Interview with Andy Cagnetta of Transworld Business Advisors

What was the first business you started?

Does selling coffee and coffee cake jr’s on the 1970’s gas lines count? My first official one was East Coast Cellular selling car phones we installed in cars.

What is your background, and did it help you get where you are today?

I am a serial entrepreneur. My degree is in marketing from Lehigh University, so I always have that hat on as well.

How did the idea for your current business come about?

I moved to Florida and was looking to buy a business. I went to Transworld as a customer. They hired me as a salesperson, and 2 years later, I bought the company.

What was your key driving force to become an entrepreneur?

I wanted to make money, not a salary. I found a steady paycheck boring.

Did you raise funding for your business or bootstrap it?

It’s been a journey. I have borrowed money from my parents in my early businesses. And for Transworld, I borrowed money from my inlaws Susan and Joel Martin (thank you!). I did raise 3M worth of capital in 1999 from Newtek, which helped us expand.

How did you build a successful customer base?

Do the right thing! Be nice! Answer the phone!

Which marketing tactics have been the most successful for you?

All of them! I always say that there is no such this as bad marketing. Just some more effective than others. In the end, everything works. You have to keep at it.

What kind of culture exists in your organization, and how did you establish it?

Entrepreneurial and collaborative. Lead by example. I do the right thing, live up to my promises, admit when I am wrong, apologize and like to build consensus.

Can you describe/outline your typical day?

Meetings, emails.

How has being an entrepreneur affected your family life?

It’s been both tough and gratifying for my family. I work hard and long hours but always made time for my girls.

What motivates you?

The people that choose to work with me. It’s an honor and an obligation. I feel responsible for helping them be successful.

How do you generate new ideas?

Strategic planning and brainstorming. Thinking outside the box, watching other companies, reading.

What is your greatest fear, and how do you manage fear?

I worry about finances and how economic downturns affect our company. I am conservative in our cash management. It helps me sleep at night.

How do you define success?

Tough question. I try to celebrate exceeding goals, but I always like to keep striving. So it sometimes feels like you never declare success.

Do you believe there is a pattern or formula to becoming a successful entrepreneur?

You have to do a lot of things right. And even then, sometimes things don’t go your way. Therefore, no, I do not believe there is a set formula.

What is your favorite aspect of being an entrepreneur?

Being in charge of my destiny.

What has been your most satisfying moment in business?

Making it through the economic downturn of 2009-2010.

What are some of the mistakes you wished you could’ve avoided?

I have learned from all my mistakes. I have very few regrets.

How did you handle adversity and doubt?

Head on. Build a team and collaborative company, and you can overcome anything.

Are there any books you suggest other entrepreneurs add to their “must-read” list?

Never Split the Difference. Chris Voss.

What is a favorite quote from an entrepreneur that has inspired you?

We are the music makers, and we are the dreamers of dreams – Arthur O’Shaughnessy, also used in Willie Wonka. Not quite an entrepreneur. But I guess Willie Wonka was.

What advice do you have for young entrepreneurs?

Start early. Work hard.

What is next? Where do you see yourself and your business in 10 years?

I am getting more creative as I age. Have a few fun music projects working. In ten years, the next generation of Transworld owners will hopefully be at the helm, continuing our great legacy in the industry. I hope to be there, helping.

Tom Stemple

Meet Tom Stemple of With A Twist Bartending Service

What was the first business you started?

The first true full-time business I started was Service Telephone Company back in 1990. We negotiated a resale agreement with AT&T and sold to corporate accounts nationwide. Later we add a division selling exclusively to hotels all over North America and the Caribbean.

What is your background, and did it help you get where you are today?

I have always been an entrepreneur and owned my own business. I went to college at the University of Northern Colorado and left in the middle of my senior year to start my first company. (One of my few regrets in my life was not finishing college when I was so close).

How did the idea for your current business come about?

Once you have had some success in life, you find yourself in a season where you get to decide what you want to do next. As a result, I said, “Why not start a company where everyone is in a great mood and happy to speak to you” Thus, With A Twist Events Services was born.

What was your key driving force to become an entrepreneur?

That’s a tricky question… When your young, you are driven by making lots of money. What you learn as you get older is the true value to being an entrepreneur is all the great people you build relationships with and the incredible stories you get to tell. In the end, no one really cares how much you do or don’t have, but the stories you can tell are priceless and worth all the risks along the way.

