In our first episode of the new season, we talked about a business reaching the huge milestone of five years and what that means going forward, and we are following up on that today by sharing the nine biggest lessons learned after five years.

Some of the biggest lessons that we learned include reinventing your business once every six to twelve months, having a team rather than being a total solopreneur, taking time off in a deliberate way, and so much more!

We really hope that this episode and the nine hard lessons and myths about being an entrepreneur that we share are helpful for you! Remember that not everything is going to be glamorous, but being an entrepreneur in the right way is so rewarding. Please let us know what you think by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops!

Time Stamps

[0:30] - Michele has low expectations for 2023.

[1:10] - Michele and Karamel are sharing the nine hard lessons learned after five years.

[1:40] - Hear about the 80/20 rule.

[3:49] - Michele has learned that complainers can make you better.

[5:00] - You should reinvent your business every 6-12 months.

[7:13] - Learn what the third hard lesson is.

[9:14] - Karamel asserts that you can work with your spouse.

[12:24] - Businesses are often expected to take the financial hit.

[14:48] - Michele argues that business owners have to be willing to do things no one else is.

[16:17] - You don’t have to work entirely on your own.

[17:33] - Karamel discusses Upwork.

[19:02] - What is the eighth entrepreneur myth?

[20:34] - Michele and Karamel talk about taking vacation time.

[22:35] - Michele identifies herself as a workaholic.

[25:30] - You know your own limits and when you should take time off.

[27:32] - Michele points out that you have to consider your why.

Resources

CEO Chronicles – Website

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad - Website

Upwork - Website

Welcome in, everybody, not only to the first episode of 2023 but also to the first episode of our new season! We reflect a little bit back on 2022 and what we hope to accomplish in 2023, discussing the merit of going back to basics after having a business for five years.

We both discuss what going back to basics will look like for our businesses and how we have had to have conversations with our teams about how we are going to do that. We agree on the importance of having a trusted advisor and remind you that sometimes, implementing new and innovating ideas isn’t always the answer. If something worked for you in the past, then chances are good that it’s going to work again in the future.

We really hope that this episode of the podcast was helpful for you. Please do let us know what you think about and/or of the show in general by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops! See you next time!

Time Stamps

[0:29] - It has been a while since we have recorded an episode.

[0:41] - We have been thinking about what we have to accomplish in 2023.

[2:22] - What is Michele going to accomplish by going back to basics?

[5:22] - Michele explains why she prefers handwritten notes as opposed to automated greetings.

[7:11] - Karamel points to FreshBooks’ milestones.

[10:03] - Michele was surprised by where her expenses were going.

[12:47] - Payroll is Michele’s biggest bill.

[14:32] - Michele touches upon how she told her team that they were going back to basics.

[16:02] - Karamel discusses what going back to basics looks like for her.

[19:10] - Michele points out that rules need to be in a manual so that people can read them.

[21:25] - Michele asserts that she strongly believes in proper training.

[23:36] - Employees don’t always understand business decisions, Michele points out.

[24:41] - How will Karamel make WTA thrive in 2023?

[25:20] - Michele argues that you have to always be recruiting and training.

[26:35] - According to Michele, finding a trusted advisor is a must.

[29:16] - Karamel discusses the importance of strategic marketing.

[31:03] - Michele and Karamel offer up their closing thoughts.

Resources

CEO Chronicles – Website

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad - Website

FreshBooks - “6 Important Milestones to Hit in Your First 5 Years”

Dr. Spencer Johnson – Who Moved My Cheese?

Rick Ross - Perfect Day to Boss Up: A Hustler’s Guide to Building Your Empire

Many people are used to a chain of command, and now that we are in positions of power, we find that there are times when that does need to be brought up, especially since some younger folks don’t seem to be as used to a hierarchy.

Karamel offers an example from Women Travel Abroad, discussing WTA’s policy on transgender women joining women-only cruises and how that involved chain of command. We also discuss, however, the fact that not understanding the chain of command and being disrespectful toward people who are higher up is not just an issue among younger generations.

