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Why Most Businesses Fail, From a Successful Cannabis CEO
Manage episode 424290922 series 3411139
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In this illuminating episode of the Kaya Cast Podcast, we sit down with Tommy Truong from KayaPush, a seasoned expert in the cannabis retail sector. Tommy dives deep into why some cannabis businesses thrive while others falter, shedding light on the critical factors that determine success in this rapidly evolving industry.
Tommy starts our conversation by addressing a question many entrepreneurs ponder: Why do similar businesses, with equal beginnings, often end up with vastly different outcomes? He reveals that the effective deployment of capital and time are the two key pillars that can either make or break a cannabis business, especially beyond the survival stage.
Tommy shares a real-world scenario about tackling customer churn. Through engaging with customers and genuinely taking their feedback into account, the business he was advising began to realign with their brand promise and adjusted its delivery processes, which significantly decreased their churn rate. This story brings to life the potent advice from venture capitalist Paul Graham: “Talk to your customers.”
Whether you're a budding entrepreneur or a seasoned retailer in the cannabis industry, this episode is packed with strategic advice and actionable tips to help enhance your business operations, customer satisfaction, and, ultimately, your bottom line.
Don't miss this essential conversation for anyone looking to make a mark in the cannabis retail space. Subscribe and tune into the Kaya Cast Podcast for more expert insights and guidance on growing, launching, and scaling your cannabis business.
Find out more about KayaPush at:
https://www.kayapush.com/podcast
https://www.linkedin.com/company/kayapush/
Chapters:
0:00 - Intro
0:57 - MVP: Minimum Viable Product
1:21 - The Steve Jobs Mentality
1:56 - Setting Expectations
2:27 - A Friend with a Churn Problem
4:04 - Talk to Your Customers
4:35 - Questions to Ask Your Customers
6:14 - Outro
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