How Much of a Risk-Taker Are You Willing to Be? Entrepreneurial Partners Who Believe in Just "Going For It"
Hi, everyone! 👋🏿👋👋🏽 Today's issue of Generation Si! tackles the inherent risk of going into business for yourself. The co-founders of CedrusMed, Eikel Inda and Manuel Cassola, give us an insight into how their partnership formed. You'll learn the following:
🌴 The mindset around risk they believe you need to be prepared to address
🌴 Their thoughts on "back-up" plans
🌴 A workshop to find out the skills & characteristics that increase your chances for success as a small business owner
🌴 Meet the cofounders of CedrusMed, Eikel Inda and Manuel Cassola...
CHOICES: GO THE “ALL OR NOTHING” ROUTE OR TAKE MORE CALCULATED RISKS?
Entrepreneurs are, by nature, risk-takers, choosing to go out on their own, instead of playing it safe. Some of them, like Eikel Inda and Manuel Cassola go “all in.”
That’s certainly the case with, CedrusMed, their tech platform for the mental health industry. As you read their advice, you’ll realize they’re one of those “all or nothing” types.
THE TIP JAR (Tips provided courtesy of Eikel Inda and Manuel Cassola)
Eikel, the co-founder of seven companies, never forgets his roots (Cuba, 2007)
STARTING OUT:
Inda: “You have to look for the right partner. Somebody that will fly with you. Somebody that will cry with you and will be with you all the time. Because it’s very difficult to create something alone. You need that partner.”
Cassola: “You have to have commitment and persistence. And, after all that, you need to be able to execute at a rapid pace and just become an execution machine. When I say execution, I’m talking about executing tasks.”
STEEPED IN SKILLS (mid-career):
Cassola: “I lost a job and, then, that day I was sitting [on] a couch saying, ‘Okay, what am I going to do?'”
He asked himself if he was going to pursue his dream or look for another job. Here’s Cassola's answer if you find yourself in the same situation:
“How convinced are you that you want to [start] a business? Because if you have a family, that’s, for me, the motivation – the motivation to do the business and to succeed.”
Inda: “Forget about the money. It’s very difficult when you have kids, when you have family. But… there is a point that you have to [forget] entirely about the money that you’re trying to make and focus entirely on the product or service that you are creating. If you create something that makes sense… you will make money.”
STARTING OVER:
Inda: Anecdotally, contrary to what many entrepreneurs advise, Inda does not recommend you start your business on the side, doing it on nights and weekends.
He says, “Do not do it. If you need money, just save some money. But, at the moment that you decide that you want to pursue your dream, just quit your full-time job and focus on your dream… You have to be 100% involved, on fire. You know, fighting for your dream.”
Cassola: “Plan A, build the company. Plan B, go with Plan A. You cannot have a Plan B. If you have a Plan B, you’re doomed.”
BEST ADVICE FROM “LA CASA”/BEST “HOUSE” ADVICE:
Inda says his mother always said to him, “Nadie se come a nadie.” TRANSLATION: “No one eats anyone else.” Inda learned from that not to be afraid of anyone.
Cassola remembers his grandfather telling him, “Árbol que nace torcido, jamás su tronco endereza.” TRANSLATION: “The trunk of the tree that grows twisted will never be straight.” Cassola took that to mean that a person who was crooked or shady could never do the right thing.
But he said that, while that quote stays with him, he actually disagrees with it. He believes that everyone, even those who grew up in a bad environment, have the possibility of doing good.
Manuel's Cuban heritage influences him (Cuba, pictured with parents & sister)
RECOGNIZE AN OPPORTUNITY; ACT ON THE OPPORTUNITY
The seeds of their business, CedrusMed, started at Inda’s Christmas party in 2018. A guest told Inda, “I don’t know exactly what you do, but there is an opportunity out there in the mental health industry. They are doing everything on paper. If you can create a program or something like that, that would be good.”
The wheels instantly started turning in Inda’s head. He thought to himself, “I have to go for it!”
PRIOR ENTREPRENEURSHIP EXPERIENCE IS VALUABLE, EVEN IF IN DIFFERENT INDUSTRIES
It’s not surprising, especially given CedrusMed is Inda’s seventh business. From logistics to an airport parking app, Inda dives into different types of businesses.
As a software engineer who writes code, he can do that.
Cassola is a network engineer who also worked in logistics, but on the info tech side, serving warehouses with automation and technology needs.
Together, Inda and Cassola saw an opportunity in the mental health industry.
BUILD RELATIONSHIPS AND TRUST BEFORE DIVING INTO A PARTNERSHIP
When Inda approached Manuel Cassola about this opportunity, Cassola had been looking for “a fresh start.”
But they didn’t actually work together right away. Instead, they stayed in touch. Cassola says that strengthened their relationship as friends and business partners while Inda developed the software program.
GET READY TO WORK CRAZY HOURS - OFTEN
While patiently waiting till Inda was ready for Cassola to step in and help with business development, Cassola says Inda “was working like crazy. Days and nights. Without going out. All of those weekends. It was a crazy marathon.”
The challenges were there. And, despite having started businesses before, one of the challenges was something neither expected.
NEW CHALLENGES WILL POP UP, EVEN IF YOU’RE AN EXPERIENCED ENTREPRENEUR
Inda explains, “Since we started this company, we have been receiving more than a thousand requests for features from the clients.”
