Supplying the Need
with Cassidy Phillips
with Guest Cassidy Phillips: MakingBank S3E51
Cassidy Phillips gave some incredibly practical tips that he wished he’d known when stepping into the entrepreneur game back in the early 2000s. But his biggest learning curve was coming to the realization that no amount of success would fulfill him if it didn’t stem from creating something with a purpose — without purpose he was working off of ego and pride, which according to him “have no relevance to being a true entrepreneur.”
In going through the following tips, keep the idea of purpose in the back of your mind.
Play the Role…until you don’t
“Entrepreneurs don’t always recognize that you have to play a role and depending upon whatever you get yourself into, you ultimately have to play a role to get whatever it is that you want.”
A lot of our guests talk about this, the idea that nobody knows what they’re doing, you just get out there and do it. If you wait for all the pieces to fall into place, you’ll never get anywhere, because they never will. Cassidy broke it down into a really helpful timeline…or cash-line if you will:
From 1–5 million is tough, you think you know everything, you play the role that you know everything, but ultimately you don’t know anything.
From 5–7 million you hit flow. You think that all of your operational processes are in place, but they aren’t, you think you have your systems set up, but you don’t. You don’t think you’re playing a role, but you are and because of that you aren’t prepared for true growth.
From 7–10 million if you’re still acting like you know everything and haven’t brought in people and systems to help you out, you won’t get away with it. Stop lying to yourself, stop playing a part, and get the support that you need. The ego has to walk.
Supplying the Need
“It’s crazy when you can supply a need for somebody. The “wants” are what get confusing. The “needs” are what create an unbreakable body with a customer or client.”
Remember Cassidy’s story about not wanting to create the “The Grid.” It was out of line with his original products, even though it was a marketable product it felt like he was selling out. But at the time it was a sustainable item that he could sell for $40 where most of his products were $180, and the economy wasn’t doing so hot.
“One of the hardest things for an entrepreneur is that they get emotionally connected to certain products and they feel like they are going to prove to the world that they need this.” Cassidy was holding onto existing products that his customer didn’t need, and resisting making the one that they did need.
Look for what your customers need in their life. Innovate around that, create education for them about it, then make the product.
Onboarding the Millennial Mindset
Keep up with the world of the employee. We’re no longer in a time when people are going to high-five you and give you a hug simply for employing them. You have to care about your employees.
Your goals are your focus, but you have to care for the people who work for you while pursuing that goal. We’re not talking about giving them things, beer on draft and free gyms are great, but it can be as simple as “stopping and realizing that they are a human being and they will give you everything you ever wanted, as long as you care about them.”
Finally, care about what you do! “if you are not passionate about what you’re doing in life, do something else. You get to make the decisions in your life. All you have to do is step out and be the artists that we know you can be and pursue that art, that dream, that passion, that goal that you want in life.”
To keep up with Cassidy subscribe to his podcast at www.blissfulignorancepodcast.com