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The Champion Forum Podcast

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TCFP076: PURSUING SUCCESS AND ENTREPRENEURSHIP: TIPS FROM TIPPI TOES CO-FOUNDER AND SHARK TANK CONT

I HAVE MADE MORE THAN 50,000 MISTAKES AND, MORE IMPORTANTLY, I HAVE LEARNED OVER 50,000 LESSONS.” - MEGAN REILLY

THANK YOU FOR LISTENING TO THE CHAMPION FORUM PODCAST WITH JEFF HANCHER! IN TODAY’S EPISODE, JEFF INTERVIEWS MEGAN REILLY, THE CO-OWNER AND COO OF TIPPI TOES DANCE. HER COMPANY AIMS TO DEVELOP A LOVE OF DANCING IN CHILDREN BY CREATING A POSITIVE EXPERIENCE THAT PROMOTES HEALTHY LIVING HABITS AND HELPS BUILD BOTH SELF-CONFIDENCE AND A LOVE FOR OTHERS. SHE AND HER PARTNER FOUNDED THE COMPANY 21 YEARS AGO AND NOW HAVE 35 FRANCHISES AND AN INTERNATIONAL PRESENCE. YOU MAY KNOW HER FROM THE POPULAR TELEVISION SHOW “SHARK TANK.” IN TODAY’S EPISODE, SHE TALKS ABOUT BUILDING A THRIVING BUSINESS, BALANCING WORK AND LIFE, AND THE KEY QUALITIES OF SUCCESSFUL ENTREPRENEURS.

HOW DID THE BUSINESS GET STARTED?

MY SISTER NEEDED A JOB IN COLLEGE SO SHE COULD MAKE HER CAR PAYMENT, SO SHE STARTED OFFERING DANCE CLASSES AT A LOCAL DAYCARE. I JUMPED ON BOARD WITH HER, AND IT GREW FROM THERE. I AM ALSO A REGISTERED DIETICIAN, BUT I FOUND THAT WHEN I HAD A CHOICE BETWEEN NUTRITION WORK OR TIPPY TOES, I CHOSE TIPPI TOES. IT WAS MY FAVORITE THING TO DO! IF YOU WANT TO START A BUSINESS, FOLLOW YOUR PASSION BECAUSE THAT IS WHAT WILL DRIVE YOU. TAKE SOME SMALL ACTION TOWARD YOUR GOAL. DON’T JUST LET IT STAY AS AN IDEA.

“IF YOU’RE CHASING YOUR DREAMS, THE JOURNEY IS THE WIN.”

Q: WHAT MADE YOU CHOOSE THE CAREER YOU CURRENTLY HAVE? DESCRIBE WHAT YOU ARE DOING TO HELP FUEL YOUR PASSION FOR YOUR CAREER. WHAT GOALS DO YOU HAVE FOR YOUR BUSINESS OR CAREER? DESCRIBE ONE STEP YOU ARE GOING TO TAKE TOWARD YOUR GOAL THIS WEEK.

HOW DID SHARK TANK SHAPE YOUR BUSINESS?

SARAH’S HUSBAND SUBMITTED OUR BUSINESS TO SHARK TANK AFTER SEASON 1. WE NEEDED TO BE VERY PREPARED, SO WE DID A LOT OF RESEARCH AND PLANNING. WE WENT IN LOOKING FOR A DEAL ON SELLING DVDS, BUT WE ENDED UP TALKING ABOUT FRANCHISING. WE MADE A DEAL ON THE SHOW BUT ENDED UP WALKING AWAY LATER AS WE WERE TRYING TO GET THE CONTRACT SIGNED. EVENTUALLY, WE CAME BACK AROUND TO THE IDEA OF PURSUING A FRANCHISE, AND NOW WE ARE AN INTERNATIONAL FRANCHISE.

HOW DOES IT WORK BEING A MOM OF YOUNG CHILDREN AND AN ENTREPRENEUR AT THE SAME TIME?

I HAVE TAKEN SO MUCH OF WHAT I HAVE LEARNED BEING A MOM AND USED IT IN MY CAREER. I HAVE BECOME A GREAT MULTI-TASKER, AND I CAN HANDLE ANY CHALLENGE WHEN IT’S FOR SOMETHING I LOVE AND AM PASSIONATE ABOUT. I LOVE HIRING OTHER PARENTS BECAUSE I KNOW THAT THEY ARE CAPABLE OF DOING ANYTHING FOR SOMETHING OR SOMEONE THEY LOVE. IF YOU ARE A MOM WHO WANTS TO START A BUSINESS, DO NOT ASSUME THAT YOU ARE BENEATH ANYONE ELSE. JUST BECAUSE YOU HAVE NEVER DONE IT BEFORE DOESN’T MEAN YOU ARE NOT GOING TO CRUSH IT. DON’T BE THE ONE TO TELL YOURSELF “NO” IF YOU WANT TO DO IT!

