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The Intrepid Entrepreneur

The Intrepid Entrepreneur is here to inspire those who are hell-bent on becoming a kick-ass entrepreneur, striving to level-up their business that they’ve started or are gearing up to launch their incredible ideas into successful small businesses! Join Kristin Carpenter-Ogden, founder of LivingUber and Verde Brand Communications, as she interviews inspirational, motivated, and kick-ass small business owners who have made their mark on the outdoor industry.
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Now displaying: August, 2016
Aug 26, 2016

 

Show Notes: IntrepidEntrepreneur.net/ty-crandall

How many times have you filled out business credit applications, and had to use your personal credit to get approval?  Did you know that businesses have a credit report all of their own?

This week on Intrepid Entrepreneur, Ty Crandall of Credit Suite is sharing the secret to applying for and building your business’ credit, and how to keep your personal credit out of it.

He’s explaining how to get your business ready to apply for credit, and where to go first to build this credit. I’ll give you a hint: it’s not the bank. We’re also digging into the benefits of working on business credit instead of personal credit. As Ty says, “Anybody can bootstrap a business, it just takes longer.”

There’s so much important, practical business information in this episode, so get ready to take notes on this one! 

Bravery in Business Quote

“The truth behind crowdfunding is they’re set up that way. . .They already had tons of money from people.” -- Ty Crandall

(click to tweet)

 

Cliff Notes

 

  • Ty Crandall, owner of Credit Suite, a company that helps entrepreneurs build a credit report for their business.
  • People don’t realize that their business have credit and a credit score because no one talks about it or teaches them how to start building this credit.
  • A lot of businesses qualify for financing, but don’t know where to get it since bank loans are often the most rigorous to obtain.
  • Anybody can pull your business credit report without permission. For personal credit, people need permission but business information is public.
  • It doesn’t take much time to get your business credit started. But it takes more time to build your credit, fill out applications, etc. Just like personal credit, business credit grows and changes with the business.
  • If you have the business credit, you won’t need to ensure your business’ finances with your personal credit, but can rely on the company’s EIN and credit score to get financing. It’s a great way to protect your individual finances.
  • Business credit can speed up the start time of your company, because it gives you access to more funding and makes your business more credible. You can finance everything with your own credit, but it takes longer.
  • Crowdfunding can require a lot of money upfront. A lot of successful crowdfunding drives come into it with a lot of backers and financial support and are using the campaign as more of a PR event.

 

Steps to Building Business Credit

  1. Get your business credible on paper. Need: website, email address, address, phone number, specific to your business even if you work from home. Make sure every line on an application
  2. Go to “secret” vendor sources that will give credit to your business. They will give you credit even when you have none, and will report it to business credit reporting agencies so you can start building your credit. Take that to major businesses/retailers to apply for business credit cards.
  3. Start leaving out your SSN on applications. Leave that blank so that they will have to start pulling your business’ EIN to check business credit instead of personal credit.

 

“You can really go out right in the beginning and start obtaining capital through business credit without that personal guarantee“ - Ty Crandall

(click to tweet)

 

Resources

CreditSuite.com

YouTube.com/channel (youtube channel)

 

Show Notes: IntrepidEntrepreneur.net/ty-crandall

 

Aug 19, 2016

In passion driven entrepreneurship, one of the biggest and most rewarding challenges is overcoming negative thinking. This year, there’s been a lot of talk about changes and instability in the bike industry. But for creative entrepreneurs like my guest this week, Andre Shoumatoff of Park City Bike Demos, change can be a huge opportunity!

Andre’s sharing how he and his partners used their knowledge of bikes and the current struggles of the industry to pivot into a new model of selling and renting bikes. We’re also discussing how to notice and respond to optimization points to grow your business, and what to do with customer feedback.

For anyone wondering how to turn what’s not working into a success, this episode is eye-opening. Andre’s got some amazing insights on evaluating the industry, advertising partnerships, and listening to your customers.

Bravery in Business quote

“We really do believe that we've stumbled on to something, and it's been literally a brutal, brutal chore to get there.”- Andre Shoumatoff

(click to tweet)

Cliff Notes

  • Started Park City Demos with some friends as a mobile bike rental business. 20% bike sales, 80% rentals, hoping to go on to sell a bike to 1 in 10 renters
  • Pay attention to market demand and adjust your business/inventory according to these points of optimization. Originally, Park City Demos was only selling and renting expensive bikes, but they quickly learned there was a demand for a wider variety of bikes. Now, highest selling bikes are cruisers.
  • Started co-marketing with other brands on digital marketing, which brought in a lot of people. This strategy can work really well, but only if you are well versed in it and working with a good partner.
  • Figure out what business like yours that are going under have done wrong.  Identify what needs fixed in these business models so that you can pivot away from it.
  • The traditional bike shop is slowly going away. Andre and his co-founders have evaluated the reasons these stores are suffering and are working to create new models for bike rentals and sales to make Park City Demos a success.
  • Work on building customer experience. Collect customer data to see what people perceive your business to be, and then adjust to portray your message more clearly.
  • Keep track of customer requests/ responses so that you will have a record to see what ideas/products that you’re not selling are the most in demand. Park City Demos keeps a simple excel spreadsheet of all their customer requests.