The clients would suggest that maybe Inda could add a button here or a feature there.
Inda says, “You have to answer that call. And you have to do something. And they are waiting for you. All the time.”
Under the old system companies were using, he says it could take up to eight months to update all of the documentation.
But Inda created a program that would allow their clients to access the database almost immediately.
“The only time that we have to spend with them is the training and the implementation,” according to Inda.
AN INJECTION OF INVESTOR CAPITAL? DON’T COUNT ON IT
They also caution that you better not expect to get outside funding. Cassola says, “If you are looking for the perfect investor to come and rescue you and give you the money, that’s not going to happen.”
It’s no wonder the two men gelled so well as cofounders. Cassola says, “You need to be willing to leave everything behind… for that specific goal or objective.”
ABOUT THOSE “BACKUP” PLANS…
Cassola believes you’re going to go through many moments when “quitting is going to be the easiest path. And, then, you need the persistence.”
For the two co-founders, the “other” option of going to work for someone else is actually not an option.
Inda says, “My biggest fear is [to] go and get a job and do that. That’s not for me.”
Cassola says, “I was a big failure as an employee because I couldn’t fit a pattern…"
He says, "Beyond three years of employment, I was... completely bored. I was unchallenged.”
This opportunity definitely challenges Cassola and Inda.
They’re now working with more than 150 health care agencies in Florida and are operating with a “no holding back” mentality.
Bootstrapping the business with their own money, not entertaining a back-up option, may seem reckless to some.
Cassola says, “If you think it’s reckless [and] this is not a good time, I have bad news for you. It’s never going to be a good time to start a business.”
INDUSTRIES: Tech & Mental Health
STARTED BUSINESS: August 1, 2020
LATINO CONNECTION:
Inda - Born in Cuba
Cassola – Born in Cuba
Both sets of parents are Cuban
EDUCATION:
Cassola: CUJAE (Universidad Tecnológica de La Habana José Antonio Echeverría) in Cuba – Associate of Science degree in Telecommunications Engineering
Inda: UCI (Universidad de las Ciencias Informáticas) in Cuba – Bachelor’s degree in Computer Science Engineering (Graduated Summa Cum Laude)
DREAM JOB AS A KID:
Inda: “Dentist. Yes. I switched when I met math.”
Cassola: Cassola says when he was a kid, he “got a Russian book because, you know, in Cuba, Russian books were pretty common… and I learned about the stars. And I wanted to be a cosmonaut.”
BIGGEST GOAL YET:
Manuel with his grandmother, an early influence in his life
Cassola: “Attain the maximum wisdom I can in life.”
Inda: Inda says he hopes his two kids will grow up to be better people than him.
Eikel with his mom - Always inspired by her strength
NO NEED TO GO IT ALONE
HELP ON THE OUTSIDE...because we can all use a helping hand:
Mastering SEO (Search Engine Optimization)
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Find out how SEO works and how you can use it to your advantage. From basics to pro tips, this interactive webinar will give you a solid understanding of SEO.
Orlando SCORE (Service Corps of Retired Executives)
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Saturday, Sept. 24, 2022
10:00 a.m. EDT - 12:00 p.m. EDT
Online Webinar
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https://orlando.score.org/event/grow-seo-10
WORKING ON THE INSIDE...because we know our culture has a hard time asking for help:
Time for Self-Reflection
What are the skills and qualities that you need to do well as a small business owner? Mark this workshop on your calendar for October.
You'll learn the characteristics and experience that will go a long way towards increasing your chances of success as a business owner. And the workshop is only 30 minutes!
SCORE (Service Corps of Retired Executives)
"Do You Have What It Takes to Run a Business? Step by Step Self-Assessment Workshop"
Wednesday, October 19, 2022
1:00 p.m. EDT - 1:30 p.m. EDT
Online Workshop
FREE
INSPIRATION FOR THIS ISSUE:
When I covered small business and entrepreneurship some eight to ten years ago for a TV program, the general consensus I got from talking to experts was that you probably were better off going it alone.
Partnerships seemed to be fraught with problems. Keep in mind, this is based on anecdotal advice I heard from business leaders discussing entrepreneurship and, more specifically, small business ownership.
That was before we saw the proliferation of tech entrepreneurs and companies converting to digital systems.
Now that we are firmly witnessing more tech-based entrepreneurship, the more I seem to hear, anecdotally, that you’ve gotta find a partner.
And that partner should complement, not duplicate, your skills. Here, I’m specifically talking about tech-oriented companies, not your more-traditional businesses.
There’s also so much more information now available. Plus, the founder community seems to be especially willing to share the really good and really hard parts of business ownership.
Eikel Inda and Manuel Cassola have a lot in common from shared professional experiences to a common background as immigrants from Cuba. That helped them feel comfortable with each other as business partners.
In Part Two, I’ll explore what that kind of immigrant experience means for people wanting to start a business in the U.S., what particular challenges that presents and how immigrants like Eikel and Manuel are remaking the image and contributions of the Latino immigrant community in America.
In the end, partnerships are a personal choice based on so many factors that I don’t claim to know. It’s a case-by-case basis.
But, as a journalist and keen observer of trends, the affinity for partnerships in the tech sector is just something I’ve taken note of and wanted to share with you as you make key decisions about your company’s structure and organization. Good luck on whichever option makes the most sense to you!
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🌴Just a sincere thank you for reading Generation Si! #theskyisNOTthelimit