Q: THINK ABOUT YOUR WILDEST DREAM OR GOAL. WHAT HAS KEPT YOU FROM PURSUING IT? DID YOU TELL YOURSELF THAT YOU COULD NOT ACHIEVE THAT GOAL OR WAS IT SOMEONE ELSE? WHY DID YOU VALUE THAT OPINION?

WHAT DO YOU THINK IS A GOOD QUALITY IN A BUSINESS PARTNER?

I’M LUCKY TO BE WORKING WITH MY SISTER. I THINK AN IMPORTANT QUALITY IS TRUST. I KNOW THAT I CAN TRUST THAT SHE WANTS WHAT’S BEST FOR ME AND MY FAMILY. IT’S ALSO REALLY IMPORTANT TO COMMUNICATE WELL AND HAVE THE SAME VISION.

Q: HOW IS YOUR RELATIONSHIP DIFFERENT WITH PEOPLE WHO YOU TRUST VS. PEOPLE YOU DO NOT TRUST? DESCRIBE SOME OF THE QUALITIES YOU VALUE IN YOUR CO-WORKERS. HOW HAVE YOU DEVELOPED TRUST AND COMMUNICATION WITH THEM?

  1. “SAYING “NO” CAN FEEL LIKE A DOOR CLOSING, BUT REALLY IT’S JUST SAYING YES TO SOMETHING ELSE.

WHAT WORDS OF ENCOURAGEMENT WOULD YOU GIVE TO LADIES WHO WANT TO BE WHERE YOU ARE?

GO! BELIEVE IN YOURSELF. YOU ARE SO POWERFUL BECAUSE OF WHO YOU ARE. THINK ABOUT WHAT YOU WOULD DO IF NOBODY ELSE’S OPINION WAS A FACTOR. IT’S YOUR STORY, SO YOU SHOULD DO THE THINGS YOU LOVE, WHETHER THAT IS STAYING AT HOME OR WORKING, OR SOMETHING ELSE.

APPLICATION ACTIVITIES:

  1. IF YOU EVER THOUGHT ABOUT BEING AN ENTREPRENEUR, WHETHER AS A FULL-TIME CAREER OR AS A WAY TO MAKE EXTRA MONEY OUTSIDE OF YOUR 9-5, WHAT HELD YOU BACK? TAKE NOTE OF THE KINDS OF PROJECTS YOU GET EXCITED ABOUT DOING EVERY WEEK. WOULD ANY OF THOSE TASKS BE SOMETHING YOU COULD SEE YOURSELF DOING AS A CAREER OR A SIDE HUSTLE?

  2. WHAT ARE SOME OF THE QUALITIES THAT YOU HAVE GAINED OUTSIDE OF YOUR REGULAR CAREER? THINK ABOUT THE AREAS YOU WANT TO CONTINUE TO IMPROVE. WHAT EXPERIENCES COULD YOU FIND OUTSIDE OF YOUR REGULAR CAREER DEVELOPMENT TO HELP THOSE AREAS? ARE THERE ACTIVITIES YOU ARE CURRENTLY INVOLVED IN THAT COULD HELP YOU GROW IF YOU APPROACHED THEM MORE INTENTIONALLY?

  3. THINK ABOUT HOW YOUR CAREER HAS CHANGED OVER THE YEARS. WHAT CAUSED THE BIGGEST SHIFT? ARE THERE ANY DECISIONS YOU REGRET OR WISH THAT YOU COULD DO DIFFERENTLY? HOW CAN YOU TAKE THOSE EXPERIENCES AND SHIFT COURSE NOW LIKE MEGAN AND SARAH DID WITH FRANCHISING TIPPI TOES?

CONNECT WITH MEGAN:

INSTAGRAM: @TIPPITOESDANCE @MEGANLRILEY @SARAH_NUSE

WEBSITE: WWW.TIPPITOESDANCE.COM

CONNECT WITH JEFF

INSTAGRAM: @THECHAMPIONFORUM

FACEBOOK: THE CHAMPION FORUM PODCAST BY JEFF HANCHER

EMAIL: JEFFHANCHER@THECHAMPIONFORUM.COM


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