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Business Startup Tips from Ricky Yean, Co-Founder of Flow Club

It’s no secret that I’m a big fan of Flow Club, an online work community which creates an environment for focus and productivity. Since I’m a curious person (which I argue is a trait all entrepreneurs have in common), I found myself wondering about its origin story. And that led me to connect with one of its co-founders, Ricky Yean. Ricky is a successful 3X start up entrepreneur. I’m grateful he took the time to answer my many questions so I can share these business startup tips.

1. Don’t do it alone.

First, expect to work with someone. Though solo CEOs are widely celebrated in our culture, the reality is that big businesses are rarely created alone. It takes a team. After all, Jeff Bezos built Amazon with the help and support of his wife. Brian Cheskey developed Airbnb alongside 2 friends. And Ricky Yean worked with David Tran to create 2 other successful ventures before starting in 2021.

Trust is important, and so is sharing a vision for what you are creating. As Ricky shares, “the startup journey is an intense one, and having a partner who I value and trust immensely enables me to bring my best self to work every day.”

So the top of this list of business startup tips is to work with someone who is engaged, committed, and ready to put in the hard work required to achieve success. Doing it alone is more likely to lead to burnout and failure.

2. Work with your strengths and weaknesses

Second, know yourself. In what areas are you most effective? And what are your limitations? As Ricky explains, “David and I both pride ourselves on being self-aware regarding our strengths and weaknesses, and we also pay attention to which aspects of company-building we “love” vs. which we “tolerate”. We use this awareness to divide responsibilities so that wherever possible we are both working on exciting activities that reflect our strengths. This helps us maintain our energy on this journey together.”

The tip here is to let go of ego. And don’t let pride get in the way of what the company needs. Structure tasks and responsibilities to work with your strengths and weaknesses.

3. Be willing to adapt

Sure, you start out with a specific idea which has you fired up and excited. But one of the most powerful business startup tips is to be willing to adapt. Be open to letting the company evolve and change.

Why?

Because continuous innovation in response to performance metrics is effective for creating a successful business. This approach is best described in The Lean Startup by Eric Ries, which is an excellent book for all startup entrepreneurs.

And there is a long history of entrepreneurs hitting it big only after making changes to their original concept. After all, Wrigley didn’t begin his business selling gum, and Airbnb never intended to rent out empty homes. For more about these and other famous pivots in business, read this article.

When I asked Ricky how FlowClub has evolved since launching, he shared that “so much has changed, but perhaps the most pronounced has been the emergence of Flow Club as a solution for folks who experience ADHD.

He went on to say that “it has been incredibly rewarding seeing this meaningful portion of our membership find a community of like-minded peers, find greater confidence, and grow a deeper belief in what they are capable of achieving.”

Personally, this is one of the things I appreciate most about Flow Club. It is a zero-judgement space and a supportive community that embraces individuality.

Final Business Startup Tips from Ricky Yean

Last, I asked Ricky to share his advice for entrepreneurs who are just starting out. So here in his own words are these final business startup tips:

1. Enjoy the journey

“You will inevitably face highs and lows, but if you are solving a problem that you and your users both care deeply about, this will help keep you grounded and motivated in the long run.”

2. Leverage the lessons

“Crowdbooster and Upbeat were both B2B solutions, so I’ve tried to carry the most relevant lessons from those experiences” to the journey of building Flow Club.

3. People matter

“The lessons that I think remain relevant across all contexts are the ones that are people-related, like continuing to work with David Tran; hiring a strong team; and maintaining a close relationship to our users.”

To learn more about Ricky and his experiences as a start-up founder, visit his site.

And try out Flow Club to gain all the benefits of this online co-working space. It’s really transformational for productivity and accountability. Learn all about body doubling here.

Business Startup Tips from Ricky Yean, Co-Founder of Flow Club Read More »

Big 3 regrets as an entrepreneur

Books & Resources, Operations, Reflections

Regrets.

It’s my personal philosophy to live a life without regrets. Which makes it a challenge to share here that yes, I have a few.

Especially as it relates to the service business franchise system I ran for 20 years. I started from zero in a corner of my basement and built it to a 7-figure system with 5 locations in 3 cities. But even with all that success, I can reflect now and see a few things I wish I’d done differently. No matter where you are in your business journey, avoid these big 3 regrets as an entrepreneur.

1. Underpaying myself

Show me the money.

Clearly, people get into business to make money. And my business did make money. My big regret is that I didn’t put more of it into my own pocket.

Sure, pushing profits back into a business is a smart strategy for growth.

And yes, paying competitive wages is important for building a strong team.

But how many times did I budget year-end bonuses for my management staff and employees, but skipped out on paying myself?

Most years, in fact. And why?

There is no simple answer for that. Actually, there is. Basically a matter of where my money mindset was at the time.

The point is, looking back now this is a big regret. Which may be one of the reasons why as a business coach I always talk about personal financial goals with my clients.

