In this ongoing series, we're sharing tips, advice, and insights from real entrepreneurs who are out there doing business battle on a daily basis. (Responses have been edited and condensed for clarity.)
Please tell us about yourself and your business.
I am John Chiorandoan entrepreneur out of Miami. I have had several successful exits and currently my focus is a diversified portfolio of companies that include BC Rich Guitars, intellectual property and real estate. The company that is getting most of my focus is Once upon a Coconuta premium coconut water brand with a commitment to quality and sustainability. We launched in 2020, providing the best young green coconuts in Vietnam. As a mission-driven business, Once Upon A Coconut donates 10% of the profits from every case sold to non-profit organizations.
What attracted you to this business?
We were looking to invest in a beverage brand and liked the idea and the space. We saw a potential opportunity to really disrupt the coconut water space, but the startup we were looking at wasn't a good fit for a number of reasons, so we struck out on our own. But then when people like Daymond John and Gary Brecka knocked on my door to get involved, I knew that not only were we on to something, but we could also build a team to get the word out to the consumer and business world.
What advice would you give to entrepreneurs looking for funding?
Don't insult people and sell them all upside down. Smart investors know that there are always risks. Be open about the risks and tell them how you plan to mitigate them, create redundancies or avoid them altogether. Also, don't be afraid to ask strategic investors for guidance. Friends and family are a double-edged sword, so I'd tend to avoid them until you're past the proof-of-concept stage and have some real results. Crowdfunding has become a quick and easy way to not only get some awareness of your product, but to get hundreds if not thousands of people with skin in the game helping you promote and connect the dots.
What's your pitching tip?
When preparing for a pitch, details matter. Know your market statistics, CAGR (Compound Annual Growth Rate), TAM (Total Addressable Market). I like to present projections based on conservative/moderate/aggressive models and determine what and why each differs. Have a detailed explanation of your use of their funds. It's hard to be nervous when you're really prepared, so make sure you hit your pitch. Practice with people who will give you honest, no-bs feedback. Finally, walk in there like a subject matter expert—confident and not cocky. In the end, these people will invest in you.
What does the word “entrepreneur” mean to you?
Be prepared to do what you said you would do regardless of the cost. And know that you will have to give up a lot of time and experience to be truly successful. Being an entrepreneur comes with feeling lonely and wanting to quit, but it gives you the chance to stay strong with the desire to win.
How do you build trust with partners and employees?
The strongest relationships are built on how you react to fans' jabs. This is where trust is built and truly lasting long-term relationships are created. When things go wrong, that's where you put your character and the company's character as well. News travels fast in all industries, and a great calling card for new clients is to hear how you responded to a disaster and fixed it no matter the cost.
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What is your best tip for building customer relationships?
When we started Once Upon A Coconut, I wasn't a fan of coconut water. But the moment I tasted ours I knew we had something special. I wasn't arrogant enough to believe I represented our target market, so I sent out samples, let people taste it with me, and the feedback was off the charts. Seeing people react to the samples and flavors is one of my favorite things, and seeing the reactions really inspires me to keep putting myself into the brand and our philanthropic causes. The customer is THE the reason we are able to make the impact we do in their community and our mission is to make sure they feel like they are part of the change we are making in the world.
What is something that many aspiring business owners think they need that they really don't?
Shiny toys/things. The first inclination of someone starting to make money is to buy depreciating assets. I suggest strengthening your balance sheet (company and/or personal) and investing that money in several different income streams to offset the inevitable downsides that will come. Life is seasonal and so is business. The proverbial rain is coming and you might need an umbrella, so stay prepared. What you I DO subject matter experts are needed in areas where you are not strong. I hire the best of the best, whether we can afford them. Find those who have been where you want to go, hire them, learn from them, and take your company to the places you want to go with far less trial and error.
Is there a particular quote or saying that you use as personal motivation?
“You can't beat someone who refuses to quit.” This should be the entrepreneur's credo. Every generally successful person I know has had moments when they were tested and pushed to the breaking point. Those who can fight through adversity and refuse to give up are the ones who ultimately win. And this is not a one-time test either. Challenges will always be present. Yes, you will get better at seeing them coming and reacting accordingly, but the mental side of the ups and downs is usually what breaks most people. I tend to stay very grounded, I don't get too upset when things go well, and I tend to find joy in the hardest times. I know there are lessons to be learned there that will make me a better leader and I know without a doubt that the hard times will pass.