500: Horror Stories and Surprises from 500 Interviews | Nathan Chan AMA

0:00Hey Founder fam, before we dive into another incredible conversation, I want to share something really special with you. Whether you're just joining us or you've been following us since the beginning, you've been a critical part of our community working to change entrepreneurial education. I started Founder almost a decade ago with the mission to provide entrepreneurs access to the world's greatest business leaders. Our goal was to break down barriers to entrepreneurial education, and that's taken us on a journey from Founder Magazine to this podcast and beyond. And today marks the next step in that journey, Founder Plus.

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1:16So finally, before we get into today's episode, I'm inviting you to come back, check out Founder Plus and go to founder.com forward slash membership. I'm really excited, guys. This is an incredible new evolution of entrepreneurial education and our mission is really to get as many of these founders that we interviewed to teach and also give back on the Founder Plus platform and really go more in depth with the knowledge and the experiences and the lessons learned that they're sharing all in Founder Plus. So guys, please go check it out if you're enjoying these interviews. That's it from me. I hope you enjoy this episode.

1:54Now let's jump in.

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2:42Hey Founder fam, welcome back to another episode of The Founder Podcast. Now, today's episode is a very special one because it's our 500th episode of The Founder Podcast. It's been almost 10 years since we published our first episode with the goal of hearing the stories, strategies, and lessons from some of the most successful founders in the world. And in that first episode, I actually interviewed Fabio Rosati, who's the founder of Elance Odess, which ended up becoming Upwork on how to disrupt an industry. Since then, I've talked to hundreds of super successful founders, but the vision for the podcast remains the same.

3:22Have an open book conversation so you can not only learn how to build a business, but actually what it takes to be a successful founder. So today to celebrate 500 episodes of the Founder Podcast, I'm going to be talking to my favorite founders, you guys. I'm laying everything on the table for a special AMA Ask Me Anything from founder students with a few surprise questions from the founder team sprinkled in. So whether you started listening or watching to the podcast today or you've been with us since the beginning, this episode is for you. All right, so let's jump in, guys. The first question that I have is from Vicar, and he asked me, what was the most inspiring story that made you who you are today?

4:14It's really tough, to be honest with you, because I've interviewed so many people, right? And it's all this like massive blur that's just mixed up into like a ton of different stories. But I want to share a story about me, something that happened to me that made me who I am today. And that was, I never forget, it would have been about at least 12, 13 years ago, I was working my job in IT support. and part of my job was um you know supporting the the team members around you know tech and infrastructure and fixing their computers and you know making sure people can work and uh there had been a complaint that came in or numerous amounts of complaints that came in that uh the staff you know the 200 plus staff weren't feeling supported and they felt that every time they raised a ticket to get help those tickets never got answered so what ended up becoming uh what was a directive at the time was that we would do shifts mean a few other team members in my it support team we do shifts and we needed to you know do shifts every half a day each walk around the two different floors to say basically does anybody need any help and walk around and my boss at the time come in and told me this idea and I said I'm not doing that that's a waste of time and so I actually got pulled into the office by my boss's boss and she absolutely ripped me apart and after that meeting I literally felt like I wanted to cry and it was such a such a crazy feeling that someone could have that kind of level of impact on my life and that kind of power over me that around the work that I wanted to do and just just the way that that made me feel and that particular story i have carried with me for my whole life because i said to myself after that i never want to be in that position ever again where someone can treat me that way and uh yeah that was pretty impactful for me so that's uh that's something that that just shaped me who i am today and it ended up starting founder and wanted to do my own thing and find work I was passionate about.

6:53And then here we are like 13, 12, 13 years later. All right. So that's that one. Why did I start the founder podcast? So it's, that's actually a really cool story. So I started, found a magazine and it was just me wanting to find successful people and tell their stories and share them with the world. And it was a digital magazine at the time it was in 2013 and i used to actually because it was digital i used to house those interviews so you could actually read the story but then you could listen to the interviews inside the magazine and our ex-head of marketing at the time but i met him on the phone crazy story hold on the crazy story dave he said to me like i was thinking of starting a podcast but i wasn't sure if that would cannibalize the digital magazine and he said to me Nathan let's make a bet if anyone complains in the next six months you can always pull it down but just see what happens and so I took the best interviews from the magazine after about a year of publishing it and I launched this podcast and I got my friend Merrin to help me like he had like a tutorial on how to do it and he talked me through it and that's why I started the founder podcast I wanted another medium to share these incredible stories because through the magazine I was able to quickly build authority in the entrepreneurship space and then I just could tell these incredible stories and I could find these crazy founders that were really hard to reach really hard to get in touch with so time poor but they would take some time to give back to our community and share these stories with you guys.

