Interested in starting your own entrepreneurial journey in business development but unsure what to expect? Then read up on our interview with Guthrie Weinschenk, COO of The Team W, Inc., located in Delaware, OH, USA.
What's your business, and who are your customers?
The Team W is a small brain and behavioral science consulting company with roots in UX. We consult and teach how to use brain and behavioral science to dramatically improve the impact of user experience, products, services, systems, and ethics.
Tell us about yourself
I had just finished law school and was working (briefly) at a law firm. It was clear that I would have to grind for years before I was able to work on what was to me the interesting work. I had been working part-time for this startup (The Team W) with one other person and figured it made more sense to keep going with the startup. Half-time became 3/4s and then full. I love the people and variety of work that I get to do. I have a lot of creative freedom, which is very satisfying, although most of my day is still doing emails and calls like everyone else. I'm motivated by how fun it is; usually, I wake up every day wanting to make more progress.
What's your biggest accomplishment as a business owner?
Creating a sustainable business with no investors. We fully bootstrapped ourselves, running super lean, all remote (even before the pandemic), and prioritizing small growth first without debt. Since we are in the consulting space, we don't have a lot of expensive material costs or anything, just our brains and time. We're still a pretty small company, but we're sustainable and growing debt free.
What's one of the hardest things that comes with being a business owner?
There really isn't space for going on a bender, being uncertain, or being depressed for a month. There isn't some big corporate monolith behind you that will keep the wheels turning. If you're not at least somewhat moving forward all the time, the whole thing falls apart. It's not necessarily a lot of pressure because sometimes all it takes is an hour here or there to send some emails and keep the train rolling, so I go on vacations and don't work crazy long weeks, but you have to be mentally around. It works best if you're the type of person who kinda never really "disconnects" for a week (unless you have a partner you trust who can keep things going). I know that's not for everyone, but I really like my work; it's fun, and I'd rather be working than being on Twitter. The second hardest is the frustration with limitations. Sometimes work gets slow, and I don't have work for our contractors; it really sucks; I want to have projects and money for all the great people in our orbit; as a small business owner, that doesn't always happen, and you just have to accept it and be upfront with people and try the best you can to keep everyone afloat.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Run super lean, keep your overhead low, keep your office space costs low, and keep your staff low.
- Spend most of your time trying to make enough money to have a buffer for a few months if things get slow. But, spend some of your time laying the groundwork for the future, maybe that's new products, new marketing, or new clients, but don't only focus on the now or the future only; you have to do both at the same time.
- You have to really like the work; if you aren't super excited about the work you get to do when it hopefully comes in the door, change your business because that's what success looks like; a lot more work for you!
Where can people find you and your business?
Website: https://theteamw.com/
Instagram: https://www.instagram.com/guthrieweinschenk/
LinkedIn: https://www.linkedin.com/in/guthrie-weinschenk/
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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