Monthly Archives: April 2024

So you’ve got this incredible idea – a product or service that you know is going to change the world. You’re buzzing with excitement and chomping at the bit to get started. But hold on there cowboy and cowgirl! Before you dive headfirst into building your business empire, there are some things you need to understand based on my over 25 years of building companies globally and mentoring countless numbers of brilliant entrepreneurs like yourself. Consider these ten nuggets of experience based wisdom as your trusty compass, guiding you through the exhilarating yet often challenging journey of entrepreneurship.

1. Raise what you need, not what you want: Bootstrapping or securing funding are both viable paths to launching your company.  The key is to be realistic about your financial needs. Don’t get caught up in the allure of a hefty investment windfall and lose sight of your core objectives. As a reminder the core objective is building a great company where you own a good portion of it. It’s your baby, let’s not give most of it away so quickly.  Carefully assess your immediate requirements to get your business off the ground. This might include funding for product development, initial marketing campaigns, or securing a physical workspace.  Focus on raising what you need to achieve these critical milestones, and demonstrate a clear understanding of how those funds will be used. Your valuation will go up as you grow so giving away so much at your current valuation isn’t a smart move. If you have to raise money to start, remember that it’s not worth giving away too much of your business at an early stage if you truly believe in it. Only give enough away to get enough funding to prove your business. Remember, responsible financial management is a hallmark of successful businesses, and investors appreciate founders who can make the most of every dollar.
2. Don’t start a business based on an idea, start it based on something you are passionate about:  Don’t be fooled by the allure of the latest business buzzword like AI, Crypto, or whatever the new health fad is today. While a great idea can spark your initial interest, it’s unwavering passion that will fuel your engine over the long haul. Building a company is a marathon, not a sprint. There will be roadblocks, detours, and moments of self-doubt. It’s your deep-seated passion that will propel you forward when the going gets tough. That passion will also be your fuel to learn more and be all you can be. When do do something you are passionate about you feel fulfilled and that is something no one can take away from you.
   
3. Not Everyone Gets Your Vision (and That’s Okay):  Have you ever shared your brilliant idea with someone, only to be met with a blank stare or a lukewarm response? Don’t let it discourage you.  History is littered with examples of revolutionary ideas that were initially met with skepticism.  Remember, Vincent van Gogh never achieved fame in his lifetime, and people scoffed at the idea of bottled water (including Pepsi!). Some didn’t even think the internet will ever be a big thing. Yes, there was a time before the internet.  Believe in your vision, refine your message, and find your tribe – the people who resonate with what you’re trying to achieve. I am not saying don’t listen to people, I am saying not everyone gets your vision and that’s okay. They shouldn’t destroy your dream. One of my dreams was to enable African shoppers to shop on global sites without a credit card. Oh my goodness so many laughs from friends and even family. But I did it and we made millions each month. I knew it could be done and focused on the goal and kept the tribe that did believe in me close. This is a great time to know those who believe in you and share your vision. Keep them close; you will need them to cheer you on when things go rough.
   
