dream job." — Ursula Mentjes

Black women continue to join the entrepreneurial community on a daily basis, achieving success as the business world slowly becomes more diverse and inclusive. Unfortunately, many challenges still face this critically underserved demographic, which is why it is vital to recognize the individuals and organizations raising awareness and providing solutions.

On this episode of The Small Business Show, host Shyann Malone is joined by Aisha Taylor Issah, founder and CEO of the Sistahs in Business Expo, a convention connecting Black women to networking opportunities, educational resources, and business funding. Issah shares her personal story of success and how her brand is empowering and celebrating entrepreneurs of Color across the U.S.

Key Takeaways

1. The Sistahs in Business Expo is the only multi-city small business expo and community designed specifically to celebrate and educate Black women entrepreneurs. The event seeks to empower and recognize Black women in the entrepreneurial space, providing critical support to this underserved community.

2. This initiative addresses critical gaps such as access to promotion, education, and networking for underserved entrepreneurs. The expo, along with Sistahs in Business University, provides resources, education, and financial support to help these individuals grow and succeed.

3. The creation of The Sistah Shop as a retail and e-commerce destination for Black women-owned brands addresses the challenge of accessing retail shelves. This part of the brand acts as a sanctuary for sisterhood, providing a tangible space for diverse entrepreneurs to showcase and sell their products, thereby facilitating growth and visibility.

4. Black women entrepreneurs face many challenges, such as access to capital, which is a significant barrier for many Black women entrepreneurs. Through initiatives like pitch competitions and grant programs, the Sistahs in Business Expo aims to mitigate these challenges, illustrating the importance of resilience and community support in overcoming obstacles.

5. Issah’s personal journey from a traditional job path to entrepreneurship serves as an inspiration. Small business success can find individuals in unexpected ways and is achievable with persistence and dedication.

6. The Sistahs in Business Expo’s next date is Saturday, April 20, in Newark, New Jersey. Follow this link to learn more.

"I've been blessed by a lot of great coaches, and some of the best advice that I ever got that I followed was to remember that the opportunities you have open at your company are actually someone's dream job." — Ursula Mentjes

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Small business owners may feel daunted by the task of competing with rivals who have had more time to build a following and scale their brand. The fear is such that many entrepreneurs prioritize safety over success, mistakenly holding their companies in check under the belief that direct confrontations must be avoided at all costs.

On this episode of The Small Business Show, host Shyann Malone is joined by Bill Harper, chief executive officer and chief creative officer at BrandBossHQ. Harper, having helped many entrepreneurs navigate the struggles of scaling a brand, shares his insights into how smaller organizations can not only compete with but also outperform bigger rivals by simply adopting the right strategies and priorities.

Key Takeaways

1. Hug Sleep’s approach to competing with Snuggie highlights the importance of innovative brand positioning. Hug Sleep differentiated itself not by focusing on product features but by addressing a specific customer need – providing comfort for the anxious sleeper. This strategy of connecting with consumers on an emotional level and addressing fundamental human needs can be more effective than competing on product features alone.

2. Small business owners have the advantage of being comparatively agile and can quickly adapt and innovate, allowing them to compete effectively against larger, more established competitors. This agility enables smaller brands to carve out unique niches and gain traction in the market before larger companies can respond.

3. Harper believes that an emphasis on risk avoidance puts small business owners at a disadvantage. Competing against larger brands might seem daunting, but doing so can generate significant attention and potentially disrupt the market. The willingness to take calculated risks, especially in messaging and positioning, is crucial for smaller brands looking to make an impact.

4. Understanding unmet needs and pain points not adequately served by competitors can reveal opportunities for differentiation and innovation. This insight can guide smaller brands to develop strategies that resonate with target audiences.

5. Success against larger competitors may not mean completely dominating the market but rather becoming a significant contender by capturing enough market share to influence the market dynamics. The example of Dollar Shave Club’s impact on giants like Gillette demonstrates that smaller brands can achieve substantial success and become serious players in the industry by maintaining a consistent and innovative approach to messaging and product development.