Did you raise funding for your business or bootstrap it?

I’m a bootstrap guy. Raising money (which I have done) forces you to listen to people who only care about money and never really know the best way to lead the business. For most people, capital is an issue, and bringing in outside money is required. My advice is to set good expectations for investors and never give up control. If you do, I assure you it will feel much more like a job.

How did you build a successful customer base?

I’m a build it, and they will come type of guy. I will ways focus on driving leads and customers first and figure out how to serve them or build the products later. If the biggest problem you have is too many customers and not enough products, then you’re doing something right.

Which marketing tactics have been the most successful for you?

I have done them all over the years, but the one that always bears the most fruit is Business Development. It is costly to build a brand from scratch and too slow for my liking. I prefer to partner with others who have the same or similar customer base and figure out how to work together with them. I have built multimillion-dollar businesses in 12 months and never spent a nickel on advertising.

What kind of culture exists in your organization, and how did you establish it?

We have a “Servant First” culture. We are here to serve everyone we work with, whether it’s our franchise owners, staff, partners, or customers… we are here to serve. Once you realize the secret sauce of success lies in relationship building and putting others first, you are well on your way to winning.

Can you describe your typical day?

From 5 am – 8 am I quietly think about all the projects or companies I’m working on and focus on how to solve the hardest problems. 8 am – 9 am I focus on the three things I want to complete before the day is over. At 9 am, I turn on my phone and computer and go as hard and as fast as I can all day. At 6 pm, I reflect on the three objectives I set for the day, and most days feel pretty good about what was accomplished. I decompress at night and try not to look at email, which tends to distract me from getting a good night’s sleep, and I can’t afford to disrupt my routine.

How has being an entrepreneur affected your family life?

Work-life balance is important. Being an entrepreneur is a lifestyle, not a job. Once you understand that, it’s easier to make family a priority.

What motivates you?

Winning! What you learn over time is what is Winning? We all like to cross the finish line first, however, building your own business is hard, and most days don’t feel much like Winning. The secret is to set simple goals and drive toward Winning those. Over time you create a culture of Winning in your own mind as well as your teams. As those little Wins along the way build and build, the next thing you know, you’re winning in the big picture too.

How do you generate new ideas?

20 years ago, I used to subscribe to 100 magazines—everything from Family Circle to Teen Beat. I look for trends in the market that cut across lots of different verticals. Nowadays, I read hundreds of blogs and articles on all types of subject matter. Trends present themselves in and across all types of environments. At that point, I solve a problem I believe will soon exist, and there’s your idea. Every business I have ever started was early to market, which gave me an incredible advantage, with no competition.

What is your greatest fear, and how do you manage fear?

My Christian faith gets me through all the fearful times. Having an eternal perspective actually makes every day a blast, regardless of what is thrown at me.

How do you define success?

Success is impossible to define. Some days it feels like you’re losing and you’re not, and other days it feels like you’re winning and you’re not. Success is slippery, and I believe perceived success has crushed a lot of companies. I focus more on Innovation and never being satisfied with what I have done or created. In the end, success does happen, but if you focus on it along the way, you’ll get lazy, and someone will sneak up behind you and pass you right by.

Do you believe there is a pattern or formula to becoming a successful entrepreneur?

I wish! Most of it comes from experimentation and hard work. Learning that failure is not a reason to quit. I never use the word “Trying” like I’m trying to do better or trying to build a company. The word “Trying sets you up to fail because it is not confident and convicted. I prefer to say I’m in “Training” to build a business or I’m in Training to do better. No Olympic athlete ever sets out saying… “I’m trying to be an Olympic swimmer. Like an athlete, I’m always in Training!

What is your favorite aspect of being an entrepreneur?

The feeling you get when the idea comes, the whiteboard is full of ideas, the wheels are in full motion, and what originally started on a blank white piece of paper actually becomes a real viable business is a rush like no other.

What has been your most satisfying moment in business?

I started a company from nothing a few years back and within 4 years sold it to 3M; a fortune 30 company was pretty cool!

What are some of the mistakes you wished you could’ve avoided?

This list is too long to mention. The bigger point is don’t be afraid to make mistakes. If you’re not making mistakes, you’re not training hard enough.

Are there any books you suggest other entrepreneurs add to their “must-read” list?

Elon Musk, The life, lessons & rules for success

What is a favorite quote from an entrepreneur that has inspired you?

