Plan Your Start Podcast

Special guest this episode: Jamie Klingman. Jamie was a straight A pre-med student that couldn't be around cadavers. So, she started her first company at age 22, built it up over a decade, then sold it and gained enough financial independence to start several new businesses (and a non-profit) of which she operates today. They include a real estate brokerage, a business brokerage, a publishing company, and a few other side projects - and she serves on at least two non-profit boards at any given time. Jamie and I talk entrepreneurship and mindsets for this challenging economic time. SPONSOR: Executive Launch (www.execlaunch.com) - from corporate executive to startup founder.

0:17 Jamie’s backdrop is a guitar painting purchased at auction at a Big Brothers Big Sisters dinner 5 years ago

0:46 Jamie loves the music of Rob Thomas – but not as much as Bon Jovi

1:56 Jamie plays air drums to Living on a Prayer

2:39 Allen says Jamie has a really cool story that involves cadavers

3:26 Poll question: How different do you think the economy will be when it comes back?

4:04 Allen’s opening question – how much is all of this changing us?

4:17 How do we prosper in this new world that’s coming?

4:46 A lot of good things are coming from it

5:01 SPONSOR: Executive Launch (www.execlaunch.com) - from corporate executive to startup founder

7:22 Clients do become bosses

7:53 Jumping into Jamie’s story

8:33 Jamie chooses pre-med - then hits a snag

11:25 She graduates and has nowhere to go

13:32 An opportunity presents itself to start a home health care company

15:54 Her company grew quickly

16:18 She realizes a shift – she was in business and was a business person

17:12 She was 22 years old and had employees quickly

17:52 Acknowledges that she had support and still made a ton of mistakes

18:07 Success is attributed to hard work and putting yourself in positions where opportunities and luck can play out

18:31 Learning from other people and being involved is hugely helpful

19:03 How Jamie hired employees

20:16 Learned what expenses were important

20:19 Somebody told her that business was conducted on the golf course so she got golf clubs - this wasn't true!

21:19 Allen says the risk Jamie took is the coolest part of the story so far

22:12 He asks if her parents were aware of what she was doing

22:21 Jamie gives her parents credit

23:05 Everyone who worked for her at first was older than she was

23:43 Business grew to a headcount of 49

24:59 Then came the big “oh-oh” moment when she thought she could sell her business

25:05 Jaime talks about the changes she had to make and the decision process to sell the business

25:18 Jamie gives credit to anyone who owns a health care company or is in that space because it is very tough

26:06 The emotional burden business owners carry in that business

26:29 Other doors were opening - maybe this isn’t where I’m supposed to be forever

26:49 Jamie shares her critical mistake - business wasn’t sale-able as long as it was so reliant on her

28:56 Allen talks about the Solopreneur Trap in his book Quit to Start

29:48 Business owners/entrepreneurs are super-heroes, that becomes a problem

30:07 Allen calls business starters/owners a freak of nature

31:55 Jamie hired an office manager and more

33:05 Her business became sale-able in three years

33:29 After she sold, she felt lost and sick - separation anxiety 3

7:05 The message – build your business in such a way that it can run without you

37:44 The other goal is freedom

38:55 Think about the end when you start a business

40:32 Always helpful to have somebody who’s been through it be a mentor

41:44 Jamie is now a mentor and has a mentor

42:32 Jamie’s current business – real estate, business brokering

43:40 And prior - event space and karaoke parties (because she gets bored and needs a creative outlet)

44:18 Allen questions - how would she sell somebody on entrepreneurship

44:35 You have to be willing to take risks

45:04 The benefits are absolutely freedom and flexibility

46:21 Make your way the way you want to make it

46:53 But after the risk part, there comes struggle and frustration

47:44 A guarantee to have a paycheck every two weeks versus unlimited potential?