"I've been blessed by a lot of great coaches, and some of the best advice that I ever got that I followed was to remember that the opportunities you have open at your company are actually someone's dream job." — Ursula Mentjes

Zipdo, the No. 1 app for note-taking, forecasts substantial growth in the North American doughnut market, predicting it to soar to an impressive $9.7 billion by 2026. In our most recent installment of The Small Business Show, we are delighted to host Kamal Grant, the innovative Founder and Owner of Sublime Doughnut, who brings a wealth of expertise and insights to the thriving doughnut industry.

Grant’s passion for baking began when he joined the Navy. Later, he studied at the Culinary Institute of America in New York and started creating unique recipes. He is now the visionary force behind the innovative doughnut and bakeshop concept of Sublime Brands, embodying a profound passion for spreading joy through his culinary artistry.

Key Takeaways 

1. Over the last 15 years, Grant has embraced his entrepreneurial journey with the exceptional launch of Sublime doughnuts. At the Atlanta-based doughnut store, Grant has compiled 30 distinctive flavors, all transcending the buyer. 

2. In his quest for further success, Grant remembered an old-school cookie his grandmother used to make for him. A version of the Keebler Magic Middles brand had launched the shortbread cookie flavor, which became famous in a 1989 commercial. The brand followed it up with chocolate chip and peanut butter varieties in 1990. 

3. To extend his brand’s reach, Grant decided to rebrand the expired Magic Middles trademark and launch his own version of the cookie. Nevertheless, reintroducing a product to the market is a significant undertaking that requires a substantial amount of capital to cover labor, licensing, manufacturing, shipping, and other expenses related to restocking cookies.

4. Grant’s commitment to social impact shines through in his decision to allocate a portion of the proceeds from Magic Middles cookie sales to C.A.R.E. He firmly believes in the transformative power of empowering women to break the cycle of poverty, recognizing that such support can uplift whole communities. 

5. Ultimately, his dedication stems from a deep appreciation for the support women have provided him throughout his life, and he aims to reciprocate that support by leveraging his products to make a meaningful difference in women’s lives worldwide.

"I've been blessed by a lot of great coaches, and some of the best advice that I ever got that I followed was to remember that the opportunities you have open at your company are actually someone's dream job." — Ursula Mentjes

Please welcome Jamila Souffrant, an accomplished author, award-winning podcaster, and the Founder and CEO of Journey To Launch. Her insights have been showcased on Good Morning America, The New York Times, and Money Magazine. In today’s episode of The Small Business Show, we delve into Souffrant’s latest book, “Your Journey to Financial Freedom: A Step-by-Step Guide to Achieving Wealth and Happiness.”

Souffrant’s journey began as a quest for self-discovery. Craving more freedom in her life, she found herself trapped in a job she didn’t love, detested the daily commute, and despite making it work, she wasn’t happy. This led her down the rabbit hole of financial freedom, prompting her to launch a podcast, take the bold step of leaving her job for early retirement, and ultimately emerge as a highly regarded author.

Key Takeaways 

1. The Journey to Launch Podcast is all about celebrating the journey to financial freedom rather than just the destination of accumulating wealth. The host, Souffrant, shares strategies and tips to help people pay off debt and invest wisely, as well as discussing mindsets and how entrepreneurs can make their journey more enjoyable. 

2. It can be overwhelming for those who are just starting out on the path to financial freedom. Hence, the book covers the five stages of economic freedom, helping entrepreneurs identify where they are in their journey. The first stage is the Explorer stage, which helps people become financially stable. The second stage is the Cadet stage, where entrepreneurs work on becoming consumer debt-free. 

3. The third stage is the Aviator stage, which focuses on achieving financial security. The fourth stage is the Commander stage, which aims to reach a level of work flexibility. Finally, the fifth stage is the Captain stage, representing complete financial independence. 

4. Souffrant emphasizes that it’s essential for entrepreneurs to understand where they are in life and that there’s no shame in any stage. Each stage represents an opportunity to achieve financial freedom. 

5. While focusing on the external aspects of financial independence is necessary, the journey ultimately starts within. Entrepreneurs must ensure their desires align with the calculated risks required to achieve their financial goals.

