The Urban Engine Podcast

Description

Matt McLellan and Toni Eberhart talk about managing expectations

Highlights

(02:50) Matt talks about his propensity to set very high goals (like a lot of us tend to do), specifically high

goal in high school at one time to want to break the 4 minute mile in track and field.

(6:30) Matt tells about his experience with his first salaried manager hire. It was a very expensive lesson

since Matt made assumptions for how his manager would operate and that did not play out in day-to-

day operations. When things don’t go well in your business, it is not the person’s fault but yours for not

training them.

(24:20) Matt explains the differences in how he sets and manages sales goals today at Absolute

Nutrition versus how he used to do so (which often fell short).

(26:30) Toni talks about how she won’t set goals for other people like she does for herself because she is

too aggressive on her own goals.

(39:20) Matt discusses how constantly calibrating and communicating goals and expectations with your

team works so well.

Summary

Matt and Toni discuss the importance and challenges of managing expectations. Audacious goals,

desires and expectations are typical for entrepreneurs and is often why they launch a startup in the first

place (entrepreneurs tend to be optimistic). This is essential in getting over the hump in any new

business venture as the challenge to do so can be exhausting and nonlinear (highs are high, lows are

low). As a startup scales up and employees are hired, it is important to set realistic goals and

expectations with your team and to continually communicate to make necessary tweaks in real-time.

You get better results, you foster a happier and more productive work environment, and you’ll retain

your staff over the long-term as they are fully invested in the mission of the organization that they have

had a significant impact in shaping.

Links

(Book) The Algebra of Happiness

https://www.amazon.com/gp/product/0593084195/

High school runner Alan Webb (broke Jim Ryun’s mile record in 2001):

https://en.wikipedia.org/wiki/Alan_Webb_(runner)

Carl F. Braun on communicating like a grown-up (the Five W’s):

https://fs.blog/2016/03/carl-braun-communicating/

The Psychology of Expectations

https://www.psychologytoday.com/us/blog/cui-bono/201802/the-psychology-expectations

Description

Megan Nivens-Tannett talks about her experiences in the marketing industry that led to her launching

her boutique marketing firm Flourish

Highlights

(03:10) Megan talks about her motivation for launching Flourish after her experience working

with local HSV engineering firms who often did not understanding basic marketing concepts

(much less having any long-term strategy).

(07:00) Toni asks Megan about her journey that led to her working for herself. Megan was laid

off from a tech company that grew way too fast and had to downscale and is now happy to say

it was the best thing to ever happen to her. Her passion and competitive nature gave her the

drive do the hard work of starting a new business.

(15:30) Megan talks about the significant unique capabilities of marketing experts like herself.

When having discovery meetings with clients (where senior leadership is often narrow-minded

because daily operations require them to do so), marketing experts lay out a long-term

strategic vision and plan and define every advertising avenue that needs to be implemented for

success.

(25:40) Megan and Toni talk about how you can't assume that people know about your

company what you know about your company. This is a very common mistake startup founders

make all the time.

(27:20) Megan recommends creating an advisory board that represents your customer base

and constantly engage with them. Are you even asking your customers important questions

about how the perceive/understand your product? (also see: UE #22 w/ Brandon Kruse)

Description

Scott Gillaspie talks about how his life experience has led him to launch his startup Incentive Financial

Highlights

(02:25) Scott points out a great idea from 12 Rules for Life – a rational mind can be trap because you

over-rationalize every possible outcome. You can’t know every possible outcome so you’re better off

taking a leap of faith at some point.

(13:00) Scott tells his story about how he was being asked to do things that weren't always best for the

client in corporate banking.

(17:00) Scott talks about his experience after resigning from corporate banking when he started talking

to potential investors with his new startup. One of his investors said “I don't really care what your idea

is.... I'm investing in you, not your company”.

(19:00) If someone says "Hey, go start your own company… everybody is going to support you. It’s going

to be great”, then they are lying to you.

