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Building a Ghostwriting business one book at a time with #1 International Bestselling Ghostwriter Joshua Lisec – AEP #2

May 13th, 2019 by
Guest: Joshua Lisec

Joshua Lisec is the founder of The Entrepreneur’s Wordsmith LLC, the first Certified Ghostwriter in Ohio, a Forbes Contributor ghostwriter, a TEDx speaker, a leading authority on Author Voice Authenticity, and a two-time published novelist. Since 2011, he has ghostwritten forty books. In just the past couple years, Joshua’s author clients have:

  • Used a book to build a $1,000,000 product funnel
  • Converted so many readers into consulting clients they needed a waiting list
  • Exceeded book sales goals by 200% thanks to top media appearances
  • Averaged 10,000 copies sold per month
  • Achieved a 70X return on their investment in their book

Show Notes:

1:50 minute markWhat is Ghostwriting?

3:10 minute markAgile entrepreneur takeaway: Combine what you love to do with where you can make money. Joshua talks about his passion for writing and how readers asked him to write their stories which eventually led to his ghostwriting business.

5:38 minute markAgile Entrepreneur takeaway: Turn your readers (of your book, your story, your website copy) into repeat customers. Joshua talks about how the readers of his books have turned into repeat customers and an anecdote about readers stopping midway and signing up for the author’s consulting / coaching services.

10:00 minute markAgile entrepreneur takeaway: If you have a hurdle to overcome, go find others who have gone that route and talk to them and listen. Joshua talks about the challenges of balancing his parenthood with his work and how he went to a conference in San Diego and talked to other parents and learned lot of tips and tricks.

14:58 minute markAgile entrepreneur takeaway: In any pitch you make, combine your personal story, statistics and a sense of urgency. Joshua talks about his TedX speaking experience of solopreneur challenges and how he combined those 3 items in his pitch to make an impact.

20:00 minute markAgile entrepreneur takeaway: To build a customer pipeline, do things like podcasts, rely on referrals, and advertise. Joshua talks about his 3 pronged approach to get customers of doing podcasts, asking customers for referrals with actual statistics of his impact and advertising.

23:35 minute markAgile entrepreneur takeaway: Align your goals with your customer goals to the extent possible. Joshua talks about he aligns the customers’ goals of sharing their stories to build a legacy with his own goal of building a financial legacy.

25:00 minute markAgile entrepreneur takeaway: Focus on getting your first, second, third customer and the first customer will get you your fourth customer. Joshua gives advice on focusing on getting customers instead of worrying about logo, business card etc.

00:00

Ramesh: Hello everyone. Welcome to the agile entrepreneur podcast. This is your host Ramesh Dontha. This podcast is about starting and running your own business with purpose, passion, perseverance and possibilities. My guest for today runs an interesting business, ghostwriting business. Yes, ghostwriting business. His name is Joshua Lisec. Joshua Lisec is the founder of the entrepreneur’s wordsmith LLC. The first certified ghostwriter in Ohio, a Forbes contributing ghostwriter, a TEDx speaker, a leading authority on author voice attenti city and two-time published novelist. Since 2011 he has ghost written 40 books. Joshua is also the creator of ghost publishing. A new way to get published in which authors enjoy the pros of self-publishing and traditional big fight publishing without any of the cons. In just the past couple of years Joshua's author clients have used a book to build one $1,000,000 product funnel. Converted so many readers into consulting clients, they needed a waiting list and achieved 70x return on their investment in their book. I can go on and on, but let's hear all these interesting things from Joshua himself. Hi Joshua welcome.

01:38

Joshua: Thank you Ramesh. I am stoked to be here with you today.

01:43

Ramesh: So, let's get started with the basic. The very first question I have is, what is ghost writing?

01:50

Joshua: Yes, so I like to think of ghost writing as acting in print. I have a bit of a background in that in professional acting experience in theatre. So that's why I go to that definition. Because when you're you know watching someone on stage TV and film and you're, your favorite show you're seeing them portray a character you to create an authentic experience you're watching. You're not thinking oh this person's an actor, you're watching the person that they're playing right. You can make that distinction there as a ghostwriter. I take on the character of my clients and I write as them in print. So not only is it readable and it makes sense right, it's like the best version of my client’s story by the best most compelling version, persuasive version of their ideas, their book. But actually, sounds like them. Every client I’ve had going back to 2011 has said the following to me when I sent them the first draft of chapter 1, we're working together, and I quote "Joshua I can't even tell I work with a ghostwriter. It sounds just like me."

03:01

Ramesh: Wow that is interesting Joshua. So, this is not a traditional business as I introduced. So how did Joshua Lisec become a ghostwriter?

03:10

Joshua: Totally by accident like most people and I think the New York times statistic is upwards of 82 percent of people aspire to write a book some point in their lives. I was in that eighty-two percent as a youngster. I dreamed of writing novels and becoming a published novelist and before I was legal drinking age, I had a two-book publishing deal for two novels. Got them sold, it was a great experience and what was interesting is that at the time I was building up my freelance writing business on the side of my corporate gig. That's what my TEDx talk about is about. So, you want to you know hear that old story, that’s what that's all about. So, at the time of building at my writing business and I'm marketing my two novels and I found that those two worlds converged. Because my entrepreneur thought-leader clients I was writing copy for and helping them to strategize their marketing communications, they would say to me you know you've been pushing that novel, a couple novels you got out there you know I went out and got myself a copy, started reading it; I absolutely loved it. I could not put it down. I'm half way through now and I just bought it last week. Can I ask you something Joshua they would say? I want to write my story not necessarily a novel, a fiction. I want it to be my story, my experiences. But I wanted to read like a novel. I want people turning the pages like crazy, because it's so exciting. Can you help me do that? Can you help me write a book? And for two years Ramesh I said no I don't do that, I'm a novelist. So here is a glorious business opportunity literally handed to me. I had people asking me, throwing money at me you know I’ll write you a check for the book and for two years I was unwilling. But I finally said you know what why not branch out as you like to always say Ramesh, you know fail fast therefore I think it why not give this a try. I said yes, and I been saying yes for eight years and 40 books later now.

