An Interview With Fotis Georgiadis
Start with Market Research as noted before to confirm a market exists. To turn your vision into reality does not mean you are fearless it just means you have the courage to follow your vision and convictions to achieve your goals and dreams. Like most entrepreneurs I started off very bold by launching my new business amidst uncertainty and blind faith that I was onto something new and exciting seeing opportunity where others did not. It takes guts, persistence, determination and strength to get up every day, lead the charge and motivate others to join.
As a part of our series called “Making Something From Nothing”, I had the pleasure of interviewing Paige Arnof-Fenn.
Paige is the founder & CEO of global marketing and digital branding firm Mavens & Moguls based in Cambridge, MA. Her clients include Microsoft, Virgin, venture-backed startups as well as non profit organizations. She graduated from Stanford University and Harvard Business School. She serves on several Boards, is a popular speaker and columnist who has written for Entrepreneur and Forbes.
Thank you so much for doing this with us! Before we dive in, our readers would love to learn a bit more about you. Can you tell us a bit about your “childhood backstory”?
I am a child of the 60s and 70s who grew up in the Deep South. All 4 of my grandparents were Southerners too, we all lived within a few hours drive when I was a child. I am the oldest of 3 and was always a good student and athlete growing up, responsible and hard working. My father and both grandfathers were in business so I always thought I would go that route too. From a young age I loved sports, movies, TV and travel. I went to a girls sports camp every summer for 2 months from age 9–16. I was an exchange student in France in high school and Italy in college. My family moved when I was in middle school and I am still friends with most of the people I grew up with from school and camp. As an adult I have lived and worked in NYC, LA, Bay Area, Atlanta, DC, Cincinnati, etc. but have been in Boston for the past 20+ years. I love being an entrepreneur.
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
My favorite quote is “people do not care how much you know until they know how much you care.” It has been attributed to many people including Teddy Roosevelt. I like it and find it inspiring because it is a simple reminder to listen more than talk, show empathy and try to look at the situation from another perspective. The goal is not to wear them down or impress them with your smarts. The goal is to connect, communicate clearly, solve the problem and move on.
Is there a particular book, podcast, or film that made a significant impact on you? Can you share a story or explain why it resonated with you so much?
I love books by and about strong women. Two of my favorites are:
Notorious RBG — Ruth Bader Ginsburg was a national treasure, every woman in this country owes her a huge thank you.
Atlas Shrugged — by Ayn Rand
I could not put it down it inspired me and fueled my interest in business in college.
Cinema Paradiso is an amazing film about life, love, loss, Italy I can never watch it enough. It stays with you forever.
Ok super. Let’s now shift to the main part of our discussion. There is no shortage of good ideas out there. Many people have good ideas all the time. But people seem to struggle in taking a good idea and translating it into an actual business. Can you share a few ideas from your experience about how to overcome this challenge?
Everything starts with Market Research. It does not matter what you/your friends/family like it is all about your target audience and what motivates them to purchase. When real customers are willing to pay real money for your product/service, you have a real business. Start with the fundamentals: Who are you and why should anyone care? There’s a lot of noise in every category, so if you don’t have a unique story to tell/new approach/idea that excites you, then go no further. Every great business is built on a great story so start telling yours to potential customers and see if they buy what you’re selling. Once your story resonates conduct market research with real customers, not with family/friends (who may only tell you what they think you want to hear so they don’t hurt your feelings). Market research will take risk out of the decision if you let the data drive you instead of emotions.
Often when people think of a new idea, they dismiss it saying someone else must have thought of it before. How would you recommend that someone go about researching whether or not their idea has already been created?
Start with Google and the USPTO, if they are clear then it is time to conduct research with your target to see what kind of feedback you get. Is there confusion? Interest? How are they addressing the need now?
For the benefit of our readers, can you outline the steps one has to go through, from when they think of the idea, until it finally lands in a customer’s hands? In particular, we’d love to hear about how to file a patent, how to source a good manufacturer, and how to find a retailer to distribute it.
Find people you trust who have experience so you do not waste time or money making rookie mistakes. Are you manufacturing here or abroad? Many businesses begin selling online only before approaching retailers. Do not try to recreate the wheel in your category, build a network that can share best practices for best results. There is not one path to success.
What are your “5 Things I Wish Someone Told Me When I First Started Leading My Company” and why? (Please share a story or example for each.)
Start with Market Research as noted before to confirm a market exists. To turn your vision into reality does not mean you are fearless it just means you have the courage to follow your vision and convictions to achieve your goals and dreams. Like most entrepreneurs I started off very bold by launching my new business amidst uncertainty and blind faith that I was onto something new and exciting seeing opportunity where others did not. It takes guts, persistence, determination and strength to get up every day, lead the charge and motivate others to join.
