Interested in starting your own entrepreneurial journey but unsure what to expect? Then read up on our interview with Ryan Niddel, CEO of MIT45, located in Dublin, OH, USA.
What's your business, and who are your customers?
My business manufactures and sells/distributes Kratom products. Our customers are individuals who seek clarity, focus, and energy.
Tell us about yourself
I was brought into our business as a consultant after exiting my CBD business. Our business was generating $5m a year in revenue at that point. I was tasked with helping the founders remove their obligations from the business. Now I am CEO, and the company is passing $75m in revenue. What motivates me each day is exploring what we are capable of as an organization. We will be the first publicly traded company in our vertical. Chasing that reality is an incredible source of motivation.
What's your biggest accomplishment as a business owner?
My biggest accomplishment as a business owner is restructuring our company into a tax-efficient entity while simultaneously issuing employees of our company shares of ownership so they can participate in a liquidity event with my partners and me.
What's one of the hardest things that come with being a business owner?
Being able to make quick decisions with partial information while simultaneously being able to admit when you are wrong and help pivot the direction of your previous directive.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Hire specialists who will fill critical roles to help you achieve your desired outcome more rapidly.
- Understand that teams are with you for seasons. As businesses grow rapidly, some of the loyal people that helped you achieve the goal simply won’t be cut out for the next level of the game.
- Smile and enjoy it. Being an entrepreneur is a gift. We are the people that change the very fibers of society. Stop and soak in the moments of growth. If you are lucky, they will happen early and often.
Where can people find you and your business?
Website: https://mit45.com/
Facebook: https://www.facebook.com/ryanniddel
Instagram: https://www.instagram.com/ryanniddel/
Twitter: https://twitter.com/Ryan_Niddel
LinkedIn: https://www.linkedin.com/in/exitwealthy/
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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