05:15

Ramesh: Wow fantastic so your business is about eight years old?

05:20

Joshua: Yes June 15, 2011. So, coming up on eight years exactly.

05:25

Ramesh: So, it's interesting so your background is, it's not that you work for a company and then you had some midlife crisis or something and then you started a business. So here you've started a business right off the bat, is that right?

05:38

Joshua: Yes, while I was an actually a junior in college interesting enough, I hung up a shingle as they say as a freelance business writer. I wrote all kinds of direct response sales letters, sales pages, email, product launch funnels had spectacular success. You know multiple six-figure product launches from small audiences from the copy that I wrote in the funnel of that I had built. So, I had a you know quite a successful market run as an internet marketer. But I found that those clients kept asking me can you help me write a book? Can you help me write a book? And even in the past few years previous clients who sought me out for internet marketing, have come back and said hey you know how you knew that great work for me, it's time to write my book now. I need your help now. So, it's an interesting how these are like two rails you know like a railroad right. They've just been going in the same direction and I found that direct response copywriting like that style where you're getting the reader all psyched and ready to take action right now, that works so well for books. Because the most profitable books are the ones that convert readers into customers. So, you know they spent five bucks on the Kindle, they spent twenty bucks on the paperback right and the reading the book and they say I have to get more from this author. I want to join their program, I want to join their service, their whatever. I had one client a couple of years ago, we were looking at the Kindle statistics and seeing a great drop off about halfway through. Like why are people you know what was happening? Why people stopping halfway through? And we realized that all of these people who are stopping the Kindle version stopping halfway through were showing up in my client’s premium online program spending several thousand dollars. Because they were so excited to dig deeper into her material. So not just being a ghostwriter I can write like an author. But bringing in that direct response component, it's basically like when someone hires me they are putting on the cake of a direct response copy writer at the same time as writing their book.

07:44

Ramesh: So, Joshua so listening to you one thing that's coming across very clearly is that you are not just a writer, but you're also businessperson right. So, you're able to not only build the business for yourself but you are able to build the businesses for your clients. Can you tell us a little bit about the transformation? When did you realize that you had the skills, had you always had it? Can you talk a little bit about this blending of your talent and then the business?

08:16

Joshua: Yes, so as a child I kind of had a knack for writing and telling a good story and I think that everybody who's listening like you have a, you have an inborn talent. You have a skill that just comes naturally, and I think that's probably the origin of this impostor syndrome we all hear about. Would anybody pay me for this you know that sort of idea where you kind of hesitate to actually make it your business just because to you it feels easy. You know to me I can write a 300-page book like nothing. But to my clients, to a CEO who's giving a keynote you know every week at a new conference or trade show they work 100 hours a week. They can't even think about writing a company newsletter to use internally once a month and it was that realization that I had something that was innate to me and you know as I said I had already written two books. So, I had the track record for myself to prove that I could do what I say I could and then I just transferred that, I guess you could say enjoyable page-turning storytelling a skillset bringing that into marketing copy and then for the books. They were steps that I accidentally took, because I was asked to take them and, so I found that my clients believed in my ability even more than I did at the time.

09:42

Ramesh: So actually, just really, you're making it sound so easy to actually start a business. I don't know if it's that easy. So, were there any moments where you said what am I doing here? You know I should be doing something else, the down times that you had.

10:01

Joshua: Yes, there are always down time, there's always ups, there's always down, there's always trials and triumphs along with the along with the victories. I think for me what was most difficult and anyone who is a parent listening can relate to this, was when my wife got pregnant with our first baby, our son whose name is now Leslie. He's almost a year old now. This is going back in a couple of years and at the time I had this I was coming along you know there very nicely and you know how my wife was working her own career and in retail. Like high-end wellness products retail management. Very specific industry and in our case, we really wanted to be able to be both present in our son's life, you know be able to be there for him and for a lot of you know people who are starting up a business, who you know running even a gig on the side and the parenting question comes along you know like how am I going to do this? You know how do you raise a you know raise a little person while also serving an immediate little clients? But you know the idea is you're taking care of your family, taking care of business how do you do it all? And how do you have it all and it was such a fun question Ramesh. Because what we realized is that my wife had already been helping me inside of the business for over a year. She has a professional acting background as well and her skill set is in sharpening a story. So, she was kind of like a you know a script doctor for playwrights, very helpful with telling stories giving maximum impact on the audiences and so bringing that theatrical capability into my business was just a transformation you know for the client experience and so what we found is like well gee why should we have these two separate careers and so we answered that question, we shouldn't. January 1st, 2018, I on-boarded my wife as the vice president of the company and the manager of editorial services here at the entrepreneurial wordsmith and now we can co-parent together you know out of our home offices and I like to joke our Wesley. He's our little unpaid intern. So, we've kind of created delicate balance. But the real challenge was on the how and the how and I think this is where the universal advice comes from story, there's kind of a takeaway. We didn't find out how to balance parenting marriage and business on our own. I went to a conference in San Diego California where I knew as a matter of fact that the most common type of person there was a parentpreneur. You know kind of your mid thirties, through late 40s individual they had either you know young kids, early you know preteens, early teenagers even and they were able to build even multi-million-dollar businesses as a family business taking care of three four or five kids and I just talked to everyone there that I could, getting every little piece of advice. Hey how did you make sure that you didn't hate your spouse after the first year? How did you manage your mornings? How did you make sure you can take on new clients? All the sorts of practical things I wanted to know, I got the answers I wrote them down and I turn them into a coherent plan. So, for everyone listening whatever your obstacle is, maybe it's how am I going to do marriage, parenting and business. Maybe it's how do I get started in this. Maybe how do I get my second client, maybe how do I go from you know four figures a month to five. Go where the people are who have already done it and just strike of conversation with them. Whether it's on social media in a group or if it's at a conference and just listen. Write everything down that everyone is sharing with you and look for the common themes. So, for example one of the themes that I heard from folks in San Diego that I interviewed the parentpreneurs they said oh you got to get up early. Get up at 4:00, 4:30, 5:00 you have to. So that's what I do now, and it works like a charm. So that would be mine my takeaway for people who are you know who are experiencing kind of a Down or a struggle or a trial. Find people who have a long overcome that and find out what they did and look for the patterns and then do it yourself.

