Greenbox CEO Jordan Fein Talks Fintech – Part 6 of 8: Starting a Business on the Downturn of the Industry

Greenbox Capital CEO Jordan Fein joined Smarter Loans to talk all things alternative business funding. In this short clip, Jordan explains why opportunity abounds during times of disruption and downturn, and shares his advice for small business owners who are looking to pivot or start a new business.

Watch the video, or keep reading below for a full transcript.

SL: You’ve been dealing with SMBs for over a decade now. Greenbox Capital has funded so many businesses. If you had tips or advice for businesses who are looking to perhaps pivot, or people entering the field who want to become entrepreneurs or take advantage of the disruption in the market, what are some things you would impart?

JORDAN: When you have a downturn, it is the best time to enter. It’s unbelievable because what happens is the strongest are going to survive. But that means that a whole lot of businesses, unfortunately, are not going to make it. And that sucks, but it also creates opportunity for other people.

In any kind of event like this there’s winners and losers. And basically what I’m getting at is how can an entrepreneur get in there and take advantage of an opportunity? There’s no question that this is the opportunity to start a business. There is no question. If you want to pivot, you have to look. I’m sure most entrepreneurs have that natural spirit of what they feel is missing in the market. If they’re a restauranteur, like, “oh, there’s just not enough vegan places, the uptick of veganism is happening or plant-based. I had this great idea and these dishes are great.”

To start a business, you can start anything. You could start small. You can have an Instagram account and your Instagram account could get out and you can have essentially delivery happening. And I mean, think about this. You can do it in your own home, set up a Square account or whatever you’re going to set up. We’re talking credit card payments, maybe even Venmo, something so simple. And you’re now delivering and you’re now building a business. You’re building branding.

So for even the small guy who maybe doesn’t have a lot of money to start a business, they can start something right in their own home and be able to be seen and be heard.

My advice? Take a chance to start your business, even if it’s in your own home. It could be through social media, whatever it may be. Focus, focus, focus. That is the word I will tell any business owner of what they need to do to be successful. And then if you want to pivot, that’s not necessarily a bad idea. “Hey, look, we were selling this before. There’s no demand for this any more”, pivot. Absolutely.

“Take a chance to start your business, even if it’s in your own home.”

And keep your expenses down. I think that’s one of the things that people learn the most. People probably learned that, “hey, I don’t know if we needed all these expenses. Look how much I learned. We’re doing the same business or a little bit less with way less expenses.” I think that’s something that’s really been a very valuable lesson for business owners as well.

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Smarter Loans’ mission is to help Canadians make smarter financial decisions through educational resources about Canada’s most innovative financial products and connecting Canadian consumers and businesses with top financial companies in a fast, safe, and convenient way. With a focus on both personal and small business lending, Smarter Loans compiles company profiles for top financial companies in Canada, offers loan finder tools to make it easy to find the right loan, and shares educational content that promotes responsible lending in Canada. Visit Smarter Loans to learn more.

Author:
With over 25 years’ experience in financial services, Pamela Kohl has worked closely with banks, alternative finance, and other fintech platforms to develop core banking services, as well as establish new card programs, lending programs, and global payments platforms. She has been nationally recognized for creating innovative solutions, leveraging new markets, and developing winning strategic partnerships. Currently, Pamela serves as Vice President of Marketing at Greenbox Capital. Pamela earned a B.A. from Marshall University, summa cum laude, and M.A. in International Economics from the University of Miami, where she graduated with Distinction.