* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting. HELLO [00:00:01] AND WELCOME TO THE SCORE HOUSTON TV SERIES, THE ENTREPRENEUR'S JOURNEY WITH SCORE. I'M RCI GUPTA, BUSINESS MENTOR AND COACH SERVING AS THE VICE PRESIDENT OF THE NORTH REGION AT SCORE. HOUSTON. SINCE 1964, SCORE HAS BEEN A BEACON OF SUPPORT FOR SMALL BUSINESSES, WHETHER IT'S PROVIDING FREE AND CONFIDENTIAL MENTORING, TAILORED TO YOUR UNIQUE BUSINESS NEEDS, OR A TREASURE TROVE OF TOOLS, TIPS, WORKSHOPS, AND WEBINARS. SCORE HAS BEEN A GO-TO RESOURCE FOR THE BUSINESS COMMUNITY. IN OUR LATEST ENDEAVOR TO SERVE YOU, WE JOINED FORCES WITH A DYNAMIC TEAM AT HTV TO BRING YOU AN EMPOWERING SERIES, METICULOUSLY CURATED AND PACKED WITH INSIGHTS TO SUPERCHARGE YOUR BUSINESS AMBITIONS. IN THE LAST EPISODE, WE SHARED AN OVERVIEW OF SCORES SERVICES FOR THE SMALL BUSINESS COMMUNITY. AS WE KICKSTART THE SERIES, EACH EPISODE IS GOING TO BE A PRACTICAL ROADMAP GUIDING YOU THROUGH DIVERSE AREAS FROM BUSINESS PLANNING TO TECHNOLOGY, LEGAL, FINANCE, MARKETING, AND EVERYTHING IN BETWEEN. TODAY'S EPISODE IS GONNA BE SPECIAL AS WE ARE GOING TO EXPLORE THE CRUX OF ENTREPRENEURSHIP. WE'LL SHARE INSIGHTS AND ACTIONABLE ADVICE THAT CAN GUIDE YOU TO TAKE THOSE CRUCIAL FIRST STEPS ON YOUR JOURNEY TO BUSINESS PLANNING AND ENTREPRENEURIAL SUCCESS. I'M NOT JUST DELIVERING A SHOW. MY GOAL IS TO PROVIDE YOU WITH AN EXPERIENCE THROUGH INSIGHTS, STORIES, PRACTICAL WISDOM, AND A WHOLE LOT OF INSPIRATION THAT WILL GEAR YOU UP FOR SUCCESS. MAKE SURE YOU STICK AROUND FOR THE SECOND HALF OF THE EPISODE WHERE WE HAVE A GUEST SPEAKER TO SHARE THEIR NUGGETS OF WISDOM. HE'S NOT JUST A LEADER AND AN ENTREPRENEUR, BUT A TRUE CHAMPION OF OTHER SUCCESS AND A FLAT BEARER FOR THE SMALL BUSINESS COMMUNITY. DON'T WE ALL NEED THOSE UPLIFTING PEOPLE IN OUR CORNER? STAY TUNED. WELCOME BACK. I'M YOUR HOST, RCI GUPTA, AND YOU ARE WATCHING THE SCORE HOUSTON TV SHOW THE ENTREPRENEUR'S JOURNEY WITH SCORE. ALRIGHT, PICTURE THIS SCENARIO. YOU ARE ON THE BRINK OF A NEW CHAPTER IN YOUR LIFE. MAYBE YOU'RE A GRADUATE OF B SCHOOL WITH FRESH IDEAS FROM YOUR ENTREPRENEURSHIP CLASS DISCUSSIONS, OR YOU MIGHT BE A RETIRED VETERAN WANTING TO START YOUR OWN E-COMMERCE VENTURE FROM THE COMFORT OF YOUR HOME. OR PERHAPS YOU ARE A SEASONED PROFESSIONAL AND HAVE A CORPORATE JOB THAT IS NO LONGER PROVIDING FULFILLMENT AND JOY, AND YOU ARE EAGER TO TAKE STEPS TOWARDS QUITTING YOUR DAY JOB AND FOUNDING YOUR OWN STARTUP. FOR EACH ONE OF THESE SCENARIOS, THERE IS A COMMON REQUIREMENT, AND THAT IS AN ENTREPRENEURIAL MINDSET. IS THERE A SECRET TO CULTIVATING THIS MINDSET? IS IT POSSIBLE TO HARNESS THE POWER OF A MINDSET TO NAVIGATE THIS EVER EVOLVING ECOSYSTEM DRIVEN BY TECHNOLOGY, CONSUMER PREFERENCES, MARKET DYNAMICS, AND POLICIES? DRAWING? FROM MY EXPERIENCE AS A MENTOR AND A COACH FOR NUMEROUS BUSINESSES, I'VE COME TO RECOGNIZE THAT SUCCESSFUL FOUNDERS SHARE A MINDSET THAT IS CHARACTERIZED BY THREE TRAITS, PASSION, CURIOSITY, AND COURAGE. AND I WANT TO SCRATCH THE SURFACE OF EACH ONE OF THESE TRAITS BECAUSE THESE QUALITIES WILL SERVE AS A BEDROCK. IF YOU WANT, WANT TO NAVIGATE THE PATH TO SETTING UP