8 Lessons From Successful Founders
On the latest season of TCB podcast By All Means, we paired founders whose Minnesota-based businesses are taking off with seasoned entrepreneurs. The result is conversations that encompassed practical know-how on raising money, marketing, franchising, and manufacturing as well as the more nuanced aspects of building a business, like culture, leadership, and mental health. And the advice went both ways. You can find By All Means: The Mentor Series on most major podcast platforms. Here’s a taste.
1. The role of a leader evolves as a company grows.
“Leaders build teams. Teams build the business and then deliver that culture.”
—Chuck Runyon, co-founder, Anytime Fitness and Purpose Brands
2. Don’t build for the exit.
“I tell startups all the time: our focus was never about being acquired. Until we were 10 years into it, we had no understanding of that world. It was all about making the best product and providing the best service. That’s how you take steps forward without thinking about hitting numbers. Great product, great service.”
—Dan Bastian, co-founder, Angie’s Boomchickapop, Episode 141
3. But get comfortable with numbers.
“You have to know where the money is. I can’t tell you how many entrepreneurs I’ve met with who said, ‘I just want to make products. I don’t want do the business side.’ And I just say, then stop now because you’re never going to make money if you don’t know how to manage your money.”
—Sue Remes, beauty industry consultant, Episode 142
4. Raising investment capital isn’t the only option.
“Venture capital may have helped us grow faster…but we’ve been a highly profitable business [without it]. Growth has not been limited by access to cash. Our growth has been limited by trying to make sure that we have a positive return on investment in our marketing. And to do that, you have to test and learn and test and learn, and grow your product base at the same time.”
—Maia Haag, founder and president, I See Me!, Episode 143
5. Know what resonates with clients.
“You can be driven by mission, but at the end of the day, when you’re out trying to sell that product or service, it comes down making the business case for the potential customer. Better, faster, cheaper.”
—Charlie Kratsch, founder/CEO, Infinite Campus, Episode 144
6. Lead with heart.
“What I learned over time was, customers stayed with us for the knowledge, but they initially bought from us because of emotion. Pull on emotions instead of the technical side.”
—Janet Johanson, founder/board member, FB Solutions Group (formerly BevSource), Episode 145
7. Don’t underestimate your expertise.
“Think about how you are telling your story to the market. You have to act as if you are the person, even if you don’t feel like it at this exact moment. Have the confidence to take yourself seriously, and give yourself the credit you deserve for the work you’ve done.”
—Carson Kipfer, co-founder, SportsEngine and Monoline, Episode 146
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8. Nurture your network.
“We rely heavily on people who’ve been there and done that. You don’t need to go to every networking event, but you might need to have those 15-, 20-minute phone calls here and there. Really carve out the time to build those relationships with some key people who are at the same stage and category. You aren’t going to be able to do it alone.”
—Hannah Barnstable, founder/CEO, Seven Sundays, Episode 147
