Today’s guest, my friend Brock Blake, is proof of that. He is the CEO and founder of Lendio, an Inc. 500 CEO, national keynote speaker, Forbes columnist, and Utah’s Emerging Executive of the Year. Lendio is the largest online marketplace of business loans in the U.S. Brock believes that access to capital should be simpler and quicker for small business owners. Lendio has facilitated over $1.5 billion in loans to small businesses. Brock and his team donate a percentage of funds to low-income entrepreneurs around the world through Kiva.org.
Today’s podcast with Brock is full of wisdom, but one of my favorites is nail it, then scale it. Essentially it means identify product-market fit; what your customer and price point look like. Test the product in the market on a small scale to create and refine the model, the system (nail it). Once that model is crystal clear, you scale it. It allows you to get real feedback on your product and find out if it is truly viable or not. Only receiving feedback from family and friends is one of the common mistakes new entrepreneurs make. They won’t give you the blunt truth because they are invested in you and don’t want to hurt your feelings. It’s nice, but it doesn’t serve your purpose.