14:35

Ramesh: Hey excellent advice Joshua and I learned a new term parentpreneur, okay that's cool. All right so we talked about the TEDx speakers, so tell us a little bit about that experience how you got it and then so what can you share your advice in the TEDx speaking.

14:58

Joshua: Yes, yes so it was a blast I'm telling you. My pitch was one that combined statistics, personal story and urgency. So, in the TEDx format we know or even the TED format what they want is for you to have lived experience around your topic. So, this would apply for someone who wants to be a Ted or TEDx speaker or you know if you just want to become a paid speaker or run a workshop around your business and convert attendees into customers. You want to make sure that you are sharing your living experience as part of your talk. Okay that's your credibility. You've been there, you've done that. You got the t-shirt, you've lost the t-shirt, you found it again, you bought a new one. Okay the whole ratchet rags-to-riches story. The other piece I said was the statistics. So, what are the, what was the third-party information? What are the studies that you can cite? So, for me my TEDx talk is entitled solopreneurship, create your dream job from scratch. So, my real audience for the talk is the millennial generation that believed that you had to have a four-year degree to have a successful career and we're finding in the data in the studies, one statistic kind of proving my point is that the class of 2012 which is when I graduated from college, class of 2012 a year later eight out of ten of us were earning 10 bucks an hour or less. Talk about a complete failure. 80% failure of the education system. You know to prepare people to for successful careers. So, I made a very strong point how I have my perspective on that and I was able to bring in this this powerful statistic that I got from Yahoo MSN and really raise people's eyebrows and say wow this kids not just a you know a kid with multiple degrees and an attitude about it. He's got some information actually proving his point. So that was the other element that I brought as well. So, I would make sure that you have both of those and then the urgency, want to make sure that you do this soon, now as fast as possible. So, towards the end of the top I presented a great opportunity for any you know anybody who has a product that they can sell or service that they can offer and just how ready the market is to cut out the middleman, the middle woman from transactions and work with people like you.

17:39

Ramesh: So, did it come about accidentally, or did you go after that opportunity, the sole speaking engagement?

17:47

Joshua: Yes, I wanted to be, fun story. Before I became, before I became the certified ghostwriter and started the business and all that, this is going back almost to the beginning of my business years ago. I actually had a dream that I was a TEDx speaker. I just given a TEDx talk. Almost 10 years to the day later, it was November, it was remembering 2017. So, it was almost that many years later that I actually gave the TEDx talk. So, call it what you will but I had a sense that I'm going to do this. So, it's going to happen one way or another and I heard about this opportunity a state away where they were looking for people whose subject or who's speaking topic was going to be around creating a bridge from where you are to where you want to be. How to get from here to their point A to point B and I thought oh that's my story. So, it was a perfect opportunity. I gave them a 30-second pitch, they loved it. You know I made sure I weaved in the lived experience, the statistics, and the urgency in my aitch and they loved it. They said we have to have you do this, this is amazing and what else? I'll tell you Ramesh is that approach with patience + statistics + urgency to pursue an opportunity, that pitch can work in just about any situation you need to sell something. You know I was selling myself as a speaker for TEDx. But the net works just as well in any type of selling situation. We need to persuade quickly, you don't necessarily have hours to give a presentation.

19:29

Ramesh: Actually, that is a really good even for getting customers and clients as well. Its excellent advice Joshua. Let me switch a little bit into the getting the clients. Many of the business owners that I talked to, the big challenge at the face is how do you have a client or customer funnel? How can you have more customers coming to you? So, Joshua in your case can you share any advice? How do you get your customers? How do you get your new clients?

20:01

Joshua: Yeah yeah so, I have a couple of different answers actually. I'll give you three answers today. Because there's three ways I’ve noticed that seemed to work consistency. One, what I'm doing right now. Since in the past couple years I’ve been on several dozen podcasts. I've written quite a few articles and produced videos, guest posts, even guest post videos, guest post articles all around the business of publishing and writing books and launching books and when I demonstrate myself as an expert on how to write a book that creates business for you, people say oh I want that. So that's how they end up coming to me, reaching out to me. Another way of course is through referrals and that's been probably one of my strongest, one of my strongest blows and that goes back to my first days in business. I'm still getting referrals from clients that I had many many years. Ago so I think that, you know you get referrals, your referral strategy goes down to the client experience, customer service. Making sure you're producing a profitable product or service that delivers on what you promised. It graced those results those benefits, those tangible results and benefits. So, like in my case find a client who's you know right out the gate selling 10,000 copies a month. I dropped that statistic people shoot me an email you know, or they say wow I want to talk to the person who helped you who create that a book. That gets people so excited that they want to share with everyone and that leads to book sales, I want to talk to that person. So, referrals help as well, and another way actually is advertising. I've done a few advertising campaigns here and there that have, that have brought me running clients as well. Where I talk about the power of using a book to demonstrate your authority, build your credibility and showcase your expertise and you know anywhere from a 30-second video to a 10-minute video ad actually I’ve converted clients from. So those are three ways that I’ve used to create clients.

