Entrepreneurship is a frequent topic here at XY Planning Network, in large part because it's a key element to a successful independent advisory practice. This week's guest, Seth Johnson of Redi2 Technologies, is a perfect example of the entrepreneurial spirit: hard work, an innovative idea, and the guts to try something new.
Seth was working for an enterprise software company where his team focused on building an excellent billing software for big broker dealers. The burst of the dot-com bubble and strain on the company gave him and his co-founder-to-be a unique opportunity. They pitched an all-new company, exclusively dedicated to billing software, to their CEO - and got the green light.
In this interview, Seth talks about the growth of Redi2 and its softwares, including the independent-RIA crafted BillFin. He shares how Redi2 grew into a major player in the software space by applying the all-important entrepreneurial principle of solving problems for your customer. We talk about what it's really like bringing a product to market, and why bringing advisors in on the Billfin design process was such a critical part of its success.
Listen to the Full Interview:
What You'll Learn from This Episode:
- How the bursting of the dot-com bubble gave Seth and his partner and unexpected entrepreneurial opportunity.
- The pitch they made to their then CEO in the back of a town car on the way to the airport.
- Why the assumption that people are born to be great entrepreneurs is incorrect.
- How Redi2 responded to financial advisors who needed a cheaper but high-quality billing software for their RIAs.
- The process and challenges of building a software product and bringing it to the market.
- Why great companies and great advisory firms start with what their customers need - rather than thinking they already have all the answers.
Featured on the Show:
- Register for #XYPN17
- XYPN Radio VIP Community
- Redi2 Technologies
- Revenue Manager
- Schwab Impact 2017
- Larry Ellison of Oracle
- Built to Last: Successful Habits of Visionary Companies by Jim Collins and Jerry Porras
- Good to Great: Why Some Companies Make the Leap...And Others Don't by Jim Collins
- The E-Myth Revisted: Why Most Small Businesses Don't Work and What to Do About It by Michael Gerber
- Money Management Institute
- Mellen Investments
- Newton Investment Management
- The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries
- The Innovator's Dilemma: The Revolutionary Book That Will Change the Way You Do Business by Clayton Christensen