8:42And I just wanted to share them with the world. I just wanted them to get into the hands of as many people as possible and really help people. So that's why I started the Founder Podcast, because I felt that there was an opportunity in the space where I could actually reach out and speak to some of the craziest founders behind brands that you might have heard of or brands where you might have heard of the founder but not know the brand or you knew the founder. And through our publishing medium, we were able to get in touch with some really hard to reach founders. And I wanted to share those incredible stories.

9:16I didn't want to keep them locked up in the magazine. And then the founder podcast kind of started. And it's crazy. And it's crazy thinking back. Like I used to think 10 years ago back then that the like podcasting was massive and I'd miss the boat. And now people look at podcasts and be like, wow, podcast is massive and I've missed the boat. Like it never stops, right? Like you always think industry is too big. It isn't too big. Hey, FounderFam, I want to talk to you about something super exciting. We're officially partnered with OmniSend, the email marketing and SMS platform built specifically for e-commerce founders.

9:54We've been recommending OmniSend to founder students for a while now because it just works. Whether you're launching your first store or you're scaling the seven figures, it really helps you automate your marketing and get real results. Did you know on average, OmniSend customers make$68 for every$1 they spend, which is an insanely good return on investment. And because you're part of the founder community, you get 50 % off your first three months with the code FOUNDER50. Just head to omnisend.com forward slash founder without the E to get started. All right, now let's jump back into the show.

10:31All right, so next question is Matthew Seeley has asked, it seems like the word bootstrapped gets thrown around a lot in the world of entrepreneurs. Of those 500 founders you've interviewed, can you tell us about a few of them that truly started from zero and grew a successful business? yeah of course i can tell you about tons um some crazy ones that are my favorites uh the guys from high smile two two fellas soccer players didn't play at like a super professional level but competitive they were into competitive sports and they played soccer um based in the gold coast australia if you know australia gold coast is not the place like it's not a business hub it's not a startup hub it's not where heaps of talent go especially like from an they would understand in the online space and these guys started from absolutely nothing starting a teeth basically a teeth whitening business selling the kits but then it's turned into a whole oral care brand and they've just truly innovated in the industry their products are crazy their branding their marketing just the business is just incredible and their hunger and their drive and they're so young and what they've been able to do is so impressive from where they've come from and it's their first business.

11:49It's insane. That is a great example of how you can bootstrap a company and just keep reinvesting profit for growth and really kind of build something massive. Like that business, after I think about seven, eight, nine years, is going to do half a billion in annual revenue. Like that is insane how big they are with no experience. It being in the Gold Coast Australia, like not a talent hub or place where anything much in the business world is happening. And to compete on a global scale to build the brand and the caliber of products that they're building is so impressive. So another example is Kendra Scott, who was a single mother selling jewelry door to door.

12:36Now that business, she ended up selling for over a billion dollars, right? Like insane. She started from absolutely nothing. And I think that's the crazy thing, right? There's plenty of founders that we interview on this podcast that they raise money, right? And they do exceptional things. And most of the time, you actually need to raise money because it might be a capital intensive business or they want to go faster or they want to take the market. But you don't always have to. There's two sides of the coin, right? And I think both sides of the table work, both sides of the coin work. it really comes down to your preference, right?

13:14And it really comes down to the product or service and it really comes down to the market opportunity and how competitive the market is. So if you look at brands like Uber, it probably made sense that they needed to raise a ton of money to take the market. But then if you look at a brand like High Smile, they were able to sacrifice profit for growth and build out their own industry and become a market leader. So yeah, I hope that answers that question. So yeah, that's my take on bootstrapping versus non-bootstrapping. And is it thrown around a lot? Look, founders are bootstrapped business. Bootstrapped businesses are near and dear to my heart.

