Insights from a Shark Tank Success Story
Entrepreneurship is a journey filled with unexpected twists, turns, and invaluable lessons. For those bold enough to embark on this path, the wisdom of those who've tread these waters before can be a guiding light. Recently, Beth Fynbo, the founder of Busy Baby and a Shark Tank alum, shared her entrepreneurial insights on the Twin Cities Business's By All Means podcast. Two years post-Shark Tank, Fynbo's journey from an army veteran to steering a $5 million annual sales business is nothing short of inspiring.
Drawing from Fynbo's treasure trove of advice, here are some selected nuggets of wisdom from the TCB article detailing her entrepreneurial journey that stand out for their universality and impact:
Leverage Free Resources
Fynbo's first piece of advice is to take advantage of the myriad free resources available to entrepreneurs. From advice and mentoring to grants and interest-free loans, the entrepreneurial ecosystem, especially in Minnesota, is rich with opportunities for support. This approach not only helps in setting a solid foundation for your business but also in networking with like-minded individuals and potential mentors.
Create an Advisory Board
As your business grows, the challenges you face become more complex. Fynbo suggests forming an advisory board comprising individuals with experience and knowledge in areas you might lack. Offering a small stake in your company can be a smart way to compensate for their time and expertise. This board can provide strategic advice, mentorship, and help navigate through growth-related challenges.
Seek Out Your Customers
In an era where digital ads are losing their luster, Fynbo emphasizes the importance of physically going where your customers are. For Busy Baby, this meant attending Prego Expos and directly engaging with expectant parents. This hands-on approach not only boosts sales but also builds direct relationships with your customer base.
Don't Be Blinded by Upfront Money
Fynbo's negotiation with Lori Grenier on Shark Tank highlighted a crucial entrepreneurial lesson: the allure of a large upfront payment should not detract from long-term vision and goals. Licensing deals can be tempting but may not always align with your business's direction or growth plans.
Anticipate Higher Startup Costs
One of the sobering realities of starting a business is the cost. Fynbo warns that everything is more expensive than initially anticipated. Hidden costs, taxes, insurance, and the need for a good accountant are just the tip of the iceberg. Planning for these expenses from the outset can save a lot of financial strain down the line.
Focus on Your Strengths
Fynbo's attempt to break into major retailers taught her an important lesson about playing to your strengths. For Busy Baby, e-commerce and exhibitions were where they shined, not retail negotiations. Recognizing and focusing on what you're good at can lead to more efficient and effective growth.
Hire Help
Finally, Fynbo stresses the importance of delegating. In the early days, founders often wear every hat in the business. However, to truly grow, you need to bring in help for tasks that either you're not skilled at or that can be more efficiently handled by others.
Beth Fynbo's journey from starting Busy Baby to navigating post-Shark Tank success is a testament to the power of resilience, resourcefulness, and strategic thinking in entrepreneurship. Her advice underscores the importance of support systems, direct customer engagement, strategic financial planning, and focusing on your strengths while acknowledging when it's time to ask for help. Each of these lessons serves as a stepping stone towards building a sustainable and thriving business.