This week’s guest is Annabelle Ship. Annabelle is a frequent guest speaker in Allen's USF entrepreneurship class where she talks about the merits of bootstrapping a new business like she did multiple times successfully in her career. She's so passionate about this approach, she now runs a non-profit organization called the Bootstrap Business School.
Full Episode (YouTube): https://bit.ly/2AELfia
Audio Only (Podbean): https://planyourstart.podbean.com/e/annabelle-ship-bootstrap-business-school/
2:50 - Annabelle’s entrepreneurial journey is an excellent example, on the beginning, she used her creativity to compensate for her lack of financial resources
3:55 - Allen focuses on where America is right now. During this Economic Crisis, people have lost or may be concerned about losing their job. They need side income! Allen wants to inspire people, where they are, toward financial success.
4:35 - There are two types of people: 1. People who don't have an entrepreneurial bone in their body. 2. People who've known it's within them, they've always had the dream and desire to become an entrepreneur.
5:09 - Anabelle believes everyone has some entrepreneurial spirit. She's pessimistic about our current economy, but she feels very optimistic toward personal financial growth opportunities. Right now, opportunity cost is practically nothing, it's a perfect time to start a business.
8:12 - Allen feels a combination of inspiration and financial/concrete resources are essential for success. Annabelle feels passion and determination are essential for success, also.
10:14 - Many successful companies, such as: FedEx, Apple, Microsoft, Amazon, and Disney all started during a recession, with little or no money. Allen believes "We're currently heading into something, maybe worse than recession. Great things come from recessions and depression." A successful business must solve a very deep, very narrow, and specific problem.
15:30 Annabelle's first business started in the 1990's. It was one of the first 'green' stores in the country and she became one of Burt's Bees first vendors.
18:50 - The dramatic reduction in hours and rise in unemployment, has increased the need for personal income. Now is the time to create a business or side business to generate additional income.
22:05 - Anabelle asks, "What problems are you aware of and how can you create a business with the solution?" (Ex: If you're skilled at hair cutting, now is the perfect time to create a "How to" tutorial.) Teaching your personal skills, in an online forum, fills a need and helps generate income. After you evaluate your personal and professional skills, combining them increases your business potential.
24:52 - Allen believes "relentless persistence" is essential for professional success. As a start up, you will face a variety of unforeseen problems. "You must be tenacious and relentless to overcome these roadblocks. Things won't come as easily as you expect. You must push through and it's going to be harder than you expect." Allen adds. Anabelle agrees, "your persistence, self confidence, and commitment to work hard will improve your ultimate success.”
38:30 - Annabelle shares, "It's time to stop Coronivating". This is not the time for a vacation." In order to become financially stable, evaluate your spending and cut all non essential bills.
43:00 - Anabelle's "Boot Camp" is a nine day pilot program offered to fifty lower income people. Each student learns all the information on how to create a small business, and leave with a "financially strong idea".
48:30 Necessity dictates invention and inspires personal and professional growth and success.
51:00 "Artificial Deadlines'' help Allen keep himself accountable. "Imaginary deadlines" inspire and ensure his progress. Goal setting, lists, and time management, are important skills, taught in Anabelle's workshops.
1:00:00 - Anabelle stresses the importance of positive energy. "What goes out, comes back to you." Allen believes both artificial and self imposed deadlines methods, pushes him to complete the task at hand.
1:08:30 Both agree to begin by branding or adding a platform and creating your account. "Reserve" an account and buy your domain name.
1:16:15 Allen believes "There's a lot of power in the pre-order side". New customers look forward to their product. (Most entrepreneurs are insecure and push toward "perfection".) Pre-order is an excellent idea for both customer and purchaser because it identifies if there’s a demand.
1:20:50 It's important to watch your competition. "Know your competition better than they know you." Allen says, because being aware of other similar products increases your business success.
Annabelle’s LinkedIn: https://www.linkedin.com/in/annabelle...
Annabelles's Non-Profit: https://www.bootstrapbschool.org
Full Episode (YouTube): https://bit.ly/2AELfia
Audio Only (Podbean): https://planyourstart.podbean.com/e/annabelle-ship-bootstrap-business-school/