“The people who are crazy enough to think they can change the world are the ones who do” STEVE JOBS. “Invention, my dear friends, is 93% perspiration, 6% electricity, 4% evaporation, and 2% butterscotch ripple”. WILLY WONKA. “Invention is messy.” TOM STEMPLE.

What advice do you have for young entrepreneurs?

Have a new idea? Stop listening to everyone else and trust your own instincts. Don’t follow the crowd. If you do, when you get to where you’re going, it’s going to be crowded. All the market research in the world will never tell you the truth. The truth lies in you and your willingness to think differently. Trust yourself! Ask lots of questions and never assume you know everything because you don’t. The best entrepreneurs surround themselves with smart people who can give you good counsel, but it’s always up to you to make the call. Remember, you’re always in training!

What is next? Where do you see yourself and your business in 10 years?

My personal time horizon is always 6 months out. I have learned that things can change so fast, it’s better to focus on shorter time horizons. 6 months from now, I see myself 180 days smarter!

Super Bowl Champion and NFL Alumni President Bart Oates

Bart, for those who may not be familiar with your story, can you give us a brief background?

I studied accounting in college and earned my BS from the Marriott School of Business there in 1985. That same year I was signed by the New York Giants, I was 26 years old. I was fortunate enough to go on to win two Super Bowls with the Giants (in 1987 & 1991) and then one with the 49ers in 1995. I attended law school at Seton Hall University during the offseasons while playing in the NFL. I am currently an attorney and also President of the NFL Alumni Association.

What inspired you to get your law degree while playing in the NFL?

There is a joke in the NFL; they say NFL stands for “Not for long.’ After seeing the insecurity of other NFL players, I realized I needed to control my own destiny. I was a nerdy guy, but I needed a scholarship, and football provided that for me. I got my workouts done early in the morning and then went to school. It worked out really well.

What did you learn in the NFL that you still use today in your life and business?

You learn you need to be disciplined and work hard. With football, you follow a program and keep doing it. I create a vision with my team, and we need to follow through with that as a team. I learned I need to do whatever it takes to win in life and business.

What did you find more challenging playing in the NFL or working in the business world?

I would say it’s harder to be an entrepreneur than a football player. Both have unique challenges and unique rewards. In the NFL, there is no ambiguity, and there is a clear winner at the end of the game and end of the season. In my 11 seasons, I was fortunate enough to win the Super Bowl 3 times. Being an entrepreneur, there are always defeats and successes, but if you have more successes than defeats, you will win as an entrepreneur.

Are you still practicing law? What do you enjoy most about being an attorney?

Yes, I am the General Council of the NFL Alumni Association. When I was practicing private law, what I liked best was helping people, many people came to me and needed help, and I was able to help them; that’s a good feeling.

Can you share with us the story of how you became the President of the NFL Alumni Association?

The NFL Alumni Association was organized in the late ’60s. I got involved ten years after retiring from the NFL. A former teammate asked me to run the New York / New Jersey chapter, and I ran that for about 10 years. I enjoyed helping the former players and the community. After being on the Board of Directors for a few years, I was asked to be President. I was honored to take on this role. I had lots of ideas to make a real difference in the organization and fulfill our mission.

Can you tell us more about the NFL Alumni Association and its mission?

The primary mission of the NFL Alumni is “Caring for Our Own.” We inform, assist, and serve players in their post-NFL lives. The former NFL players are offered a diverse package of medical, business, and legal services to help keep them and their families healthy and connected to the league and their former teammates. We are advocates for former NFL players. The NFL Alumni also has a mission of “Caring for Kids.” We give back to our local communities by raising funds for youth-related charities.

Are there many former NFL players that are now entrepreneurs?

Yes, almost all are entrepreneurs. Many former NFL players own their own businesses. Some sports-related and some non-sports-related.

What advice do you give former NFL players that are now entrepreneurs or any entrepreneur out there trying to make it?

For former athletes: Use the same attitude that you had that made you a great athlete and that will make you a great entrepreneur. Apply what you learned: discipline, practice, hard work, and working with a team, and you will be successful. For all entrepreneurs: Don’t give up, stay on track and never give up. Put the time and effort in and make the sacrifices to make your business successful.

It’s all about balance, spiritual balance, life balance, and career balance. You will never truly find success if everything in your life isn’t balanced. You will never truly be happy if you don’t have a well-balanced life. That is the key to success for all entrepreneurs.

