Aug 20, 2019
Welcome back to the Instant Impact podcast with your host, Elyse Archer! In today’s discussion, Elyse talks growth with Mike Schumann. Mike currently serves as the Vice President of Corporate Development for the start-up accelerator, MassChallenge. In this role, he leads the functional group responsible for helping MassChallenge's corporate partners to achieve innovation-related outcomes through relationships with high-potential startups that are aligned with strategic priorities.
Elyse and Mike talk about some of the first things we can do to generate revenue from scratch. We’re talking from the ground floor. Mike shares with us that it’s all about having an outcome and goal in mind and working backwards from there, focusing on planning and structuring your strategy for growth. He says it’s vital to pick up the phone and learn. Elyse adds that it's important to constantly be on the lookout for feedback—what people are liking and what they aren’t.
Mike delves into what some common factors that seem to be constant for successful startups. He emphasizes that it’s essential to be clear about what the problem is you’re solving. It’s equally as important to know who it is who has the problem and what it means to them if you can find a solution. On top of that, Mike shares that success can come from offering a $100 solution for a $10,000 problem. Beyond that, capture the proof. Use case studies as leverage and build a scalable sales process to match the growth.
On the topic of problem-solving, Mike and Elyse chat about some actionable tips people can take to find the problem it is that they’re trying to solve. Mike says to think about the gaps in service. What small adjustments can you help make to open the door to a new market? He goes on to explain that you have to be open to failure. Frame it as an experiment—make mistakes and learn from them. Take obstacles and look at them as lessons.
Mike also offers insight on pricing. The fact of the matter is, every company is going to have a different expectation for their ROI. Think about the alternatives they may go to and consider the momentum they have with the process they already use. How can you disrupt that and bring value?
Finally, Elyse and Mike dive into how we can cultivate an intentional environment that sets us up for success. Mike says the place to start is with yourself. Think about how well you take care of yourself—what’s your morning routine? Are you mindful of your nutrition? Do you exercise? All of these factors come into play when we think about our environment. What about what you’re putting in your brain? Set aside time to fill your mind with positivity and something that will make you better. Additionally—network! Don’t be afraid of being in service—it will come back.
What you’ll learn in this podcast
In today’s episode, you’ll get some practical advice on how to grow and scale your brand. Mike shares insight on how to grow revenue from scratch with no territory or client base, how to get clear on what problem it is you can solve, as well as advice on pricing structures and the importance of a positive environment.
Links
Connect with MassChallenge at MassChallenge.org
Have questions for Mike? Email him at mschumann@masschallenge.org
Request a free Brand Strategy Call: http://thebrandbuildersgroup.com/callelyse