YOUR OWN BUSINESS SUCCESSFULLY, IT ALL BEGINS WITH PASSION. WHEN YOU ARE PASSIONATE ABOUT YOUR BUSINESS, IT BECOMES MORE THAN JUST WORK. IT BECOMES A LABOR OF LOVE, SOMETHING YOU ARE WILLING TO DEVOTE YOURSELF TO. 24 7. THE STRESSES OF ENTREPRENEURSHIP CAN BE OVERWHELMING AT TIMES, WHICH IS WHY IT'S ESSENTIAL TO PURSUE SOMETHING THAT BRINGS YOU GENUINE FULFILLMENT AND JOY. SO YOU HAVE THE STRENGTH TO PERCEIVE WHEN IT GETS CHALLENGING. THE OTHER TRAIT THAT I CONSIDER IMPORTANT IS CURIOSITY. BY BEING INQUISITIVE ABOUT THE SURROUNDING ENVIRONMENT, YOU ARE MORE LIKELY TO SEEK OUT NEW EXPERIENCES. ONE OF THE KEY FACTORS IN ENTREPRENEURIAL SUCCESS, I WANNA SHARE A FASCINATING RESEARCH THAT TIES BACK TO THIS POINT ABOUT CURIOSITY. PROFESSOR RICHARD WISEMAN IS A PROMINENT WRITER [00:05:01] WHO CONDUCTS PUBLIC PSYCHOLOGY EXPERIMENTS. HE WANTED TO MAKE AN INVESTIGATION INTO THE CONCEPT OF LUCK AND OPPORTUNITIES. IN ONE OF THE EXPERIMENTS OF OVER 10 YEARS, HE INVESTIGATED 400 PEOPLE ASKING THEM IF THEY CONSIDERED THEMSELVES EXCEPTIONALLY LUCKY OR UNLUCKY. HE THEN GAVE EVERY INDIVIDUAL THE SAME TASK. HE GAVE THEM A NEWSPAPER AND SAID, I NEED YOU TO LOOK THROUGH IT AND COUNT THE NUMBER OF PHOTOGRAPHS INSIDE THE PAPER. ON AN AVERAGE, THE UNLUCKY GROUP TOOK ABOUT TWO MINUTES TO COUNT THE PHOTOGRAPH, WHEREAS THE LUCKY GROUP TOOK JUST 20 SECONDS. WHAT HAPPENED? WHY THE DIFFERENCE? THE LUCKY GROUP QUICKLY TURNED TO PAGE TWO. OUT OF CURIOSITY. THE SECOND PAGE OF THE NEWSPAPER HAD A MESSAGE THAT SAID, STOP COUNTING. THERE ARE 43 PICTURES IN THIS NEWSPAPER. AND THE UNLUCKY GROUP WAS EXTREMELY FOCUSED ON THEIR TASK AND WENT ABOUT COUNTING EACH PICTURE ON PAGE ONE AND DID NOT REACH ON PAGE TWO. THE POINT IS THAT WHEN YOU HAVE A CURIOUS MINDSET, IT HELPS YOU LOOK BEYOND THIS STATUS QUO AND RECOGNIZE OPPORTUNITIES THAT OTHERS CANNOT FATHOM. AND THIS IS WHAT SETS SUCCESSFUL ENTREPRENEURS APART FROM THE CROWD. AND LAST BUT NOT THE LEAST, IS THE COURAGE TO TAKE ACTION. I OFTEN HEAR BUSINESS PUNDITS TALK ABOUT PLANNING, STRATEGY, TOOLS, AND MINDSET FOR STARTING A BUSINESS. BUT I RARELY HEAR CONVERSATIONS ABOUT COURAGE IN FACE OF ANXIETY. IN 2008, WHEN THREE FOUNDERS FIRST LAUNCHED A BUSINESS MODEL BASED ON THE CONCEPT OF STRANGERS RENTING OUT THEIR HOMES TO TRAVELERS, THEY ENCOUNTERED SIGNIFICANT REJECTION FROM INVESTORS AND USERS. BUT DESPITE FACING NUMEROUS SETBACKS AND REJECTIONS, THE FOUNDERS REMAINED RESILIENT IN THEIR VISION. THEY CONTINUED TO REFINE THEIR PLATFORM, ENGAGE WITH USERS, AND SEEK OUT ALTERNATIVE FUNDING RESOURCES. GUESS THE COMPANY. EVENTUALLY THEIR PERSEVERANCE PAID OFF AND AIRBNB BECAME A GLOBAL PHENOMENON, REVOLUTIONIZING THE HOSPITALITY AND TRAVEL INDUSTRY. ULTIMATELY, ENTREPRENEURIAL COURAGE ALLOWS US TO PUSH PAST OUR COMFORT ZONES, CHALLENGING THE EXISTING NORMS AND SEEKING IMPROVEMENTS. SO DO YOU HAVE THE PASSION, THE CURIOSITY, AND THE COURAGE TO START YOUR BUSINESS JOURNEY? THINK ABOUT IT. WHILE WE GO IN FOR A SHORT BREAK, AT THE OTHER END OF THE BREAK, I WILL PRESENT A LEAN ROADMAP SO YOU CAN TEST THE VIABILITY OF YOUR BUSINESS IDEA AND PLAN FOR THE SUCCESS OF YOUR BUSINESS EARLY ON. SO STAY