48:59 Jamie’s philosophy on business – look for silver linings and find the win-win

50:35 Advice to give people today that are losing jobs and are anxious about this economy

51:45 Jamie’s visualization - going out on the waves…

59:24 Answering call-in questions

1:08:53 Build your reputation

1:14:44 Discussing isolation

1:17:44 Look to what we have versus what we don’t have

1:18:58 This is an opportunity to be enlightened - opportunity versus a loss

1:20:35 Jamie is excited about her new publishing company

1:22:22 People do have time to share what’s in their heads

1:27:31 entrepreneurs should always be experimenting

The Klingman Group: www.theklingmangroup.com

Allen's Book - Quit to Start: www.quittostart.com

Eric is a radiologist by day (from home!) but before that he had a side hustling game that started in high school (selling video game items on eBay) and then a bowling instructor - won his state championship. Then he parlayed his love and knowledge of luxury watches into a side business (and a watch patent) that continues to this day - and oh yeah, he has two apps in the app store!

SPONSORED BY: Executive Launch (www.execlaunch.com) - From corporate executive to startup founder...

1:15 - Eric Discusses his first side hustle. He turned his hobby of playing video games for hours daily into a side business of selling video game 'items' online.

2:45 - Allen and Eric discuss the current status of the recession/economic world. Early on in the COVID-19 pandemic, many Americans didn’t know what to expect but having lived through at least one recession earlier in their career, Eric and Allen remember.

5:15 - Eric, who lived in NYC for his residency, discusses the difference of perspective of COVID-19 from now living in Florida but talking to his NYC friends working the front line.

8:30 - SPONSOR: Executive Launch (www.execlaunch.com) - From corporate executive to startup founder…

12:15 - Eric tells story of starting side hustles from an early age: In high school he would drive other students to parties and concerts for $5/seat (Uber before Uber)

15:00 - Missed Opportunity: His friend started an online company that now sells millions of dollars worth of video game items - Eric could have joined in on the ground floor.

16:24 - Eric discusses where his passion for high-end watches began. To this date, he has sold hundreds of watches with an average ticket price between $5,000-$10,000.

22:15 - Eric's college side hustles paid for his expensive tastes in dining.

23:40 - It’s not who you know, it’s who they know. Eric surprisingly often didn’t sell these high end watches to the doctors that he worked with. The doctors would introduce him to their friends who ended up being the true clientele.

25:25 - Never look at anyone as the buyer. Focus on demonstrating your knowledge and excitement about your product and others will find you the buyers.

29:30 - Do you have to be your own boss? Eric doesn’t think so. He generates far more money in his day job than he does in his side businesses and is okay with not being the boss in his day job because he is the boss in his side ventures.

32:45 - Know yourself and what you are chasing. Eric is chasing personal freedom and social wealth rather than massive financial wealth.

39:45 - While Eric's businesses are secondary to his main job financially, he is still working towards and expecting that one of these side creative ventures will be what leads him to financial freedom.

40:45 - Eric discusses how COVID-19 has affected both his day job as a radiologist as well as his side businesses. Nearly everything has slowed down if not halted.

45:30 Do you want to be an entrepreneur? If so, what do you know? You don’t have to be an expert, but you have to know the subject better than most people. Would you be willing to work at least an extra hour a day on this idea to turn it into a business?

48:45 - Dig the well before you’re thirsty. Find a company or industry that you are interested in and ask if you can volunteer your time. This will allow you to not only learn about the industry but the person you work for will want to help connect you and help you succeed.

52:50 - If you've lost your job, your opportunity cost to start a side business is zero. It’s better to be proactive and work towards bettering your current situation rather than waiting and hoping things get better. Sell your house if you have to.

55:00 - Allen describes his experience working through a recession in his late 20's. His job in six figure software sales slowed drastically due to the economy. He chose to sell his house, move in with his in-laws and went back for his MBA and reset his career.

1:01:00 Eric talks about the rumor that the billion dollar company that he works for may file bankruptcy. Is he worried? Not really. He has leveraged his skillset and relationships to the point that he will win the business of clients if his company goes under.

1:03:10 - Eric discusses how he created and used a powerpoint presentation to land his job as a radiologist.

1:06:25 - Eric shares how he pulled the plug on a medical app that he spent thousands of dollars to get started. Money spent, lesson learned.

