From the archive: This episode was originally recorded and published in 2019. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.
Ryan Vet is an entrepreneur, speaker and author. He has held executive leadership roles in numerous start-ups including boon, a cloud solutions platform for the dental and health industries, and is the owner of two restaurants.
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Shoe Dog by Phil Knight – A memoir by the creator of NIKE
Boon – Better Care. Better Value.
RyanVet – Visit Ryan’s website!
3 Value Bombs
1) The most important thing – more important than having a business plan – is the drive and passion to persevere
2) A brand is more than a name, it’s an identity that others can rally around.
3) In everything you do make sure you practice good.
HubSpot: Learn how to grow better by connecting your people, your customers, and your business at HubSpot.com!
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Today’s Audio MASTERCLASS: Practicing Good in Business with Ryan Vet
[01:20] – Ryan shares something interesting about himself that most people don’t know.
- Ryan was born in Pennsylvania, and grew up in Chicago.
[02:44] – Let’s talk about a strategy for starting a business
- The most important thing – more important than having a business plan – is the drive and passion to persevere
- Know your ‘Why’ when starting a business.
[05:32] – John recommended reading Shoe Dog by Phil Knight
[07:15] – What are some tips and strategies Fire Nation can leverage to brand their business?
- A brand is more than a name, it’s an identity that others can rally around.
[10:13] – Let’s talk about fundraising and the different venues that entrepreneurs can choose.
- Ryan bootstrapped his first business.
- Asking for money from friends and family – this is potentially awkward.
- Asking for money from Angels – they are the ones who are going to ask for more details about the business
- Asking for money from Venture Capitalists – this is a complicated process, but very fulfilling.
- Loans from SBA
- Equity Crowd Funding – You can sell stocks for a few hundreds of dollars, like WeFunder.
[15:21] – JLD summarizes the fundraising options
[19:08] – A timeout to thank our sponsor, HubSpot!
[20:21] – Scaling a business: how do you make your business viable as it grows?
- Scaling a business is challenging.
- Growing a business is like raising a child – it has different stages that requires different strategy and attention.
[25:44] – Creating a corporate culture: a lot of people and companies fail at this – why?
- Millennials will work for a lower paycheck if they believe the company follows their same beliefs and culture.
- Healthy culture can cultivate an energy inside the company that will propel it to unexpected heights.
- Consistent messaging – have a clear purpose and practice what you preach.
[29:42] – What is Gig Economy? How do you hire a team that benefits all parties?
- The Gig Economy is anyone who wants to earn extra money on their own time; includes freelancers and contractors.
- The Gig Economy has two sides of the market place where there is a demand for something and a supply for that demand.
[33:00] – Takeaways Ryan learned from working in the Gig Economy
- Communication is very important – you need to establish the person you are hiring is good with this.
- Clarity – have clear expectations on what you want.
- Use ratings, give your contractors honest private feedback, but give them positive public feedback.
[35:35] – Ryan’s parting piece of guidance
- Is what you’re doing practicing good? Does your brand have a mission that ultimately benefits the people you’re working with? In everything you do, make sure you practice good.
- Boon – Better Care. Better Value.
- RyanVet – Visit Ryan’s website!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!