2. Working too much

How much is working too much? This is very subjective. For some people, a 50-60 hour work week is normal. And they thrive with it.

For others, working more than 4 days a week is too much.

For me, my regret is that I worked a schedule that left me little time for my own physical and mental health. My own wellness was not a priority. In fact, it wasn’t even on the list.

At the time, I was proud of myself for a strong work-life balance. Mompreneur magazine profiled me as an example of someone who was doing it all – raising daughters and building a successful business. And sure, I had the flexibility to be there when the school bus arrived in the afternoons.

But I also had the flexibility to work on the weekends, and to work after my kids went to sleep, deep into the early hours of the morning.

Most of the time, my schedule was packed with working on the business, managing my household, and looking after my daughters. There was very little time to look after my own self-care. Or to look after my marriage. And ultimately, I lost out because of it. So working too much may be my biggest regret as an entrepreneur.

After all, having control over the schedule is one of the many benefits of owning your own business. So build a strong boundary between life and work, and schedule time AWAY from the business. This will not just improve the quality of your own life and health – it will also prevent burnout and improve your productivity for the time you do spend on your business.

2. Working too much

How much is working too much? This is very subjective. For some people, a 50-60 hour work week is normal. And they thrive with it.

For others, working more than 4 days a week is too much.

For me, my regret is that I worked a schedule that left me little time for my own physical and mental health. My own wellness was not a priority. In fact, it wasn’t even on the list.

But I also had the flexibility to work on the weekends, and to work after my kids went to sleep, deep into the early hours of the morning.

3. Not working with a business coach

Yes, this seems obvious, and perhaps self-serving given that now I work as an entrepreneur coach. But it is BECAUSE of my experience as an entrepreneur that I’m so passionate about the value of coaching for small business owners.

I worked with a coach when I started my last business. I’d been in a cushy corporate job which sucked the soul out of me every time I entered that grey floor of stale cubicles. But building a new business felt overwhelming. On one hand, I had such a long list of action items that I didn’t know where to start. On the other hand, I was worried that I was missing something important.

Working with my business coach gave me structure and accountability. She validated my ideas. She gave me insight and advice which pushed my business forward by MONTHS. Her perspective and experience eliminated many operational and marketing mistakes which saved me time and money. The ROI was clear.

So why did I stop working with a business coach?

Maybe I felt that I’d learned enough from her. And that I could manage the rest on my own. Now, I see that a better choice would have been to find a coach that better fit for where me AND my business was at the time. Ongoing monthly coaching calls would have given me perspective and insight which could have prevented all sorts of hassles and issues in my business.

The irony is that if I had kept working with a business coach, I likely wouldn’t have the first 2 regrets. Because a good coach would have checked in that my personal financial goals were being met. And that I was taking the time to take care of me, not just my business and my children.

Guide for entrepreneurs to avoid regret

Each entrepreneur has their own individual set of goals and expectations for being in business. There is no one list that suits everyone. Use these big 3 regrets as an entrepreneur to inspire you to reflect on your values.

Overall, consider what you wanted to achieve when you first started your business. And not just lifestyle and income. Also think of how often you work, and what you spend your time working on. I recommend using the Vivid Vision process by Cameron Herold to develop a clear set of goals for what you want your business to feel like, look like, and act like.

Then, check in where you are now in your lifestyle, income, work schedule, and business. What doesn’t match up with that vivid vision? Use this to get clear about the gaps so you can make a list of changes to make.

Finally, when doing this review process, don’t dwell on any regrets that may come up. It’s easy to fall into that “should have” and “could have” thinking. However, what is past is past. Embrace the opportunity for change now. Remember the lesson of hagstones, and how small changes repeated over time have HUGE impact. Celebrate that you are being proactive now in doing the work to make your experience as an entrepreneur everything that you want it to be.

And of course, if you want structure and accountability to help you with this process, let’s connect to talk about it.

AVOID REGRET with this guide for entrepreneurs

And of course, if you want structure and accountability to help you with this process, let’s connect to talk about it.

Big 3 regrets as an entrepreneur Read More »

Can entrepreneurship be learned?

Inspiration, Operations, Reflections

Can entrepreneurship be learned? This is a thread of the timeless argument of nature vs nurture. Can someone be taught how to start and grow their own business, or are entrepreneurs just born this way? A scan of founder bios suggests the latter.

Afterall, Shopify was started by a photographer, a coding guy, and a jock. Also, Airbnb was founded by two industrial designers and a software engineer. Not one business degree between them. But the answer is not so clear-cut. Because though someone may have entrepreneurial qualities in their nature, it is often due to nurturing that they achieve success.

The Entrepreneurial Nature

First, what does it mean to be entrepreneurial, or to have an entrepreneur mindset? Academics have studied what is different about entrepreneurs, and what they all have in common. Many psychologists use the 5-Factor model to explain personality traits.

