Dear Entrepreneurs; Don't Get Too Cocky

Dear Entrepreneurs, don't get too cocky about business 😮

We've all noticed the unfortunate trend of some entrepreneurs talking down others, usually based on having built a larger revenue company.

This is further evidenced by the "7-figure, 8-figure" self-promo titles, along with the multi-comma type awards and their fanboys.

This sort of egotistic comparison leaves thousands of small business owners feeling less worthy, or inferior to those who've scaled larger.

Time for some delicious humble pie. 😘

My book is titled "Side Hustle Millionaire" because I was the odd type of individual that was equally driven in my corporate success, at the same time as my entrepreneurship success.

For me, there was an overlap of 15 years of both careers being aggressively pursued. This allowed me to experience the pros/cons of both sides of employment and entrepreneurship, at a high level.

I was earning a salary of multiple 6-figures on an executive career path, while building businesses that earned millions... in my spare time.

In today's entrepreneurship space, especially in the marketing and influencer gooroo ranks, people like to flex what they perceive as big revenue numbers or exit numbers, to assert their status.

Whether they are bragging about 10 million or 100 million, understand that these values are just day to day operational values in big corporate.

I've approved single purchase orders for 100 million. I've led technical bidding strategies that landed a billion in contracts... in one year. I managed international projects that had 4-5 million daily burn rates, operating 24/7.

Big corporate made me numb to dollar values, especially if someone is using them for marketing. I was responsible for executing at a very high level, without being emotional about dollar values. The right decision is still the right decision.

Quite honestly, that corporate experience and all the professional trainings I've received... made small business easier for me. It's one of the reasons for my entrepreneurship successes.

Now, a separate debate could be made about entrepreneurs taking on personal risk, but that really only applies if you bootstrap your entire company without ever taking on partners, loans or investors.

Because as soon as you do that, others are sharing your risk. It's no different than answering to shareholders or a board of directors, and the cost of failing remains the same; You're left without income, and have to regroup and do something else.

My message is simple. Be humble and recognize that many others are playing at different levels. Don't think you're better at execution because you started a company, vs someone who went corporate.

Encourage those who wish to excel in either path. Don't be a gatekeeper and talk down to them. I'm old enough to witness numerous examples of both entrepreneurs and corporate career people that started behind me, and took off to astounding levels.

I'm happy for all of them.

by Tony Whatley

Generate Sales During a Down Economy

Newer business owners, say less than 5 years ownership, don't always have the experience of sustaining during economic cycles.

Seasoned business owners understand the long game. There are always "up" seasons and absolutely "down" seasons. It's ignorant to believe there is an endless winning season.

I'll share one major tip that has saved countless businesses from going under, allowing them to weather the storm.

Consider temporary pricing adjustments on your inventory, in order to drive sales. This inventory could be products, or available service hours not being utilized.

I've seen too many businesses fail due to ego of the owners. "I'm not lowering my price! I know what I'm worth!"

That sounds great in theory, but if nobody is buying... your price might as well be $0 dollars. Because that's exactly what you're earning.

Many business owners get this mindset wrong. They incorrectly believe that business solely exists to create profit. They somehow think the business takes priority over the customers.

Wise owners put the horse back in front of the cart. A business exists to serve customers, period. Without customers there is no income. Without income, there is no business.

During recessions or stagnant economic times, as a CEO your primary role becomes ensuring the survival of your business. This isn't a growth period, and it doesn't make sense to scale if the market size has shrunk.

If you have products on the shelf, or manhours sitting idle and on standby, you should consider lowering your prices to get some sales inbound. How much lower? The answer is whatever it takes to create sales.
Here's the thing; You can sit idle on inventory, and suffer a BIG cost of doing nothing, earning $0 out of pride...

...or you can move products and service hours at a temporary discount, and experience a much smaller cost. Even if you take some small losses to push out inventory, it's still generating cash and you then only have a small fraction of overhead costs left to cover.

Anything coming in beats zero. That's how to survive the season. You can bet an upwards cycle will return again, and then you'll be busy enough to readjust pricing later on.

Don't fight the laws of economics. Learn to move with them.

-Tony

by Tony Whatley

Being Emotional About Money = Bad Decisions

Being emotional about money leads to bad decisions😮

With the global economic disruptions and unpredictability we've seen lately, it's important to separate emotions from decisions.

A scarcity or fear mindset around money has cost people fortunes, whether we're talking business, investing, or career path trajectories.

I used to have that scarcity mindset about money. It's because I grew up without money, and money was hard to come by, and money was the reason for a lot of arguments I witnessed.

Money was therefore an emotional topic, and unfortunately on the negative side of emotions. This is how most people experience money.

Too many of us worry about losing money. We fear wasting money. We see the world as a zero sum game; "For every winner there is an equal loser." We then become skeptics, or worse; Pessimists about any financial decision.

Not enough people focus on the potential upsides of money. An understanding that money is created by your effort, and that it is endless in supply. An understanding that whatever we lose, can also be replaced. An understanding that some expenses are actually investments that pay off for years, or a lifetime.

So, how did I break that scarcity mindset about money?

There are several lessons, but I'll share a few that should raise your self-awareness, so that you make better decisions (and actions).

Start by reframing the words and sentences you use, regarding money. Also notice the phrases that others use around you, to gauge their own awareness levels.

Common phrase:
"I can't afford that." (this shuts off your brain)

Replace with:
"How can I afford that?" (this engages your brain to problem solve)

Think about this, I'll bet there have been things in your life that you could not afford, but you figured it out and made it happen. When we want something bad enough, we always figure it out. That's an example of the differences between the phrases above.