1:10:00 - Avoid the words “no” or "can't do" when you talk to Eric Ledermann.

1:13:00 - Eric’s number one piece of advice for success: exhaustive research.

1:17:00 - Eric doesn’t spend much time on competition. He believes in perfecting his brand and product so much so that the competition can’t keep up.

1:21:15 - Eric’s final words. He describes where he thinks our economy will be in 3-6 months and advice for how to capitalize on the down economy.

Special guest this episode: Cole Robinson. Cole rose from door to door selling books in college, to the retail floor of a major department store, then joined a small marketing company and helped them grow from $6M to $22M. She decided at least a year in advance that she needed to leave her job and start a company. She enlisted a mentor, saved money, did a ton of research and finally pulled the trigger. Cole always had the goal to own her own business before 40. Well she did that and today she's created the work-life balance and income she always wanted.

0:20 Cole’s swimming pool background looks like a serenity screensaver

1:24 How to thrive and survive in this COVID-19 situation we are in

1:40 Cole’s walk-in song - personal “pump up” song

3:29 Start with opening slide: Is this a massive change in our lives and work?

4:33 Allen’s start-up advice: Plan for the worst, hope for the best

5:15 Cole’s been through two other massive crises before, including after 9/11 – this is something else to navigate through

6:39 She is optimistic

7:01 This crisis is different, will create changes in overall business to personal contact/touch and space – we were not prepared for this

8:18 SPONSOR: Executive Launch (www.execlaunch.com) – from corporate executive to startup founder 10:05 Cole’s background

12:28 The makeup counter at Dillard’s department store

13:03 Left retail for recruiting and got let go!

15:06 Melanie, a listener, sold knives for three months

16:56 Michelle, a listener, sold copiers door-to-door (so did Sarah Blakely, founder of Spanx)

18:50 She said after selling copiers she could sell anything to anyone and learned she could find the answer to anything for her customers

20:18 Her advice is ”look outside the box” and Cole added Michelle knew how to make lemonade from lemons

25:30 Allen says we need to let ideas flow, opportunities flow, it’s tough times out there

25:49 When Cole was in sales, she wanted more and said she was lucky to work for entrepreneur business owners who had that mindset

27:22 Cole says “It was in me” 29:33 She had savings of $100,000+ before she launched her business

31:05 Purchasing a franchise appealed to her

33:28 She didn’t want to be 40 and working for someone else

34:02 She was burnt out on what she was doing

34:14 She wanted to be there for her daughter in school like her parents were for her, and to be financially secure when her daughter graduated

34:54 Cole talks about FISH commercial window cleaning and their business history

35:57 Their first franchise was in Tampa, Florida

37:09 How COVID-19 is affecting her business

39:15 Allen sees being an entrepreneur as an insurance policy, an opportunity to control your own destiny and not be so vulnerable in your job – the current situation is a “wake-up call”

39:44 Cole had to lay off some of her staff and knew she could go clean windows herself

40:22 Her business enables her to always take care of her family and have freedom with entrepreneurship

41:00 Cole answers question from listeners regarding franchising

43:36 Allen advises that nothing will come as easy as you imagine it

44:32 Cole is not afraid of hard work

45:02 She found the first 3-4 months of being in business exciting and her honeymoon period lasted for the first 18 months

45:47 Hiring employees was the hard part – January 4, 2018 was a tough moment

47:03 Cole talks about mental toughness

52:11 What advice would Cole give her younger self in this situation?

57:15 Faith is the center of everything for Cole

58:11 Prior to her quit to start, she knew that she could do more on her own and for the greater good than working for others.

59:10 Cole reached out for help, mentors were important

1:02:13 Cole says it’s time do a personal inventory, freshen up, reach out to references

1:04:03 Carl, a listener, asks Cole a question about what the franchise offered that she couldn’t do on her own

1:06:39 Her answer: teach her how to run a business holistically

1:07:03 How she markets her business – on the streets and networking

1:07:35 We see Cole get tough and a glimpse of her highly competitive mindset!

