Today's Guest

Mikey Moran is a serial entrepreneur and the founder and CEO of Private Label Extensions, a hair extension, and technology company helping entrepreneurs launch and manage their brands, ranked number 278 of the Inc. 5000 and the number one fastest-growing beauty business in the country by Cosmetic Business. He is also the co-host of the podcast Hair Biz Radio and the founder of the influencer platform Beauty Clout. Mikey shared his story with us and how he believes the right mindset is key to making it as an entrepreneur.

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Episode Summary

I started my entrepreneurship journey selling prepackaged food from Thailand, then I got into a food truck business, after that I tried and failed at several other businesses before landing in the beauty space. This is our 9^th year in the beauty business and I credit a lot of our growth to one underlying strategy. We actively solicit feedback from our customers and diligently work to create products that solve their problems.

Like any entrepreneur, you grow and learn through the ups and downs of any business. Today, I’m a much different and better operator than I was when I sold prepackaged food. In some ways, I would say I have gotten a lot more focused on perfecting the process behind what we deliver and I’m more resilient when it comes to failure. What I know now is the quicker we can push past those failures we will find success on the other side.

One of the main themes I write about in Fearless Beauty is having the right mindset. As an entrepreneur, you need to be curious, open-minded, and realistic about your weaknesses so you can hire people that fill in those gaps. Timing also plays a role in finding success, both in market demand and in sticking with an idea long enough to give it an opportunity to succeed.

Technology today has made it so much easier for people to start and grow their businesses. If you don’t have a CRM system deployed in your business you are in trouble. Customers are your lifeline and a strong CRM system helps you elevate their experience which is what customers expect today. You don’t have to know how to code anything to use most of the tools out there today. You just have to apply yourself to learning the basics of how to set it up and run your business.

When people are looking to start a business there is always the question of how to fund it. While raising money from friends and family is tempting it is also a dangerous one that can ruin relationships. Let’s face it starting a business is hard enough even if it goes well but when you add in the stress of letting friends and family down it is even harder to succeed. I encourage anyone considering starting a business to self-fund whenever possible. 

Resources Shared

• Private Label Extensions
• Fearless Beauty by Mikey Moran
• Hair Biz Radio
• Beauty Clout
• Thryv
  

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