Hi there folks!
Creatives Meet Business is an event and podcast series based out of Austin, Texas for artists and creatives to learn the ropes of entrepreneurship.
This episode features Neelan Choksi who joined us in November during our roundtable event on Bootstrap. This episode outlines the Growth Stage of Bootstrap Entrepreneurship and includes so much amazing info on how to GROW. Without further ado, let's hop in and hear what he has to say!
- 0:00 to 2:12 - Ashland Opening Remarks and Intro of Neelan Choksi
- 2:13 to 6:32 - Introduction of Self and Topic - Growth
- Product Market Fit - your service / product matches a need in the market and you have demand
- It's all about rinsing and repeating
- Stages 1 through 4 are addictive, but not the growth stage
- Now you worry about making ends meet, inventory, etc
- Be honest with yourself, what's the ceiling of the business? That'll determine the funding / business route you select and opt for.
- This stage is all about rinsing and repeating
- You know you're in the growth phase when you start to stay "No"
- 6:33 to 9:26 - 3 C's and 4 P's of Marketing
- C's: Customer, company structure, competition
- P's: Pricing, Product, Place and Promotion
- Pricing = Jacksonville Jaguars example
- Distribution - until now you're the sales person and wear all the hats. Now you're thinking about scaling - hiring a sales person, for example
- 9:27 to - Scaling / Growth Example - Girls Will Be
- Neelan's daughter wanted to shop for clothes in the boys section, which prompted Neelan's wife to develop a line of clothes that were active and had a different fit
- PR and Social Media help you look bigger than you are
- Speaking engagements and books help you in the growth phase
- Questions you start asking in the growth phase
- How much cash flow do you have to put into inventory?
- As a services business, I don't quite have the demand, can I hire someone?
- 14:16 to 16:07 - Benefits of Partnership
- Human Fabric by Bijoy Goswami addresses the power of two (2)
- Valley of Death is typically something you do alone, the partner comes in the Growth stage
- The things that make you successful in the early stage will kill you in the Growth stage
- 16:12 to 18:49 - Ashland Closing Remarks
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- Big thanks to Jamal Knox (audio engineer) and Chris James (composer)!
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Next up - Goal Planning, so stay tuned!
Ashland, Creatives Meet Business