1:08:53 Allen wants to be of help to people, give advice – discussion about “pivoting” and how it is a great time to absorb information and become more educated - sharpen your skill set!

1:13:13 Small businesses are going to be born, make lemonade from lemons… maybe now is the time

1:15:18 Cole suggests business ideas for now could be around the cravings for entertainment and interaction

1:20:52 Workforce development gaps will be filled with people looking to be re-trained to do different jobs

1:22:13 Cole asks Allen for the first three things he will do after the pandemic

1:23:22 Cole thinks tele-health is absolutely the future

1:26:40 You know it if entrepreneurship is or isn't for you

1:29:48 Wait for it to come to you – that is a powerful message

Cole's Business: www.fishwindowcleaning.com/Tampa-FL-3187/

Allen's new book Quit to Start: www.quittostart.com

Brian is the co-founder & President of Synapse, Florida's largest technology & innovation conference held in Amalie Arena each year. Before that he successfully escaped two large Fortune 500 / S&P 500 companies to be an entrepreneur himself. Brian knows innovation, he knows entrepreneurship and he came on the show to share his thoughts and ideas on how to survive and thrive in this challenging economy we find ourselves. SPONSOR: SecureStartup (www.securestartup.com) - Secure and easy startup documents between founders and investors.

0:25 - Brian discusses how lucky he and his team were to have held the 2020 Synapse Summit in Tampa (Over 7,300 registrants, Sara Blakely keynote) considering the COVID-19 shutdowns that followed soon thereafter.

6:25 - SPONSOR SecureStartup (Securestartup.com) - Secure and easy startup documents between founders and investors.

12:20 - Survivor-preneurship. This pandemic can give you that push and lead you need toward entrepreneurship. You don’t need to be a born entrepreneur to be a successful entrepreneur.

13:40 - Is job security real? People often talk about how risky it is to create a start up but working for someone else is risky as well. COVID-19 has shown us this with 20+ Million Americans filing for unemployment over the last couple of weeks.

16:15 - Brian discusses his time in the corporate world and how speaking his mind and taking responsibility for his mistakes siloed him from coworkers.

21:10 - Brian talks about why his first company went down in flames and how important that experience was for him.

22:15 - Brian talks about Popcorn Apps, one of his early startups.

26:50 - Entrepreneurship may not be what you think. Brian talks about how most people overlook how much work goes into being an entrepreneur.

31:20 - Opportunity only comes to those that are always seeking it and fighting for it. Sometimes it’s not the opportunity that you expected but if you are constantly looking for it, opportunity will find you.

36:45 - “I’d love to find a way to help” - Brian’s words to Jeff Vinik, resident Tampa Bay billionaire and owner of the Tampa Bay Lightning, after cold walking up to Jeff after one of his talks and striking an unsolicited conversation. This bold step was the beginning of Synapse.

42:15 - Brian tells the story of how Marc Blumenthal, co-founder of synapse, and he met over barbecue to discuss innovation and connectivity in Tampa Bay.

45:40 - “What problem are you solving?” Brian talks about how the best businesses always solve a problem that customers have. What problem is your business solving?

48:20 - Brian, a 2006 World Series of Poker competitor, answers the question of luck vs. skill in starting a business through the example of poker. Some see poker as gabling/luck but with proper preparation/skill, you can put the odds in your favor in both poker and business to give you a better chance at success.

55:50 - This pandemic is one big cluster of problems. Find a solution to one of the many problems we currently face, and create a business around it. If you see a problem, you see a business.

1:03:40 - Brian discusses the two books that he always recommends to someone looking to start a business, ‘The Lean Startup’ by Eric Ries and ‘Made to Stick’ by Chip Heath & Dan Heath. The Lean Startup describes how to build a business on little to zero capital and Made to Stick discusses the importance of storytelling and how to make your business standout in the busy world of business.

1:06:10 - Brian discusses his experience with founding agreements and how important they are to the long term success of the business. You have to be willing to work together and fully trust your business partner - if you are having problems constructing your founding agreement, you most likely have deeper issues than the agreement itself.