22:05

Ramesh: Oh, excellent so what I'm getting from you is from your experience is that first blend your talent or with the business of making money right? People either focus on one thing. I have this talent that's why the making money is secondary. But you're able to successfully blend both of them right. So, I mean did you have a mentor who guided you in this space or how did you come about learning these techniques of building a business for yourself?

22:42

Joshua: Yes, I do have a mentor. But first I’ll note I think it's ironic that you mentioned you know kind of the overlap of your skill what comes natural and then the money-making opportunities. Because about ten minutes into my TEDx talk, I have a Venn diagram which is exactly that. There's two sets, two circles have been overlapping and the circle on the left is what you're good at and the circle on the right is set on the right is what people will pay for and in the middle, that's your business. See my TEDx talk Ramesh, but that is exactly my point in the talk.

23:19

Ramesh: Oh fantastic. Hey so Joshua so a couple of things you started talking about your family and kids. So as a person what drives you? What are you interests? We want to know a little bit above and beyond the business itself who is Joshua Isaac.

23:35

Joshua: You know that's an interesting question. Because the way that I answer that I find is the same way that my clients do. People who want to write a 300-page book, they're thinking about their legacy. They're thinking about the world they're creating now and the outcomes of their efforts now. They're thinking about long term success building for the future and that is actually what drives me, and you know creating a positive future, a financial legacy for my family and so when I'm talking to authors, we find that we share the same goals and it just happens that we get there through different you know through different avenues. You know they want to share their stories, share their experiences through the form of a book and I want to help people write that book to you know to create my own financial legacy. So that would probably be the word that really that really moves me forwards, gets me excited and up it. This morning I got out up at 4:15 to get started working you know just like all the parentpreneur I talked to. That’s what they recommend. So, it pays to follow the advice of your mentor’s folks.

24:48

Ramesh: That's great. So, if somebody were to start a, not start a business, start a life. For example, a new kid who is graduating from a college or somebody who has gone through a couple of careers and then they want a career change they were looking at business, starting a business so what advice, tips can you share to these kinds of people?

25:12

Joshua: Yes, yes so for those of you who just fit that description, your ears perked up you said Ramesh is talking about me I need to turn up the volume five you know four, five presses to listen to this. Here are the three things you probably think you need to do. You need to get a logo, you get your business cards, you get a website. It's not the three things you need to do. The three things need to do are get one client, get your second client, get your third client. Do that and you will find that the first client sends you your fourth client. Your second client introduces you to someone who is friends with your first client and on and on and on the cycle, goes. Once you served a couple of clients, they're happy with it they start telling people, you will have additional revenue. You'll have that income coming in. Your start to feel confident in yourself and then you can think about doing the website, the logo, the business cards, the podcasts, the video advertising campaigns, the launch funnels and being an author like Ramesh.

26:19

Ramesh: That's right, that's right. Hey Joshua, so as I begin to wind up the podcast one thing, the one question I always had is your bio is the very first sentences first certified ghostwriter in Ohio. What does that mean? Like what is the certification mean and why or higher certification a big deal that you're very proud of?

26:41

Joshua: Yes, yes so, I know that there's a lot of you know sudo certifications you spend a hundred bucks going to a two-hour seminar, a webinar. Yay! You're certified good for you, pat in the back, slap on the butt that sort of thing. That is not what a certified professional ghostwriter designation is. So, let's kind of narrow down our idea of what professional writers are. On Upwork you know a freelance marketplace, I believe they're about a quarter of a million freelance writers. So, you can hire any of a quarter million foreign experts all around the world. So that's kind of a number of your you know your freelance writer. Certified professional ghost writers, there are 50 of us on the planet, that's it. Certified professional ghost writer is someone who has completed the master's degree level professional program at California State University Long Beach that is taught by a woman who as far as I know is the most accomplished ghost writer on the planet. Like a hundred and fifty books, multiple books have been turned into major motion pictures. They've become vessels in every country. All the stuff that you'd want to see in your career. She stays retired, but she teaches us this program that I don't have to say it is not for the faint of Pen. Probably one of the most difficult things I’ve ever done in my life was completing this program and earning the certified professional ghostwriter designation. Because it's not just how to ghostwrite, it's how to understand the theory of ghost writing. How to translate it and apply the right concepts to every single client. How to walk them through the business of books. Whether that looks like helping them become a best-seller as a self-publisher or to get a six-figure book deal. So that's why I'm particularly proud of it, because I am the first of my kind in the state where I live Ohio. But there's a few learner scattered around the you know the globe from California to Australia and back.

28:42

Ramesh: Fantastic, that's a great story Joshua. So last question. So, I spent a lot of time on your website www.entrepreneurswordsmith.com and you have of interesting tools about how much money you can make from your book idea and those things and then there is an interesting section where you talk about some the world's the only first artificial intelligence, some tool that you have. Can you talk a little bit about the special tools that you have if you don't mind?

29:14

Joshua: Sure, I’ll talk about [29:16 inaudible] first. So, the data science you're referring to is called styler metrics. Styler metrics is the basically the study of how people communicate differently from one another, so let's say you're reading Leo Tolstoy. If you like war and peace you like that sort of thing. If you're reading his work without seeing his name on it, you know it's him. If you're reading let's say something by Stephanie Meyer, you know it's her. JK Rowling right you know pick any of the authors that you'd like, Gary Vaynerchuk right. You can read it and you know it's them. Well what separates one authors voice from another? Silent metrics answers that question and I’ve put together my own set of tools that I work with authors, a proprietary experience where what we do is we look at what is the unique way that you as a person communicate different from anyone else.

