Meet Nathan Chan the creator of Foundr Magazine, a digital magazine for young entrepreneurs.
Nathan has interviewed some of the most inspiring and successful entrepreneurs today, including Sir Richard Branson, Arianna Huffington, Neil Patel, Chris Brogan, and many more.
Today Nathan will share some business advice with our community, and also the startup story behind his company.
Please tell us a little bit about your company – what is Foundr Magazine all about?
Foundr Magazine is a digital internet based magazine app on the Apple and Google Play store targeted at young entrepreneurs and early upstarts. We are on a mission to inspire the world of the possibilities of entrepreneurship, and become the ultimate resource and guide for entrepreneurs. Our focus is on delving deep into the world of the entrepreneur focusing on their failures, challenges, processes, and really trying to help our readers learn from successful entrepreneurs before them.
Tell us a little bit about your background and how you started your company?
I started Foundr March, 2013 with no knowledge about entrepreneurship, publishing, apps, editorial or design and a very small budget. Fast forward to now Foundr is a top 10 ranked ‘Business & Investing’ magazine in the Appstore sitting alongside publications such as Forbes, Entrepreneur, Fortune, Fast Company and HBR.
What are some of the projects you are working on right now?
A series of courses and guides for entrepreneurs. Really going deeper on trying to help entrepreneurs grow and build successful businesses.
Continually working on growing Foundr and constantly working on iterating it to be the possible resource it can be for entrepreneurs.
Quickly describe what an average working day is like for you?
- Wake up super excited for the day ahead, go through emails in the morning.
- Interviewing successful entrepreneurs all around the world via skype or in person.
- Working with my global team around the world, assigning tasks, creating, collating, editing content, consuming, and learning as much as I possibly can every day.
- Listen to podcasts while on the road, or exercising.
- Also, try to meditate every day.
- Potentially a business meeting or two
What would you say are the top 3 skills needed to be a successful entrepreneur – and why?
- Speed of implementation, the most successful entrepreneurs, execute fast.
- Approach everything as a test. You just don’t know what the outcome will be unless you test.. Everything else is an assumption.
- Determination and drive. Every successful entrepreneur I’ve had the pleasure of meeting has a crazy amount of determination. No matter what roadblock or obstacle gets in their way they make it work.
What are your plans for the future, how do you plan to grow this company?
– Continue to grow social media channels to build the Foundr brand
– Launch a suite of information products and courses
– Continue to provide EPIC content and resources for entrepreneurs
What were the top 3 mistakes you made starting your business and what did you learn from it?
- Not thinking big – I had such minimal thinking when first starting Foundr. If I had my time all over again, I would’ve started thinking much bigger before I started and got traction and would be further ahead in the journey than I am now! But you can’t know the answers to everything right?
- Not building my email list earlier – Mission critical
- When I first started I was only concerned with making money. Luckily enough I quickly realized that the amount of money you earn is proportionate to how well you serve your community. So you need to serve them damn well! Plus I ended up developing a real passion for helping people along the way
How do you go about marketing your business and what has been the most successful form of marketing for you?
- Utilizing influencers that we feature in Foundr.
- ASO (app store optimization). This is like SEO but for the app store. This has been a game-changer for us. If you have an app in the store, do your homework, this could make or break your business in the early days.
- Word of mouth. It can speak volumes for the value you are providing.
What was the best business advice you have ever received and who gave you this advice?
Create something people want. To find out what people want talk to current and future customers. Find out their deepest frustrations, problems, aspirations, and desires. Once you know this, go out and create something that they want to solve their problem. Sounds simple, but it really hit home for me. I learned this from Eben Pagan.
Say I was starting my own version of Foundr Magazine what advice do you have for me?
Think big, create a magazine that looks aesthetically great, and provide as much value as you possibly can and it will work out for you.
What are the top 3 online tools and resources you’re currently using to grow your company?
- – Leadpages (epic software for landing pages)
- – Basecamp (to manage projects)
- – Google Apps for business (Google drive, email, etc is critical for our remote team)
What’s your definition of success?
To be able to do whatever you want, when you want, and have true freedom.
What are three books you recommend to entrepreneurs to read?
- 1. The Lean Startup by Eric Ries
- 2. 4-hour workweek by Tim Ferriss
- 3. The Dip by Seth Godin
If you had the chance to start your career over again what would you do differently?
I wouldn’t change anything. Every part of the journey I appreciate. I have done my apprenticeship in many elements for my career. Everything I have done thus far has equipped me with the skills to get me where I am today. Fully appreciate the journey.
If there was one recommendation I would have for people, that is get a mentor that has followed the path that you are going to take as soon as you know exactly it is you want to do with your life.
What is your favorite entrepreneurship quote?
“When you want to succeed as bad as you want to breathe, then you will be successful” – Eric Thomas
How can our community get in touch with you?
- Twitter @FoundrMag
- Email: nathan@foundrmag.com
Related: Interview Suhail Doshi &Tim Trefren – Founders of Mixpanel
