I’m building a modern business the old school way. My business is the antithesis of the Silicon Valley golden child. We haven’t raised a multi-million dollar funding round. We’re not 100% tech. People are a big part of our process. We value sleep as much as we value hard work. Most investors would give us a hard pass. When you think of an entrepreneur, what comes to mind? A 20 something Stanford dropout in a hoodie? A tech genius in an office with beautifully spray painted quotes on the wall? Someone riding a Segway to work and then staying until 3am coding the next release? Yeah… me too actually. What about your local plumber? She’s an entrepreneur too. Or the restauranteurs on your corner that just expanded to a second location because they are a local favorite? They’re entrepreneurs too. What about the thousands of businesses which were built brick by brick for years and years before venture capital was even a thing? They’re entrepreneurs too, and a lot of them are damn good ones and formed the businesses which are now household names. And what about the two women down the street from you who are building their modern business happy client by happy client? We’re entrepreneurs too. Now I love a good hoodie and a quote on the wall as much as the next person (see photo above). And I’m sure as heck not saying it’s fun or ideal to start a modern business with very little capital (I can speak from experience!). The point I am trying to make is that there is more than one way to measure success of a business. You have to find the measures that make the most sense for you and what you’re trying to build – both in business and in life. And then, you need to not feel like you have to fit the mold that the media (and just about every conference I’ve gone to in the past year) touts as successful. Here’s what our modern business is doing differently: 1. Geography I have heard multiple people advise that if you want to build a startup, you have to move to California. There is certainly benefit to being in the thick of things, rubbing elbows with fantastic talent and investors. And I do believe that surrounding yourself with smart, driven people is a great strategy to keep you on your toes and help you level up. But there are smart, driven people everywhere, and there are pockets of innovation and startup ecosystems bubbling up in many cities throughout the country. So why Chicago? Well there’s that piece about us being from here. But it’s more than that. Chicago has an amazing sense of community that supports female founders. Chicago is an affordable and enjoyable place to live while making financial sacrifices to build a modern business. Also, deep dish pizza. And to take it a step further, we chose to not even be in the heart of the Chicago business or tech scene. We’re not in the loop or in the West Loop. We’re in Lincoln Park. We want to be part of the community where our clients feel at home. We’re not overspending for a brag-worthy office. We’re spending within our budget for an office that gets the job done but also feels like a warm, happy place, not an intimidating, cold one. 2. People first, tech second Having a solution which is too people-intensive can be a kiss of death for many investor meetings. People are expensive, difficult to train and manage and unpredictable. People don’t scale. And yet, people are at the core of our service delivery. We tried selling our programs as tech only, specifically our career transition program. As with most eLearning programs, we saw low engagement and completion rates. This didn’t sit well with us. Our business objective was not to create a model that would be suitable to raise money. Our objective was to solve a client problem that we had faced ourselves, one that we were obsessed with and determined that we could find an affordable way to solve. And so we landed on a people/tech hybrid solution Our clients complete eCoaching modules in our platform in between live coaching sessions. This not only makes our programming more affordable and scalable than traditional coaching, but it also makes the coaching more effective. Our program completion rate is now 90%. People are also at the core of our growth strategy. We set out to solve clients’ problems via coaching, and along the way we found ourselves solving a major problem for another user group: coaches. The International Coach Federation (ICF) estimates that there are over 50,000 coaches worldwide (I personally think this number is VERY understated), and the vast majority of them are self-employed solopreneurs. In the midst of a noisy marketplace, they are struggling to stand out, market themselves, find clients, deliver service and operate a modern business. We provide an opportunity for the nation’s top coaches to join our team and focus on coaching alone. We market on their behalf and provide them with the tools and resources they need to do their job seamlessly. This has attracted a volume of coach applications that we never saw coming, and with each talented coach we add to our team, our momentum builds, our whole team of coaches becomes more qualified through knowledge sharing, and we become a better company. I will absolutely keep iterating on how to create more tech-based solutions that are incredibly effective. But not just because I want to scale. Because I want affordable solutions for everyone. However, people are and likely always be an important part of our strategy. And I have to say, our people are amazing. 3. Self-funded We put in a modest amount of capital to get our initial tech built and get Ama La Vida off the ground. Since our launch in 2016, we have grown as a result of our
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