13:51But at the same time, I've got a lot of respect for founders that raise a ton of money and grow a company and build a company super fast. And what they do with that capital is very, very impressive. The next question I've got is what makes an incredible guest? so for me i actually have it pretty easy i've been a pretty lazy interviewer i'm self-taught self-trained i have no experience in journalism which you can probably see and i just approach things from a natural curiosity i was always told when i was a younger kid that i asked too many questions and it's funny to think that here i am speaking with you guys asking questions for you guys to help you guys because like it's it's it's an incredible job it's an absolute privilege to get to do what i do so a lot of the times what makes an incredible guest is somebody with just the the depth of experience they have as a founder the the their ability to push their comfort zone so much that inherently they have these incredible experiences to share and these wild and crazy stories.

15:01An incredible guest is a founder that is vulnerable, that can talk about interesting, fascinating stories, can really open up and share about the hard times and share about these lessons that they learn and the battle scars that they have to prove it. An incredible guest is somebody that's entertaining, that is really present and they're here and they want to serve and they want to help you guys they're not looking to sell anything they just really want to help and give back from their journey because they understand that entrepreneurship goes full circle and that's really what the entrepreneurial circle is about it's about paying it forward and that's what founder is all about that's why founder exists we want to help you guys accelerate your growth and future through entrepreneurship and we want to help you have we can and we want to pay it forward but in order for this business to run we have to sell products and services obviously right to keep paying it forward and part of those products and services that we that we you know sell actually pay it forward too and really help you guys so it's a it's such a cool business that i get to be a part of and the whole founder team gets to be a part of so that's what makes an incredible guest somebody that's super vulnerable someone that has great experiences to share they tell incredible stories they're open they're honest they're present they just want to give back they really care about our community and for that reason they're really bringing themselves wholly to the interview and it's really easy like i get to ask questions and i get to just be super curious and just delve in and like you know i just put myself in this position where i'm meeting them for the first time and we're having a beer together and i'm just genuinely curious and i just want to learn and uh yeah that what's that's what's make that's and yeah that's what makes a great interview.

16:50What makes a difficult interview guest? I guess probably the exact opposite of what makes an incredible interview guest. Someone that's difficult is someone that gives short answers. They struggle to open up, so I have to really kind of push to get them to open up. They are not present. It's obvious they don't want to be there. They probably have got convinced by their PR team that they have on a PR agency that they have on retainer or their PR team have pushed them to do this interview because it'd be good for for the brand a founder that is not open to sharing crazy stories or basically the exact opposite of what makes an incredible guest all right my next question is can you share a story of an awkward or funny moment that happened during an interview?

17:42Yeah, I've got a ton. I've got a ton. I'll share with you some good ones. So when I interviewed Melanie Perkins, the founder of Canva, it was early days founder, and it was actually early days Canva. And I never forget, I was interviewing her in my parents' basement. And back in the day, there was no Zoom. I used to use Skype, and I used to use this tool on skype called ecamm call recorder and uh yeah we started doing the interview and i was speaking to her for about 20 minutes and i forgot to hit record and i was just like oh my god i am so sorry um i need to hit record and she just started again and she was so professional she was so polite and i'll never forget it it was she yeah i have a lot of respect for her and it's a testament like the kind of character of a founder she is and the kind of person she is another great one was I remember I was going to interview Tony Robbins I've interviewed Tony Robbins like two times maybe three times yeah two times at least yeah two times and the first time it took like quite a few times to to actually make the interview happen so one time I showed up and they didn't know where Tony was and he was racing Ferraris around the Arctic Circle and that they couldn't get in touch with him and so we had to reschedule then another time once again I was in my parents basement early days founder and I actually got up at like 4am or 3am to do the interview and there was no power my whole house my whole street they turned the power off because they must have been doing scheduled maintenance and they assumed everyone was sleeping uh which is which is crazy and then i like they were waiting and i had to speak from my phone i'm like i'm so sorry guys the power is not on we have to reschedule um i think if you haven't heard or seen the interview with grant cardone who's a bit of a controversial character he come to melbourne a lot of people are saying hey you should interview him and like you know he's a successful founder in his own right and he's a very interesting funny hilarious guy and you know love him or hate him he knows how to get attention and i interviewed him and that was crazy uh it was awkward he was asking me how much money i had in my bank account and i wouldn't tell him and he kept guessing and i kept on going higher and higher and higher and yeah he was he was saying i was like you know a little bitch if i don't tell him i thought that was a funny awkward moment uh the interview with noah kagan not the latest one the most recent one but the first one that was a crazy story and it was awkward but it made for one of the most interesting interviews from a confrontational perspective because he came to melbourne i met him i asked him to do an interview he said no he was kind of a bit of a jerk about it and then later and that was early days founder like when i first started in the first few months and then like two three years later when found was growing really fast he reached out and and i told him the story and then he got really mad at me and then he asked me again can we be friends and then we ended up you know smoothing it over and all sorts of things and um yeah and he's a great guy like it was a fantastic interview especially the latest one and that first one but that was awkward it was interesting it was it was made for an interesting interview um so yeah there's been some crazy ones save cole has asked me what has been the most common answer from guests about how to scale their business um i would say it's around people and this is something that i continually have to remind myself and like i think we need to put out more content especially courses and programs and more content in our platform around people not just around how to be a better leader but also how to hire, find and identify and attract great talent to your business because businesses are built by people.