Ultimately, a chain of command is a system in which instructions are passed from one person to another, and it, among other things, defines when, what, and to whom you should report. This system is in place for a good reason, and whenever you do sidestep chain of command, be sure that you know what you’re doing and that you’re doing it for the right reason. Otherwise, it can really come off as a lack of respect.

Time Stamps

[0:28] - We are talking about chain of command.

[3:04] - Karamel talks about how youth has changed over time.

[4:10] - Michele believes in an open door policy.

[4:35] - How does a traditional chain of command operate?

[7:43] - Michele argues for asking for policy clarity.

[10:59] - Michele argues that the younger generation does still understand hierarchy.

[13:33] - Michele gives an example of a young person’s behavior.

[14:29] - Karamel points out that this is not just an issue among young people.

[16:47] - Michele has been having to deal with various ways of being treated as a leader.

[18:19] - Karamel refers to a website relevant to the conversation.

[21:29] - You need to know what a policy is before doing something with it.

[24:07] - Karamel sums up what chain of command is.

[26:26] - Always be prepared for the consequences of your actions.

[28:16] - Michele reiterates that she has an open door policy and wants to be close to people.

Resources

CEO Chronicles – Website

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad - Website

Organimi - Website

Karamel recently bought an EV (electric vehicle), specifically a Tesla, so we are talking about all things electric vehicles today and how they are promising to change the future. It is expected that the number of people in the United States driving EVs will drastically increase by 2030 (not even ten years away), so states are even making legislation in preparation for this change.

When it comes to change, though, there is almost always fear because change can be scary, so we also address some of the common fears around electric vehicles such as whether or not the vehicle will hold a charge on a long trip, how quickly the battery will disintegrate just like how a cell phone's battery does over time, how car insurance will change, and more. Change can be hard, and we may be resistant toward it at first, but it can also bring about positive change.

Please do let us know what you think about this episode and/or of the show in general by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops! See you next time!

Time Stamps

[0:27] – Karamel bought an electric vehicle recently.

[2:22] – It is predicted that by 2030, the number of people driving EVs will drastically increase.

[3:31] – Michele predicts that EVs will change how people drive.

[6:23] – What types of substances can possibly mimic and replace lithium?

[8:22] – Karamel points out the importance of diversifying.

[10:57] – How does Karamel's EV charge?

[13:28] – Karamel reveals what it was like to drive her EV for the first time at night.

[15:35] – Michele discusses the different levels of car automation.

[18:12] – Hear why automated cars are being tested in Arizona.

[21:33] – Michele raises the question of how car insurance will change.

[23:48] – Karamel points out that so many things will be affected.

[26:55] – Technology has made it easy for people to manipulate systems.

Resources

CEO Chronicles – Website

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

McKinsey & Company - “How electric vehicles will shape the future”

After reading a couple of articles about protecting your wealth, we got to thinking about trusts and decided to discuss it on today's podcast. We are discussing various elements of a trust fund such as what its primary purpose should be, the difference between a revocable trust fund and an irrevocable trust fund, and more. We also strongly encourage you to ensure that any spouse or anyone else who might be involved in your trust fund is fully aware of all of the stipulations and ramifications of the trust.

This is very important, and as a small business owner, you need to get the necessary people to help you with it, or else you might not know what to do and could feel overwhelmed. We do want to be clear in saying, however, that while we hope that our conversation here today is helpful and insightful for you, we are not lawyers. We are just giving our opinions and sharing our experiences, so be sure to actually consult an accountant or tax attorney before making any major decisions.

Please do let us know what you think about this episode and/or of the show in general by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops! See you next time!

Time Stamps

[0:28] – Karamel talks about an article about protecting your wealth.

[1:42] – Learn about how Karamel is currently dealing with a three-legged stool.

[2:36] – Karamel discusses the Vanderbilts and the Rockefellers.

[5:47] – Karamel argues for what a trust fund's purpose should be.

[8:38] – There are always outside factors that also have to be considered.

[11:25] – Michele points out the benefits of a revocable trust.

[13:07] – Discover where Karamel and Michele are getting their information.

[13:55] – Learn a little bit about the Rockefeller Formula.

[15:05] – It's a good idea to diversify your portfolio in your trust.

[16:41] – We are advised to ensure that someone needs to know what the step will be.

