Hampton Roads Business Weekly Episode 7 Show Notes
1. The idea for Mango Mango (a mango preserve) came out their event planning business.
2. What resources did they use to create the product-based business? A lot of educational resources such as the Virginia Department of Agriculture.
3. Advice concerning the VA Dept. of Agriculture: They submitted their product to a program called Virginia’s finest and it was accepted. Through that, they got into food shows and many stores.
3. Experience with Shark Tank: Even though no funding was received, Mango Mango received a ton of notoriety and the sales from that.
4. Best advice for those trying to scale their business: Start with good people in your business whose growth is connected to the business’s growth. Also, its important for everyone to fit.
Entrepreneurial Terrors With Dr. Gregory Stone
1. Why are people so afraid to start a business? People are afraid of failure, so by avoiding they never have to deal with the possibility of failure.
2. How can people take small steps to get out of that mindset? Just do something! The size of the something your doing does not matter.
3. What other things can people do? Get over the fear of failure. No one really cares if you fail or not – there is no stigma.
Entrepreneur of the Week
1. What is Beerbug? A gravity and temperature monitoring device for home brewing that is connected via wifi.
2. How did he validate the product? He spent 6-8 weeks talking to people/searching threads and the fact that many people had tried it and failed validated the idea
3. After winning funds on Kickstarter: Before Kickstarter they had 99% of the product developed, but after Kickstarter the final 1% of development was the most difficult to accomplish.
4. How is important is your team in the growth stage? It’s huge. It’s important that the team have drive and motivation and truly care about what they are building. Having mentors who have been there before is great also.
Social Media Tips
1. Today’s Tip: Online Banking
2. Benefit 1: you save a lot of time and trips to the bank. Example: deposit your checks via your phone.
3. Benefit 2: Quickbooks syncs with online bank accounts.
4. Advice: keep your passwords secure.