Building a Business: How to build a global marketing and branding company with Paige Arnof-Fenn – AEP #1

May 10th, 2019 by
Guest: Paige Arnof-Fenn

Paige Arnof-Fenn is the founder and CEO of global marketing and branding firm, Mavens and Moguls based in Cambridge Massachusetts. Her clients include Microsoft, Virgin, the New York Times company, Colgate, Venture back startups, as well as non-profit organizations. She graduated from Stanford University and Harvard Business School. Paige is a very popular speaker and columnist who has written for Entrepreneur and Forbes magazines among others.

Show Notes:

06:05 minute markAgile entrepreneur takeaway: Embrace new opportunities and don’t be afraid of changes. Paige talks about two inflection points in her life, the advent of internet in late 1990s and the resulting startup opportunities for her and the second inflection point being the economic depression after 9/11/2001 World trade center incident and the opportunity it provided her to start her own company.

09:15 minute markAgile entrepreneur takeaway: Assess your own strengths, skills, and experience and align them with environmental changes. Paige says “I knew the people, I knew the projects, I had the network, the timing was just perfect for somebody like me to come in and connect those dots and honestly, I never wrote a business plan. I never thought, it just it made perfect sense to me.”

12:50 minute markAgile entrepreneur takeaway: Persevere for first 2 to 3 years. More often than not, second or third year will produce the results. Third year was the breakout year for Paige where Harvard Business School had couple of case studies on Mavens and Moguls even though she kept growing revenue in her first two years as well.

17:06 minute markAgile entrepreneur takeaway: Your purpose and passion will show you the way to your ultimate success. Paige says “I feel like I paid my dues for a long time I worked really hard to build my reputation to build my contacts, my network and I saw an opportunity in the market where the stars kind of aligned where I had the right background, the right people, the right projects, the right training.”

18:53 minute markAgile entrepreneur takeaway: Treat each customer individually and independently and this special treatment will payoff. Paige talks about how she selects her customers and how each of the customers like Virgin and Microsoft are different from each other and how their brand positioning is different.

20:54 minute markAgile Entrepreneur takeaway: To compete with big brands with Superbowl like budgets, small firms should focus on guerilla marketing techniques. Paige talks about the importance of social media and PR especially for small firms as their ROI will be much higher. In her own words “You can be very responsive in real time, build your following get you know a direct relationship with your customer and go back to them very cost-efficiently.”

24:26 minute markAgile Entrepreneur takeaway: Market validation of an idea based on market research is extremely crucial. Paige talks about the importance of customer research, market research, market validation and adjusting one’s plans based on actual data and not based on opinions. “You can be very responsive in real time, build your following get you know a direct relationship with your customer and go back to them very cost-efficiently.”

28:28 minute markAgile Entrepreneur takeaway: Don’t be afraid to fire employees who are not aligned to company’s principles, values and culture. Paige talks about things that she could have done differently such as letting employees go who are not completely aligned with the principles and the culture. She also talks about firing customers who are not aligned to the company culture as well.

Ramesh: Hello everyone. Welcome to the agile entrepreneurial podcast. This is your host Ramesh Dontha. This podcast is about starting and running your own business with purpose, passion, perseverance and possibilities. Today we have an exciting guest Paige Arnoff-fenn. Paige is the founder and CEO of global marketing and branding firm, Mavens and Moguls based in Cambridge Massachusetts. Her clients include Microsoft, Virgin, the New York Times company, Colgate, Venture back startups, as well as non-profit organizations. She graduated from Stanford University and Harvard business school. Paige is a very popular speaker and columnist who has written for Entrepreneur and Forbes magazines among others. Hi Paige welcome.

Paige: Hi Ramesh. How are you? Thanks for having me.

Ramesh: Oh, thank you very much. Your profile is very impressive, and I think our listeners will be very excited to listen to you and your story.

Paige: I am excited to be here.

Ramesh: Alright, so let’s get started with the basics. So, what is your story and the business story the Mavens and Moguls please.

Paige: So, I joke that I'm kind of like the accidental entrepreneur. To be honest with you I never planned on starting a company. When I was a student and earlier in my career I thought I wanted to be like Meg Whitman or Ursula Burns or Carly Fiorina. I wanted to run a big multinational company, be a CEO of a big brand, big global company and that's really what I had intended to do when I went back from college to business school I worked early in my career at very big global companies like Procter & Gamble and Coca-Cola and I really thought that was the path I would be on forever and it's kind of interesting, because I started my career on Wall Street in the 1980s. Because that was kind of a popular path to and then I worked at these big multinational corporations in marketing and then the internet started, and I got very hooked and intrigued by what was happening with technology online. So basically, I joined my first startup as the head of marketing and it was back in Internet 1.0, when it was very easy to raise a lot of money. We raised tens of millions of dollars, all the money was going into marketing and we really rode the dot-com wave. It was a lot of fun. We went public, we were sold to Yahoo. It was a very exciting time. Then my husband got a job in Boston, so after the exhibited the first startup we moved here back to the East Coast and I joined a second startup as the head of marketing and that was also a very wild ride. The internet was still booming at that point. That was my first foray into the business-to-business world, I had always done consumer marketing before that and that was just a lot of fun. Again, it was a wild ride we had a lot of money, it was all being put into marketing and then that company was sold to Bertelsmann. Which is the largest privately held media company in the world. So that was exciting. Then I did a third startup as the head of marketing and again it was just the go-go years. Really fun, very exciting and that company also won public and was sold to a larger public company. So, I got very lucky three times. I called them my three base hits. I made a little money three times. I'm not Sheryl Sandberg. I did not work for Facebook or Google or you know LinkedIn. So, I'm not a multi bajillionaire. But each one made a little bit of money and, so it was just a lot of fun. But around the time of the third startup getting sold, 9/11 hit and that was really kind of a jolt into the economy and it impacted marketing intensely. Because money was difficult to raise. All the companies’ kind of shut down, their marketing departments wanted to conserve their cash and marketing got put on the back burner. So that was kind of a pause if you will and I was going to just sit out for a little while. I had gotten very lucky on three startups. I didn't need to work, I didn't have to work. So, I was just going to take a little time off and before I even left the third startup, that all three of those startups were had raised private equity money, venture capital money, so I had a lot of good contacts in the venture world, in the startup world and a lot of those folks started coming out of the woodwork asking me for help post 9/11. Because they needed marketing help, because their marketing departments just had just gotten shut down. So, I had people that needed marketing help. I know a lot of people that were great at marketing from my background. So, I had people and projects and I literally just started putting them together. I called the women in the marketing mavens, the guys the marketing moguls and we just started forming teams and helping out these companies that needed help and before I knew it we were really kind of off and running and I built a website over a weekend with a college buddy of mine. I called us the mavens and moguls and we've been at it ever since, so that was 18 years ago and here we are. So, on a long way from where I thought I would be when I started, but I'm still having fun. So, it's all good.

