Interested in starting your own entrepreneurial journey but unsure what to expect? Then read up on our interview with Peter Yeung, Podcast Host and Producer of XChateau, located in San Francisco, CA, USA.
What's your business, and who are your customers?
I'm primarily a wine business consultant, helping businesses in the wine industry with sales & marketing strategy and strategic planning, financing, and M&A. But, I also am an author and podcaster focused on the business of wine. My clients are primarily wine producers, but I work across the value chain, including brokers, retailers, e-commerce companies, and PE funds looking to acquire wine businesses.
Tell us about yourself
I started with an interest in wine from college but worked primarily in the energy space (utilities, clean energy) for over a decade. As a consultant at McKinsey & Company, I took a sabbatical and spent time studying wine in Napa Valley at the Culinary Institute of America. This ignited my interest into more of a passion, and I grew wine into a bigger part of my life until I finally decided to make the leap into the wine industry itself.
I'm primarily motivated by the people in the wine industry, who are often full of generosity and hospitality, like wine itself, it's shared experiences that really bring people together. Within this, I see so much potential for innovation and knowledge sharing in the wine industry, which drives me to do more and help others improve.
What's your biggest accomplishment as a business owner?
For me, the satisfaction of when one of my ideas catches hold and builds and grows into reality with my clients is my biggest accomplishment. In brainstorming sessions, new ideas come up frequently, and seeing those blossom into fruition is greatly gratifying.
What's one of the hardest things that comes with being a business owner?
The financial uncertainty and volatility of owning your own business can be challenging. It's harder to take vacations and truly rest when you know you're always only eating what you hunt or farm.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Be nimble. You need to learn and adjust your strategy based on what you experience and see.
- Be honest with yourself and self-reflective. Know what you're good at and what you're not, and look to others for help to shore up what you're not as good at.
- Help others. The best way to build a community around your business is to engage with others and help them solve their problems. It may not always help your revenues or income right away, but building a long-term community that supports and nurtures you and your business will help you manage the ups and downs of being an entrepreneur.
Where can people find you and your business?
Website: https://www.xchateau.com/
Instagram: https://www.instagram.com/winebizguy/
LinkedIn: https://www.linkedin.com/in/peterkyeung/
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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