TUNED, STAY INSPIRED, SEE YOU IN A FEW MOMENTS. HEY, HOUSTON, PREPARATION LEADS TO CELEBRATION. PREPARE FOR YOUR NEXT FLIGHT BY SECURING HASSLE-FREE PARKING RESERVE, AND GUARANTEE VALET PARKING@FLYTOHOUSTON.COM SLASH PARKING. TRAVEL SMARTER PARK SMARTER DUSK IS THE BEST TIME TO WATCH THE BATS TAKE FLIGHT FROM THEIR WA BRIDGE HOME. SHAKE UP YOUR EVERYDAY AND COME EXPLORE DOWNTOWN. FROM NEW ART INSTALLATIONS TO FAMILY FUN, SWEAT SESSIONS AND MOVIE NIGHTS, WE'RE KEEPING HOUSTON INSPIRED AND ENTERTAINED. JOIN US, WE ARE DOWNTOWN. WELCOME BACK TO THE NEXT SEGMENT OF TODAY'S EPISODE ON ENTREPRENEURSHIP AND BUSINESS PLANNING. WITH ME YOUR HOST, RUCCI GUPTA. REGARDLESS OF WHERE YOU ARE IN YOUR JOURNEY, ONE THING IS FOR SURE, HAVING THAT ENTREPRENEURIAL MINDSET IS NOT ENOUGH. WHAT IS IMPORTANT IS TAKING THOSE IDEAS AND DREAMS AND TURNING THEM INTO A ROADMAP FOR SUCCESS. AND THAT IS WHERE PLANNING COMES INTO PLAY. SO LET'S DEVELOP A LEAN ROADMAP THAT WILL HELP YOU SET THE FOUNDATION OF YOUR BUSINESS PLAN. GOT A BUSINESS IDEA. I'D SAY GRAB A PEN AND PAPER OR SIMPLY OPEN A DOCUMENT ON A COMPUTER. YOU WANNA ASK YOURSELF, WHO DO I LOVE? IT'S IMPORTANT TO TIE THAT PASSION WITH WHAT YOU'RE GOOD AT. THAT MAY BE MOTIVATION, MARKETING, CONSULTING, FINANCES, TEACHING HOME DECOR, WHATEVER. [00:10:01] YOU WANNA CREATE A BUSINESS AT THE INTERSECTION OF YOUR PASSION AND SKILL SETS. I'D RECOMMEND PUTTING TOGETHER AT LEAST THREE OR FOUR IDEAS. YOU DON'T WANNA JUMP TO ACTION ON THE VERY FIRST IDEA YOU LIKE. THE NEXT STEP IS PERFORMING MARKET RESEARCH. YOU'VE GOTTA FIND OUT IF THERE IS A LARGE ENOUGH MARKET SIZE SO YOU CAN RUN YOUR BUSINESS PROFITABLY AND SUSTAINED SUSTAINABLY OVER A LONG TIME. WHO IS YOUR TARGET AUDIENCE AND WHAT ARE THEIR NEEDS, PREFERENCES, ASPIRATIONS FOR CHASING BEHAVIORS. ARE THERE ANY PRODUCTS OR SERVICES THAT SHOULD EXIST BUT ARE NOT BEING OFFERED BY COMPETITORS? OR IF THERE ARE ALREADY BEING OFFERED, HOW CAN YOU DEVELOP YOUR OWN NICHE AROUND THAT AREA? STUDY YOUR COMPETITION. THEY ARE YOUR BIGGEST EDUCATORS AND HAVE DONE HALF OF YOUR HOMEWORK FOR YOU. ALL THAT YOU WANT TO DO IS TO DEVELOP THAT NICHE AND DIFFERENTIATE YOURSELF FROM THE EXISTING MARKET PLAYERS. SO FOR AN EXAMPLE, IF YOU ARE A FASHION BRAND, MAYBE YOU WANT TO DIFFERENTIATE YOUR BRAND BY USING RECYCLED AND ECO-FRIENDLY MATERIALS IN YOUR APPAREL. THERE'S A GROWING NUMBER OF ENVIRONMENTALLY CONSCIOUS CONSUMERS WHO PRIORITIZE ETHICAL AND RESPONSIBLE CONSUMPTION PRACTICES. NEXT, YOU WANNA TEST THE VIABILITY OF YOUR BUSINESS IDEA. YOU WANNA DEVELOP A MINIMUM VIABLE PACKAGE WITH LIMITED OFFERINGS TO OBSERVE HOW POTENTIAL CUSTOMERS REACT. CONDUCT SURVEYS, FOCUS GROUP INTERVIEWS. MAYBE YOU WANNA PROVIDE FREE OFFERS. IF THERE ARE NO FREE TAKERS, THERE IS LITTLE POSSIBILITY THAT PEOPLE MIGHT WANT TO PAY FOR YOUR PRODUCT OR SERVICE AFTER YOU LAUNCH IT. THE GOAL IS TO GATHER INSIGHTS INTO THE USABILITY AND MARKETABILITY OF YOUR OFFERINGS THROUGH FEEDBACK. ONCE YOU RECEIVE FEEDBACK, ITERATE AND DEVELOP AN OPTIMUM PRODUCT MARKET FIT. LAST BUT NOT THE LEAST, YOU NEED A SOLID GO-TO MARKET STRATEGY THAT CAN MAKE ALL THE DIFFERENCE FOR YOUR SUCCESS. THIS