| | | Be a better entrepreneur every week. |
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| Let’s begin by taking a collective exhale. April Fools’ Day has come and gone, which means we’re no longer at the mercy of terrible pranks (and you can stop checking your toilet seat for Saran Wrap). But fair warning: we’re rolling right into National Laugh at Work Week. |
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| | News Bites News that matters to entrepreneurs |
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Logistical nightmares (are made of this) |
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| At the end of June, the union contract for dock workers in key ports across the West Coast will expire. If there’s disagreement over the new terms, experts are concerned that a union strike could accelerate the pileup of ships waiting to unload, increase shortages, and cause already inflated prices to skyrocket. This would send ripples of chaos through industries like trucking, logistics, and retail that depend on the movement of goods. Three-quarters of union members work the docks in L.A. and Long Beach, two of the most crucial ports on the planet, especially for imports from Asia. So, how are businesses coping? Some are placing orders early and stockpiling goods in newly-built storage facilities. In case history repeats itself, companies want to make sure they have access to their products. |
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| As the war between Russia and Ukraine enters its sixth week, governments continue to team up to pass some of the toughest sanctions in recent history, targeting businesses, banks, and Russian oligarchs. Businesses of all sizes are grappling with the fallout of the invasion and more than 400 corporations have cut ties with Russia. Experts recommend that even small business owners pay close attention—especially if you’re exporting or have Russian customers. What can you do? Search and restrict: This tool from the U.S. Department of the Treasury can help you uncover potential conflicts or violations. Tech companies should set up geolocation blocks to keep restricted parties from accessing your services.
Document everything: Should the government come knocking, having a sanctions compliance policy will show you’ve done your due diligence.
Plan for the future: This might be the first time economists are seeing businesses pull out of a country so quickly, but it’s most likely a sign of the future. Even if you’re not directly impacted now, the restrictions are sure to reverberate long-term. |
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| | | Business Builders Stories and learnings from notable entrepreneurs |
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| After her local juice brand put a strain on her finances, Danielle Sobel decided to pivot her entrepreneurial pursuits. Next up? Supplements for pups. Here’s what she’s learned along her business journey to land at Dandy Pet, a line of personalized supplement treats for dogs. |
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Tell us about a noteworthy challenge you faced as an entrepreneur and the steps you took to overcome it. |
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| Where do I start? Ha! My first business was a local juice brand that was successful until, well, it wasn’t. I learned so much through all my failures in that business—specifically around managing and hiring, which is one of the most difficult parts of any business, in my opinion. As a young business owner, I wanted to surround myself with “friends,” which wasn’t necessarily what the business needed. I also used to listen to people’s advice a lot more than I would trust my gut, which was a big lesson for me. There’s a balance between the two, and I far too often let outside influence change the course of my decision-making. Truthfully, for every successful moment I probably had 10 failures. But I believe if you’re not messing up, you’re probably playing it too safe, anyway. |
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What is the most actionable advice you could give to aspiring entrepreneurs based on your personal business experience? |
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| Be just as mindful and thoughtful with who your investors are as you would be if you were hiring someone internally. I’ve had incredible investors who have made meaningful, positive impacts on my business, and I have had ones who had fairly negative impacts. It’s not a fun position to be in! So, making sure your team and investors are all there with the same common goal and excitement around what you’re building is important. Don’t just take anyone’s money. |
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What are you proudest of in regards to your business? |
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| Every day we hear stories via email or social media from our customers on how much Dandy has helped their dog. Whether their pup was suffering from anxiety or they wanted a better quality of life in their senior years, our products have helped so many dogs become happier and healthier. |
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| | Recipe for Success Quick hacks to improve your business |
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How to build an MVP (minimum viable product) |
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| Prep Time: 24 to 48 hours
Yields: The first version of your product! |
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| Thirty-five percent of small businesses fail because there’s no market need for their product or services. But with some careful upfront planning, it doesn’t have to be the thing that kills your business. MVPs (minimum viable products) are the first iteration of your product. They help you identify your product’s core features and give you something to show prospective customers. Here’s how to build yours: Decide on a budget: MVPs are meant to be scrappy, so don’t allot a big budget. Spend as little as possible so that you’re not spending money before making money.
Set a deadline: The MVP step shouldn’t be a bottleneck. Don’t waste too much time building one in case it doesn’t work out. Make sure your deadline gives you some kind of time constraint—if you give yourself a weekend, it’ll be done in a weekend.
Pick features and flow (keep it simple): For physical products, decide on the core elements it needs to function at a basic level. For digital products, map out the user flow. (Some examples here.) Keep: essentials, non-negotiables, and customer-validated features Cut: nice-to-haves, clutter, and anything not aligned with your Unique Selling Point.
Build it: For physical products, make the initial prototype yourself or get a supplier to create a sample. For digital products, try building with a convenient no-code tool. Stick to the 3 Fs at this stage: make it Fast, Functional, and as Free as possible.
Test it: Your MVP may be simple, but it still needs to impress! Do stress tests and longevity checks on physical products. For digital ones, test different environments (browsers and operating systems) and conduct quality assurance on the user journey.
Ship it: Put your MVP to the real test by getting it in front of your customers! Start with friends and family first—get their feedback using tools like SurveySensum and see if it’s a product they’re excited about. Then you’ll know if it’s truly worth pursuing. |
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| | Staff Picks Stuff we really like |
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| | Watch - AppSumo TikTok: TikTok’s not just for lip syncs and dance videos. The newly-launched AppSumo TikTok offers bite-sized learnings and insights on starting and growing your business. Pairs perfectly with a little newsletter that rhymes with “Wind Your Christmas.” |
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| | Listen - My First Million: This podcast by Sam Parr and Shaan Puri celebrates creators, dreamers, and entrepreneurs. Oh, and making bank. Each episode offers interviews with successful founders like Rob Dyrdek and Noah Kagan, business strategies and brainstorms, and looks into emerging market trends. |
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Last week’s results are in… |
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| Got a question about your business that you'd like answered by an expert? Want to be featured as an entrepreneur? Have feedback for us? Reach out at [email protected]. Until next time! Mind your business. —The MYB Team |
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