Create evangelists for your idea, and make sure they know how, where and why to buy from you. If you’ve already built a fan base for your new business, you’re one step closer to your grand opening. This set of people who support your idea will help you find your early customers. With that said, understand that it’s critical to know your target audience, understand what matters to them, do your market research and refine your message to stay relevant to their needs. Listen to the feedback they give you, even if it’s not what you want to hear. Listening isn’t just a skill; it’s an attitude. It’s about building rapport, trust and ultimately a relationship. What are you offering and how does that stack up to the competition? Start creating a sense of urgency to build demand for your products/services. What can you do to be the “have to have” instead of the “nice to have” in the category you’re entering? Help your potential customers make the decision to buy both rationally and emotionally by understanding which features and benefits accelerate the sales cycle and why. And don’t forget: You need a name customers can remember and a website they can find.
If the days (and nights) fly by and you have more ideas than time to address them all, you’re moving in the right direction. If you can’t shut off the stream of ideas you’ve got to make your business a success, it’s probably time to start acting on them. But make sure you prioritize and focus on the crucial ideas so you don’t get distracted along the way. When starting a company, less is truly more. Do a few important things really well and be known for flawless execution. Own that space in your customers’ minds so they’ll always think of you first. Once you’ve earned their trust and respect in one place, you can parlay it into other areas later. Oprah didn’t start off with a book club; that came after she built credibility with her core audience. Amazon began with books then expanded into toys, music and everything else after scoring with booklovers. Your reputation is the best asset you have, so build on your strengths as you go. Failure was never a consideration for me despite the fact that most new businesses fail. My business successfully leveraged my relationships and prior experiences so it really felt like the culmination of years of training for this opportunity. There’s no substitute for doing your homework so you can be ready and aware when serendipity strikes. The important thing is to keep moving forward and learn from every experience. You can’t wait for the perfect time to launch; you just have to course correct as you get more feedback along the way. Being an entrepreneur means making decisions without perfect information.
If you’ve made it this far, you owe it to yourself to give it a shot. If you aren’t scared off yet, you may be onto something. How do you get those early customers you can later reference? Ask for the order! People value things they pay for so always charge a fee. Remember that your enthusiasm and curiosity will inspire others. Never give up on what you believe in: An entrepreneur is one who doesn’t give up on a dream.
Let’s imagine that a reader reading this interview has an idea for a product that they would like to invent. What are the first few steps that you would recommend that they take?
Do your homework, understand the category, competition, conduct thorough due diligence so you go into it with your eyes wide open. Kick the tires and look under the hood.
There are many invention development consultants. Would you recommend that a person with a new idea hire such a consultant, or should they try to strike out on their own?
Talk to people you trust for referrals and advice. There is not one right answer here. You may need a business partner, coach, advisor, lawyer, consultant it really depends on your concept/category/competition.
What are your thoughts about bootstrapping vs looking for venture capital? What is the best way to decide if you should do either one?
I ran marketing at 3 VC-baked startups that all had positive exits but self-funded my company when I started. Bootstrapping a consulting business is possible because all you need is a website, logo, name, e-mail, business cards, online stationery for proposals and invoices, cell phone and a good idea to get going. If you want to incorporate that will add some expense but all of these activities can be done on the cheap until you sign up some clients and choose to invest more. For more capital intensive businesses the rule is smart money is better than dumb money which is better than no money. Do as much as you can without raising any outside money to get the best terms. Only you can decide what is right for your business. There are tradeoffs to friends and family and VC funding. For me the choice was clear.
Ok. We are nearly done. Here are our final questions. How have you used your success to make the world a better place?
Since starting my business I have joined boards and volunteered at several organizations. I am a mentor to the next generation of leaders and have helped build a very successful anti-bullying program that >150,000 middle school aged kids have gone through. As a marketing consultant I am able to write articles, contribute to books and speak at events to share my experience and lessons learned. Volunteering is a great way to give back and get to know like-minded people who care about causes you believe in. Whether you bake treats for neighbors, give time to a local nonprofit or join a committee of a charity you will meet others who share your values and passion. They get to know you on a personal level even virtually so it is a very natural way to connect through the joint mission. I am on the boards of several nonprofits and gotten to know people who have become friends. Volunteering is the ultimate way to do well by doing good. In my experience the more you give the more you get.
You are an inspiration to a great many people. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger.
I would love to spark a movement or create change through a new (domestic) Peace Corps (2022 version) and suggest we are all in it no application required. We have so many opportunities now across every state. With the new infrastructure bill passing we need our roads and bridges fixed, clean water in our communities, tutors, day care, senior care, teachers, healthcare workers, there is no need to pay people to stay home or send them abroad to build infrastructure overseas we need it here right now across all 50 states! We also need peace to prevail and I think if we work together side by side to fix these problems in our communities we will all be on the same team.
We are very blessed that some of the biggest names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US, with whom you would love to have a private breakfast or lunch, and why? He or she might just see this if we tag them.
I’d choose Michelle Obama I think her perspective and experience will be critical to our future success and she will be part of the solution to many of our problems now. She is smart, kind, and makes things happen. Michelle can be the catalyst that lights the spark on our new path.
Thank you for these fantastic insights. We greatly appreciate the time you spent on this.
Thanks so much it’s been my pleasure!
Making Something From Nothing: Paige Arnof-Fenn Of Mavens & Moguls On How To Go From Idea To Launch was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.