21:54And I know it's not sexy, right? It's not a sexy topic and it doesn't get clickbait, right? But I guarantee every single founder that I speak to has people challenges, wants to get better people. And it's crazy the things that I've seen, how you get a really, like even one good person or a few good people in your business, how fast it can grow from just great people. And that would be the most common answer from guests in a roundabout way around how they scale their businesses, getting better people and how they find better people. And it's something that needs to be talked about more in this space because it's the key to everything.

22:33Businesses are built by people. Yes, the founder is the leader. Yes, the speed in which a company grows is the direct correlation and reflection of the CEO or founder. But at the same time, that founder has to have great people around him and every single business every successful founder that i've interviewed that has a massive business they've been able to get incredible people to help them build that business what's an interview that what's an interview that stayed with me afterwards um look there's been a ton i'd say one that has stayed with me afterwards was Scooter Braun's interview. If anybody asked me what's been my favorite interview, that one probably the most or that's one that I often come back to.

23:24And I'd say because he was just so vulnerable and so open and so honest and I just didn't expect it. And it was just so raw and so honest and it was just such a fascinating interview. Yeah, that's one that stayed with me afterwards and still does. Hey guys, I hope you're enjoying this episode and learning a ton. As you know, in this series, we interview some of the greatest founders of our generation to find out how they did it. However, if you're thinking of starting your own business and you want to hear from some incredible stories from everyday people like you or I who are actually in the trenches, has only been building their business for maybe one year or two years, like they're building right now and they're really in the early stages, but they're getting success.

24:17You should come and check out our new podcast, From Zero to Founder, hosted by our community manager, Molly Flynn. These are in the trenches stories from our very own successful students that have gone through some of our programs. People just like you who are deep within the process of building their very own successful business. These are the founders of tomorrow. You can find the From Zero to Founder podcast on all platforms. And remember, it's founder without the E. All right, now let's jump in the show. What are some takeaways from interviews that have changed the way you run founder as a business?

25:00There are tons, but you guys might find this interesting. it's really hard because I like I'm the CEO and then for maybe two hours a week or one hour a week I'm the host of this podcast so I've got so many other things going on running the business that I actually I actually need to spend more time to be honest when I do have these takeaways writing them down going away and implementing them I'm having more success when I actually read books from some of these founders and then going away and implementing them. So as an example, a recent example is we interviewed Dan Martell. That was a fantastic interview.

25:43The team loved it. It was one of the best that we did last year. So when I was away, I went and read his book, Buy Back Your Time. And then I've actually started to implement a ton of things for me as a founder, how I operate, how I lead as a founder. You know, there's little things. Like I remember when I interviewed Rod Drury, who's the founder of Zero, one of the things that he said to me that always stuck with me that changed the way I ran founder for good, bad, or otherwise is he talked about speed. He talked about how impatient he is and how he was always kind of just beating the drum, how he can get things done faster.

