Omar Zenhom (0:01)

Introducing Instagram Teen Accounts A new way to keep your teen safer as they grow. Like making sure they always have their seatbelt on. All right, sweetie pie, buckle up. Good job. Or ring the bell on their bike. Okay kid, give it a try.

Nicole Baldinu (0:16)

Nice.

Omar Zenhom (0:17)

Or remember their elbow pads. Knees too. Okay?

Unknown (0:20)

Yep.

Omar Zenhom (0:21)

There you go. New Instagram Teen Accounts Automatic protections for who can contact your teenage and the content they can see.

Unknown (0:31)

Are your ulcerative colitis symptoms proving difficult to manage? Tremphya Guselcamab can help you manage the cycle of UC symptoms. At one year, many patients taking Tremphya achieved clinical remission and some patients also achieved endoscopic remission. Individual results may vary. Tremphya is a prescription medicine used to treat adults with moderately to severely active ulcerative colitis. Some serious allergic reactions and increased risk of infections may occur. Before treatment, your doctor should check you for infections and tb. Tell your doctor if you have an infection, flu like symptoms or if you need a vaccine. Ask your doctor if Tremphaya can help you manage the cycle of UC symptoms. Call 1-800-526-7736 to learn more or visit tremphyaradio.com.

Nicole Baldinu (1:23)

The gaming site FanDuel just sold for $5 Million. Sounds like a success story, right? Wrong. The founders and employees walked away from the sale with nothing. Yep, a big donut. How? Well, long story short, they raised $416 million at a 1.3 billion valuation, all because they wanted to grow as fast as possible. This is a cautionary tale because they ended up selling and getting nothing for it. All that time and energy wasted. You don't want that to be you. And that's why today's topic is why starting small is the smartest move you'll ever make. Too many entrepreneurs think they have to go big or go home. But the truth is starting small gives you the flexibility, the focus and the foundation to help build you something that will last. Let me show you why this approach is not just smart, but essential for the survival of your business. Did you know that 70% of startups fail because they scale too quickly? That's according to CB Insights. Premature scaling is one of the top reasons why businesses fold. Starting small isn't just safe, it's smart and it's how you can set yourself up for long term success. I always borrow this line from Jason Freed that says, I don't want to create a startup, I want to create a stay up. So today I'm going to show you how small beginnings can lead to big wins. And I'm Living proof. I started a software company called Webinar Ninja with my partner Nicole. We started this company self funded, no outside equity or funding, and we're able to build it slowly, right? Slow growth. And 10 years later, we got acquired by Proprofs for money that changed our life. So this is something that can happen and happens all the time, but you don't hear it because it's not big headlines everywhere in the news. Because at the end of the day, no one thinks it's sexy to do it slowly. But slow growth allows you to minimize your risk and have a greater chance of success in the long term. And that's where we're going to start. Today's lesson. The first point I want to make is starting small lowers your risk. When you start small, you minimize your financial and operational risks. You don't have to invest heavily in product or service or a big office or anything like that until there's real demand for your product. Right? When I started any of my businesses for the last two decades, I really like to start small, see the money come in first, see the customers basically break down my door, my proverbial door for the product. Then I know, okay, I have something in my hands. Let's scale this, let's build this out so that we can provide this product to the customer. This is why launching a minimal viable product is so essential. So that's a good action step to take when it comes to lowering your risk. Launching something small, minimal viable meaning something that is solving the problem for the customer in a minimal way, that is allowing them to feel like this has value and they're willing to pay for it. You're using this as a test to test your market, to refine your offering, and to understand that, hey, I don't want to put so much money up front on something that's not proven. Once it's proven and it's making you money and it's actually solving a problem, then you can start improving and scaling and reinvesting into that product. But we want to make sure we have a winner on our hands. The second thing I want to stress after the MVP is to focus, to learn, and to iterate fast. Starting small allows you to focus on your customers. You're listening constantly to what they need, what their problems are, what they're complaining about, right? You make improvements quickly to whatever you're creating, right? And you're just more flexible, more agile, which means you can adapt faster and change to the feedback that you hear. Right? In the beginning, you're just basically Begging for your customer to tell you everything they can about their problems, about their issues, about your product, how you can improve it. Because the faster you iterate, the faster you implement that feedback, the quicker you're going to start seeing some result, the faster you're going to get to that point where it's like, okay, I got product market fit. People are happy with what I got. They're willing to pay for it. Let me do this at a higher scale. Over the last couple of decades of me doing this thing called business, I've seen too many businesses, too many entrepreneurs sink so much time and money in an idea that's not proven. They haven't actually talked to customers. They haven't had anybody try their thing before. They spend two, three years working on an app or a software and then they launch it. You know, a hundred thousand, two hundred thousand, sometimes millions of dollars in debt or in investor money. And they have nothing because they haven't seen the rubber hit the road. They haven't seen customers actually interact with this product and tell you, yep, I love it or I hate it, or this is what I would change, or I'm willing to pay this much or that much. That's really the reality that you need to face. And you need to face it as soon as possible, like within days of you creating the MVP quickly. So as an action step, you want to identify the core problem your product, your business solves, right? Once you understand that, you can understand, is your product actually solving it, right? What's the core problem that you are solving or trying to solve with your product? And then you can figure out from customer feedback, is it actually doing that? Then you can gather the feedback, make improvements, and then you can start expanding based on the reaction people have to your new iteration of your product. Okay, great. Now, people like this thing. They're willing to pay for it. They're happy, they're staying on, they're keeping it for a while, they're using it over and over. I see in my dashboard how many people have signed into the app today, whatever it is, right? The point is that you have data to prove you have a winner on your hands. Number three, build trust and credibility over time. The reason why starting small lets you really have a sustainable business is that you have enough time to build credibility and trust with your audience. Starting small allows you to focus on delivering value to your customers. And when you do this, you and you do this consistently, your reputation starts growing organically. People start seeing you as a winner, as a company they can trust as A company that's kind of been around for a while. Credible, right? I'm always weary of all these products or services or apps or tools that run your business, you know, like, hey, this is a great tool you can use. I'm always worried if I haven't heard about them for a while, you know, if they haven't been around for a while. I like the tried and true and tested products because I know that they have some reputation, right? It's not maybe perfect, but that product at least been around and they've seen a lot and they're, you know, committed. And I'm sure if you heard a million motivational speeches or videos that say, you know, Apple started out of a garage and Amazon started with, you know, makeshift desks, you know, and just started with a bookstore. And the reason why they say that is that they started small. They first made sure they had something on their hands before they started to grow. They started with a product with a service like for example, Amazon started with just selling books. And once they've built a reputation of being reliable and the books got delivered on time and people felt like if they needed to return something, it was safe, they built credibility in the e commerce world. Then they expand it because now they have a reputation to lean on and people are going to trust them for that new product line. So as an action step, treat your early customers like gold. Deliver exceptional service, exceptional experience so that you can get great reviews, great testimonials, great case studies. These people become your biggest advocates, they become our biggest cheerleaders, and they become your biggest marketers through word of mouth.