WILL BE YOUR ROADMAP FOR HOW YOU WILL REACH YOUR TARGET CUSTOMERS AND CONVINCE THEM TO CHOOSE YOUR BUSINESS OVER COMPETITION. BE ADAPTABLE AND DEVELOP YOUR NICHE AS YOU GO. HAVING A STRONG COMMUNITY AROUND YOU IS ESSENTIAL TO OPEN THE DOORS AND HELP YOU GROW. REACH OUT TO YOUR MENTORS FOR ADVICE AND SUPPORT AND DON'T LET ANYTHING GET IN THE WAY OF ASKING FOR HELP. YOU'VE GOT TO REMEMBER THE MANTRA. TEAMWORK MAKES YOUR DREAM WORK TIME FOR A QUICK BREAK ON THE OTHER SIDE. STAY TUNED FOR A FIRESIDE CHAT WITH OUR SPECIAL GUEST, TIM JEFF GOAT, ONE OF THE MOST POPULAR NAMES IN THE BUSINESS COMMUNITY. ANITA, I SAY ONE OF MY FAVORITE PEOPLE. WE'LL BE RIGHT BACK. THE INFLUX OF SO MANY PEOPLE ARRIVING HERE IN HOUSTON FROM AROUND THE WORLD IS VERY IMPACTFUL ON MY PALETTE AS WELL AS MY CANVAS AS AN ARTIST. ALL THE ART I WAS IN HOUSTON ONLY GOT ME SERIOUS ABOUT MAKING MY OWN HOUSTON 3 1 1. NOW AVAILABLE AS A MOBILE APP. TAKE A PHOTO, ENTER YOUR LOCATION, REPORT AN ISSUE, THE QUICK AND EASY WAY TO REPORT NON-EMERGENCY ISSUES OR REQUEST CITY SERVICE INFORMATION. DOWNLOAD TODAY ON THE APP STORE OR GOOGLE PLAY. WE ARE A CITY OF COLLABORATORS WHO BUILD ON ONE ANOTHER'S INSPIRATION, STRENGTHS, AND CULTURES TO SHAPE A FUTURE WE ALL CAN SHARE. TOGETHER WE ARE MORE THAN 7 MILLION INGREDIENTS THAT MAKE SOMETHING THAT CANNOT BE DISCOVERED, TASTED, OR INVENTED ANYWHERE ELSE. COME ON, A MOVEMENT, A MOMENT, A FUTURE. COME ON. WE CANNOT WAIT TO MAKE TOMORROW TOGETHER. WELCOME BACK VIEWERS. AS PROMISED, JOIN ME IN WELCOMING OUR GUEST FOR THE EPISODE. MR. TIM JEFF COAT. TIM, THANK YOU SO MUCH FOR BEING HERE. PLEASURE TO BE HERE. TIM NEEDS NO INTRODUCTION TO THE HOUSTON COMMUNITY. HE SERVED THE US GOVERNMENT FOR 20 YEARS WITH HIS LAST POSITION AS THE DISTRICT DIRECTOR OF THE US SMALL BUSINESS ADMINISTRATION IN HOUSTON, WHERE TIM OVERSAW ALL SBA PROGRAMS AND SERVICES IN THE 32 COUNTIES OF SOUTHEAST TEXAS. TIM HAS RECENTLY TRANSITIONED INTO ENTREPRENEURSHIP WITH HIS BRAND NEW CONSULTING VENTURE CALLED COMPETITIVE EDGE DEVELOPMENT. IN ADDITION, TIM IS ALSO THE FOUNDER OF T SQUIGGLE, AN EMERGING COMPANY THAT PRODUCES COMMERCIAL MUSIC. TIM, WE'VE ALL ADMIRED YOUR UNWAVERING LEADERSHIP, [00:15:01] UH, DURING YOUR TIME WITH ESBA AND UNDOUBTEDLY YOU HAVE TOUCHED COUNTLESS LIVES OF ENTREPRENEURS AND FOUNDERS. REFLECT ON YOUR JOURNEY WITH THE SBA AND IN INTERACTING WITH THESE BUDDING FOUNDERS OF THE HOUSTON COMMUNITY. SURE. YOU KNOW, IT'S ALWAYS BEEN A MAJOR, UH, PRIVILEGE TO HELP PEOPLE START A BUSINESS, GROW A BUSINESS, AND CHANGE THEIR LIVES. YOU KNOW, STARTING A BUSINESS SOUNDS LIKE IT MIGHT BE A FUN HOBBY OR A FUN ACTIVITY, BUT IN FACT IT CAN LEAD TO GENERATIONAL CHANGE IN FAMILIES. SO TO HAVE A JOB WHERE I GET TO DO THAT WAS JUST WAS, WAS PHENOMENAL. SPECIFICALLY TALKING ABOUT THE HOUSTON COMMUNITY, RIGHT? DO YOU FIND ANY HISTORICAL TRENDS AS TO WHAT KIND OF STARTUPS OR BUSINESSES THRIVE THE MOST? YOU KNOW, I'LL CHARACTERIZE IT THIS WAY. THE STARTUPS THAT HAVE GIVEN THE TIME TO A THOROUGH PLAN ARE THE ONES THAT ARE MOST LIKELY TO SUCCEED. UM, IT'S IMPORTANT TO BE PASSIONATE ABOUT THE BUSINESS YOU WANNA START. IT'S IMPORTANT