(27:15) 20% of Alabamians go to “buy here, pay here” car dealerships making subprime auto loans. Buy

here, pay here car dealerships are not reporting positive payment history (they are not legally obligated

to report positive pay history), which prevents many from improving their credit scores and escaping the

high costs of having bad credit.

(35:15) Matt asks Scott the question “what is good capitalism?”

Summary

Scott Gillaspie is a young man on a mission. With a double major in finance and economics and after

working in the corporate banking world, Scott is completely focused on building his startup Incentive

Financial to address what he calls a mispricing of risk with some subprime borrowers starting in the

subprime auto industry. He wants to build a business where everybody wins (his company, the

borrowers, the dealers selling the vehicles) after growing increasingly frustrated with doing things that

didn’t always align with the best interests of his customers in the corporate world. He wants to

demystify the complexity of the financial system (which is designed that way on purpose) and do

everything he can to improve the lives of his customers for the long-term.

Links

- Scott’s bio

https://www.linkedin.com/in/scott-gillaspie

- John Oliver – the horrors of subprime auto lending

https://www.youtube.com/watch?v=4U2eDJnwz_s

Books

- 12 Rules for Life

https://www.amazon.com/12-Rules-Life-Antidote-Chaos/dp/B0797Y87JC

- The Richest Man in Babylon

https://www.amazon.com/Richest-Man-Babylon-Original-1926

Cole Rickles talks with Marshall Schreeder, Jr. about his experiences and his role as EVP of Corporate

Development at Discovery Life Sciences

Highlights

(03:53) Marshall describes what Discovery Life Sciences does. They support medical research (drug

development + diagnostic development).

(11:00) Marshall talks about how finding a process that is inefficient and making it more efficient can be

enough reason to start a business around it. Like nearly every entrepreneur, their initial launch seemed

like it would be easy (and it never is).

(19:20) Marshall explains why he partnered with his friend Luke and started their own business in

Huntsville in 2005-2007 (after them both working all over the country at different companies).

(26:30) Marshall talks about their initial desire to raise “a million dollars” when they were starting their

business (a common theme in the entrepreneur community). With the hope of raising that initial 10% of

the million, they met with the late famed entrepreneur Lonnie McMillian who pulled out a checkbook in

their first hour of the pitch and he offered to cut a check for the entire amount (and said his attorney

would figure out the terms with them later).

(49:35) Marshall breaks down the importance of a great team. As long as you are pointed in the right

direction, the impact of your team members can be as much as 80% of the reason for your success.

Summary

Marshall Schreeder talks about his experiences in investment banking and how it eventually led to him

partnering with his friend Luke and moving back to Huntsville in 2005 (Marshall is a rare Huntsville

native). Coming from a medical family (his dad is a doctor in town), there was a bit of pressure to follow

in his father’s footsteps but found his own way working in private equity and then focusing on the

biomdedical science industry. Marshall talks about their start in Huntsville launching their own business

and that common story we all hear (and many of us know) about thinking a new business will be “a

layup” where in reality it’s always at least 2X as hard (and cost 2X as much) and is more like throwing a

medicine ball from half court over and over again. When they were starting their Huntsville business,

they had a desire to raise a million dollars to get things rolling. They were rather shocked when they met

with Lonnie McMillian and watched him pull out a checkbook in their first offer willing to write the full

amount on the spot. Fast forward the last dozen years or so and Discovery Life Sciences (the entity after

they were acquired last year) is on a roll with a half dozen M&A activities in just the last 15 months.

Marshall talks about how his prior experience in private equity has been so valuable as of late in doing

due diligence and strong work ethic in managing teams all over the world working toward a single

purpose.

