From $0.68 In The Bank To Building a 7-Figure Startup
From $0.68 In The Bank To Building a 7-Figure Startup
What motivates entrepreneurs to start their own businesses?
Reflecting on my early experiences, I've always possessed an entrepreneurial spirit. In university, I launched a delivery business on campus, which was even featured in the newspaper, marking my first foray into entrepreneurship. My interest deepened after taking an entrepreneurship class in my business administration program, where I was captivated by the freedom and flexibility that being an entrepreneur offers.
My journey took an interesting turn when I played professional hockey before transitioning into the front office. There, I encountered a common pain point alongside my now co-founder, which many other professional sports teams also faced. This discovery led us to start our own venture. I've always been on the lookout for opportunities to make a difference and leave a legacy. Additionally, being a passionate sports fan and having the chance to work with numerous professional sports teams is a dream come true. The adage "love what you do, do what you love" truly resonates with me.
How can entrepreneurs overcome challenges to achieve their business goals?
You're only on this planet for so long, which was highlighted by a recent event where a high school friend of mine passed away unexpectedly at 30. Such events remind you to live life fully and make an impact each day. For example, last night, after a board meeting, a friend who was unsure about his future asked for advice. I suggested he pursue something he's passionate about, as I have done with my successful business.
Despite starting with just 68 cents in our bank account, my co-founder and I have grown our business significantly over the last five and a half years. We now have the backing of a Fortune 50 company and a partnership with NASCAR. This shows that anyone can achieve their goals with the right mindset, regardless of their background or circumstances. I encourage everyone to believe in themselves and think about where they want to be in the next five years.
How can forming an advisory board benefit a startup business?
Forming our advisory board was a pivotal decision. About a year into our business, we learned about the benefits of having an advisory board, such as lending credibility and providing support. Our first advisor, a judge we met at a startup competition, was impressed with our concept and eager to help. As we expanded the board, we connected with individuals who were genuinely interested in our vision and wanted to support us, not for shares or financial gain but to be part of our journey.
Today, our advisory board consists of 12 members, including notable figures like the founder of the Ottawa Senators and executives with over 70 years of combined experience in major leagues. We also have advisors specializing in various business areas like HR and PR. Whenever we face challenges, we can consult these experts for guidance, which has been incredibly beneficial. Their support not only helps us navigate obstacles but also boosts our confidence, knowing such credible individuals back us.
What should entrepreneurs know before developing tech products?
When we started the company, we decided to create an app despite not having any technical experience. We initially struggled with development, learning through trial and error as we attempted to find the right developer without a clear understanding of what to look for. Reflecting on the early years, developing the app was challenging. In hindsight, I would have developed our web app before the mobile app. Many teams initially resisted the idea of requiring fans to download another app, which led us to build our web app that can be embedded into team websites and mobile apps. Although the journey involved many learning opportunities, if given the chance to go back, I would change the order of our development process.
How should business partners divide responsibilities for effective management?
Quality decisions are crucial in our business. My co-founder and I connected immediately, often finishing each other's sentences and sharing a similar business mindset, which has been vital in solving problems efficiently. We rely heavily on our advisors and each other to navigate challenges and empower our employees to take on more responsibility.
Shannon and I have divided the business according to our strengths. I focus on strategy, business development, sales, and marketing, while Shannon excels in marketing, handles the backend administration and legal aspects, and leads our investment initiatives. This division allows us to complement each other's strengths and weaknesses effectively.
Organization is another key aspect of our management style. Shannon, in particular, has significantly enhanced our organizational systems. We use various tools to maintain this organization, including CRMs and Trello, which help us manage our team and track our accounts, ensuring we effectively handle all our different stakeholders.
*This interview has been edited and condensed for clarity.*