TO, UH, KNOW SOMETHING ABOUT THE BUSINESS, BUT TO PUT TOGETHER A SOLID PLAN FOR SUCCESS AND SURROUND YOURSELF WITH THE PEOPLE THAT CAN HELP YOU SUCCEED, THAT'S WHAT SETS THEM APART. THAT IS GREAT. THAT IS GREAT. UH, TIM, JUST DIGGING INTO THIS A BIT FURTHER. MM-HMM . IF I WERE TO ASK YOU WHAT ARE THE TOP THREE CONTRIBUTORS OF SUCCESS MM-HMM . FOR A BUSINESS, WHAT WOULD YOU, WHAT YOUR TAKE BE? YEAH, FOR SURE. IT'S BEING PREPARED FOR THE REALITY OF BEING AN ENTREPRENEUR. THERE'S AN OLD SAYING THAT SAYS ENTREPRENEURS WORK FOR 10 YEARS, LIKE OTHERS WON'T TO LIVE THE REST OF YOUR, YOUR LIFE, LIKE OTHERS CAN'T. SO IT'S NOT EASY. YOU ARE THE BOSS. THERE'S ALMOST NO ONE FOR YOU TO TALK TO. SO BEING AN ENTREPRENEUR REQUIRES A LOT OF YOU. SO THOSE THAT ARE PREPARED FOR THAT KIND OF JOURNEY, THAT MAKES A BIG DIFFERENCE. AS I SAID, SURROUNDING YOURSELVES, UH, WITH, WITH A SUPPORT TEAM. SO THERE'S AN OLD ACRONYM, BAIL, FINDING A BANKER OR SOME OTHER FORM OF CAPITAL FOR YOUR BUSINESS THAT CAN SUPPORT YOU. UM, FINDING AN ACCOUNTANT, YOU MAY DO IT YOURSELF, BUT YOU'RE GONNA NEED SOME ACCOUNTING HELP. YOU'RE GOING TO NEED INSURANCE. THAT'S THE I AND YOU'RE GOING TO NEED LEGAL HELP. THOSE ARE THE THINGS THAT AS AN ENTREPRENEUR YOU MIGHT NOT BE GOOD AT RIGHT NOW. THAT'S OKAY. YOU DON'T HAVE TO BE GOOD AT THAT. IF YOU FIND THE RIGHT RESOURCES TO SUPPORT YOU AS YOU GROW YOUR BUSINESS AND AS YOU BECOME SUCCESSFUL AND WONDERFULLY, THEY CAN FIND A LOT OF THOSE RESOURCES RIGHT THROUGH SCORE. THAT'S AMAZING. AND THAT'S GREAT ADVICE, ESPECIALLY FOR NEW ENTREPRENEURS WHO ARE JUST BEGINNING, UH, THEIR BUSINESS JOURNEY. TIM, I WANT TO REALLY TALK ABOUT, UH, THE NEW FOUNDERS. MM-HMM . OKAY. UH, A LOT OF THEM ARE NOW ENTERING INTO A VERY COMPETITIVE MARKETPLACE. RIGHT? AND THIS IS ESPECIALLY CHALLENGING WHEN THEY'RE PASSIONATE ABOUT A MARKET THAT'S ALREADY SATURATED, RIGHT? SO IS THERE ANY ADVICE OR TIPS THAT YOU CAN GIVE TO THESE NEW FOUNDERS WHO ARE VENTURING INTO THE SO-CALLED LION'S DEN SO THAT THEY CAN DEVELOP A NICHE, UH, FOR THEIR OWN OFFERINGS? WELL, YOU, YOU WHAT YOU JUST SAID, THE RIGHT, THE RIGHT ANSWER. UM, SO THERE'S A FAMOUS PERSON NAMED MICHAEL PORTER. HE WROTE THE BOOK COMPETITIVE INTELLIGENCE. AND IF YOU WANT TO COMPETE DIRECTLY WITH PEOPLE IN THE SPACE THAT IS PASSIONATE FOR YOU, THEN YOUR ODDS OF SUCCESS ARE REDUCED. IF INSTEAD, YOU UNDER UNDERTAKE WHAT MIGHT BE CALLED A FLANKING STRATEGY, WHICH IS GO WHEREVER THEY AREN'T, THEN YOU'RE LIKELY TO FIND A MARKET THAT'S UNDERSERVED TODAY. I CAN GIVE YOU AN EXAMPLE. SO WITH, WITH ONE OF MY BUSINESSES, UM, THERE ARE A LOT OF PEOPLE THAT PRODUCE COMMERCIAL MUSIC THAT ARE TRYING TO GET INTO ONE PARTICULAR AREA CALLED SYN LICENSING. THE COMPETITION IS INCREDIBLY FIERCE, BUT WHAT THEY'RE NOT DOING IS THERE'S NOT A LOT OF MUSIC AVAILABLE FOR THE THOUSANDS AND THOUSANDS OF VIDEO PRODUCERS ACROSS THE US THAT DO CORPORATE VIDEOS. SO BY FOCUSING INTO THAT AREA, I'M GOING SOMEWHERE WHERE EVERYONE ELSE IS NOT. OKAY. THAT IS, THAT IS GREAT ADVICE TOO. UM, TIM, IN ENTREPRENEURSHIP, HISTORICALLY WE HAVE SEEN, UH, THAT MOSTLY THE SEASONED PROFESSIONALS OR MIDDLE