4. Craft a Story that Captivates your audience:  In today’s crowded marketplace, a compelling narrative is more often than not a your secret weapon.  Don’t just tell people what you do – tell them why you do it.  What ignited your passion for this idea?  What unique experiences and skills do you bring to the table?  Weave your story into the fabric of your brand, and use it to capture the hearts and minds of potential customers, employees, and investors. Everyone went to some cool school, everyone has a brilliant idea, everyone wants to make money, everyone has a brilliant business plan. I get it but. What makes you different. What makes you the right person for the job. Tell me about how you were raised, what experience you had that has injected this passion into you to build a business, what cavity are you filling in the market that makes you unique and why are you the best superhero for the job. Tell a story people can’t forget. That’s how you standout and craft a story.  Do this well and you can get investors, employees, and customers simply by telling a well crafted story. I have done this several times and due to my passion and story it has been a huge benefit to my life. Reach out to me on linkedIn or at ChrisFolayan.com I love hearing stories and helping people craft them.
5. Build Your Network Before You Build Your Business:  Most people don’t think about this but it’s so true. Think of your network as your entrepreneurial support foundation. You need it to build a well structured building with a poor foundation you will probably not have a building that stands. What I highly recommend and have done myself several times successfully is to start building a mentor and experienced network early to ensure my thesis is right.  Start cultivating relationships with mentors, advisors, and even potential collaborators well before you launch.  These connections can provide invaluable guidance on everything from refining your idea to navigating the complexities of starting a business. Your network can also be a fantastic sounding board for your strategy, pricing, and growth plans. Utilizing platforms like FounderCentered.com is a great way to build a network. Social groups, professors, and people you meet face-to-face at conferences are also great ways to build a network. 
6. Embrace the Detour don’t follow your business plan: Your Business Plan is a brain dump guide not a strategy to be followed:  While a well-crafted business plan is a valuable tool to many, it shouldn’t be etched in stone ever. From the title you can probably tell I am not a huge fan of a business plan. Reason being I haven’t read one that anyone has stuck to once they have launched their business. This goes for me. I am more in support of a business idea document which contains business goals and milestones.  The entrepreneurial journey is never a straight shot to success as business plans claim them to be. Be prepared to adapt your course as you encounter new information, market shifts, and unexpected opportunities.  Think of your business plan as a roadmap, not a rigid script. Be ready to take detours (pivots) as needed while focused on the goal which may also move from time to time. Embrace the detours and pivots as they arise – they could be the springboard for incredible growth and innovation. Caution here is don’t always think you have to detour make sure all detours are calculated efforts you make and not knee jerk reactions. Take time to make pivot decisions and always talk to your mentors. Plus prayer never hurt anyone, I have found that to be extremely helpful in situations where detour signs just hit you in the face like covid did to the world. 
7. Failure to learn is failure to earn: Failure is inevitable. How you run towards it or away from it is really what counts and defines you and your business.  Let’s face it, every entrepreneur experiences failure at some point.  The key isn’t to avoid missteps altogether, but to learn from them and grow stronger.  Develop a growth mindset – view setbacks as opportunities to refine your approach and build resilience. Remember, some of the most successful companies in the world, like Apple and Amazon, faced massive challenges and succeeded because they ran right into failure and learned from every lesson. I recall a few times where things were failing with our logistics and with another company of mine we had issues with a software we were developing for an arm of the US Govt. I didn’t throw my hands in the air I admitted the issue and ran towards the storm to figure out how we could fix them and use the failures we had as an opportunity to improve not only service but the product. Both worked out really well.
8. Become Customer Obsession, Not Profit Focused:  Sure, making money is an important aspect of any business. If you don’t you will fail. I totally get it.  But here’s the secret: sustainable success hinges on building a loyal customer base.  Focus on providing exceptional value and exceeding customer expectations at every touchpoint.  When you prioritize customer satisfaction, the profits will naturally follow.  Think of companies like Costco, Google and Amazon – they’ve built empires on the foundation of customer-centricity and not profit. When last did you pay to use Google Maps or your free gmail account. There are so many ways to make customers happy and still make money with tools and services. Remember without your customers you don’t exist. Customers come before money and profit each and every time. 
9. Give Back and Reap the Rewards:  Building a successful business isn’t just about financial gain. Remember success isn’t about how much you make it’s scout how fulfilled you are. You could have a billion dollars in the bank and still be sad. So many millionaires and billionaires are unhappy. Google it. To prevent yourself from falling into such a hole, work with the community.  Consider the positive impact you can make on your community.  Get involved in philanthropic initiatives, support local causes, or volunteer your time and expertise.  Contributing to the greater good not only strengthens your brand image but also fosters a sense of purpose and camaraderie within your team and the community. So give back and watch how happy that makes you feel. It has a much more lasting and impactful feeling than you could ever imagine. 
10. Launch, Learn, and Iterate: Don’t Wait for Perfection:  Striving for perfection is a recipe for procrastination and failure to launch. Instead, adopt a “launch and learn” mentality.  Get your minimum viable product (MVP) out there in front of real customers as soon as possible. Gather feedback, iterate based on what you learn, and continuously refine your offering.  Launch – Get Feedback – Update – Repeat.  Remember, even the most established companies like Microsoft, Ford, Tesla, and Sony are constantly innovating and improving their products. If they waited to be perfect before launching we wouldn’t have advanced as far as we have today. I have always been a huge believer in getting going and making changes even if things are not perfect. Adding the name “Beta” on a product or service lets the world know you are aware it’s not perfect and are still working on it. But at least you launched and that is so much better than waiting and waiting and waiting. 
11. Grow with Your Customers, Not Your Dreams – Hire when you need people not when you want people: Build and grow to support current customers not future dreams. It’s tempting to get caught up in ambitious projections and fantasize about exponential growth. I have had many founders during investor meetings with me say they plan on hiring huge teams. Because they expect 5X growth once they get an investment. Seriously, do you live on Earth or Mars? Nothing goes as you plan. Hire when you need people, not when you want people it’s that simple. As you see growth, hire not as you dream or hope of growth. Focus on providing exceptional service to your existing customer base and letting your business grow organically. This will allow you to maintain control, identify and address any potential issues early on, and ensure your foundation is strong before scaling your operations. Remember, even the mightiest oak tree started from a tiny acorn.

I truly hope these 11 points help you on your entrepreneurial journey. I had to learn some of these the hard way but you don’t. Remember you will be punched to the ground a few times when building your business. Just make sure you fall on your back so you can look up to what you need to do. Never fall flat on your face to the ground. You are a rock star, a superhero who knows how to fight and get things done to accomplish their goals. 

Stay blessed. 

Chris Folayan
Serial Entrepreneur and Passionate about helping people and founders