[18:55] – Michele discusses the burdens of being middle generation.

[21:22] – We have to be very intentional.

[23:38] – Michele offers her opinion on leaving a trust fund to family.

[26:46] – Michele discusses some of the financial planning that she needs to do.

Resources

CEO Chronicles – Website

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

5 Day Weekend - “Think Like the Rich”

Trust & Will - “Rockefellers v. Vanderbilts: How It Started & How It’s Going”

There is so much information and so many resources out there for small business owners – conferences, trainings, coaches, and so forth. The problem, though, is that not only do not all small business owners and CEOs take advantage of these resources, not all of them follow through on what they learn if they do. Not everyone is a doer.

We both give examples of resources that have helped us – Michelle having recently attended a conference that led to incredible benefits for her business and Karamel having recently seen a coach who gave her some helpful pointers. These resources truly can be priceless, even when they’re at no cost to you!

You have to be willing to adapt and change if you're going to be successful, and ultimately, a lack of knowledge is not a valid excuse for not being successful. If you don't plan to implement anything, why are you wasting your time and/or money? We hope that our conversation is helpful to you! Please let us know what you think about this episode and/or of the show in general by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops!

Time Stamps

[0:30] – Hear about a conference Michele attended recently.

[2:17] – Karamel emphasizes that not everyone is a doer.

[4:21] – Michele gives an example of putting something she learned into action.

[7:37] – Know how you get paid!

[9:44] – Karamel points to an article that she is reading.

[10:07] – Michele asserts that properly training your team is crucial.

[12:08] – Karamel shares a recent experience meeting with a coach.

[14:36] – Karamel has learned a little something from every conference she has attended.

[15:48] – There is a difference between free and no cost.

[18:30] – Learn who Karamel will have on stage with her at her upcoming trade show.

[21:09] – Karamel advises that you need to identify the ROI if you're spending money.

[24:31] – Michele shares one of her methods for being successful.

[27:23] – COVID moved corporate America by fifteen years.

Resources

CEO Chronicles – Website

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad – Website

Chron - “How to Maximize Your Investment in Training”

With third-quarter just having recently ended, we are talking today about how it went for us and reflecting on the highs and lows. We are also discussing the differences and similarities between how the past two years have impacted the insurance industry and the travel industry.

We also talk about various topics today such as some goals for the fourth quarter and into next year, whether or not we feel lonely as CEOs, how we have used the book The 12 Week Year to help us set goals for our businesses, whether or not we procrastinate and why, and so much more!

We hope that our talking about how this year has gone for us so far and what our plans are for next quarter is helpful to you! Please do let us know what you think about this episode and/or of the show in general by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops!

Time Stamps

[0:30] – Michele talks about how the past two years have affected the insurance business.

[2:28] – Karamel discusses how the past two years have impacted the travel industry.

[4:32] – Michele reflects back on this past third quarter.

[7:35] – Karamel looks back at her third quarter this year.

[8:27] – Hear about Michele's new philosophy.

[11:21] – Michele reveals that she does not feel lonely as a CEO.

[14:02] – Michele refers to the book The 12 Week Year by Brian Moran.

[16:22] – Karamel reflects on what she learned from the 12-week year training.

[19:19] – Discover why Michele sometimes procrastinates.

[21:28] – Michele and Karamel discuss accountability.

[23:34] – Karamel argues that Michele has a family-oriented mentality.

[26:00] – Learn how Karamel's role with WTA is projected to change.

[29:17] – Karamel ran her first payroll last week!

Resources

CEO Chronicles – Website

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad - Website

Brian P. Moran - The 12 Week Year: Get More Done in 12 Weeks than Others Do in 12 Months

We are talking about community involvement today and whether or not it's something that we regularly take part in. We share our differing opinions on what kind of community involvement would make the most difference and how we should align what kind of community involvement we choose to take part in with our interests.

It's really important that a company be aware of industry statistics and necessities, and we talk about how that is related to community involvement and using our platform to do so. We also discuss the importance of forecasting for our business and diversifying. While we aren't at all saying that every single industry has to be involved beyond what you want to be, it is important that you at least know that getting involved is an option, especially since you have influence as a business owner.