Links

- Marshall Schreeder bio

https://www.linkedin.com/in/marshallschreeder

- Discovery Life Sciences

https://www.dls.com/

https://www.prnewswire.com/news-releases/discovery-life-sciences-enters-fresh-leukopak-market-

300875890.html

- Hudson Alpha

https://hudsonalpha.org/the-story-of-hudsonalpha/

- What is private equity?

https://www.investopedia.com/terms/p/privateequity.asp

- Lonnie McMillian (founder of ADTRAN and HudsonAlpha)

https://hsvchamber.org/hudsonalpha-institute-for-biotechnology-mourns-death-of-co-founder-

lonnie-mcmillian/

https://en.wikipedia.org/wiki/ADTRAN

Books

- The Private Equity Playbook

https://www.amazon.com/Private-Equity-Playbook-Managements-Working/dp/1544513275

Description

Matt and Toni talk with Jorge Lima about founding and operating Civil Axe Throwing with his wife Erin.

Highlights

(04:45) Jorge discusses the difference between a boss and a leader. A leader moves with his team to do

the hard work to be successful. A boss may watch from a distance.

(8:30) Jorge talks about how he has used his experience in counseling and psychology techniques to lead

his teams.

(9:45) Toni talks about her evolution since childhood on wanting to be the boss when she was younger

(desire to climb the corporate ladder) to being a leader today of the Urban Engine team.

(19:35) Matt talks about the importance of alternative experiences (over books) have been so important

for him, especially what he learned when he went thru an AltMBA program last year.

(25:00) Jorge talks about how true leaders fosters a work environment that is purposeful, influential and

positive.

Summary

Jorge Lima founded Civil Axe Throwing with his wife Erin. Coming from a counseling background and

desire to some day be a pastor (Jorge has a Master’s in Counseling Psychology from Evangel University

in Missouri before moving to Huntsville), he has been very mindful about his role as a leader and

fostering the right environment in his businesses (he also founded Huntsville Escape Rooms before

getting into axes). Jorge talks about the importance of moving with your team and doing the hard work

side-by-side instead of sitting back barking orders like a boss from the sidelines. He talks about how his

education in psychology has led him to implement various techniques that are impactful to his team. He

discusses how true leaders foster an environment that is 3 things… purposeful, influential and positive.

With 7 Civil Axe Throwing locations now open in the southeast and glowing reviews from customers,

Jorge and Erin have been able to leverage their backgrounds into a rapidly growing fun business and are

mastering the customer experience.

Links

- Story on when they launched Civil Axe Throwing in Huntsville

https://whnt.com/2017/09/13/civil-axe-throwing-hits-the-target-for-new-entertainment-in-

huntsville/

- 5 year trend of the popularity of axe throwing

https://trends.google.com/trends/explore?date=today%205-y&geo=US&q=axe%20throwing

- altMBA information

https://altmba.com/about

- Civil Axe Throwing website

https://www.civilaxethrowing.com/

Books

- Good to Great (emphasizes the importance of humble, hardworking leaders)

https://www.amazon.com/Good-Great-Some-Companies-Others/dp/0066620996

- The Psychology of Persuasion (the book Charlie Munger gives college graduates he knows)

https://www.amazon.com/Influence-Psychology-Persuasion-Robert-Cialdini/dp/006124189X

Description

Matt and Toni talk with Brandon Kruse about the importance of obsessing over your customers.

Highlights

(00:58) Matt and Brandon explain how a “sure thing” doesn’t exist even though it appears that way to an outsider.

(3:18) Vetting opportunities is hard. Entrepreneurs tend to be optimistic and tend not to share their real struggle running a business (and few really want to hear the details of your problems).

(6:45) Brandon explains how he always looks for an unfair competitive advantage over the competition (as he wisely assumes that they can execute better than you can).

(29:50) Matt explains how he didn’t have t-shirts for Absolute Nutrition for years because he couldn’t make a decision and the printers weren’t very helpful in guiding him (now he owns a printing business and guides customers thru the design/selection process).

(34:35) Brandon talks about how he really stays obsessed with the customer and their pain (point) so you can come up with a good solution (which they won’t solve on their own).

