We asked experts from a broad range of industries to open up to us about things they know about their industry but that we probably don’t and we’ve shared some of those responses below.
Jenn Hier | Strategic Business Advisor & Fractional COO
I’m in the field of business consulting, and people are often skeptical that we can help them or bring value to their company when we “don’t know anything” about their industry. This simply isn’t true. All businesses operate on the same fundamentals: financials, operations, sales, marketing, people, leadership, and productivity, which often makes us industry agnostic. A business consultant will pair their knowledge in each of those areas with the industry expertise a business owner brings to the table. It makes for a winning combo when both sides work together, and it allows the entrepreneur to do what they do best with guidance on how to make it profitable. Read more>>
Banks Benitez | Co-Founder and CEO, Uncharted
Uncharted works at the intersection of social entrepreneurship, philanthropy, and impact investing, so we navigate multiple industries. But in the philanthropic industry, I was surprised to learn that 95% of the assets of most foundations are not spent on their social impact endeavors. Instead, they are invested in the financial markets. Every year, the IRS mandates that foundations spend out only 5% of their assets, so if a foundation gives out $5M per year in grants to the community, they are most likely not a $5M foundation, but a $100M foundation. The objective of many foundations is to exist into perpetuity, so they must generate a return of greater than $5M on the $95M they invest. This way, they never run out of money. Some foundations are challenging the idea that they need to exist forever, and they are “spending down” now by exceeding the IRS minimum of 5% in their grant-making. Read more>>
Stephanie Jensen | Owner & Maker of DI4U Creations
One thing I don’t think outsiders realize about running an Etsy shop, especially one that does personalized items and only has one employee, is how much day-to-day communication there is between the owner and the customer. As for my shop, 90% of the time I am communicating with a customer even before they have placed an order, and then after a purchase goes through, I am in constant communication with them. Between sending proofs, answering questions, checking in after delivery, and more often than not talking to the customer about the meaning behind their sign, there is a lot of back and fourth communication which takes some time. Fortunately, Etsy has a great messenger app for sellers, much like text messaging so I’m able to do work while I am away from home, which is super helpful!. Read more>>