Freed Team Q & A - Part 2

Freed Stories

Andy Louis-Charles and Nathan Rodgers are back to answer more questions about entrepreneurship sent in by the Freed community! In this session of answering these questions, we start by discussing how to go about attracting customers. Andy argues that you should find customers – or people who believe in you and what you're capable of doing – before you have a product, and Nathan reiterates what he said in the last episode, that you should find a way to solve a problem that people are willing to pay money to have solved for them.

Nathan also addresses how to go about spending money on marketing and advertising. With Nathan being somewhat of a marketing guru, he spends several minutes on this topic, emphasizing that how much money that you put into marketing and advertising can be difficult to ascertain because, depending on what you're trying to sell, there is a lot of math involved, math such as conversion rates, that you need to figure out before you're ready to invest in marketing and advertising.

Andy and Nathan also attempt to tackle the huge question of wealth and what drives it. How do some people garner so much wealth while others struggle? Andy points to compounding interests and how, like money compounds over time, so do advantages and disadvantages. Nathan adds to that by discussing structural disadvantages tied to factors such as race and gender, and tackling these disadvantages is actually one of the reasons why the Freed Fellowship was established. We are trying to bridge that gap in advantages and help people make the leap to entrepreneurship!

This wraps up this Q&A session, but don't hesitate to send in more questions as they come up as we will likely do another one in the future! In the meantime, be sure to continue to tune in to the Freed Stories podcast as guests share their stories of entrepreneurship – their successes, their failures, their goals, their hopes, and so on. Be sure to hit that subscribe button so that you never miss an episode!

Time Stamps

[0:59] – Andy discusses how to attract customers.

[2:14] – Nathan reiterates that you need to come up with an idea that solves a problem for people.

[5:29] – We hear about why we should build a community of advocates, not just customers.

[6:14] – Nathan offers advice on how to spend money on marketing and advertising.

[8:42] – There is, as Nathan asserts, a lot of math involved in marketing and advertising.

[10:36] – Andy adds to the conversation about marketing, emphasizing the importance of getting ten people to love your product because of how word will then spread.

[13:41] – The next question involves what drives wealth, and Andy points to statistics and compounding interests.

[16:29] – We learn why it is so important to consider compounding.

[19:15] – Nathan adds to the conversation about wealth inequality, pointing to factors such as race and gender.

[21:20] – Andy explains what the Freed Fellowship is and why it was founded.

[23:30] – We discover how to learn more about Freed.

[25:06] – Andy describes how the process of applying for the Freed Fellowship works.

[26:50] – Andy lists some examples of Freed fellows and what their businesses are.

[28:51] – The final question asks how guests are selected for the podcast, and Andy explains that process.

Links and Resources

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