1:11:15 - You (the business) are not the hero in the story of the purchase. You are the guide that helps the hero (the customer) overcome the problem that they are faced with. Too many businesses try to make themselves the hero. Seek to help, not to get the attention of your customer, and you will win their business. 1:19:30 - The rich get richer. But if you don’t have money to invest what do you do?... Invest in yourself. Use this time to dig your well before you’re thirsty and take action steps to create opportunities for yourself.

1:23:30 - The people who do the opposite of the rest of the world are the ones who usually end up being massively successful. When people are slowing down, that’s the time to speed up. Now is the time to speed up and get in on the ground floor of this new normal that we find ourselves.

1:26:00 - Should I reduce prices during a pandemic? Your discounted price is your true price. If you drop your price now, customers will expect the reduced price from now on.

Closing

Synapse Summit: https://synapsefl.com/summit/

Allen's Book 'Quit to Start': www.quittostart.com

This week’s episode is with Mariagrazia Lauricella. Maria started her international non-profit for youth, Humanity Del Sol, working 3 jobs at any given time until sustainable. She now has a team of six and runs the operation from home or while traveling internationally. She's also added sustainability ventures to help fund her social enterprises, and helps others do the same, including her newest - a wine club called the Humanity Wine Company. Maria is a social enterprising, solopreneuring, homepreneuring, international traveling maven! SPONSOR: SecureStartup (www.securestartup.com) - securely manage documents between startup founders and investors.

0:30 - Allen opens the episode with asking about Maria currently living and traveling between Canada, Florida, and Argentina.

5:00 - Allen reveals the theme of the show - Survivorpreneurship

7:00 - Allen gives a brief overview of himself and his new book Quit to Start. He talks about how difficult it is to work for others when you have an entrepreneurial mindset.

11:00 - Maria grew up in Italy where she started work at the age of 12 and continued to work several jobs while growing up and attending school. She was an average student until she had her first business class and it just clicked.

19:00 - She loved travel so asked herself “how can I travel the world for free?”. That led her to take her passion for art and create an international art company that in fact enabled her to travel the world on business.

21:45 - Maria discusses how her father instilled the importance of 'giving in all aspects of life' that led her to this journey of becoming a human cause centered entrepreneur.

23:30 - She was on assignment in Argentina, was introduced to an orphanage - this would be her calling and that became Humanity Del Sol, dedicated to helping orphans gain a good life and avoid abuse and trafficking among other dreadful outcomes.

29:45 - Two important things to know in entrepreneurship: 1. Ask for money, get advice. Ask for advice, get money. 2. When you step off the sideline of thinking about a business and go all in you will see more people jump in to offer help, financial and otherwise.

33:05 - Fear of failure is a big driver in entrepreneurship. Entrepreneurs often put themselves in a vulnerable position when creating a company and they have to fight to make their dream a reality and fear of failure can help drive that dream.

38:00 - Number one way to offset the challenge of getting your business off the ground: get as much help as you can. It’s often hard for the entrepreneurial type to ask for help but it is important to not try and go it alone because the amount of work necessary for success will be far greater than you will expect.

42:30 - “Nothing goes right and no one buys.” We don’t say this to talk you out of entrepreneurship but rather to prepare you for and set expectations for the journey.

44:15 - Many entrepreneurs have to overcome both positive (too much) and negative feedback from their close friends and family when starting a business.

49:25 - Maria shares her struggles with a close family member that did not support her business venture and it led to them not talking for several years.

54:15 - A live guest joins in and shares her story of struggling through solopreneurship and the value in having a support network in entrepreneurship.

1:04:45 - As for this challenging economy, we need to look at history and see what worked back then to see what could work today. Whether you look at the great depression or the great recession you have several history points to reference. Based on prior experience some things that you can do now are: conserve cash, find secondary sources of income, and seek entrepreneurial opportunities to solve the list of problems that the world is facing currently.

