👋As we get closer to 2022, I know your brain is churning with lots of dreams, goals and plans for your career as an entrepreneur in the coming year.
For this last newsletter of the year (don't worry, there will be many more Generation Si! newsletters in 2022), I wanted to bring you Part 2. They're coming from The Tip Jar. I'm highlighting some of my favorite entrepreneurial tips of the year, plus some extra tips as a bonus!
And spread the knowledge. Don't forget to share this article with anyone who is thinking of starting their own business (share button is at the top).
THE TIP JAR - SOME FAVORITES (PART 2)
"I’LL NEVER DO THAT AGAIN"
1) EDDY AND JORGE PRADO - Co-founders of Fastmind, Inc.
INDUSTRY: Tech and Advertising
Eddy: "I will never take more than two to four weeks to launch a product." The reason? He doesn't want to overbuild a product.
Jorge says he'll "never try to hold on to an employee who doesn't fit the company culture," no matter how good their tech or sales skills are.
2) VALENTINA GRISALES - Owner of 5 Cell Phone Stores
“Putting [in] the floor[ing] myself with my family…We thought we were going to save money, and we ended up spending more and working a lot.”
“Open a [savings] account for growth.”
She stresses that this is not a savings account for emergencies. That’s different.
“I think that a [savings account for growth] is really important in business. Because I think people get stuck – in one restaurant, one location…one business – when you can have multiple sources of income, instead of having just one thing.”
3) DOUG CARRILLO - Co-founder of Bitstop
“Putting your eggs in that one [tech] developer and letting him hold you hostage because you’re scared that, if we fire him…this whole thing is going to fall apart…So I’ll never, ever let another developer hold me hostage again.”
BEST ADVICE FROM “LA CASA”/BEST “HOUSE” ADVICE:
1) CLAUDIA MURRAY, Esq. - Film Director/Producer/Writer
Murray’s grandfather always reminded her, “Lo que no mata, engorda.”
LOOSE TRANSLATION: What doesn’t kill you makes you fat.
MURRAY’S INTERPRETATION: She says that this quote taught her, whatever it is, “you might as well try it. It’s better that it’s making you fat than it’s killing you.” It also taught her that “the spirit of risk is a gift.”
2) TEODORO “TEO” GONZALEZ - Founder and CEO of ConnectUs
Industry: Tech and Human Resources
Gonzalez says his dad gave him this valuable piece of advice: “’Sí no preguntas, ya tienes el no.’”
TRANSLATION: If you don’t ask, you already have the no.
He says this applies to promotions, raises and fundraising, just to name a few examples.
Little gems of wisdom, like the above, have taken on a life of their own in the Gonzalez home.
“We have a little Gotitas del Saber (LOOSE TRANSLATION: Little Drops of Wisdom) spreadsheet in our house that we all just add to. [If] it was something that people were talking about… it was like, ‘Oh, add that to the Gotitas del Saber. A year ago, I said we should just put this on a spreadsheet – so it could live on forever.”
3) VERONICA CERVERA - CEO of Cervera Real Estate
Industry: Real Estate
“Los días son largos y son feos sin familia.”
TRANSLATION: The days are long and ugly without family.
Veronica says family is at the heart of everything for her, even when they fight. “Whenever we fight, we fight to stay together.”
EXTRA, EXTRA! BONUS TIPS FROM FEATURED ENTREPRENEURS ON GENERATION SI!
Because the entrepreneurs I've profiled are full of great ideas and advice, I wanted to share some of the "other" tips they have for you:
RANDY OJEDA - Attorney & Founder of Cigar City Management
INDUSTRY: Law, Entertainment
OJEDA ON THE POWER OF SAYING "NO"
"I definitely said yes to way too much early-on... That would be my biggest mistake... not saying no enough. And I think there's a real power in saying no. And I think it's super important to know what your limits are. Know when to say no to opportunities."
MAXEME "MAX" TUCHMAN & ALVARO SABIDO - Co-Founders of Caribu
INDUSTRY: Education Tech (EdTech)
TUCHMAN & SABIDO ON WHAT NO ONE TELLS YOU WHEN STARTING A BUSINESS:
Max Tuchman: "Don't assume your competition knows what they're doing... It's very easy to... get very demotivated when you're like, oh, these guys just launched a product that is like ours... Oh, everything's over... They're trying a lot of different things, as well... If you have something, and more and more companies start building stuff like you're doing, that's actually a good sign. That means that there's a lot of investment in that area. That means there's a lot of interest, a lot of potential growth. So focus on doing it the best."
Alvaro Sabido: "An app is something you do, and that's it. But, for any of that to work, you actually have to actually build a business. Maintain a business. And all of that requires operational stuff - accounting and business, legal and even just distribution. All of that stuff has to happen the moment you start earning $1."
L. FELICE GORORDO - CEO of eMerge Americas
GORORDO ON STAYING FOCUSED
"Always [make] sure that you are keeping that big, hairy, audacious goal top of mind and front and center for [yourself] but, more importantly, for your entire team."
🌴🌴🌴🌴🌴🌴🌴🌴🌴🌴MESSAGE FOR 2022🌴🌴🌴🌴🌴🌴🌴🌴🌴
And Felice Gorordo's message is exactly the kind of motivation I want to leave you with as 2022 approaches.
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🌴Make 2022 the year you make it happen - you start or expand your business!
I believe that the Latino community has the talent, the drive and the commitment to solving the world's problems with their apps, ideas and small businesses. My goal was to provide inspiration and practical advice to help you as you go on your entrepreneurial journey.
We just got started in 2021. I'd love to keep you motivated, up-to-speed on resources and approaches that fellow Latinos are trying as they launch their businesses. Your turn! Let's make 2022 your best year yet! Sending you lots of love and encouragement.