Summary

Toni and Matt sit down and talk with Brandon Kruse about the importance of obsessing over your customers. Looking from the outside, it often appears like a lot of ideas are a “sure thing” and that customers will flock to your great idea once you just get it built. In reality, that’s absolutely not the case as it takes tremendous effort to attract and drive customers to your business. Almost every retail entrepreneur has their personal story about how they had almost no customers at all in the first few months of opening a physical storefront. Vetting opportunities is harder than it may appear especially when talking with other entrepreneurs as they are inherently an optimistic bunch that don’t voluntarily divulge their real ongoing struggles with running their own business. When you do learn and adapt in ways that do attract your initial customers, it is essential to obsess over them as the cost of acquiring them is significant and they often are your best sales force in the modern era of social media (where good and/or bad customer experiences spread like wildfire). A good entrepreneur obsesses over their customer and their biggest pain points to come up with a better solution that solves the pain. Continually iterating thru this process leads to continuous improvement and a virtuous cycle for your business. Never forget that your customers are what allows you the freedom to work as an entrepreneur in the first place.

Links

- (Harvard Business Review0 Obsess over your customers

https://hbr.org/2017/05/obsess-over-your-customers-not-your-rivals

- (TED) I was seduced by exceptional customer service – John Boccuzzi, Jr.

https://www.youtube.com/watch?v=GH1TXfQSwUQ

Books

- Built to Sell – John Warrillow

https://www.amazon.com/Built-Sell-Creating-Business-Without/dp/1591845823

- The Toyota Way – Jeffrey Liker

https://www.amazon.com/Toyota-Way-Management-Principles-Manufacturer/dp/0071392319

- What Customers Crave – Nicholas Webb

https://www.amazon.com/What-Customers-Crave-Experiences-Touchpoint/dp/0814437818

- Be Our Guest (Disney) – Theodore Kinni

https://www.amazon.com/Be-Our-Guest-Perfecting-Institute/dp/1423145844

Description

Matt and Toni talk about the perks of entrepreneurship.

Highlights

(01:50) Matt describes why he started Absolute Nutrition in the first place.

(2:50) Toni talks about how she now feels "unemployable" after being a business owner and decision maker for so long.

(4:50) Expectations vs. reality about expected freedom of time as entrepreneur. There's so much more to do (and prioritize).

(7:15) Change is continuous, even with an established business that's 10 years old.

(22:40) Toni talks about how being an entrepreneur allows Matt to be involved in the community and work to make the area a better to place to live.

Summary

Toni and Matt sit down and talk about the perks of entrepreneurship. They talk about the motivation for why Matt started Absolute Nutrition in the first place and how expectations of having a lot of free time once you start your own business usually don’t match the reality of actually launching one since there’s just so much to do and prioritize. Running your own business provides a much more direct system of reward (when you do the right thing) and punishment (when you make mistakes). After working for yourself for years, it’s typical for you to increasingly feel “unemployable” working for someone else as being a decision maker for so long makes it incredible hard to let those decisions be made by someone else (who you may completely disagree with more often than you are comfortable with). In entrepreneurship, change is a continuous process that never ends. This isn’t a bad thing as it makes you a better person in both business and in life as it trains you to be ever more capable. Entrepreneurship can pave the way to you building the life that you really want, whether it is becoming more involved with the community or spending quality time with your family.

Links

- The Advantages and Challenges of Entrepreneurship

https://novelcoworking.com/the-advantages-and-challenges-of-entrepreneurship/

- (TED) How to find and do work you love – Scott Dinsmore

https://www.youtube.com/watch?v=jpe-LKn-4gM

- 60 reasons why entrepreneurship is amazing

https://www.entrepreneur.com/article/243389

Books

- The 4-Hour Workweek – Tim Ferriss

https://www.amazon.com/4-Hour-Workweek-Escape-Live-Anywhere/dp/0307465357

- The Richest Man in Babylon – George Clason

(Not an entrepreneur book specifically, but simple guide to focus on where you are headed and why you are working in the first place)

https://www.amazon.com/Richest-Man-Babylon-Original-1926/dp/1508524351

- Why We Sleep – Matthew Walker

(It can be hard for entrepreneurs to “turn off” as there’s always something to worry about when it comes to their business, but it is essential they get enough sleep to avoid burnout and medical ills)

https://www.amazon.com/Why-We-Sleep-Unlocking-Dreams/dp/B0752XRB5F 

Highlights

(01:32) Grit is not choosing the easier path because long-term you're actually going to be more satisfied with the decision that you made.