1:07:30 - Runway/lead time: The amount of time it takes to build up your business successful enough for you to be full-time. Right now is the perfect time to start so that you can use this time as the runway so that when the economy starts picking up, you aren’t just getting started, you are in full swing.

1:11:00 - Maria discusses the misnomer that you can’t do humanitarian work unless you are a non-profit as well as the unrealistic standards that non-profits are held to.

1:15:10 - Maria gives a compelling argument as to why the mentality of a non-profit needs to change from an organization that runs on donations that solely does programming, to a business plan centered around utilizing donations in marketing so that a $100 donation can be turned into a $1,000.

1:21:15 - Maria's exciting, newest venture is a wine club that ships direct to consumer and 50% of the profits go to directly to the Humanity Del Sol non-profit for orphaned children in Argentina - often abused, trafficked and worse without help.

Humanity Wine Company: www.humanitywineco.com

Humanity Del Sol: www.humanitydelsol.org

Allen's book Quit to Start: www.quittostart.com

This week’s guest is Kerry McNally. Kerry is the founder & CEO of Siesta Key Films, two-time Emmy award winning journalist, writer/producer, freelance voiceover artist, and occasional legit stand-up comedian. Kerry is the epitome of possibility thinking, creativity, and constant entrepreneurship. SPONSOR: Secure Startup (www.securestartup.com) - securely manage all the documents between startup founders and investors.

Shownotes:

2:50 - Kerry makes a toast with drink in hand to kick off the show - and especially to our first responders and health care workers in this COVID-19 situation we are in.

5:15 - Why were companies like Disney, Uber, and Apple started in a recession? Kerry talks about the beneficial atmosphere of the economy and how this may lead to success in business

9:15 - This is our moment. Ten years from now we'll look back at the companies that were started during this recession and it’s not going to be Disney or Uber. It’s going to either be what you create, or what the person next to you that took action created.

15:35 - SPONSOR: Secure Startup (www.securestartup.com)

20:45 - Allen introduces Kerry, which includes Kerry showing off the hardware he won from his two Emmy Awards in journalism. Kerry then describes his unusual path from marine corps to working in broadcasting with CBS broadcaster Paul Lockwood.

27:30 - Kerry tells the story of how he became a comedian by utilizing his knowledge of sales to land a job at The Comic Strip, a NYC famous comedy club which gave rise to Jerry Sinfield, Eddie Murphy, Adam Sandler and many more.

31:40 - What really gets you excited? Such a simple question but this is what Kerry used and recommends to those trying to figure out what type of business to start

33:40 - Steps to figure out your business idea: 1. Figure out what makes you happy/excited. 2. Find people that have been able to make a living out of it and follow them. 3. Assess your skill level. Are you good enough or can you get good enough to make a living doing this? 4. Seek advice from those already doing your desired career/business

37:00 - How do you overcome fear of failure associated with entrepreneurship? Kerry shares his stories of rejection in broadcasting/TV and how he worked through hundreds of rejections to land his gigs.

44:15 - Allen talks about how there is only one path to freedom both financially and of your time and that is entrepreneurship. No matter how high you rise in the ranks of your corporation you do not find freedom and your lifestyle catches up with your income. Entrepreneurship is the only way.

52:15 - Carl Lucchi guest appears and discusses the true definition of a job (Just Over Broke) and the importance of your mindset around failure. If you truly love what you are doing and are 100% in on the business, one rejection doesn’t matter because you know you are willing to weather the storm of rejections until you succeed

56:45 - You don’t always have to love your side gig. If you don't love the product/industry but it is able to fund your true passion and free up your time then it makes the side gig worth it.

59:30 - Surround yourself with people that believe in you as much as you believe in yourself. Kerry talks about how he surrounds himself with those that will encourage him and embrace his passions and that helped him teach himself how to write a screenplay which is now completed and in the process of being financed.

1:13:00 - Coco from Coco & Dash, a Dallas based interior design studio, joins the live podcast to describe how she risked everything to start her business as well as how COVID-19 is affecting her business currently.