26:20And I know that like I do that to the founder team and I know that it's uncomfortable. I know it's frustrating to people that I want things done yesterday. But I just can't rest and like I just kind of have to always try and push and try and get things done faster and speed is everything when it comes to building a business. So yeah, those are a few. Sally Chen asks, why has the From Zero to Founder podcast not been updated since 2022? I really enjoyed listening to other founders stories. Thanks. That's a really great question, Sally. So look, the From Zero to Founder podcast was a series that we did with Molly, who was our community manager at the time.

27:04And yeah, we finished that series. And we're looking at bringing it back. We're looking at doing another series in the future, really telling the stories of our successful students. And it's something that we will bring back. We're constantly interviewing students and speaking to them, hearing their story. So it's something that we will bring back. But it was a series. It wasn't going to be a continuous show. It was a series where we wanted to interview over 30, 40, 50 students that had had success following our programs. If you haven't, make sure you check that out. It's truly inspirational. It's just the power of hearing people in your shoes right now, probably not the usual founder podcast kind of guest that's probably miles and miles and miles away from where you want to be.

27:50and it's so aspirational, so unattainable from where you might be that the Zero to Founder podcast was a bit of a spin interviewing founders in our community in the early stages of their business, really talking about the raw stuff and maybe only a couple of years ahead of where you are or maybe where you are right now. That was a really cool series that I'm super proud of and we look to bring something like that back. But it's a true testament to the Founder Plus curriculum the founder plus membership make sure you go sign up make sure you check that out make sure you listen to from zero to founder because if you're listening and you want to accelerate your growth and future through entrepreneurship this is this is another way that we can help you not just through this podcast and not just through these interviews have i always been comfortable speaking being on camera if not how have you learned to be comfortable that's so crazy because i remember i never forget one of the first times i had to be in front of the camera we were shooting some content from one of our for one of our first ever courses instagram domination and uh it was just like a course a program on teach me teaching how i grew our instagram following and uh i remember being so nervous using a teleprompter i was absolutely hopeless um i recorded that video yeah in a studio and it was so bad like so to answer the question yes i have not always been comfortable behind a camera and the way that i learned to be comfortable was just practice and repetition and just having to do it like i never like i never intended to be the face of it just happened because i was bootstrapping and it made sense and i just had to do it and And I've just continually put myself in these positions where I'm always behind a camera.

29:42And now I'm super comfortable. I just pretend it's not there. I can just imagine like I'm speaking to you right now. What does a day in your life look like? And how do you fit podcast interviews in? And how do you manage your time? All right. So a day in life for Nathan Chan, I live by my calendar. I'm a pretty hardcore calendar. uh every anyone that works with me or my close friends or family know that uh if it's not in the calendar it's not happening so um i'm big on health and fitness these days so i go to the gym monday tuesday wednesday thursday morning uh wednesday afternoon usually that's that's one of my staple things that i do and i usually start the gym at 8 a.m and do my pt session I always meditate before I go to bed and then also when I wake up that's very very important to me then from there I'm always having my porridge usually when I'm driving and then I've always got my meals pre-prepared and then I have my vitamins and my green juice I'm always trying to optimize time I try and get 10 ,000 steps a day if I can I'm doing walking meetings and I try and structure my week around where I do a lot of meetings Monday, Tuesday, Wednesday and then Thursday and Friday it's more around kind of me getting stuff done, me approving, thinking, working through different things within the business.

31:16Friday mornings is usually when I'm always shooting so it's actually a Friday morning now where I'm shooting this podcast and in the evenings and after in the evenings i'm either doing work i'm either seeing friends or family or i'm reading or spending time by myself and on weekends yeah i do a little bit of work try to keep the weekends pretty you know doing fun stuff seeing friends seeing family i try and keep it pretty balanced if i can but not always but that's what a day in the life looks like a lot of meetings um you know one-on-ones working with the team working on time thinking i think thinking is underrated if i can i always spend a good couple of hours thinking about things now more than ever i'm changing up how i how i structure things i'm constantly revisiting my personal goals and the goals for founder and where we're trying to go i think that's really really important in the past i might have set goals but i didn't revisit them as much as I am now.

32:20And I think that's really, really important. Just constantly making that a center of focus, just recentering me. And yeah, my day-to-day is pretty jam-packed, right? I try and maximize the time that I have. But when I'm not working, I really try and have downtime with friends and family. Are you hesitating to take the next step in your e-commerce journey? Founder Plus has you covered. With proven frameworks tailored to your business needs for fast results, a supportive community of over 30 ,000 like-minded entrepreneurs, and weekly live mentorship sessions, Founder Plus is your key to success.

