Finding Your Strengths in Business and Entrepreneurship with Ryan Francis, Episode #9
Sometimes, entrepreneurship is in your blood. Take Ryan Francis, a developer and a partner in the Chicago web development shop Launchpad Lab. His grandfather was one of seven brothers who all started their own businesses, and then passed the startup gene onto Ryan. In this amazing episode, Ryan opens up about how his family influenced him, how mentors along his journey helped him discover his strengths and find success, and how he came to own two companies doing more than a million dollars in sales a year, with both at critical points in their growth. If you are interested in finding your strengths (and why wouldn’t you be?), this episode is for you. Every family has its traditions. In the Francis family, it’s entrepreneurship. Sometimes, finding your strengths flows out of your history. In this down-to-earth interview, Ryan Francis talks about how at 10, he took an entrepreneur test online. He wanted to prove to his father that he was ready to run his own lawn-mowing business, and he wanted to make sure he could do it. That business bug never left him, as he tested the waters of starting another business while in college. And then, in his 20s, while working a job in finance, he and his father started a business together, manufacturing bunk and loft beds. At each step of the way, Ryan found a mentor who shared invaluable insight with him. Whether it was the engineers in his father’s factory when he worked there as a kid, pushing him to solve problems on his own, or a manager who encouraged him to recognize the root cause of mistakes, Ryan discovered the value of always asking questions. Focus on your strengths and you’ll find your path in business and in life. Ryan Francis tells a story about when he worked corporate finance at a healthcare company in Chicago. He discovered that behind a lot of the problems with the data he was crunching was human error. He set out to automate the systems, using spreadsheets to drastically reduce the mistakes his team was experiencing. But as he was streamlining his department’s operations, he started to ask why—why did they do it this way? And he found that there was a problem at the source of the data. His penchant for asking questions brought his company to the best solution, but it also unearthed a truth about Ryan: Even though he was good at finding how to optimize systems for better workflows, organization wasn’t his strong suit. If he was going to be successful, he was going to have to follow his strengths, his creative side. What’s the difference between fighting yourself and finding your path to success? Ryan Francis found that while organization and multitasking weren’t for him, being creative and “thinking in the abstract” were. That’s when he pivoted to web development for the next phase of his career. But it was actually the entrepreneurship in his DNA that led him to that first crack at web development. When he and his father started their bunk and loft bed business, he had to build a website for the first time, and he found it wasn’t that easy. He also started using Google Adwords to sell his first bed, and he had to learn how that system worked, as well. He was building a foundation for his business. Ryan said it’s important for all entrepreneurs to understand the foundation of any system they're using, though outsourcing is often best once you have that foundation. Don’t try to do everything in business. Focus on solving one critical problem. After joining LaunchPad Lab as an employee and eventually a partner, Ryan says he sees one common problem with the way businesses try to develop products. Part of the challenge with building products, he said, is that one often feels it needs to have everything a user could ever want. But according to Ryan, what makes a product sell is that it does one very specific thing, and it does it very well. It solves one critical problem for a person. A key to success in developing products, whether it’s software or not, you have to avoid the impulse to overbuild. One could accuse Ryan Francis of overbuilding a bit, running two successful companies at the same time. But it’s his ability to ask questions and recognize his own strengths that have led him down the path to the success. That, and his entrepreneurial genes. Outline of This Episode [1:26] Ryan Francis, entrepreneur and partner at LaunchPad Lab [3:37] Ryan discusses his two businesses, and how they’re in “critical points” in their growth. [5:02] How his family’s history of entrepreneurship got him interested early. [12:56] Began to realize in his job in corporate finance, what he enjoyed and what he didn’t enjoy. [18:26] HIs eureka moment in starting his bed manufacturing company with his father [23:45] Learning and really owning the foundation of your business before outsourcing tasks [26:00] Beginning of his career with LaunchPad Lab, and how it fostered his creativity [28:10] How mentors have influenced Ryan over the years [29:40] The importance of not overbuilding when designing a product [33:30] A particularly harrowing experience that changed his life Resources & People Mentioned LaunchPad Lab Baxter Healthcare Francis Lofts & Bunks Connect With Tom and Launchpad Lab https://launchpadlab.com/ On Instagram On Twitter On Facebook On LinkedIn