Shaun Hayes, author of "The Green Choice", talking Good Risk or Bad Decision

Evaluating Risks in Startup Businesses

Mary welcomed Shaun, the author of a new book called The Green Choice, to discuss the concept of evaluating risks in startup businesses. Shaun emphasized that most successful startups are founded by individuals with industry experience who identify an opportunity to improve upon existing products or services. He shared anecdotal evidence illustrating that venturing into an unrelated industry significantly decreases the chances of success. He encouraged entrepreneurs to stay close to their area of expertise and find a niche within their existing field.

Experience, Learning, and Entrepreneurship Success

Shaun and Mary discussed the importance of experience and learning in entrepreneurship. Shaun emphasized that success often requires 3 to 5 years of dedicated effort, and encouraged individuals to gain experience by working for others in their chosen industry. He also highlighted the value of learning from others' successes and mistakes, sharing his own experiences as an example. Mary agreed, noting that making mistakes can be costly and that learning from others can be beneficial. Shaun concluded by stating that entrepreneurship offers freedom, but it's not always easy and requires a solid understanding of cash flow and other business fundamentals.

Trust, Systems, and Customer Focus in Partnerships

Mary and Shaun discussed the importance of trust and systems in business partnerships. Mary emphasized the need for written agreements and dual control to ensure accountability and prevent fraud. Shaun shared examples of companies that had suffered due to a lack of trust and proper systems, highlighting the significance of having checks and balances in place. Both agreed that the customer should always be the focus, and that taking care of customers leads to success, even in the face of competition.

Valuing Time and Appropriate Pricing in Business

Shaun and Mary emphasized the importance of valuing one's time and charging appropriately in business. Shaun advised that one should have boldness in pricing and not undervalue their services. Mary suggested that women in business should aim to double their initial pricing and then add 20% for a baseline. Shaun further advised to consider the cost of one's time when giving it away for free.

http://connectforsuccessonline.com/

Kara Horat, founder of Connect For Success Online, gives startups advice on dealing with isolation & loneliness Overcoming Startup Isolation With Teams

Mary and Kara discussed the challenges faced by startups, particularly isolation. Kara explained that entrepreneurs often become so engrossed in their work that they lose track of time and can feel isolated. Mary emphasized the importance of having a team, including a marketing person, accountant, and lawyer, to prevent isolation and ensure the success of the startup. Both agreed on the need for regular communication and support within a startup's team.

Building Supportive Entrepreneurial Communities

Kara emphasized the importance of having a supportive community of like-minded entrepreneurs for the success and mental well-being of a startup. She suggested that founders should engage with such communities, including peer groups and masterminds, to gain different perspectives and avoid isolation. Mary agreed and highlighted various resources for finding such communities, including networking opportunities, industry-specific groups, and university programs for entrepreneurs. They also mentioned the value of services like Score for specific expertise.

Misha Safran from CEEQ discussed the importance of Emotional Intelligence for Startups

https://ceeq.org

Emotional Intelligence in Startup Success

Mary and Misha discussed the importance of emotional intelligence in the context of startup businesses. Misha explained that emotional intelligence involves identifying and understanding one's own emotions and those of others. She emphasized the benefits of this skill, including improved communication, problem-solving, and relationship management. Mary highlighted situations in which emotional intelligence could be beneficial or challenging for startups, such as dealing with tech support or giving presentations. Both agreed that emotional intelligence, combined with empathy, could lead to a more successful and comfortable business environment.

Improving Communication Among Tech Teams

Mary discussed a challenge faced by a tech startup's development and marketing teams in communicating effectively with each other. Misha proposed a solution based on the concept of 'looping', a communication technique learned from the Center for Understanding and Conflict. Misha emphasized the importance of understanding each other's positions, assuming positive intent, and providing support as needed, rather than imposing solutions. Mary acknowledged that improved communication leads to better productivity.

Emotional Intelligence and Company Mission Alignment

Mary and Misha discussed the importance of having a clear mission for their company and for individual team members to align with it. They emphasized the need for emotional intelligence in the workplace and in life. Misha shared her personal vision and advised not to be afraid of emotions, while Mary agreed and mentioned that connection equals currency in the business world. They planned to share additional resources about emotional intelligence and agreed to promote each other's work.

Ed Lahue from the Missouri SBDC talks about the Technical Business Canvas for Startups

Mary and Ed discussed the importance of understanding the tech business model canvas, focusing on identifying customer needs and developing a unique value proposition. Ed shared his experience in product development and the significance of thorough research for successful product launches. Lastly, Mary announced plans for future seminars featuring Ed, with a focus on the Small Business Innovation Research (SBIR) program, and confirmed future communication between them.

Mary and Ed discussed the tech business model canvas. Ed clarified that he teaches a series called "Painting the Tech Business Model Canvas" which is a six-week webinar. Mary agreed to send Ed all the links related to their discussion and asked if he would like her to share a link to one of his seminars in the comments. The conversation then transitioned into an introduction for their audience, with Mary welcoming everyone and introducing Ed as their special guest to discuss the tech business model canvas.

Tech Startups, Target Customers, and Value Proposition

Ed and Mary discussed the importance of tech startups understanding the problems they aim to solve and identifying their target customers. They emphasized the need for a unique value proposition and urged startups to focus on the customer's perspective. They also discussed the complexity of identifying the customer and the challenges in articulating a clear value proposition. Ed and Mary stressed the significance of the business model canvas and custom discovery interviews in this process. They also highlighted the value of learning from failures and utilizing local small business development centers for guidance.

https://bizblip.com

Paul Riat from bizblip talks about Startups & the Press

Startups, Press, and Ideation Strategies

Mary and Paul discussed the importance of startups engaging with the press. Paul emphasized that the press can connect startups with people outside of their network, which is crucial for building a successful business. He also highlighted the role of pitch competitions and mentors in providing feedback during the ideation phase. Furthermore, he stressed the importance of startups being able to tell their story effectively, particularly when they are ready to launch their product or service.