(08:05) Cole explains the impact of having entrepreneur parents are entrepreneurs (see the academic paper listed below with data on this subject; children are 1.3-3X more likely to be entrepreneurs when their parents are)

(08:30) Cole describes his first business in middle school (pressure washing). He printed out 250 flyers and received zero calls.

(13:59) Cole tells the story of his 1st Amazon business he started about 3 years ago with the idea of selling gun grips. The day after getting the delivery, Amazon stops allowing sales in that product category. Instead, he had to pivot to selling on EBay (more manual labor than Amazon, but was able to clear the inventory). Now have an actual successful business selling other products on Amazon today.

(17:59) “You gotta be closed-minded on the end goal, but you can’t be closed-minded on how you’re going to get there”

Summary

Cole Rickles sits down to tell quite a few interesting stories of the various startups he has been involved in going all the way back to middle school. Most attempts fail, but the successes only occur because of the presence of grit. Good things never come easily, so persevering while being open-minded on how you are going to get to your clearly-defined end goal is essential to success with any entrepreneurial undertaking. The idea of grit has been popularized in the last few years (especially by Angela Duckworth’s book on grit listed below released in 2016), but the idea of how one can instill grit in another person is still up for debate on how that is done. One significant advantage Cole (and many other entrepreneurs in the Huntsville community) has is entrepreneur parents who provided first-hand real-world lessons in the value and results of grit.

Links

https://www.youtube.com/watch?v=bvim4rsNHkQ

https://www.psychologytoday.com/us/blog/media-spotlight/201606/the-truth-about-grit

https://www.nytimes.com/2019/03/16/style/snowplow-parenting-scandal.html

https://www.npr.org/podcasts/510313/how-i-built-this

http://ftp.iza.org/dp6740.pdf

Books

https://www.amazon.com/Little-Engine-Could-Original-Classic/dp/0448405202

https://www.amazon.com/Grit-Passion-Perseverance-Angela-Duckworth/dp/1501111116

Matt talks with Michael Carroll, Lacey Reinoehl, and Jarrod Parkes about mobile app

Highlights

(2:50) Lacey talks about process to define minimum viable product for your desired

(13:10) Jarrod walks thru an example of the app developer’s estimate of the work

(19:14) There’s often sticker shock when it comes to paying for app development.

(25:08) The group talks about the importance of qualifying the customer and

(46:41) Lacey talks about the importance of pitching yourself to a developer.

Summary

Since the introduction of the iPhone in 2007 and Android in 2008, smartphone

term maintenance), and level of support provided by the developer. The end result

Links

Lacey Reinoehl’s company:

https://zaroslabs.com/

Jarrod Parkes:

https://jarrodparkes.com/

React Native (JavaScript framework that can ease porting apps to iOS + Android):

https://github.com/facebook/react-native

App mockup tools:

https://hackernoon.com/the-votes-are-in-the-top-7-wireframing-mockup-tools-for-

mobile-app-pros-134cd1d9af0a

Global market share of smartphone OS options:

http://gs.statcounter.com/os-market-share/mobile/worldwide

Books:

-

Sprint: How to Solve Big Problems and Test New Ideas in Just Five Days

https://www.amazon.com/Sprint-Solve-Problems-Test-Ideas/dp/150112174X

-

The Lean Startup

https://www.amazon.com/Lean-Startup-Entrepreneurs-Continuous-

Innovation/dp/0307887898

-

Don’t Make Me Think

https://www.amazon.com/Dont-Make-Think-Revisited-Usability/dp/0321965515