AGED, UH, PEOPLE, THEY VENTURE INTO ENTREPRENEURSHIP AND THEY THEN GROW THEIR VENTURES, UM, EXPONENTIALLY, BUT ESPECIALLY POST PANDEMIC, WE SEE THIS REMARKABLE NEW WAVE OF MILLENNIALS AND GEN Z AND COLLEGE STUDENTS, A LOT OF THEM STILL IN COLLEGE WHO WANT TO OPEN THEIR OWN BUSINESS AND TAKE THE, THE BUSINESS REINS IN THEIR OWN HAND. SO WHAT IS YOUR ADVICE TO THESE ENTREPRENEURS WHO ARE LEARNING AND WANT TO IMPLEMENT THEIR LEARNINGS INTO THE BUSINESS AT [00:20:01] THE SAME TIME? SO, YEAH. SO BY NATURE, WHAT YOU JUST DESCRIBED IS A LITTLE MORE RISKY WAY TO BECOME AN ENTREPRENEUR, BUT IT DOESN'T MEAN IT'S GOING TO FAIL. SO WHAT I WOULD SAY, YOU KNOW, I'M GONNA SOUND LIKE I'M REPEATING MYSELF, BUT WHAT I'M GONNA, WHAT I WOULD SAY IS DO THAT. GO AHEAD AND START THAT BUSINESS BECAUSE YOU'RE AT A POINT IN YOUR LIFE WHERE YOU DON'T HAVE A LOT TO RISK. YOU DON'T HAVE A MORTGAGE AND TWO CARS AND THREE KIDS AND ALL THOSE KINDS OF THINGS TO HOLD YOU BACK OR NOT TO HOLD YOU BACK, BUT TO THAT YOU HAVE TO WORRY ABOUT. SO AT THIS STAGE, YOU CAN FOCUS ON YOUR BUSINESS, BUT THERE'S SOME THINGS YOU MAY NOT KNOW. YOU MAY NOT BE REALLY GOOD AT DEFINING WHAT THE RIGHT CUSTOMER SERVICE IS FOR YOUR MARKET. YOU MAY NOT BE GOOD AT DEFINING THE RIGHT DELIVERY IN YOUR MARKET. SO ONCE AGAIN, IF YOU USE, AND I DON'T MEAN TO JUST SAY THIS 'CAUSE I'M ON A SCORE SHOW, BUT IF YOU USE SOMEBODY LIKE SCORE TO HELP MENTOR YOU, THEY'VE GOT THAT EXPERIENCE SO YOU CAN LAUNCH THAT BUSINESS. AND WHEN YOU HAVE QUESTIONS AND YOU ENCOUNTER PROBLEMS, THEN YOU HAVE SOMEBODY YOU CAN TURN AROUND AND TALK TO. THEY CAN HELP KEEP YOU ON THE PATH TO SUCCESS. I'M SURE OUR VIEWERS ARE DEFINITELY TAKING NOTES OF WHAT YOU JUST SAID. TIME FOR A QUICK BREAK. WE'LL BE BACK WITH MORE AFTER THE SHORT BREAK. AT METRO, YOUR SAFETY IS JOB ONE EVERY DAY AND WE'RE COMMITTED TO MAKING YOUR RIDE EVEN SAFER WITH SECURITY CAMERAS ON OUR TRANSIT VEHICLES AND LIVE MONITORS ON MANY OF OUR BUSES. BLUE LIGHT CALL BOXES AT OUR BUS AND RAIL FACILITIES. METRO POLICE PROVIDING PEACE OF MIND AND MPD CONNECT THE APP THAT LETS YOU REPORT SUSPICIOUS ACTIVITY INSTANTLY TO METRO POLICE. METRO IS BUILDING A SAFER TRANSIT SYSTEM SO YOU CAN DRIVE LESS AND DO MORE. YOU'RE A LOCAL, YOU'RE ONE OF US AND WE WANT TO GIVE YOU A RICHER, MORE EXCITING EXPERIENCE. COME ON. WE'LL SHARE THE FOOD THAT WOWED NATIONAL COOKING SHOWS AND TAKE YOU TO THE ATTRACTIONS THAT PUT US IN TRAVEL AND LEISURE'S TOP 50 PLACES TO VISIT IN 2023. AND THEN WE'LL TAKE YOU OUT TO A BALL GAME TO SEE OUR WORLD SERIES CHAMPS. LET HOUSTON TAKE YOU FURTHER. LET'S GET TOGETHER. BOOK YOUR STAY TODAY. WELCOME BACK. WE ARE TALKING WITH TIM, JEFF COAT. TIM, I WANNA SHIFT GEARS AND, UH, INTRODUCE THE OTHER SIDE OF YOUR EXCITING JOURNEY TO OUR VIEWERS. YOU RECENTLY VENTURED INTO ENTREPRENEURSHIP FULL TIME. I DID. AND YOU FOUNDED NOT ONE, BUT TWO COMPANIES. MM-HMM . I WANT TO KNOW IF THERE HAVE BEEN ANY KEY MOMENTS, ANY KEY EXPERIENCES THAT PROMPTED YOU TO VENTURE ON YOUR ENTREPRENEURIAL JOURNEY? SURE, SURE. WELL, FOR ME, SAYING I'M RETIRED WAS A THREE YEAR JOURNEY. SO I, UH, FROM THE DAY WE THOUGHT, MY WIFE AND I THOUGHT THAT THIS WAS