06:05

Ramesh: So, the major inflection point for you in your career seems to be the 9/11.

Paige: Yeah, no well they're kind of two inflection points. I think the advent of the internet was the first inflection point. Because that got me from focusing on big companies to going to a more of a startup, small company environment and so I realized I knew I loved working for big brands like Coke and Proctor and Gamble. When you give somebody your business card and you have that logo on your business card and you have a title that people recognize, that's a very easy situation to be and everybody wants to meet with you. They want you to come to their conferences, speak you know it gives you a platform, it gives you a very prominent role. The 800-pound gorilla, because you're working for a big brand with a big budget. What I learned when I left that comfort of the big corporate job to a scrappy startup, because the world had changed with the advent of the internet; all three of the startups, when I joined them no one had ever heard of them. They were brand new. I honestly didn't know how I was going to feel working for a brand no one had ever heard of. Even though I had a good title they're looking at the logo and looking at my business card and it doesn't mean anything to them and what I learned about myself in those periods was working for the three startups is I really loved the concept and the idea that I was creating what could be the next great brand. Like I really thought you know before there was Starbucks, people didn't know what Starbucks was. But it's turned out to be a great global brand and I thought I was doing that with each of the three startups I headed up marketing. That I was letting the world in on this great secret and if I did a great job everyone was going to know what these brands were, and I would have been the first chief marketing officer to help establish those brands in their mind, find their customers, get the right words and pictures to tell their story. So that really let me know that I had the confidence to do something that was kind of unknown and that I was motivated and energized to work in a start-up environment where things were a lot scrappy or where I didn't have the safety net or the big budget. Even though we raised a lot of money in all the startups, the budgets were much smaller than Coca-Cola.

Ramesh: That’s right.

Paige: I had to be much scrappier, much more involved in guerilla marketing and things that you never had to do with big established well-funded brands. So that was kind of like a multi-phase process. Big company small company to entrepreneurs. So, 911 is basically what made me realize I could be successful as an entrepreneur and build my own brand.

9:15

Ramesh: Is there some point or a person that kind of changed your thinking that you have to start your company. Because you've been having a good ride with the startups and the previous company, the large companies as well. But why you wanted to start your own company?

Paige: Well it's a great question. So, I think what I realized so all three of the startups I reported to the people who were the founders and in the first case the founders of the first company were younger than me and they were very smart. But I realized that I was an equal partner in helping that brand be successful. The second brand you know I realized it was a much more seasoned older team, but I knew that my experience was critical to our success and the third one the same thing. I wasn't the founder of any of those, but people look to me. The investors, even our customers, our clients, everybody looked at me as a very key member of the management team. So, I knew I had the smarts, I knew I had the experience and when the economy was shattered post 9/11, there was an opportunity that I saw a void that needed to be filled and it's like I had this perfect vision of how I could fix the problem. I saw the problem, I saw the opportunity. I knew the people, I knew the projects, I had the network, the timing was just perfect for somebody like me to come in and connect those dots and honestly, I never wrote a business plan. I never thought, it just it made perfect sense to me. You know my husband said to me it's like there's red flashing lights in front of you, you know how to do this. Like just you know build your website, hang out a shingle, send them an invoice. They want your help, you know how to help them. You can make this happen, make a few phone calls. You can build a team and get it done and that was just the kick in the pants I needed to say, okay I can do this, and I figured what's the worst that could happen. If it didn't work I could go back and get a real job. But you know it's been terrific, it's been a wild ride. I've loved every minute of it and I realized I learned a lot in the big companies, I learned a lot in the small companies and I was well-positioned to start my own firm and the timing was just right.

12:07

Ramesh: That's right. So, you have been in the business for 18 years. That means you've withstood all the ups and downs. It's good.

Paige: Yeah, I know I’ve been, yeah, I’ve run my own business now for 18 years. Which is ironic because you know my longest job working for any of those companies I told you about was three and a half years. So, I’ve now worked for myself one time much longer than I ever lasted working for anyone else. So, I always joke if I get sick of my boss now I'm really dead, because I don't know what I would do if I had to go back and get a job working for anybody else. I really love the autonomy, I love the flexibility. I love knowing that I can make it happen.

12:50

Ramesh: That's awesome, that's awesome. Paige let me ask you this. How long did it take for you to feel comfortable with your own company?

