Loren Feldman of 21 Hats on “Only the Strong Survive”
On this episode of “Only the Strong Survive,” host Dan Kahn speaks with Loren Feldman. For those unfamiliar with the name, Feldman is the person behind the popular “21 Hats” podcast that focuses on entrepreneurs and business owners. He has successfully turned the podcast into a much larger platform with a daily newsletter that correlates and shares information with busy business leaders. A monthly “mastermind” virtual meeting helps make connections, compare notes and discuss current issues. 21 Hats also hosts smaller in-person events to forge bonds, share knowledge and create networking opportunities. Together, all the offerings of 21 Hats help form a community where business owners learn from and help each other.
Feldman started his journey to 21 Hats with a long career in business journalism. Working for prestigious news organizations like The New York Times, Inc. and Forbes covering entrepreneurship for decades taught Feldman plenty. However, it wasn’t until he started his own business with 21 Hats that he put that knowledge into practice. As he grew 21 Hats, he learned even more about what it takes to run a business successfully and be an entrepreneur. Click on the play icon above to hear Dan and Loren discuss what he learned.
Here are our top five takeaways:
Taking the familiar route is easy but usually doesn’t lead to growth.
Launching a business isn’t easy, so know what you are getting into.
Take advantage of technology to make life easier.
Quality absolutely matters in everything entrepreneurs do.
Staying focused on what you can control is a better path to success.
Falling Into Traps is Easy
Entrepreneurs, by nature, are extremely busy people with limited time. That lack of time and the daily grind of starting a business can make it difficult to see the bigger picture. And when people can’t visualize where they should be heading, they can fall into the trap of doing whatever they are most comfortable with. That fallback position can lead to a lack of growth or even doom a business to fail.
“It can be hard in the middle of a busy day to set your priorities appropriately. It is very easy to fall into the trap of just doing the things that you’re comfortable doing and that you know you’re good at and putting off the things that might actually change the business and the trajectory that you’re on and lead to greater success,” says Feldman. “That is where it helps to kick things around with other people that have had similar experiences.”
Knowing What You Are Getting Into is a Huge Plus
In his career as a journalist, Feldman covered entrepreneurship for decades. This experience gave him a solid understanding of what starting his own business would actually be like. Feldman knew it wasn’t the simple or carefree process sometimes falsely portrayed on social media or other outlets. Being an entrepreneur is a lot of hard work and isn’t easy. Knowing that ahead of time made him prepared for the rough road ahead.
“My eyes were open to the ups and downs in a way they wouldn’t have been if I hadn’t had that (experience),” says Feldman. “I will be the first to admit that I did not have the guts to do this when I was in my 40s too. I just had too many responsibilities and too little confidence that I could make it work.”
Take Advantage of Low Barriers to Entry
Feldman’s initial idea before 21 Hats was to start a local online publication as city newspapers struggled. However, it was too difficult to get off the ground by himself. Changes in technology made starting his own podcast relatively easy in comparison. Taking advantage of lower barriers to entry provided by technology is a good idea for any entrepreneur.
“I couldn’t find anybody, and I didn’t have confidence in the technology. I didn’t know what it would mean to start an internet-forward publication,” says Feldman. “Whereas the technology now is so routine and so obvious that even I could do it.
Quality Matters
One key to 21 Hats' success has been the quality of its content, which provides useful information. That lesson of quality goes beyond 21 Hats and can be applied to all entrepreneurs. If you want people to believe in your brand, you better believe in it yourself and create useful, high-quality products. Feldman could have taken an easier route with 21 Hats, but he decided quality matters most.
“If it is good, people will read it. I think you don’t want to fall into that trap of just churning (out content) and relying on SEO,” says Feldman. “In the end, I think the quality of content really, really continues to matter. And if that’s lost, we have a problem.”
Focus on What You Can Control
Many business leaders and entrepreneurs are seriously concerned about the economy. Nobody really seems to know what direction it will head. The partisan “noise” of an election year about the economy only adds to the confusion. For Feldman, trying to understand what is going on is essential. However, equally important is focusing on what you can control.
“I think in most cases, business owners are well served by not worrying too much about the economy and just focusing on the things they can control. Most of the businesses that I touch are small enough that if they do what they do well, there is a place for them,” says Feldman. “That is not always the case clearly, but the market is big enough, and the businesses are small enough that even in a tough time, they can manage to survive.”
For the full interview, click on the play icon at the top of the page.
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