SOMETHING THAT WAS GONNA HAPPEN. IT WAS THREE YEARS IN THE PLANNING AND IN THAT PROCESS I KNEW THAT RETIREMENT FOR ME DIDN'T MEAN SITTING IN A ROCKING CHAIR, WATCHING CARS GO BY ON THE STREET. SO THERE ARE THINGS THAT I'VE LEARNED IN MY LIFE. UH, I SPENT 20 YEARS AS A CORPORATE EXECUTIVE. I SPENT 20 YEARS WITH THE, THE GOVERNMENT, UM, WITH THE SBA AND I'VE ALSO BEEN A COLLEGE PROFESSOR. SO IN THAT TIME PERIOD I THINK I'VE LEARNED SOME THINGS AND I'VE DEVELOPED SOME TOOLS THAT I CAN SHARE. SO AS A RESULT THAT LED TO STARTING THESE TWO BUSINESSES, UH, THEY'VE BEEN A LOT OF FUN, BUT I DIDN'T START THEM OVERNIGHT. YOU KNOW, SOME PEOPLE SAID YOU RETIRED AND THE NEXT DAY YOU HAVE A BUSINESS. HOW'D YOU DO THAT? WELL, 'CAUSE I STARTED THREE YEARS AGO PLANNING FOR IT. HMM. SOUNDS LIKE YOU HAD A CLEAR VISION RIGHT FROM THE VERY BEGINNING. NO, IT WAS A VERY MUDDY VISION FROM THE BEGINNING, BUT IT GOT VERY CLEAR. GREAT. SO DO YOU HAVE ANY TIPS FOR NEW FOUNDERS WHO ARE LOOKING TO TURN THEIR VISION INTO REALITY? UM, YOU KNOW, I I'M GONNA SOUND A LITTLE LIKE A BROKEN RECORD, BUT YOU WANT TO TALK TO SCORE OR ANOTHER ORGANIZATION LIKE THAT. YOU WANT TO HAVE SOMEBODY YOU CAN SIT DOWN AND TALK TO AND EXPLAIN WHAT YOU WANNA ACHIEVE AND WILL GET THAT FEEDBACK. YOU WOULD NOT BELIEVE THE VALUE IN JUST 30 MINUTES OVER A CUP OF COFFEE. I HAVE A SCORE MENTOR. I ALSO HAVE A SMALL BUSINESS DEVELOPMENT CENTER ADVISOR, AND THEY WERE KIND OF ASTONISHED WHEN I CALLED 'EM AND SAID, HEY, I NEED YOUR HELP. THEY SAID, WAIT MINUTE, BUT YOU'RE THE SBA GUY. YEAH, YEAH, YEAH. BUT I DON'T DO WHAT YOU DO. SO THEY'VE HELPED ME IMMEASURABLY. WHEN IT CAME TIME TO PRICE WHAT I WANTED TO DO, I FOUND OUT THAT MY PRICE WAS PROBABLY GOING TO BE FAR TOO LOW WHEN I FOUND OUT WHICH MARKETS I WANTED TO GO TO THROUGH SOME CONVERSATION, DECIDED MAYBE YOU WANT TO DO A SLIGHTLY DIFFERENT MARKET. AND THAT HAS ALL INFLUENCED HOW I STARTED THE BUSINESSES. THAT IS SO GOOD. GREAT ADVICE. SEEMS YOU SHOULD NEVER HESITATE TO ASK FOR HELP, RIGHT? [00:25:01] THAT'S RIGHT. THAT'S RIGHT. TIM, UH, YOU HAVE JUST BEGUN YOUR ENTREPRENEURSHIP JOURNEY AND NOT JUST, I'M WRONG IN SAYING THAT IT'S BEEN OVER THE LAST THREE YEARS THAT YOU'RE REALLY HUSTLING, UM, TO TURN YOUR VISION INTO REALITY. IS THERE ANY CHALLENGE OR ANY EXPERIENCE THAT YOU'VE FACED AND HOW DID YOU NAVIGATE THROUGH THAT SITUATION? YOU KNOW, UM, YES, THERE WAS IN A, WITHOUT GOING INTO A LOT OF DETAIL, THERE'S ONE PARTICULAR DIRECTION I HEADED OUT ON AND WHAT I THOUGHT WOULD BE MY FUNDAMENTAL OFFERING FOR, FOR ONE OF MY BUSINESSES. AND I STARTED GETTING PHONE CALLS FROM PEOPLE I DIDN'T KNOW THAT WANTED ME TO DO SOMETHING ELSE. YEP. AND SO I'VE BASICALLY CHANGED MY BUSINESS IN THE LAST THREE MONTHS TO DO WHAT, WHAT THE DEMAND IS FOR. SO WHAT I HAD ENVISIONED HAS NOT HAD THE DEMAND THAT I ANTICIPATED. AND WHAT I HAD NOT PLANNED TO DO APPARENTLY HAS QUITE A LOT OF DEMAND FOR, UH, ACTUALLY I'M PROBABLY GONNA GO CHANGE MY WEBSITE AND REMOVE PART OF IT THAT I'M PAYING FOR BECAUSE I NO LONGER NEED IT. BECAUSE THIS OTHER THING THAT I HAVE STARTED DOING UNDER THE SAME CONCEPT IS, UH, IS EVEN MORE LUCRATIVE FOR AN