Paige: That's a great question. It's funny I was comfortable from day one. Like I knew what our value proposition was, I knew I can help my clients. But I think because of my background being much more risk-averse. You know I went to good colleges, I had good well recognized names on my resume coming out of places like P&G; and Coke and I worked for three startups that all became successful. When I joined them it looked risky? But in retrospect people said oh well they were successful, so you're not really taking a risk. They didn't realize all that risk that I'm like at the beginning. But in the retrospect looking back it didn't look very risky. So, when I started I really didn't, I wasn't scared at all. But it never even dawned on me that I would fail I just felt like of course I'm going to be successful. I work hard, I see the opportunity, I know great people. The first year was really a struggle. The first year I was out there networking, knocking on doors, giving talks, trying to get business and it was me pushing. I was out there really hustling. The second year I would run into people and they weren't being patronizing. But they were very much like oh that's great you're still doing it, good for you. I think everyone expected me to go back and take a real job. Go be the chief marketing officer at a big company. So, you're one it was me pushing year two it was people like kind of taken aback like, wow you're still doing that, you'd still be doing this. In the third year that was really my breakout year. Because by year three when I see people they knew I was committed to this business, they knew people that we had helped that had been great references and testimonials for us. We were still going strong and it was the year of me where I started getting a lot of referrals and a lot of people recommending us, a lot of our clients coming back and by then a lot of them had changed jobs and they brought us with them to their new jobs. So, year three was really the inflection point for me and that was the year that Harvard Business School wrote two cases on my company. So, we became like a model of success, a woman-owned business and an entrepreneurial business model in the service sector that could scale. So, year three for me was really that's the year where I really felt like we broke through and really hit our stride. But you know it wasn't that we weren't successful for three years. But that's when I had the market validation that we were going to stick around. Like people knew we were here to stay by the third year.

15:59

Ramesh: That seems to be the typical case of the companies that have being successful. The second or third year seems to be the breakout year for many of the businesses that I’ve talked to.

Paige: From year one to year two, we quadrupled in revenue. Year two to year three we tripled. But again, the pace is getting bigger and you know after that we were you know doubling or maybe two and a half three times for several years. So, we really by then we really, we realized this is a real business and I think for service businesses, for women-owned businesses you know it's very rare that they get to a million dollars or more in revenue. But like again it never dawned on me that we wouldn't be successful, but I think once you get the market validation and people see like wow you're real, you're here to stay. I know a lot of people that have had a lot of success working with you. All of a sudden you realize okay this is, it's really going to happen like this really working.

17:06

Ramesh: It's a very good story Paige. One thing that comes across from your story, that you are not a typical struggling kind of a company that with your pedigree, with your education, with your experience you are able to hit the stride pretty quickly.

Paige: Well it's funny because a lot of people say to me wow! You know you started up right after 9/11, you're like an overnight sensation hmm and I always laugh about that. Because you know I think people don't realize I worked for almost two decades before I started my company and I don't feel like an overnight sensation at all. I feel like I paid my dues for a long time I worked really hard to build my reputation to build my contacts, my network and I saw an opportunity in the market where the stars kind of aligned where I had the right background, the right people, the right projects, the right training. The economy was at a point the internet was at a point where all the stars aligned for us to really start something that it just worked. Because of the condition, the market conditions and the fact that I saw a very clear path to success. But you know if I had tried to do this five or ten years earlier without the internet, it would have been very hard and if I were starting this business today now that social media and the world is so much more advanced, and things are much more on internet time now, it would be really hard to do what I did five or ten years earlier or five or ten years later. But I just timed it perfectly.

18:53

Ramesh: That's awesome, that's very interesting. So, let's talk a little bit about your customers. So, can you tell us a little bit the profile of customers, like what person did a small person, what person did large business little bit.

Paige: So, I'd say about two-thirds of our clients are mid market emerging market firms anywhere from two million to two hundred million in revenue. But we've worked with a lot of you know pre-revenue early-stage venture backed startups. We've worked with some fortune 500 firms, some very large companies. The Microsoft's and Richard Branson's Virgin brand and we've done some work at the New York Times like definitely big brands you've heard of. A lot of companies that when we started you might not have known who they were and then by the time we helped establish their brand, their logo, their tagline, their marketing materials; they've really broken through. So, you know we work with nonprofit organizations technology. We're kind of industry agnostic. I feel like great marketing can help all kinds of businesses get their story straight and find their audience. So, you know we work with anyone that has a marketing challenge where they need great marketing talent, great marketing kind of brainpower and that they're realistic in terms of their budget, their timing. But we can work with any kind of business honestly. The area that we don't do a lot of work in is like medical device and pharma and biotech, those areas tend to be pretty incestuous. They like to work with firms that specialize in pharmaceuticals or in medical devices. But as far as B2B, B2C, nonprofit we work in every category otherwise pretty much non-stop.

20:54

Ramesh: Oh, okay. So, let me home in a little bit on the startups, the people, the businesses you are getting started. Are these single entrepreneurs? Or like a team of people that come to you if you can talk a little bit?

Paige: It's, both it's both. So sometimes somebody comes to us with a concept and they're fundraising, and they need to get their story straight. They need help with their presentation, with a logo, with a tagline. Sometimes they've already maybe started their business and they're just you know maybe they don't have a website or they're just starting to lay groundwork and they need help scaling and you know honestly whether they're in consumer products or technology or an app or just a CEO who's trying to get their own brand recognized, we've been hired by CEOs who have written books that need to market their book for example. You know I would say one personal bias maybe that I have, we do a lot of thought leadership public relations social media for small businesses and startups. I think personally that PR social media thought leadership is like the most cost-efficient thing you can do to start and grow a young company and even if you talked to Bill Gates and I think Steve Jobs used to say this in the early days of Apple. If they only had you know ten dollars they'd put it into PR over advertising. I mean when I came from P&G; and Coke and you have multi-million-dollar budgets, those brands are going to advertise all over the world. They know they can afford to do Super Bowl ads, they can afford to do sponsorships and stadiums and TV advertising and print advertising. Those brands advertise 365 days a year in every country around the world where they sell. Those are mass marketed brands with huge budgets. My clients don't have that kind of money and even if they had enough to take out one television ad, one TV is not going to do it. Unless you're doing a Super Bowl ad, which cost like five million dollars. You're not going to get enough attention for one you know one small trickle. If you do things online using social media, leveraging PR and thought leadership you get a lot more bang for the buck. So, whether it's a company with you know one CEO trying to market their book or an early-stage startup that's raised money and needs to get the momentum going before their IPO, any company like that I really try to encourage them to consider spending their limited budget in things like social media and PR. Because you can just do so much more with less. You can be very responsive in real time, build your following get you know a direct relationship with your customer and go back to them very cost-efficiently.