When considering purchases vs investments:

Common phrase:
"How much will that cost me?" (scarcity - "cost" signals lost)

Replace with:
"What is the investment? What's the return on this investment?"

Notice that the pessimistic common phrase may lead you to decline to take action, where as understanding the long-term benefits may create a positive action. Also note that a return on an investment isn't always financial. It could be joy, more free time, more comfort, access to opportunity, etc.

The second lesson came through my corporate career. Chances are, you are also having to make financial decisions at work, especially if you aspire to make it to middle-management and higher.

As a young Jr Project Manager in oil/gas, I remember managing some small projects that were in the 750K-1M range, and feeling super nervous about making decisions because it seemed like that was a lot of money to me. Signing a purchase order for 100K would make me feel anxiety.

Twenty years later, I was managing projects in the 200M-300M range, and I was approving purchase orders for 50-100M, with zero anxiety or stress. I also led the technical bid strategy for a startup that landed 1 Billion in awarded contracts in a single year.

What was the difference between the stressed younger version vs the experienced later version of me? I had learned to make important decisions, regardless of the money size. I had to learn to separate emotions from critical decisions.

It's normal to feel an emotion about money, and that will change for you (hopefully) over time. The successful have learned to separate their emotions from decisions. They've learned to rely on logic, calculations, experience, risk mitigation, and understanding the difference between investments vs wasteful spending.

Whenever you're feeling panic, doom and gloom, or anxiety about financial decisions, that's a huge indicator that you're moving away from logic. It should serve as a warning.

The pros go back to logic, calculations, and experience to make financial decisions. They capitalize on emotional buyers and sellers.

-Tony

by Tony Whatley

Wit & Sarcasm Marketing - with Rob Anspach - EP 401

Marketing maestro Rob Ansbach joins us to share his wealth of experience and unique humoristic take on the world of marketing, drawing from his impressive portfolio of over 55 books. With a sharp wit and a penchant for sarcasm, Rob brings a fresh perspective to personal storytelling, LinkedIn etiquette, and the art of engaging audiences. Discover how Rob’s humorous book, "LinkedIn Without the Cringe," cleverly critiques the flood of pitches in our inboxes, and learn why embracing one's quirks can build a formidable legacy in both marketing and life.

In a candid conversation, Rob and Tony explore the intricacies of LinkedIn, comparing it to platforms like Facebook and reflecting on the flood of pitches that populate our inboxes. Rob's unique insights into social media etiquette and the behavior of online personalities reveal how to create value while maintaining professionalism. Rob touches on the power of humor and authenticity in crafting compelling stories that resonate with audiences. Through anecdotes, Rob illustrates how embracing one's unique qualities and staying true to personal beliefs can lead to success and deeper connections in both marketing and entrepreneurship.

This discussion also covers the ever-changing landscape of modern marketing, where cultural shifts and influencers play a pivotal role in shaping public opinion. Rob shares his passion for building authority and legacy, emphasizing the importance of differentiation and knowledge transfer in business. Rob and Tony talk about the potential of AI in creating comedic content and the enduring appeal of physical books. Tune in as they navigate the world of podcast entrepreneurship, marketing strategies, and the art of crafting stories that leave a lasting impact.

Key highlights:

  • The Power of Storytelling and Sarcasm
  • Navigating Marketing Challenges in Cultural Shifts
  • Social Media Etiquette
  • Legacy Building and Marketing Strategies
  • Crafting Compelling Stories for Impact
  • Embracing Uniqueness in Marketing
  • Podcast Entrepreneurship and Marketing

Connect with Rob Anspach:

Connect with Tony Whatley:

by Alexi Cortopassi

Business Lessons from Basketball

What business lessons could we learn from last night's NCAA Final Four game, Houston vs Duke? (Houston won by 3 points)

Prior to the game, Duke was heavily favored to win by at least 5 points and 71% favored on betting odds, even though UH had the top-ranked defense.

For nearly the entire game, Duke commanded a strong lead, even getting into the double-digits lead territory. The analytics showed Duke with a high percentage of victory.... until the final 19 seconds of the game, when Houston finally took the lead.

As a business coach, here are some lessons I picked up from watching the game.

🟩Resilience Under Pressure
Houston trailed Duke by 14 points with just over eight minutes left but staged a remarkable comeback. This resilience highlights the importance of staying composed during setbacks.

In business, unexpected challenges such as market downturns, supply chain disruptions, or competitor actions require teams to remain focused and adapt. Build a team culture and create processes that help you pivot and execute in stressful and challenging situations.

🟩Leveraging Strengths
Houston’s defense, ranked as the best in the nation, wore Duke down in the final minutes. Houston then leaned hard into their defensive identity to disrupt Duke’s rhythm.

Similarly, businesses must identify and double down on their strengths. Whether it’s superior technology, marketing, customer service, or operational efficiency, business owners need to know their strengths and when to turn up the volume.

🟩Teamwork Over Individual Stardom
While watching the game, you couldn't help but notice the announcers were constantly praising and focusing on Duke's player Cooper Flagg. He had an amazing game with 27 points and seemed to be in every big play, on offense and defense.

With Houston, no single player dominated or was consistently mentioned, but their collective effort prevailed. They seemed to play more balanced.

Businesses thrive when teams collaborate rather than depending on a single “star” employee or department. Owners should encourage cross-functional teamwork and shared accountability, so that the odds of success still exist even if one star or department underperforms.

🥰 Finally, go Coogs! (Class of '98)

by Tony Whatley