Today’s guest is Andy Mackensen, who is the co-founder and CMO of HUMAN healthy vending. Learn how he decided to disrupt a market that he had to learn from the ground up and took the company from $0 million to $10 million in a very short amount of time. Andy also talks about his effective hiring process, masterminds, and one big takeaway every entrepreneur should be paying attention to. I’ll let you find out what that takeaway is 🙂
I’ve also been fortunate enough to intern for Andy when I first got started with internet marketing and I can say I witnessed the growth of their business firsthand. Really impressive stuff.
- Look for the opportunities in markets. Are there areas that you can disrupt? HUMAN found areas to attack. Make the user experience better for people. Still applies to ‘old markets’.
- The key thing to overcoming technological challenges. Don’t try to do it all on your own. Find good partners. They outsource when needed.
- On hiring stars:
- Treat your hiring process like a sales process. You want to have a funnel for it.
- Have a well written ad that tries to engage the candidate. Long form copy.
- Step 1: They filter through resumes. They require a cover letter. 60-70% of people don’t even do the cover letter.
- Step 2: Now you have to submit a video. Submit a video of yourself answering the following 5 questions… Also makes candidates has some computer skills e.g. going into Google docs and filling out a cell and uploading their interview video to YouTube. If he likes them, he’ll go through the cover letter and then the resume.
- Step 3: Video Skype screening
- Step 4: In-person interview
- On paying yourself as an entrepreneur:
- Depends on what stage of the business you’re in. If you’re an entrepreneur and you’re not paying yourself a market wage, your model is upside down.
- On money in the bank: you need to assess variations on cash flows. You should have at least 6 months of runway. If not, you need to look into lines of credit or investors.
- On masterminds:
- It is bringing together a group of likeminded people that are there to help each other achieve a common goal. There’s an amazing power that comes out of that group.
- Know your conversion rates in your funnel. Their biggest regret was not tracking everything relentlessly in the beginning.