24:26

Ramesh: Excellent. So, Paige as I am listening to you so one thing that's coming to my mind is that you have worked with many businesses from an infancy, you know all the way to either success or failure kind of difference stages. So, what have you observed in this people who have started their own business, what characteristics are things that you observed that either made them successful or failure and some of the things that I’ll just throw out there and then. Like the people’s own drive, ambition is the funding that they start with and all those things. So, what are your observations?

Paige: So, one of the key things I think is grounding any of your marketing, planning and strategy in real customer research and I think the businesses that are successful really understand who their customers are, what the messages are that resonate and they're not trying. So, what the challenge is I’ve had companies come to me and say I have this great idea and here's what we want to do, and I’ll say how do you know it's a great idea? And they'll say oh well we tested it, and everybody loves it and I'm like great show me your market research and sometimes the research is, and I mean it's a slight exaggeration, but not really. It's like my best friend, my mother, my neighbor my you know, and I gave them all this and they just think it's the best idea they've ever seen. They said they would totally buy it and tell their friends. Well that's not market research. Those are people that know you and love you and don't want to hurt your feelings and they're not really shopping with real dollars. They're not really having to buy your product or service and we've been hired by companies that we encourage them to do market research where an independent researcher, someone on our team asks independent customers and potential customers questions in a way that's very objective and neutral and you know the problem with research is if you ask questions in a loaded way, you're like leading the witness. Like what do you love about this product? What do you think about this logo? You know do you think it's great? What do you love about it? You can't ask questions like that, because you're tipping your hand if you will. Like they know they're going to hurt your feelings and you know there's a saying like nobody wants to tell you your baby's ugly, they're not going to tell you it's a bad idea. But there are a lot of things you can do with potential customers to simulate buying experiences where you give them fake money and they have to allocate it against different things and if they're not allocating any of their money to buy your product or service or if the feedback they're giving you is not very compelling or positive, you have to listen to that and it might not be easy. You might have to pivot, you might have to make some changes. You may have to go back two or three steps to move forward and a lot of people don't want to hear that news. So, I think the companies that are successful do a great job at a customer research and I think they listen to the feedback and I think they pivot and incorporate things and move forward. When they're getting results that they don't like, they believe the data, not their friends, not their family and they course-correct. Because a lot of being successful as an entrepreneur is learning how to pivot successfully.

Ramesh: Oh fantastic. Market validation and then adjusting or pivoting based on the reality.

Paige: Bingo, that's it.

28:28

Ramesh: Okay, excellent, excellent. So, a couple of other things. I mean going back through the 18 years of your company, are there anything’s that you wish that you could have done differently. I mean I have not heard, tell you the truth looks like you had a pretty smooth ride. But are there anything’s that you could have done differently?

Paige: Well it's so interesting. I mean I only know the path that I took. But like I said if I had started the company later I would have had to do things very differently. You know personally I'm not on Facebook, I'm not on Twitter. I am on LinkedIn. Some friends of mine from college started LinkedIn so I was a very early user on LinkedIn. But you know I feel like because I started 18 years ago, and I was able to slowly ramp up in a way that built the business over time and I got a lot of repeat business, I got a lot of referrals and word of mouth for me personally doing the writing and the public speaking was a great way to build my business and I was not penalized or punished for the fact that you know I did not build my brand. I'm not like you know Kim Kardashian where I'm on social media 24/7. That's not how I find my clients, that's not how people find me. So, it's not that you know I have made plenty of mistakes along the way and I’ve learned a lot in terms of you know the kinds of articles that are more productive for me, where to publish. Kinds of conferences and trade shows where I can speak that are the best sources of new business generation for me. Again, I'm taking in all the feedback on my own listening to the market data and pivoting and when things stop working you try something else and you know you have to kind of walk before you can run, and you know in retrospect I'm not sure I would have done anything differently, but you know there are lessons in everything. I mean I feel like my biggest mistake early on probably you know I started with a core group of people and not everybody is going to grow with you and not everyone's going to be, just because they're part of your past doesn't mean they're part of your future. I think I was slow to get rid of some of the folks that... We were growing faster than they were. They were very comfortable doing things their way. But as the market evolved, as new tools became available they got out of their comfort zone and I think just culturally they were not great for the culture of the firm as we grew. And its probably slow to get rid of some of those people early on. But once I realized that you know you're not doing them a favor and you know it's just better to keep the bar high, grow with the people who really are part of your future, you know that was an important lesson for me to learn early on. I had to fire a client early on. That was really tough. You know when somebody offers you a $10,000 a month retainer piece of business within the first six months of your business, you're just so happy to get a big client at that point. You don't realize that they may not be the best client for you and they may really not, you may be servicing them at a much higher level than even they're paying you for. So, I think you know those are some lessons that I think are just natural growing pains for a new business. Getting rid of you know making sure the right people are on the bus both as a client and as a colleague and those are tough growing pains. But I'm glad I learned those lessons early on.