Embracing the Entrepreneurial Spirit - Dane Atkinson - Not Another CEO Podcast - Episode #18
Nov 19, 2024
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Dane Atkinson, Founder and CEO of Odeko, shares his journey and insights into building a purpose-driven business aimed at supporting small coffee shops. He discusses the tension between growth and profitability, emphasizing resilience and sustainability. Dane reflects on overcoming personal challenges like dyslexia and ADHD, viewing them as unique strengths in his entrepreneurial journey. He highlights the importance of mentorship and community, advocating for transparency in startups as a means to foster a healthy workplace culture.
Dane Atkinson emphasizes building a purpose-driven business model at Odeko that supports small businesses in competing against large corporations.
The podcast explores the evolving dynamic between growth and profitability for startups, showcasing a shift toward sustainable profit as companies mature.
Dane shares how his experiences with dyslexia and ADHD have influenced his entrepreneurial journey, viewing them as unique strengths rather than obstacles.
Deep dives
Wartime Mentality in Business Management
Adopting a wartime mentality has been pivotal for navigating challenges during difficult periods, especially through disruptions like the COVID-19 pandemic. This approach involves fostering a culture where the team operates in an action-oriented mindset, always prepared for the next hurdle. When faced with unforeseen obstacles, such as supply chain issues and shifting market demands, agility becomes crucial. Embracing this mentality allows companies to pivot quickly, ensuring they can adapt to changing conditions without hesitation.
The Importance of Transparency
Creating a culture of transparency within the organization has proven to be transformative for team dynamics and performance. By sharing crucial information, such as salary structures and KPIs, employees become more engaged and take ownership of their work. However, this transparency requires an educational component; team members must understand the data being shared to avoid confusion and foster informed discussions. Establishing platforms for anonymous questions empowers employees to voice concerns and foster open communication, ultimately leading to a more unified team.
The Journey of Pivoting Business Models
Initially, Odeko was designed as a tech-focused company aiming to utilize predictive algorithms for small businesses, specifically coffee shops. However, the realization that customers needed practical solutions led to a significant pivot towards becoming a distributor of essential supplies. This transition required courage, as the board and investors were skeptical about the new direction, fearing it would harm company valuation. Ultimately, prioritizing customer needs over investor expectations proved beneficial, showcasing the importance of adaptability in an evolving market.
Building Resilience Amidst Challenges
Facing unforeseen challenges like market changes and increased expectations for profitability pushed Odeko to rethink its operational strategies. The company managed to become near-profitable within a year and a half, demonstrating the power of a resilient team culture. This shift away from solely chasing growth to focusing on sustainable profitability required collaboration from every department, showcasing the strength of a unified approach. Ultimately, learning to embrace and navigate these challenges has defined the company’s trajectory and solidified its future.
The Role of Mentorship and Community
Mentorship plays a crucial role in personal development and navigating the complexities of entrepreneurship. Founders benefit immensely from seeking guidance, as it allows them to learn from the experiences of others who have faced similar challenges. Establishing a supportive network encourages open discussions about struggles and successes, fostering a sense of community among founders. Engaging with mentors not only helps in avoiding pitfalls but also creates opportunities for collaboration, ultimately enhancing the entrepreneurial journey for all involved.
In this episode, Dane Atkinson, Founder and CEO at Odeko, joins David to share his entrepreneurial journey. He covers the challenges of scaling a business, and his vision for small businesses in a rapidly changing world.
Dane offers his personal insights on various topics, from overcoming personal challenges like dyslexia and ADHD to managing growth, profitability, and navigating a shifting economic climate. He reflects on the importance of mentorship, community, and the role of personal growth in leadership.
Takeaways:
Building a Purpose-Driven Business: Odeko is driven by a mission to support small businesses in a business landscape dominated by large corporations. He notes a growing societal trend shifting away from large chains and towards locally owned businesses.
Growth vs. Profitability: There is a dynamic tension between growth and profitability when it comes to startups. Startups often experience pressure to grow rapidly at the expense of profitability. As a company matures the pressure shifts to become profitable rather than grow, as sustainability becomes more important.
Navigating Entrepreneurship with Disabilities: Dane reflects on his personal struggles with dyslexia and ADHD throughout his entrepreneurial journey. He chooses to see them not as obstacles in his way, but unique traits that help fuel his entrepreneurial spirit.
The Role of Mentorship in Growth: Dane credits much of his business success to the mentorship he received early on in his career, especially to those that were willing to share knowledge and help guide him through complex decisions.
Community and Shared Success: As entrepreneurs, it is vital to support and learn from one another, as well as celebrate the successes of others. Founders should reach out to connect with other founders who have had startups and learn from their experiences.
Quote of the Show:
“I think founders so often get stuck on the idea that I have to have the perfect idea… and that's an incredibly hard criteria to get to without data coming back.” - Dane Atkinson