Interested in starting your own entrepreneurial journey in food and beverage but unsure what to expect? Then read up on our interview with Ming Tsai, Founder and President of MingsBings, located in Boston, MA, USA.

What's your business, and who are your customers?

My business is MingsBings. Our customers vary from kids to adults, and they all prioritize deliciousness. They want something good tasting and good for the body. MingsBings brings healthy, plant-based, gluten-free convenience to the frozen food aisle. At MingsBings, our motto is: Eat good, feel good, do good.

"Eat good:" first and foremost, I am a chef. Everything I make has to taste good, and MingsBings are extremely delicious.

"Feel good:" you are what you eat. MingsBings are vegan, gluten-free, and dairy free. We make plant-based easily accessible, helping our customers feel better by eating better... without sacrificing taste.

"Do good:" from inception, some proceeds from the sale of MingsBings have benefited two charities close to my heart: Dana Faber and Family Reach.

Tell us about yourself

I am Chef Ming Tsai, a James Beard & Emmy Award-Winning chef, Chef/Partner at BaBa at Yellowstone Club in Big Sky, and Chairman of the National Advisory Board with Family Reach.

I just completed my 18th season of PBS-TV's Simply Ming. In 2022, I joined the cast of 5 world-class chefs in the Netflix series Iron Chef: Quest for an Iron Legend and officially became Iron Chef Tsai.

I have always believed that "you are what you eat" and that food is medicine. In 2020, I founded MingsBings, a consumer-packaged goods startup bringing healthy, plant-based, convenient food to the frozen food aisle.

What's your biggest accomplishment as a business owner?

It is happening as we speak. I'm growing a great company: MingsBings. It is such a huge honor to grow a company that gives back. Beyond giving our customers an option that tastes good AND makes them feel good, we give back to two fantastic organizations through our sales, both close to my heart: Dana Farber Cancer Institute and Family Reach.

What's one of the hardest things that come with being a business owner?

Always be truthful, and never take anything for granted. Never assume people will do tasks X, Y, and Z. You need to check, double check, and even triple check.

Sometimes being a business owner involves making hard decisions, like letting people go. It should never be an emotional response. Your responses must always be objective because, as a business owner, you have a responsibility to the business, everyone that works with you, and the investors that invested in you.

What are the top tips you'd give to anyone looking to start, run and grow a business today?

Cash flow, cash flow, and cash flow are the top 3 tips I would give anyone looking to start a business. How? Raise enough money to make sure you always have cash. You must budget precisely. This includes your payroll, knowing your expenses, and building a cushion to take care of unforeseen surprises.

Surprises always happen. When I was at Blue Ginger in 1998, I had enough cushion to cover payroll and expenses for three months, which took the pressure off. When you first start, you aren't busy out the door (for most businesses). It takes time to grow, build your brand, and establish your reputation. If you run out of cash too early, the downward spiral starts. Suddenly, you aren't making decisions from a place of clarity. Only 1 out of 10 restaurants make it five years, and 1 out of 20 make it ten years.

Another tip besides cash flow is to hire good people. Surround yourself with people smarter than you with expertise that is not what you do. You need the support of the right people to round yourself out.

Is there anything else you'd like to share?

Make sure that, whatever you do, you leave your mark. You have to leave the world a better place. If you are fortunate enough to own your own business, you can make this a priority. The definition of true success is how many people you've helped along the way. Beyond having an impact through your legacy, remember that balance and personal happiness are essential to growing a business successfully.

Where can people find you and your business?

Website: https://mingsbings.com/
Facebook: https://www.facebook.com/ChefMingTsai
Instagram: https://www.instagram.com/mingtsai/
Twitter: https://twitter.com/mingtsai
LinkedIn: https://www.linkedin.com/in/chefmingtsai/

If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.

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