On this episode of The Small Business Radio Show…
SEGMENT 1 with Aaron Smith, starting at 0:00: Dealing drugs, while not a legal business, is similar to running a legitimate small business in many ways. Aaron Smith discovered this after going to federal prison for the distribution of heroin and fentanyl. He shares how he has been able to “switch hustles” and use the entrepreneurial skills he learned dealing drugs to grow his own media company and make a positive impact.
SEGMENT 2 with Steven Van Cohen, starting at 17:30: Being an entrepreneur has always been lonely, but it got a lot lonelier during the COVID-19 pandemic. Steven Van Cohen is here to share how leaders can use connection and purpose to combat the loneliness that is plaguing them and their workers.
SEGMENT 3 with Elaine Pofeldt, starting at 35:00: There are about 22M solo entrepreneurs in the country. As a solopreneur, how do you expand your team once you realize can’t do it all yourself?
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More on each segment below.
Segment 1: Aaron Smith is a native of the South Side of Chicago. He earned a bachelor’s degree in business management from Columbia College Chicago, and it wasn’t long after that he began his journey within the criminal justice system. In 2009, he was sentenced to 12 years in federal prison for the distribution of heroin and fentanyl resulting in death. Aaron knew that he had the soul of an entrepreneur, his drug operation sold over $15,000 per day, but as he likes to say, “I was selling the wrong product, so I had to switch hustles.” He was released from federal prison after nine years and five months in February 2019. He hopes now he can make an impact through his media company, Escaping the Odds.
1:45 – How did you get tangled up in a large drug operation that landed you in prison?
4:15 – What were you planning to pursue after college?
5:15 – What did you learn from the business of dealing drugs that applies to a legitimate business?
8:00 – What were the challenges of selling drugs from a business standpoint?
9:45 – What was the switch in your mindset that happened when you were in jail?
11:15 – What barriers do the formerly incarcerated face when they get out of jail? What’s the best way to make the transition?
14:15 – What is your recommendation for kids who are growing up in a similar environment?
Segment 2: Steven Van Cohen, MSOD (Master of Science in Organizational Development), is a global leadership consultant, executive coach, and author of Connectable: How Leaders Can Move Teams from Isolated to All In. Steven has spent 12 years working with hundreds of leaders from organizations like Salesforce, The Home Depot, Komatsu, and Bridgestone, helping them improve worker well-being, reduce employee isolation, and boost team belonging. He is also co-founder of LessLonely.com.
17:30 – Why are so many workers suffering from loneliness?
21:45 – Are we looking at a permanent shift to remote work?
23:30 – How can we identify lonely or burned-out employees?
26:30 – How can we create environments of belonging, inclusion, and cultivate connections across teams (in person or remote)?
29:30 – It only takes 40 seconds for two people to have a restorative exchange.
31:00 – How do you create a space at work that is psychologically safe?
Segment 3: Elaine Pofeldt is an independent journalist who specializes in small business and entrepreneurship. She is the author of Tiny Business, Big Money, a look at how seven-figure businesses with small teams are reinventing the small business landscape, and The Million-Dollar, One-Person Business (Random House), a guide to how solopreneurs are breaking $1 million in revenue in businesses with no employees except the owners. As a senior editor at FORTUNE Small Business, where she worked for eight years, Elaine was twice nominated for the National Magazine Award for her features and ran the magazine’s annual business plan competition.
35:00 – When do solopreneurs typically decide to expand their business?
37:15 – What’s the best way to bring on your first contractor? How many contractors should you work with before you officially hire your first employee?
39:45 – What is the difference between hiring an agency and hiring a contractor?
41:00 – The top niches for businesses with up to 4 employees.
47:45 – What do all of these niches have in common?
48:45 – The variety of ways entrepreneurs are extending their tiny teams.
50:30 – Entrepreneurs in the book hit $1 million on average in 4 years and hired their first employee on average in 4 years. Why?