Interview with mPokket – the instant loan app

What is mPokket?

Mr. Gaurav: mPokket is an instant loan app that you can readily download from the Google Play Store. Simply install the app, submit a handful of documents, and register. Once approved, you can borrow up to Rs.20,000 depending upon your profile – college student or salaried professional. The money will be credited directly to your bank or Paytm account.

Read more

What Does It Take to Succeed at Online Arbitrage?

What Does it Take to Succeed at Online Arbitrage?
The internet has gradually become a viable marketplace. However, most people have not harnessed the power of web commerce such as online arbitrage. In this article, we tell you what is online arbitrage and the factors that surround the practice. We also delve deeper into how to succeed in the practice. It is more like retail arbitrage, but the difference is you do not have to go anywhere. This term refers to shopping online for a product to resell it.

How do you engage in online arbitrage?
Digitization has made arbitrage fascinating for anyone interested in using the internet. You do not have to be a tech genius to engage in the practice. All you need is knowledge of how to shop and a few sales skills to sell the product.

This is the process of how you can get involved in the e-commerce industry:
1. The first step entails finding a web store that you can check its inventory for what you want.
2. The second step is finding a product that sells cheaply, that you can reap a few dollars once you resell it.
3. The third step entails placing an order for the product you have selected, paying for it, and having it shipped to your doorstep.
4. The fourth step is getting to list the item on a famous online shopping site such as Amazon, eBay, Target, Walmart, and Best buy, among others.
5. The fifth step is shipping the product to a fulfillment center like Fulfillment by Amazon that allows you to store your product, pack, transport it for you and handle the customer concerns.

Let us shed light on the role of a fulfillment center. When you use a fulfillment center, you get several benefits that include the following:

a) Trusted customer service:
If you source your products from Amazon.com, you can handle the questions and concerns of your customers. Amazon or any other online shopping site will manage the product inventory issues of your clients.
b) Free shipping:
If you list your product with a fulfillment center, you can assure yourself of free shipping. Clients can be sure that they will receive their product on time and rest easy knowing they will handle it well.
c) Cost-effective:
Once you decide to use a fulfillment center, check what they will charge. Most of them focus on storage fees and the orders that they fulfill. However, look out for any hidden charges such as fulfillment fees, long-term storage fees, inventory storage fees, impromptu service fees, removal order fees, and returns processing fees.
Make sure that you look for a fulfillment center that meets your interest and does not overcharge you!

Factors to consider in arbitrage:
When it comes to this practice, you need to think about issues such as:
1. Profits:
When sourcing for a product that you would want to resell, make sure that you consider the company fees to get enough profit. Additionally, price your product correctly. Keep in mind that when it is too low, you may end up making losses, and very high prices may expose you to no sale at all.
2. Invoices:
Learn to keep invoices. You may need to defend yourself against unscrupulous clients and suppliers. Sometimes, you may be required to offer invoices for items that are on sale. Moreover, the distributors may also offer the products in fake conditions.
3. Keep tabs on the product:
You can use tools like Chrome browser extensions to check on the history or price of an item. Try to keep off products that can spike or gradually decrease in price as the profit margin are usually very thin.
4. Make wise decisions:
If you decide to invest in arbitrage, you will be taking a risk. Invest in a product that you can anticipate losing. Look for what sells and is bound to give you good returns. Moreover, look for opportunities to resale your products.
5. Hire people:
It is hard to get products with good returns as you cannot be on every platform consistently throughout the day. Therefore, consider hiring friends and family members to help you cash in on the most lucrative deal. They will assist you in accessing the most effective item for reselling.
6. Monitor the health of your account:
It will be unfortunate if your account gets suspended midway when you have just started earning from it. To ensure that you are on top of things, act on any issue that arises. Ask for help if you do not know how to navigate the problem.
7. Learn to reconcile your purchases:
It is a great feeling to make a sale and keep track of the profit margin. But wait, what about your unsold stock? You need to be aware of how much stock is left. Have a way to follow this up from the moment the stock is delivered and its quantity. It will save you so much headache, especially if you are planning to scale your business.

I hope you have found out what is online arbitrage and the factors you need to succeed in the e-commerce world. There are some people who have learned to network in the internet space, and they have managed to rake in huge profits for their business enterprises. Just look at the many internet billionaires that exist globally. If you are in doubt, you can start gradually as you run a physical shop concurrently.

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