1:17:45 - “We will be fine when this is over, we just may not have a store, but we will evolve, and Coco & Dash will continue in some way, shape, or form.” - Coco’s perspective on how COVID-19 is affecting her business. While she cannot control what this does for her company she understands that she is still in control of her life.

1:24:10 - Kerry was a waiter in NYC to chase his dream of comedy but he didn’t care because he had his vision in mind. A job is just a job, but chasing a dream is something else entirely and that’s what’s so special about entrepreneurship.

1:29:15 - Kerry wraps up the show by describing the premise of the TV show he is currently creating a pilot for “TV Shop TV” centered around television's worst shopping network that is trying to stay relevant in this digital age that is transitioning away from cable TV.

Kerry McNally: http://www.kerrymcnally.com

Allen's new book Quit to Start: http://www.quittostart.com

Introduction:

This week’s guest was Annabelle Ship. Annabelle is a frequent guest speaker in Allen's USF entrepreneurship class where she talks about the merits of bootstrapping a new business like she did multiple times successfully in her career. She's so passionate about this approach, she now runs a non-profit organization called the Bootstrap Business School.

2:50 - Annabelle’s Entrepreneurial journey is an excellent example, on the beginning, she used her creativity to compensate for her lack of financial resources

3:55 - Allen focuses on where America is right now. During this Economic Crisis, people have lost or may be concerned about losing their job. They need side income! Allen wants to inspire people, where they are, toward financial success.

4:35 - There are two types of people: 1- People who don't have any Entrepreneurial bone in their body. 2. People who've known it's within them, they've always had the dream and desire to become an entrepreneur.

5:09 - Anabelle believes everyone has some entrepreneurial spirit. She's pessimistic about our current economy, but she feels very optimistic toward personal financial growth opportunities. Right now, opportunity cost is practically nothing, it's a perfect time to start a business. 

8:12 - Allen feels a combination of inspiration and financial/concrete resources are essential for success. Anabelle feels passion and determination are essential for success, also.

10:14 - Many successful companies, such as: FedEx, Apple, Microsoft, Amazon, and Disney all started during a recession, with little or no money. Allen believes "We're currently heading into something, maybe worse than recession. Great things come from recessions and depression." A successful business must solve a very deep, very narrow, and specific problem.

15:30 Annabelle's first business started in the 1990's. It was one of the first Green stores in the country and she became one of Burt's Bees first vendors. 

18:50 - The dramatic reduction in hours and rise in unemployment, has increased the need for personal income. Now is the time to create a business or side business to generate additional income. 

22:05 - Anabelle asks, "What problems are you aware of and how can you create a business with the solution?" (Ex: If you're skilled at hair cutting, now is the perfect time to create a "How to" tutorial.) Teaching your personal skills, in an online forum, fills a need and helps generate income. After you evaluate your personal and professional skills, combining them increases your business potential.

24:52 - Allen believes "Relentless persistence" is essential for professional success. As a start up, you will face a variety of unforseen problems. "You must be tenacious and relentless to overcome these roadblocks. Things won't come as easily as you expect. You must push through and it's going to be harder than you expect." Allen adds. Anabelle agrees, "Your persistence, self confidence, and commitment to work hard will improve your ultimate success.”

38:30 - Annabelle shares, "It's time to stop Coronivating". This is not the time for a vacation." In order to become financially stable, evaluate your spending and cut all non essential bills. 

43:00 - Anabell's "Boot Camp" is a nine day pilot program offered to fifty lower income people. Each student learns all the information on how to create a small business, and leave with a  "financially strong idea".

48:30 Necessity dictates invention and inspires personal and professional growth and success. 

51:00 "Artificial Deadlines'' help Allen keep himself accountable. "Imaginary deadlines" inspire and ensure his progress. Goal setting, lists, and time management, are important skills, taught in Anabelle's workshops.  

1:00:00 - Anabelle stresses the importance of positive energy. "What goes out, comes back to you."  Allen believes both artificial and self imposed deadlines methods, pushes him to complete the task at hand.                                        

1:08:30 Both agree to begin by Branding or adding a platform and creating your account. "Reserve" an account and buy your domain name. Immediately, reserve all other online domains so no one else can own or use your personal brand. 