“If we do a good job with our tools, our sales, structure or standard operating procedures, and our technology, and then little things like physical space, etc. then we think we can sell bikes” - Andre Shoumatoff

Resources:

parkcitybikedemos.com

Show notes: http://intrepidentrepreneur.net/andre-shoumatoff

Aug 12, 2016

What is it that first drew you to the outdoor sports markets? Where did that first spark of passion for entrepreneurship in the outdoor markets come from? For so many of us, the answer is simple: we love outdoor sports, and we had a great idea for how to improve the experience!

What isn’t often discussed is the overlap in the psychology of being an entrepreneur, and that of an endurance athlete. So many of the skills that we learn from athletics and the outdoors are directly relevant to the experience of getting a business started and sustaining it.

To shed even more light on this overlap, I’m taking with Matt Fitzgerald, author of How Bad Do You Want It, on what he’s learned about “endurance psychology”, the psychology of mind over muscle that gets people through tough physical competitions.

In writing this book, Matt did case studies of athletes like Ned Overend, Siri Lindley and John "The Penguin" Bingham. He’s discussing what it is that motivates and sustains them to such high levels. We’re talking about passion, drive, and the “why” that are necessary to win races, and to start a business.

Matt and I are also discussing something that I personally struggle with – the courage to start! Just getting started on a business idea or in a sport can be daunting, to the point that some of us have ideas we’ve never looked into, sports we’ve never explored for fear of failure.

These fears are limiters and obstacles that will come out in any stressful situation, and what has more potential for stress than the pursuit of our goals?  Matt’s looked at endurance athletes that have overcome negative mentalities to go on to amazing careers, and he’s sharing what he’s learned.

Endurance psychology is crucial for athletes in outdoor sports, entrepreneurs, or anyone with an achievement goal.  I’ve already read Matt’s book three times, and I’m thrilled with the insights he’s bringing to this week’s podcast.  

Bravery in Business Quote

"The greatest athletic performances spring from the mind, not the body." - Matt Fitzgerald

(Click to tweet)

Cliff Notes

  • There is a ton of overlap between endurance sports and being a passion-driven entrepreneur, and not just because a lot of entrepreneurs in the outdoor markets got into them through a love of outdoor sports.
  • Any high performer in any kind of endeavor needs to know how to maintain passion. Make sure you’re taking the time to nurture that passion and do what you enjoy outside, to bring that creativity back in and remember why you got into outdoor sports entrepreneurism in the first place.
  • Working on a business with another person/ team sports/ mastermind groups can help you to aim for high performance goals, when team work & competition are on your side. Working in a competitive group can serve self-interest and personal goals, while also serving the goals of team mates.
  • Everyone has limiters and obstacles and when we’re stressed in pursuit of difficult goals, these limiters in our psychology will come out, and then we have to figure out how to overcome them.
  • You have to know what personally motivates you in order to perform at the highest levels. What is the meaning of this story/event/business, for you? These answers are not the same for every person, so you need to know what yours are.
  • It can sometimes take the most courage just to start running, start expanding on or just looking into your business idea. You might not be the best at whatever sport, might not be the biggest in the industry, but you have to decide what the point is for you to work your hardest so that it’s worth even beginning.
  • You can start for any reason you want.  As long as you know what your reason is, this can give you the courage to begin.
  • Kristin is giving away 5 signed copies of book

“You need a fit body to be able to perform well as an endurance athlete, but your real fundamental limiter is your mind.” - Matt Fitzgerald

(Click to tweet)

Resources:

MattFitzgerald.org

VeloPress.com

Show Notes: IntrepidEntrepreneur.net/Matt-Fitzgerald

Aug 5, 2016

Dear audience, this is a very special solocast from me, speaking raw and honest to you the night after presenting at Pitchfest. Those of you who have given pitches will know how I’m feeling – a weight lifted off to be finally done, but exhausted from a humbling and excruciating experience.

Since I’ve been sharing with you my process in preparing this pitch deck, I wanted to let you in on how it went and the feedback I received from the judges. I’m digging into what the experience of Pitchfest was like for me as a presenter, how I kept myself in the moment during the event, and how I’m working through processing the critiques from our all-star panel of judges.     

After the event, I feel like I’m at a real inflection point with Intrepid Entrepreneur. I am so passionate about supporting the outdoor markets but need to do some serious thinking about my business model.  This solocast is a short, unscripted reaction from me after Pitchfest, and I’d love for you to listen to it and then let me know what you want more of from Intrepid. Shoot me an email at kco@intrepidentreprenur.net, I’m so grateful for all of you, dear audience, and would love you hear from you.

 

Show Notes: Intrepid Entrepreneur.net/post-pitch-fest

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