Engaging Journalists for Startup Promotion

Paul and Mary discussed the importance of engaging with journalists to promote a startup's story. Paul emphasized the need for founders to be honest with journalists, provide concise information about their product, and be immediately available for follow-up. He also highlighted the importance of having a crisis communication plan in place in case of negative events. Mary agreed and added that founders should be responsive to journalists at all times and never say "no comment." They also discussed the benefits of reaching out to journalists in the tech startup industry in the St. Louis region.

Adam Kirsch, mindset expert, talks about the Entrepreneur Mindset and Thought TrapsEntrepreneurial Mindset, Embracing Mistakes, and Being AwareMary and Adam emphasized the importance of a positive entrepreneurial mindset for startup success. They discussed the value of embracing mistakes as learning opportunities, and the need for founders to differentiate themselves through unique experiences. They also highlighted the common challenges that entrepreneurs face, such as imposter syndrome and escalation of commitment, and stressed the importance of self-awareness, open communication, and honesty in managing these issues. Lastly, Mary encouraged attendees to book a synergy call with her to support their start-ups.

Francine Juhlin from Personal Change Warriors talks about the importance of Story to Startups

Using Personal Experience to Connect With Clients

Francine shared her journey of using personal experience to connect with clients and promote her products. She emphasized the importance of sharing one's story and identifying the root cause of one's struggles to create a relatable narrative. Mary agreed and highlighted that a strong story can help investors connect with a founder on a personal level. Mary also advised Francine to delve deeper into her reasons for helping others in her business pitch to demonstrate her passion and drive. Francine then shared a story about a client, a holistic health coach for children, who used her own difficult experience to establish her business and help others.

https://personalchangewarriors.com/

https://www.facebook.com/PersonalChangeWarriors

Jennifer Layman, Forward Thinking Marketing with Purpose gives startup tips on marketing

www.forwardthinkingbook.com

Marketing With Purpose for Startups

Mary and Jennifer discussed the concept of 'Marketing with Purpose' in the context of startups. Jennifer, who specializes in forward-thinking marketing, shared her insights on the importance of strategy before implementation in marketing tips for new businesses. Despite some technical issues with the recording, the discussion was set to continue with Jennifer providing further insights based on her 18 years of experience working with startups.

Consistent Marketing for Startups Discussed

Jennifer emphasized the importance of consistent marketing for startups, highlighting that it's an ongoing responsibility, not a one-time task. She stressed the need for a regular schedule of communication through various channels and maintaining a consistent brand image to ensure easy recognition by customers. Mary agreed, noting the necessity of a varied but value-added message, and Jennifer gave examples of how minor changes, such as a shorter name, could be implemented while retaining the core brand identity.

Sustainable Marketing Strategies for Targeting Best Customers

Jennifer emphasized the importance of understanding and consistently targeting a business's best customers with relevant messaging. She stressed the need for a sustainable marketing plan that efficiently allocates time and budget. Mary highlighted the necessity of knowing where one's customers are and meeting them where they are most active. Jennifer further underscored that marketing should be considered a long-term commitment and not a one-time task. Both agreed on the importance of continuously refining marketing strategies to adapt to changing business needs and customer preferences.

Darcella Craven, Regional Advocate at the US Small Business Administration talks about the BOI form that ALL businesses must complete & submit.

Pursuant to the Corporate Transparency Act, EVERY business has to fill out a BOI form, so find your EIN number & a pdf of your passport or drivers license, and go to https://www.fincen.gov/boi to fill out the form so you don't get fined. Takes about 10 minutes if you're prepared.

Small Business Advocacy and Compliance Discussion

Mary Scott from BusinessRiff introduced Darcella Craven, the regional advocate for the Small Business Administration's office of advocacy, who discussed the Beneficial Ownership Information (BOI) form. This form, developed by the Financial Crime Enforcement Network (FinCEN) in 2022, aims to ensure corporate transparency and verify the authenticity of business owners' claims about their citizenship. Darcella explained that all small businesses are required to complete this form, which includes details of any possible exemptions and associated costs, and the deadline varies depending on when the business started. Mary emphasized the importance of having a marketing person, accountant, and lawyer on a small business team to ensure compliance and avoid potential legal issues.

https://www.score.org/stlouis Ray Edwards from Service Corps of Retired Executives talks about the mentoring and services provided by SCORE

SCORE: Mentoring Services for Startups and Businesses

Mary Scott and Ray Edwards discussed the Service Corps of Retired Executives (SCORE), a 50-year-old organization that offers mentoring services to startups and established businesses. Ray emphasized that SCORE volunteers are actively engaged in the business community and offer expertise in various fields, including manufacturing, marketing, sales, production, supply chain, accounting, and human resources. He also clarified that SCORE volunteers are not just retired executives, but also those who are still working and engaged in the entrepreneurial community.

SCORE Services and Startup Resources

Ray from SCORE discussed the organization's services, which include a robust website, workshops, and one-on-one mentoring. He emphasized that SCORE serves clients at their point of need, whether they are beginners or have advanced business knowledge. Ray also highlighted that SCORE has helped create hundreds of jobs in the St. Louis community. Mary from Business Riff recommended SCORE as a valuable resource for startups and encouraged them to contact SCORE for assistance. Ray agreed to share the Startup Resources Guide with the SCORE members and expressed interest in attending Pitch STL.