"I've been blessed by a lot of great coaches, and some of the best advice that I ever got that I followed was to remember that the opportunities you have open at your company are actually someone's dream job." — Ursula Mentjes

Paul Sarvadi, Author, Chairman, and CEO at Insperity, joins us on the latest episode of The Small Business Show. We are also joined by Dr. Eli Jones, Author, Independent Director at Insperity, And Professor at Texas A&M University. 

As co-authors, Dr. Jones and Sarvadi developed a book, Making Differences Work, roughly two years ago based on observing what is occurring in our society, emphasizing the workplace. The book examines how leaders fully engage with their employees. 

Key Takeaways

1. Dr. Jones and Sarvadi’s book, Making Difference Work, focuses on creating a collaborative culture within organizations by driving significant outcomes through sensible longing. He also notes how the co-authors emphasize team innovation and the importance of values alignment to ensure that employees believe in the company’s values. 

2. The book examines the effectiveness of diversity, equity, and inclusion (DEI) programs, building commonality, equality, and cohesiveness. Additionally, it discovers how employers can create a culture that excites employees to work together. Overall, the book encourages organizations to prioritize employee engagement and team innovation for success.

3. In response to the murder of George Floyd and its effects within his own organization, Sarvadi took extensive measures to reevaluate the DEI programs within his staff. With the help of Dr. Jones, they were able to implement and improve any faulty areas within Insperity. 

4. Dr. Jones believes that “It makes sense for Insperity to lead the way in DEI because of the culture they built behind the organization.” Insperity goes beyond the DEI program space by building a people-centric culture. The organization is set up to work with small-to-medium-sized businesses with an HR solution. 

5. The reality of the DEI in the workplace falls to the DEI movement that originated from the unified objectives that were really necessary but became checkmarks and energy drains as it centered more around liability management. Therefore, Sarvadi emphasizes the importance of the values and worth of each person in the workplace.

"I've been blessed by a lot of great coaches, and some of the best advice that I ever got that I followed was to remember that the opportunities you have open at your company are actually someone's dream job." — Ursula Mentjes

On today’s episode of The Small Business Show, we are joined by Jay Baer, an author, advisor, Hall of Fame keynote speaker, and customer experience researcher. ASBN anchor Shyann Malone joins Baer to discuss how businesses can utilize “Talk Triggers” to their advantage.

What are Talk Triggers? Well, according to Baer, this concept refers to the popular phrase, “Word of Mouth will help organizations attract and keep customers.” However, Word of Mouth is dynamically more important than people realize; some forms influence more than 50% of purchases. Despite this, many businesses lack an actual Word of Mouth strategy.

Key Takeaways 

1. By Baer’s definition, Talk Triggers are a strategic, proactive system designed to create conversations among customers. The first step to implementing a strategy is to understand that what’s average is ignored, and what’s different is discussed. Therefore, businesses must identify something customers don’t expect, which makes sense contextually regarding who they are and what they’re about.

2. For example, a hamburger restaurant in Sacramento, California, has spent $0 on advertising, yet they have a line out the door daily. At this restaurant, every customer has a chance to order food and select a card out of a 52-card deck. If that customer selects the Joker, then their whole meal is free. The restaurant typically has four winners a day. 

3. Oftentimes, most organizations don’t lean into what makes them different enough. Yes, more businesses have impeccable customer service, but every business strives for that level of success. So, Baer suggests companies’ talk triggers must be repeatable. 

4. Small businesses can implement talk triggers faster than larger businesses because they can tweak operations faster. Baer also advises entrepreneurs to understand the four truths of talk triggers in order for them to work, along with the five types of triggers described in his book Talk Triggers: The Complete Guide to Creating Customers with Word of Mouth. 

5. Businesses should take Word of Mouth seriously, as it has a massive impact on customer acquisition and retention. Yet, fewer than 1% of companies have a Word of Mouth strategy, presenting a massive opportunity for those who do.

