👋Thanks for sticking with me during the 2021 launch of the Generation Si! newsletter.
I'm so thankful for the time and generous advice of the Latino entrepreneurs profiled. As we approach the end of 2021, I wanted to share with you some of my favorite pieces of advice from The Tip Jar.
If you like this list, share it with friends and those who you think might benefit (the share button can be found at the top).
THE TIP JAR - SOME FAVORITES
BEST TIPS WHEN STARTING OUT:
1) CARLOS BUSTAMANTE, Ph.D. - Founder and CEO of Galatea Bio
INDUSTRY: Biotech and Genomics
Dr. Carlos Bustamante says, "Don’t give up…There are no failed founders. There are just failed companies. And failure in a company is success. Because you learn something and do it [start a company] again. So most investors continue to bet on teams and continue to bet on people."
PRACTICAL APPLICATION: "It’s nothing different than running a lemonade stand where you want to sell that cup of lemonade more than it cost you to make."
"Buy the lemons and the sugar and have a friend help you set up the lemonade stand. And, at the end of the day, you want to make more and more lemonade stands. And then once you’re selling $100 million of lemonade, you can sell it to Honest Tea. I mean, that’s what it is."
"Go read the book, 'Message in a Bottle.' It’s the story of Honest Tea and how they started."
2) ALEXANDRA "ALEX" ESTEVE - Founder and CEO of CarBuckets
INDUSTRY: Automotive and Tech
Alex Esteve says, “Get out there and talk. You know, talk to people.”
One trend to accomplish that is to join a co-working space. But, she explains why it may not be a fit for some people.
"I think you have so many people joining a co-working space because it’s a cool environment to work in. I have to say, I fell for that… I’m pretty shy by nature. So I would go in. I would sit down. I wouldn’t talk to anyone. I would leave.”
Here’s how she suggests you go about it:
“Working in co-working spaces are great, as long as you talk to people. Make it a point to get to know the people around you and what their skill set is. And if you really want to make it, start finding those team members [for your business]. And I would have to say, that’s the hardest thing. That really is the hardest thing [finding your team members]."
3) LIZBETH WALKER - Founder and CEO, Qwalifize Staffing & Consulting
INDUSTRY: English and Bilingual Staffing
Here's what Lizbeth Walker suggests for those of you starting out:
-Tap into free resources around you
-Physically step into an office or setting similar to what you envision for yourself. It’ll show you someone else's ideas and dreams manifested into something tangible. If they did it, you can, too!
-If you cannot physically get there, don't limit yourself. Create a digital folder, a Pinterest account or vision board full of pictures and words you are working toward achieving. It will definitely keep you motived. Think of it like planning for a vacation: Research it online, find a great spot, review ratings, save up for it, set a timeline and then, finally, you'll be able to book it!
BEST TIPS WHEN STEEPED IN SKILLS (mid-career):
1) CARLOS GAZITUA, Esq. - President and CEO of Sergio's Restaurants
According to Carlos Gazitua, “You can open a restaurant on a physical block. But you can also do ghost kitchens or virtual brands that have never been available before… And I would say, look at all the options because you might want to dive into that while you’re working and then see how you like it and see what it is.”
PRACTICAL APPLICATION: “I’m in ghost kitchens right now that we’re looking to grow… I’m shipping all over the United States our products from our USDA facility. I looked at every vertical channel and I said, ‘Hey, this is a seed that I want to grow that may be [or] might not be our money-maker now… but it will be in 5 years.'”
Note: Generally speaking, a ghost kitchen is a professional, delivery-only style food business without indoor dining or a public presence.
2) MARNIE FORESTIERI - Founder of Hopscotch, also Founder and CEO of Young Innovators Academy
INDUSTRY: Education and Tech
Marnie Forestieri says, “Assess [your] financial situation. I have seen so many people just wanting to start a business. And that’s the American dream, right? But they don’t have enough savings in the bank. So you have to be realistic. How are you going to pull it off? Do you have enough savings? Entrepreneurship is never like you think. If you think you’re going to start making money in three months, double the time.”
“You have to be willing to strengthen both… sides of your brain. So… when your creative side is telling you, oh yeah, we’re going to sell a lot, then your other side has to be telling you, oh, what if it doesn’t?”
Forestieri adds, “I would not leave my job. I would start something on the side. I would start building a business plan. Join a community. Join a group. I would start learning. I would not just quit a job because you just decided to be an entrepreneur because, a lot of times, it doesn’t work… Then, that affects the self esteem. Then, that causes a lot of other negative effects.”
3) CARMEN CASTILLO - Founder and CEO of SDI International
INDUSTRY: Global Supply Chain Management and Procurement
Carmen Castillo says, “Always hire the smarter individuals and empower them to make decisions. Those individuals need to be smarter than you or as smart as you think you are.”
BEST TIPS FOR THOSE STARTING OVER:
1) ANTON DIEGO - Co-founder and Co-President of EveryMundo (acquired by PROS)
INDUSTRY: Aviation and Tech
Anton Diego says, “I really believe that this is the time to start businesses. This is the time to have that courage to pursue an entrepreneur’s dreams. There’s never been so much change. There’s never been so much volatility. Change and volatility promotes entrepreneurship… But, again, with a clarity of purpose, with full passion, with the necessary backing… or necessary foundation, to survive a long period of time without making the income that you might need.”
2) JANNESE TORRES-RODRIGUEZ - Founder and Blogger of the Delish D'Lites blog, also Founder and Host of the Yo Quiero Dinero Podcast
INDUSTRY: Blogging (Food) and Podcasting (Financial Education)
Many people think if you’re going to do a career pivot, you need to go back to school and get a degree.
Jannese Torres-Rodriguez says, there are many resources online you can take advantage of instead. For example:
-Google Digital Garage
She says she taught herself the following just by going online:
-How to start a blog
-How to start a podcast
-How to grow your social media following
But you must invest the time.
3) CAMILO BELTRAN - Founder and CEO of Vida Jets
INDUSTRY: Aviation and Sales
You don’t have the luxury of time and experience. This is NOT the time to get your feet wet. You need to “swim, eat, breathe” whatever it is you want to do to quickly become the expert, according to Carlos Beltran.
For example, going into the aviation industry, go from the macro to the micro to figure out your market. He suggests you approach it this way:
-U.S. market and % of commercial flights
-Look at the Southeast region and private aviation
-Narrow focus to South Florida market and turbo props
🌴Thanks again for supporting Generation Si!
🌴If you found value in this issue of our newsletter, please share the article (the share button is conveniently at the top)
🌴To continue getting more advice and inspiration from Latino entrepreneurs and business leaders, please subscribe.
🌴And don't miss our next special edition issue later this week!