Join us for an insightful conversation with Felecia Hatcher on Earn Your Leisure, where we dive deep into the world of entrepreneurship and innovative business strategies. In this episode, Felecia shares her experience with the Pharrell Williams-founded Black Ambition Opportunity Fund, a groundbreaking initiative designed to invest in 1,500 entrepreneurs by providing them with capital and mentorship. Discover the unique advantages that small businesses have over large corporations and the core business lessons Felecia learned during her time at Nintendo.
Explore the scarcity strategy that propelled Nintendo to new heights and learn how to leverage scarcity to increase demand in your own business. Felecia emphasizes the importance of understanding the value of your service and knowing your market when scaling your business. She also highlights a crucial point: your friends and family aren't your target audience.
The conversation takes a deeper turn as we discuss the challenges of entrepreneurship burnout and the necessity of a solid foundation for scaling your business. Felecia draws parallels to the "Tickle Me Elmo" phenomenon, illustrating how scarcity can double the lifetime value of customers and master the art of FOMO. We also touch on the downside of "building in silence" and the impact of prominent figures like Jay Z and Virgil Abloh in rolling out Pharrell's Black Ambition Opportunity Fund.
Don't miss this episode packed with valuable insights and practical advice for entrepreneurs at every stage.