EXPERIENCE. SO DOES THAT MEAN THAT A BUSINESS CANVAS OR A BUSINESS PLAN IS A LIVING DOCUMENT? ABSOLUTELY. A BUSINESS PLAN IS DYNAMIC. IT'S NOT SOMETHING YOU WRITE, YOU PUT IT ON THE SHELF AND YOU'RE GONNA GO DO THAT AND NEVER DEVIATE. THE PLANNING IN SOME RESPECTS IS ACTUALLY MORE IMPORTANT THAN THE PLAN. THROUGH THE PLANNING PROCESS, YOU WILL WIND UP THINKING OF ALTERNATIVES. UH, YOU MAYBE DIDN'T INTEND TO DO THEM JUST LIKE ME, BUT SINCE YOU THOUGHT OF THEM NOW YOU KNOW WHAT SOME ALTERNATIVES ARE WHEN YOU REACH AN OBSTACLE. THAT IS TERRIFIC ADVICE. UH, TIM, THANK YOU SO MUCH FOR SHARING YOUR EXPERIENCE. YOU'RE WELCOME. UH, WITH US. THERE'S ONE LAST QUESTION MM-HMM . THAT I REALLY WANT TO ASK YOU. MANY ENTREPRENEURS ARE NOW GOING SOLO, RIGHT? SO THERE'S THIS RISING TREND OF SOLO ENTREPRENEURSHIP MM-HMM . AND THEY WANNA START SOLO. THEY DON'T WANNA GET INTO A TEAM BEFORE THEY WAIT AND, AND SEE HOW THEIR BUSINESS IS MOVING FORWARD. SURE. SO THERE IS A THIN LINE BETWEEN THE NEED FOR A TEAM AND, YOU KNOW, BETWEEN WAITING TOO LONG RIGHT BEFORE YOU START CREATING THAT, THAT TEAM. RIGHT. SO WHAT IS, IS THERE AN OPTIMUM TIME WHERE YOU CAN SAY, OKAY, YOU SHOULD NOW START DEVELOPING YOUR TEAM? YOU KNOW, THAT'S A GREAT QUESTION. UM, SOME BUSINESSES CAN BE STARTED WITH AN INDIVIDUAL AND ACHIEVE QUITE A BIT OF SUCCESS BEFORE A TEAM IS REQUIRED. AND IN THOSE INDUSTRIES, I THINK THAT'S A GREAT APPROACH. UM, THAT TEAM CAN BE CONSTRUCTED AS YOU ARE DEVELOPING AND GROWING YOUR BUSINESS. YOU KNOW, ONCE AGAIN, THIS IS A GREAT EXAMPLE OF WHY SOMEBODY LIKE A SCORE MENTOR IN THE WINGS CAN ESPECIALLY BE VALUABLE TO A SOLOPRENEUR. BECAUSE AS YOU ENCOUNTER ANYTHING, YOU KNOW, YOU CAN CALL SOMEBODY, THEY HAVE A PERSPECTIVE BASED ON EXPERIENCE AND IT LETS YOU CONTINUE DOWN THAT PATH. SO I WOULD THINK OF SOLOPRENEUR FOR A LOT OF PEOPLE AS BEING A LOWER RISK WAY TO GET INTO ENTREPRENEURSHIP AND DEVELOP THE TEAM AS YOU GO. THANK YOU SO MUCH, TIM, FOR SHARING YOUR NUGGETS OF WISDOM. I WISH YOU ALL THE BEST FOR YOUR BUSINESS VENTURES AND THANK YOU. DEFINITELY BE ON A LOOKOUT FOR OPPORTUNITY TO CHAT WITH YOU VERY SOON. ABSOLUTELY. THANK YOU. WHILE ENTREPRENEURSHIP DEMANDS COUNTLESS HOURS OF HARD WORK AND SLEEPLESS NIGHTS, IT GRANTS YOU THE THRILL OF SEEING YOUR IDEA COME TO LIFE, THE FREEDOM TO CHART YOUR OWN COURSE AND THE POTENTIAL FOR FINANCIAL SUCCESS TO ALL ENTREPRENEURS OUT THERE, I LEAVE YOU WITH THIS, EMBRACE THE FAILURES AND CELEBRATE AND APPRECIATE THE WINS. I HAVE A LOT OF BEN MENTORS WHO HAVE GUIDED ME THROUGH MY JOURNEY AND SO HAS TIM. IF YOU NEED A MENTOR TO GUIDE YOU THROUGH YOURS, GET IN TOUCH WITH SCORE HOUSTON AND NAVIGATE YOUR BUSINESS JOURNEY WITH CONFIDENCE. IN THE NEXT EPISODE OF SCORE HOUSTON SERIES, WE DELVE INTO THE LEGAL CONSIDERATIONS IN SETTING UP YOUR BUSINESS WITH OUR LEGAL EXPERT, RETAIL LEADER. IF YOU WANT TO KNOW ABOUT THE RIGHT LEGAL FOUNDATION FROM THE START AND PROTECT YOUR ASSETS WHEN STARTING A BUSINESS, WE'VE GOT YOU COVERED. UNTIL NEXT TIME, STAY RESILIENT, STAY MOTIVATED, AND KEEP BRINGING BIG. THIS IS RCI GUPTA SIGNING OFF. * This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.