The Path to Success: Entrepreneurial Stepping Stones #MakingBank #S8E60
Welcome back to Making Bank! Today’s episode we have Andre Swanston, a dynamic tech innovator and media magnet, recently made history with the fifth largest exit of any Black CEO. A regular contributor to Bloomberg, Rolling Stone, and Fast Company, Andre's insights have made waves across the industry. Born in the Bronx, New York, he honed his exceptional sales skills at Ameriprise and J.P. Morgan Chase before earning a B.A. in Economics from the University of Connecticut. Today, Andre is here to share some exciting insights and experiences from his remarkable journey. (2:03) Background Story From a young age, Andre Swanston embraced a mindset that set him apart. Conforming never interested him; instead, he sought different approaches to everything, from tying his shoelaces to solving math problems in unique ways. This natural inclination to think differently laid the foundation for his entrepreneurial journey. (8:17) First Steps In A Business The first crucial step in any business venture is recognizing your strengths and weaknesses. Once you have that clarity, the key is to surround yourself with people who excel in areas where you may not. (12:24) Stepping Stones Three key moments shaped the company's journey: raising initial capital in 2014 to hire the first team, securing major enterprise deals in 2017 as connected TV gained traction, and anticipating competition from industry giants, which guided our successful execution strategy. (16:27) The Future Of Digital Ads In the future of digital ads, impartiality and trust are key. As data privacy and regulations tighten, partnering with a neutral third party ensures transparent and compliant data analysis, avoiding conflicts of interest from media or device companies. This approach helps navigate industry challenges and build a reliable foundation for the evolving ad landscape. (19:12) Selling A Company When preparing to sell a company, focus on securing multi-year contracts. These contracts significantly increase your company's valuation, often yielding a higher revenue multiple compared to one-time deals. Understanding this can strategically position your business for a more lucrative sale. (21:31) Growing A Business When growing a business, maximize what you can do without external capital. This gives you control and flexibility to pivot and adapt early on, allowing for smoother growth before bringing in outside investors. It also demonstrates commitment and resilience to potential investors. (26:19) Motivation The most important advice for entrepreneurs is to trust your instincts and understand your motivations. Your unique life experiences shape your perspective, and leveraging these insights is crucial. Remember, entrepreneurship is tough and success often comes from sheer ambition and perseverance, not from any inherent superiority. Tags: Instagram: Andre Swanston @dreswan06