Usually known by the acronym OCEAN, it’s Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism. The idea is that all personalities can be expressed as a blend of these 5 factors. As shown below, the key behaviours of being an entrepreneur can be explained by the OCEAN model, which supports that the entrepreneurial nature is hard-wired into our personalities.

Risk Taking

All entrepreneurs have a high tolerance for risk. After all, there is never a guarantee of success when putting up cash and capital to build an offering and a team. Being comfortable with a constant level of uncertainty is just part of being a business owner.

According to the OCEAN personality model, this requires a high level of Openness and Agreeableness. Additionally, accepting risk requires a high level of emotional security, which means entrepreneurs tend to score low on Neuroticism.

Self-Motivating

Entrepreneurs make things happen. Especially in the early stages of growth, there is no external force or set of expectations. Businesses are built driven by the motivation of the entrepreneur. This aligns with a high level of Consciousness. Also, with Extraversion, since the process of setting up a business requires getting out there to communicate with new people.

Creative

Most of all, entrepreneurs are creative. After all, entrepreneurship has been defined as “a creative process of identifying and pursuing value-creating opportunities, often in the face of uncertainty and risk.” That involves being curious and coming up with ideas that fill consumer needs and market gaps. As a result, according to the OCEAN personality model, entrepreneurs have a high level of Openness.

Successful Entrepreneurs Who Never Went to Business School

Also making the case for nature vs nurture are the success stories of these entrepreneurs who never went to business school. Clearly, success in business doesn’t require training in business.

Anita Roddick

At one time, she was the wealthiest woman in Britain due to the global success of The Body Shop. Previously, she ran both a hotel and a restaurant. Unsurprisingly, she grew up in an entrepreneurial family. Her mother owned a little cafe in their town, where Anita worked many hours as a teenager.

Martha Stewart

Not everyone knows that Martha was a Wall Street broker with a degree in history and architectural history. Her first company was a catering business, and her entrepreneurial nature leveraged her skills in cooking, decor, and design into a global empire. From the first book in 1982, Martha developed a brand identity which is now synonymous with style and good taste.

Jeff Bezos

Back in 1994, Jeff left his career as a hedge-fund manager to open an online bookshop in his garage. Obviously, this grew to become the global marketplace Amazon. While he studied computer science at Princeton University, he clearly had what it takes to be a successful entrepreneur. Particularly, his ability to be creative and tolerate risk. He kept expanding Amazon even though it didn’t make a profit for the first 5 years.

Mentoring and Entrepreneurship

Clearly, it is possible to be successful in business without training in entrepreneurship. However, many high performing entrepreneurs credit mentoring for their success. For example, Y Combinator runs programs which bring expert advice and connections as well as cash to high-potential new businesses. AirBnB, Stripe, and DropBox were once just fledgling startups until the support of Y Combinator nurtured them.

Also, as we’ve seen from shows like Dragon’s Den and Shark Tank, it takes more than cash investment to scale up a business. The input and guidance of someone more experienced can shortcut a path to success. Clearly, mentoring and entrepreneurship go hand in hand.

Can entrepreneurship be learned?

In my view, entrepreneurship can be learned. Specifically, it can be nurtured and developed. However, there must be a foundation of an entrepreneurial nature and mindset. It’s the same with any set of skills and abilities. For example, a vocal coach can help someone become a better performer, but only if they have a good voice to begin with.

Afterall, even with all the vocal coaching in the world, I can’t carry a tune. Similarly, with training and practise individuals can win Olympic medals or sports championships, but only if they have a baseline of athletic ability. Essentially, any talent can be improved with training. And entrepreneurship is a talent which benefits from mentoring and business coaching.

Can entrepreneurship be learned? Read More »

Operations

1. Don’t do it alone.

2. Work with your strengths and weaknesses

3. Be willing to adapt

Final Business Startup Tips from Ricky Yean

1. Enjoy the journey

2. Leverage the lessons

3. People matter

1. Underpaying myself

2. Working too much

2. Working too much

3. Not working with a business coach

Guide for entrepreneurs to avoid regret

AVOID REGRET with this guide for entrepreneurs

The Entrepreneurial Nature

Risk Taking

Self-Motivating

Creative

Successful Entrepreneurs Who Never Went to Business School

Anita Roddick

Martha Stewart

Jeff Bezos

Mentoring and Entrepreneurship

Can entrepreneurship be learned?

Rebecca Page-Chapman, MBA

I grew my service business from zero to a 7-figure franchise system, while raising daughters - and won business awards along the way. So I understand the challenges you face. Work with me to get empathy, honesty, structure, and expertise to grow your business.

Work with me

Resources

Rebecca Page-Chapman, MBA

I help entrepreneurs feel happier and be more profitable. I've walked in your shoes, running a 7-figure service business and facing every challenge head-on. So I have unique insight and experience to guide you towards success in your business.

Work with me

Resources

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