"I've been blessed by a lot of great coaches, and some of the best advice that I ever got that I followed was to remember that the opportunities you have open at your company are actually someone's dream job." — Ursula Mentjes

Welcome to The Small Business Show! In today’s episode, we’re diving into a fascinating discussion about “The Customer Hierarchy of Needs.” And we’re in for a treat because we have a special guest, Shep Hyken – an esteemed Author, Speaker, and Customer Service and Experience Expert who has written extensively on this topic. Get ready to learn some valuable insights from the best in the business!

Key Takeaways

1. As we all know, Maslow’s hierarchy of needs is a psychological theory that humans have two sets of needs. Hyken elaborates on this idea and proposes that customers expect the same from businesses. At the bottom of his pyramid is “Products should work as intended.” This focuses on the intent that customers expect their products to work properly after purchase. 

2. Next comes “Alignment.” Organizations should ask themself, is the company aligned with what we promised? If they claim to have great service, do customers agree? Often, alignment takes time to achieve. “So if you don’t get it right the first time, try again until you do,” asserts Hyken. Alignment then leads to the third part of the pyramid – Trust. Trust and safety come from comfortable experiences.

3. Hyken says, “More than ever, with AI, companies must protect your information and earn your trust, which goes back to alignment.” Moreover, the fourth tier is devoted to appreciation. Do businesses show enough appreciation for customers? In other words, do customers feel valued and thanked appropriately? 

4. Finally, at the top is “Emotional connection.” Organizations cannot establish loyalty without an emotional connection. Moreover, Hykne believes repeat business comes from customers saying, “I like them; they’re always friendly and nice,” As soon as that happens again and again, why would a customer risk doing business elsewhere?

5. Companies who aim to fulfill their customers’ hierarchy needs can learn from Amazon’s strategy. According to Hyken, Amazon falls on the pyramid because it prioritizes customer satisfaction over selling products that don’t work, even though they don’t manufacture their own products. However, the company stands behind its offerings and cares for customers who face any issues. This is due to Amazon’s commitment to fulfilling its promises, and it has gained the trust of its customers through its frequent outreach and updates.

"I've been blessed by a lot of great coaches, and some of the best advice that I ever got that I followed was to remember that the opportunities you have open at your company are actually someone's dream job." — Ursula Mentjes

Positive work culture and good leadership go hand-in-hand, each one being a fundamental component of the employee experience. Unfortunately, many businesses prioritize the wrong elements, putting their efficiency and productivity at risk.

On this episode of The Small Business Show, host Shyann Malone is joined by Robyn L. Garrett, author of “Happy @ Work: How to Create a Happy, Engaging Workplace for Today’s (and Tomorrow’s) Workforce” and CEO of Beamably, a company helping leaders improve their management skills. Garrett has been featured on NPR, The Hill, and The Wall Street Journal as a leadership expert and work culture advocate. Now, she discusses the key mistakes businesses make when engaging with employees and what they can do to make their teams feel welcome.

Key Takeaways

1. Garrett’s desire to become a leader was driven by her belief that she could accomplish great things for the corporations that hired her. However, she explains that her enthusiasm came with inadequate experience, resulting in some early mistakes.

2. This process resulted in an important realization for Garrett. She came to understand that leadership success hinges on whether or not employees feel that their bosses, managers, or supervisors are invested in their teams.

3. Supporting the team with an empathetic leadership style can improve the employee-management relationship and boost productivity. However, the effort has to be sincere. Garrett notes that her book, “Happy @ Work,” points out the weaknesses in modern work culture, which typically prioritizes appearances over experiences. Superficial investments, such as purchasing bean bags and pool tables, will do little to motivate and retain staff unless leaders actually spend time building connections with their teams.

4. Garrett cites three key needs that employees have in regard to their work culture.

• They need to feel safe.
• They need to feel respected.
• They need to feel valued.

5. Garrett recommends that companies start the process of improving their work culture by focusing on basic employee necessities. The most important initial steps are to re-evaluate individual workloads to lower stress and review compensations to ensure staff members are not being underpaid for their positions. Failing to get these two fundamentals correct will erode the leadership team’s effectiveness and drive talent away.

"I've been blessed by a lot of great coaches, and some of the best advice that I ever got that I followed was to remember that the opportunities you have open at your company are actually someone's dream job." — Ursula Mentjes