Build Your Business Better by Learning From Your Mistakes
Hello, friends! 👋🏼👋🏾👋 As you try to find a way to start or grow your business, thinking about what didn't work for you can provide crucial ideas for how to make it right this time. Diego Sampaio, the CEO and co-founder of Globalfy, took into account what he wished would've been available to him when he was trying to do business in the U.S.
In this issue, find out the following:
🌴Why it's important to look into all your responsibilities with the IRS and the state where you register your business.
🌴The accelerator program Sampaio recommends.
🌴An upcoming webinar geared towards people wanting to start a business in the creative arena.
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🌴Now, let's learn about Diego Sampaio's entrepreneurial journey. This is Part One.
PLANT THE SEEDS OF ENTREPRENEURSHIP YOUR OWN WAY
“I got my first computer when I was 11. And, then, when I was 15 years old, I started developing websites for others.”
Yep. Diego Sampaio didn’t waste any time doing the entrepreneurial thing.
He started making money as a teen in Brazil. But he didn’t stop there. He then started providing hosting services.
Technology, not the medical professional, captured his attention – even though both of his parents were doctors.
Sampaio always wanted to do business on an international scale. So he didn’t hesitate to establish himself in the U.S.
GO GLOBAL, IF IT MAKES SENSE; JUST BE SURE YOU KNOW WHAT’S REALLY INVOLVED
“I set up an entity in the U.S., and I started doing business with that company.”
When he finally was able to move to the U.S. in 2015, he found out the state had dissolved his company.
He says he found out he owed money to the state and to the IRS.
Sampaio says, “Because I didn’t have the knowledge, and there was nobody to support me [in] that process,” he didn’t know what his obligations were, nor how to fulfill them, as a business owner in the United States.
YOUR DIFFICULTIES CAN BE THE KEY TO BUILDING A BETTER MOUSETRAP
So Sampaio reasoned that if he had that problem, “Probably other foreign entrepreneurs that wanted to do business in the U.S… are going through the same thing. So that’s when we created Globalfy.”
He started Globalfy as a one-stop shopping type of platform that would help people in other parts of the world open a business and bank account in the U.S.
THE TIP JAR (tips provided courtesy of Diego Sampaio)
STARTING OUT: “Just do it.”
Sampaio says, “Be aware you’re never going to be ready to [make] your first move, so you gotta just start moving.”
STEEPED IN SKILLS (mid-career): “Go to networking events from the community. So, for example, here in Florida, we have… Starter Studio.”
He says Starter Studio is an accelerator program with the UCF Business Incubator community that offers meetups and events for helping local entrepreneurs connect with each other.
Note: If you're not in Orlando, contact your local university and see if they can refer you to a similar type of accelerator program.
STARTING OVER: “The most important thing is to really understand if entrepreneurship is what you’re looking for.
Because it’s completely different from… being in an environment in an organization where you have everything organized - to start developing your own company - where nothing is organized.”
I’LL NEVER DO THAT AGAIN: “I will never get into… business partnerships without doing a deeper background check.”
Sampaio says he’s learned from a prior bad experience to do thorough research on a potential partner's past.
He says he also recommends finding out what that person’s connections are, as well as what their peers think of them.
BEST ADVICE FROM “LA CASA”/BEST “HOUSE” ADVICE: “I think my biggest goal is to create something that helps [the people] who are with us to grow.” In Part Two, find out how Sampaio is helping his employees grow.
Globalfy - At the office
BE FLEXIBLE, CHANGE IS A GIVEN
“When I wanted to start selling my services in the U.S., I had to go and find an accountant. I had to go and form a business. I had to… fly to the U.S. to open a bank account. It cost me thousands of dollars…”
Sampaio wanted to simplify that process.
He says it’s all about being adaptable because doing business in Brazil and doing business in the United States is completely different.
REMEMBER, IT’S ALL A PROCESS
Sampaio says he had no clue what was involved, from the visa process to even understanding the process for registering his kids to go to school.
He’s candid in admitting that it was so difficult, “If I knew how hard it would be to start in America, maybe I would have thought twice before moving here. Or even my wife would have thought twice about moving here with [me].”
Sampaio was able to navigate the rough waters and his business has continued to grow.
He’s putting all of what he learned into his business and is hoping his company provides that roadmap he never had.
In Part Two, Sampaio will discuss the role of self-development and the importance of having a safety net in business.
Globalfy's fulfillment center space for the e-commerce side of the business
INDUSTRY: Tech & E-Commerce (International)
STARTED BUSINESS:
First company – 2001
Globalfy - 2015
LATINO/HISPANIC CONNECTION:
Born in Brazil
Parents were born in Brazil
EDUCATION: Faculdade de Tecnologia Opet (university in Brazil)
DREAM JOB AS A KID: “I wanted to be an engineer, but I don’t like to study.”
NO NEED TO GO IT ALONE
HELP ON THE OUTSIDE…because we can all use a helping hand:
Business Basics for Creatives
If you’re one of those creative types who would love to start a business but don’t know how, this webinar may give you the info you’ve been hoping to find.
The presenter, Robin Blakely, will guide you in the basics of turning your creative endeavor into a professional business. From figuring out your focus to the monetary aspects to sustainability, sign up for this FREE workshop.
SCORE (Service Corps of Retired Executives)
“How to Start a Business for Creative Types, Idea People and Anybody with Passion”
Thursday, August 25, 2022
1:00 p.m. EDT – 2:00 p.m. EDT
Virtual Webinar
FREE
https://www.score.org/event/how-start-business-creative-types-idea-people-and-anybody-passion
WORKING ON THE INSIDE...because we know our culture has a hard time asking for help:
Fight the Fear: Public Speaking
Do you have to make a speech or presentation about your business? Oh, the terror! Hey, it’s a real fear for a lot of people. So how can you do it not only better but communicate your message effectively? Find out in this class.
There are three parts. Even though the first session has already happened, I believe you can still gain useful tips and info. Here’s more:
SBA (Small Business Administration)
“Learn the Art of Public Speaking to Help Grow Your Business – Part Two”
Tuesday, August 23, 2022
10:00 a.m. EDT – 12:00 a.m. EDT
Online Webinar
FREE
https://www.sba.gov/event/2185
INSPIRATION FOR THIS ISSUE:
I’m not a parent, but something I’ve heard consistently is that, you never really feel that you’re ready to become a first-time parent, in terms of knowing what to do.
It’s one of those things you just kind of learn and adapt as you go along.
You take the advice of maybe your own parents, siblings or friends, read up on parenting and then do your best to plan and prepare.
Nothing ever goes according to plan, but you figure it out and do the best you can.
In many ways, it’s a similar process of discovery as you start your business.
When it comes to having children, if everybody waited till they felt truly “ready”, we’d likely have a lot fewer children in this world.
When we’re talking about entrepreneurship, if the desire is there and you are fully committed to giving your business the attention, the hard work and, yes, the love it will need to help it flourish, it can be very rewarding.
Obviously, there are so many other things to consider when raising a child that a business could never compare to, but I believe that there are certain basics and best practices that can, at least, try to help you feel “more ready”.
So even if you’re not “totally ready” to launch your enterprise, remember, like with children, there are so many people that want to support you and help you.
Take the help.
No one has it all figured out.
We’re all here to help and learn.
And, as many parents will tell you, we are all still adapting along the way.
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