32:58Try Founder Plus today for just$1 for seven days and start building your dream business with confidence. You can visit founder.com forward slash start dollar trial or click the link in the description to claim your trial. All right, so Anne Reyes asks, what would you say is the most common pitfall of someone who's an absolute beginner starting a business specifically in e-commerce. I think from my experience, and I've seen thousands, tens of thousands of founders, maybe hundreds of thousands, like probably not hundreds, tens of thousands, like over these past quite a few years, I would say the most common pitfall is people fall in love with the idea and not the problem that they're solving for the customer.

33:40When it comes to building a successful e-commerce business or building a business that can give you the lifestyle that you're looking for or give you the freedom that you're looking for or to build something that you're truly proud of and to really help others. And it's really fun to build a business. There's hard times, don't get me wrong, but it's fun to create. I think the number one problem that e-com founders face is product selection and getting the product selection right. I've seen really successful founders come out of nowhere very, very fast because they spent the time on product selection and getting it right.

34:17The product is what makes or breaks your e-commerce business. And if you don't get it right, if you can't speak to the customer, you can't speak to the problem, and it's not solving a deep problem, and it's not a painkiller solution, which I talk about this idea of vitamins versus painkillers, and I didn't come up with this. I learned about it from Andrew Chen. Basically, you know, if you really want to create like a painkiller problem, Like you really want a Panadol, a Panacea to really help solve that problem with your e-commerce product. So getting your product right, getting that selection of the product that you choose to invest your time, money, energy, and effort into is so key.

34:57It is so critical. All right, Paris Stringfellow asks, how much capital should a typical e-commerce brand plant on using in the first year? And what would the timing of these capital injections look like? All right. So I could throw out a number, right? But I'm going to talk to experience. So when I started Healthish with my partner, Emily, it cost$3 ,000 for the domain name. We didn't have to spend that. We could have spent$20 on the domain name, but I wanted a solid domain name. So you can count that out. But to get, it was around 3 ,000 units. That was the MOQ. And it was about$2 a unit. So that would have been around$6 ,000.

35:48That was the MOQ, bang, done. And then there was a little bit of stuff on the branding side. And then the website was built. And then we used Instagram to grow it. So it cost us around$7 ,000,$8 ,000 in total to do the MOQ, to get the website using Shopify up and running. And then all the marketing was done by us. So, yeah, I'd say in the – and then we just sacrificed profit for growth, right? We got sales and then the customer paid for shipping and handling. and then we went out and obviously, yeah, went to the post office and sent out the products. So, and we use Instagram as that organic channel.

36:35So long story short, yeah, it cost about eight grand in stock. And then we spent that extra two, three thousand for the domain name. So it cost about 10 grand. It could have cost between five, six, seven grand. So that's what it looked like. and that was kind of the timing. I hope that answers the question. And then the brand took off and became seven figure e-commerce store off the rest is history. All right, so next question. Vivian Teresa has asked, what is the future of founder and how do you plan on revolutionizing the coaching space, online courses and overall e-commerce community? I love this question.

37:15So what does the future of founder look like? I can tell you what we're working on and the vision so for us we're going all in on founder plus it's our all access membership platform we're producing a lot of content for you guys online workshops online programs and courses we're really moving out all of our platform over to a really incredible community software called circle and we're doing a lot to really work on that product to make it truly revolutionary so the future of founder is really we want to build the most comprehensive online learning platform to help you start or grow your e-commerce business and we really want to be able to help support you however we can and we want to really focus on the product we're working on checklists we're working on looking at a at a founder's journey and going, okay, if you want to build a million dollar business, how can we help you?

38:16And what are all the things that you need to learn? So what will happen soon is when you actually sign up to Founder Plus, you'll be asked a series of questions and we'll have all the content that you need, which is called your success path or roadmap. And we'll be able to work out where you are on that success path, all the way from building, starting your e-commerce business to building a million dollar a year e-commerce store. And depending on those questions that you answer, we will give you a custom tailored learning journey that will give you the courses, the checklists, the workshops, and the content you need to consume of where you're at.