1:16:15  Allen believes "There's a lot of power in the pre-order side". New customers look forward to their product. (Most entrepreneurs are insecure and push toward "perfection".) Pre-order is an excellent idea for both customer and purchaser because it identifies if there’s a demand.

1:20:50 It's important to watch your competition. "Know your competition better than they know you." Allen says, because being aware of other similar products increases your business success. 

Closing

Annabelle’s LinkedIn: https://www.linkedin.com/in/annabelleship/

Quit To Start: www.quittostart.com

This week’s guest is Rich Heruska. Rich was Allen’s very first guest speaker in 2017 for his USF entrepreneurship class, so it’s fitting Rich will be his first podcast guest. Rich is a 5x serial entrepreneur and recent Accelerator Director at one of the largest startup accelerators in the U.S.

0:15 - Rich describes his bumpy start to business going from being laid off, to working in a startup that failed, before him and his future business partner created a mortgage company with $3,000 on a credit card - during a recession.

2:45 - Rich shares the story of how his company Home Discovery grew to over 300 employees nationwide and then came crashing down during the housing market crash in 2007.

5:20 - He went on to be a co-founder in AirHeads - how do you transition a business in the entertainment industry to fit today's needs with COVID-19? Rich shares what he would do if he was to recreate his company, Airheads, today.

8:50 - Rich discusses how he and his wife created “My Social Spa” as a home-based business, a restaurant event business that focuses on creating a fun atmosphere for women to get together and create spa products

13:45 - COVID-19 advice: Become as lean as possible financially to allow you and your family to be prepared for whatever uncertainty lies ahead.

19:00 - One of Rich's favorite sayings: When people are greedy, be fearful. When people are fearful, be greedy. Look at what opportunities this market has created and jump on them now.

22:30 - Is now the time to create a side business? Absolutely. Many companies were started in recessions and there are still a lot of needs that can be met in the current marketplace with a good business plan. Don’t let the uncertainty of the economy keep you from creating something that you feel people would benefit from.

24:45 - Rich shares the story of someone he knows who made $60,000 a year flipping dollar store items online. The opportunities to create a profit are out there, you simply need to find a creative way to add value. (junglescout.com is a great resource if you are interested in selling items online)

29:00 - Rich and Allen share their perspectives on how they think COVID-19 will impact entrepreneurship and the economy in the long-run.

33:45 - Do you have to go all-in on your business and quit your job? Many think this is what true entrepreneurs do but Allen and Rich both discuss the benefits of starting your business while still in your current role so that you can get proof of concept and work out some of the initial kinks while you have a steady income at your current role.

39:00 - Rich’s biggest obstacle in entrepreneurship is his own mindset. Your mindset and how you think about the business is critical. As an entrepreneur you have to realize that you are going to have some losses. To avoid analysis paralysis you have to understand that you will make mistakes but that you need to just start regardless and learn from the failure.

42:30 - Utilize paid advertising to test your business idea at a low cost. Facebook and Instagram ads are relatively inexpensive allowing you to test key words and proof of concept before going all in on a business.

49:45 - Now is the time to act on your entrepreneurial idea. Grants, funding and other opportunities are still out there if you know where to look and are willing to put in the time.

54:23 - Give yourself an unfair advantage. Leverage your talents, knowledge or skill set to stand out among competition.

1:01:45 - Carl Lucchi, worked for and was a friend of the founder of AutoTrader, joins the live podcast and shares the creation story of AutoTrader, a Tampa Bay local company that became an industry leader and household name through solving a simple problem and finding a unique way to charge advertising to car companies.

1:08:45 - Carl also shares the Publix grocery price war story: Farm Stores, a local grocery store tried to beat out Publix in a price war and were on the edge of bankruptcy because of it. Mr Jenkins, the founder of Publix flew up to see the owner and wrote him a check for $50,000 so his store could stay in business. Allen's new book Quit to Start: www.quittostart.com