We, as always, hope that this episode of the podcast is interesting and/or helpful to you! Let us know what you think about this episode and/or of the show in general by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it is released!

Time Stamps

[0:30] – Michele is excited to share something.

[2:56] – Has Karamel been involving herself in the community?

[5:29] – Karamel argues for the value of knowledge.

[7:58] – Michele no longer says yes to requests that are not interesting to her.

[10:49] – Michele would like to see Karamel go to a career day talking about travel.

[13:46] – Michele has been thinking about using your platform.

[15:27] – Water is crucial to every business, Michele argues.

[18:08] – Karamel points out that it's not easy for everyone to do the necessary research.

[20:28] – Karamel agrees that industries need to explore statistics at some point.

[23:16] – Karamel says that being involved is on a different level than just having information.

[26:15] – Why did Karamel go into real estate?

[28:39] – Karamel reiterates that we should involve ourselves in that in which we're interested.

Resources

CEO Chronicles – Website

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad - Website

Welcome in as we talk in this episode about investing money in a loved one's business. If you are investing money or loaning money to a friend, should you get that in writing? Do you need to establish boundaries? We answer these questions and more, discussing the difference between investing and loaning, why communication is important, how we need to assess risks, and so much more.

In short, it's really important that when you are investing, you should be aware of what you are getting into and have something on paper. This applies even when you're investing in a best friend's or family member's business!

We hope that this episode of CEO Chronicles is interesting and/or helpful to you! Let us know what you think about this episode and/or of the show in general by reaching out to us via one of the methods listed below! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops!

Time Stamps

[1:25] – Karamel has been planning a Women Travel Abroad app.

[3:37] – Michele discusses how to invest in a close friend's business.

[5:15] – What is the difference between an investment and a loan?

[7:17] – Michele explains why she and Karamel didn't invest in each other on paper.

[10:25] – We need to establish a business plan before lending or investing money.

[13:14] – Michele emphasizes the importance of clear and frequent communication.

[14:10] – We are reminded to not invest money that we can't afford to lose.

[16:50] – Michele encourages us that money isn't the only way to support a friend's business.

[20:01] – Celebrities sometimes invest in things just because they believe in them.

[22:56] – Michele discloses that she has never been on a WTA trip.

[25:14] – Karamel agrees that she is a travel expert.

[26:15] – Karamel summarizes this episode's main takeaways.

Resources

CEO Chronicles – Website

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad - Website

Welcome back to CEO Chronicles! Something that we haven't really talked about on the show yet is how to go about making the decision to make charitable donations. Do entrepreneurs consciously think about that, or does it just come with the job description for some entrepreneurs (especially since it does come with tax benefits)?

We point out that charity doesn't always just involve money either. Giving up your time and providing opportunities to people can be just as valuable, and we both offer examples of how we do that. Being benevolent is not only a critical part of your business but is also a critical part of your life, something that we both strongly believe in. We agree that we should be willing to give what we are able to, whether it be financially or otherwise.

We really hope that this episode is interesting and/or helpful to you and would love to hear from you, so please reach out to us! We also encourage you to subscribe to the podcast if you aren't already so that you never miss a new episode when it drops!

Time Stamps

[0:29] – Michele has been thinking about things that entrepreneurs have to deal with.

[1:10] – Karamel argues that as a solo entrepreneur, she was initially looking for charity herself.

[1:53] – Michele reflects on having felt blessed to be a successful business owner.

[4:05] – Karamel asserts that charity doesn't always have to be monetary.

[5:58] – Learn what drives Michele when it comes to giving.

[6:43] – Hear what it means to be charitable to a fault.

[9:00] – Karamel points out that poverty is just as significant in the U.S. as in other countries.

[10:31] – Michele really loves giving to children and nonprofit organizations.

[12:28] – We should donate to causes about which we are passionate.

[14:40] – Michele reiterates that she believes in giving what she is able to.

[16:32] – Karamel touches upon the white savior complex.

Resources

CEO Chronicles – Website

Email CEO Chronicles: [email protected]

Email Michele: [email protected]

Email Karamel: [email protected]

Women Travel Abroad - Website

Brendon Burchard – High Performance Habits: How Extraordinary People Become That Way