In this episode, the Founder of Sponsor Cart Stephen Caffrey talks about the ways retail advertising is changing, the effect data is having on marketing budgets, and how startups can increase their credibility and awareness.
- Why entrepreneurs often don’t succeed at school.
- The difference between risk and recklessness.
- The amount of funding you need to open a business in the United States.
- How advertising fund allocation is changing.
- The ways retail advertising is changing.
- How to increase a startup’s credibility and awareness.
- Different ways to collect and analyze data.
- Why you don’t want to become too reliant on a tech stack.
- Josh Hoffman on LinkedIn
● 3:31 – “I always had the hustle in me and I always had the desire to do something on my own, after a degree in Philosophy I studied Entrepreneurial Studies thinking hey you can teach people how to start businesses in an academic environment and I wrote a business model for bringing Mexican food to Ireland based on Chipotle which I thought was mindblowing the success of Chipotle in the US, we didn’t have Mexican food in Ireland, wrote a business plan for it but ultimately none of it really applies until you’re in the fog of war.”
● 23:17 – “What customers today want is authenticity in the communication nobody wants another email in your inbox saying hey this is a great service listen to me people want information that helps them do their job better.”
● 30:02 – “You’ve got to be careful about the services that you chose to use in the beginning both from the quality of service and then the cost structure the unit economics as you scale the business is this going to eat into my profit or is this going to facilitate my profit? That’s what entrepreneurs need to be aware of when they’re tapping into these services which might seem cool at the beginning but ultimately might backfire.”
● 33:58 – “The coolest thing that I get to do as an entrepreneur is to talk to other entrepreneurs because there’s just this bond, this untalked-about bond that you’ve gone through it, you know and when you know, you know and you have that immediate connection with someone, there’s no BS, there’s no selling, there’s nothing like that.”