Lo que nadie habla sobre dinero y emprendimiento | Con Fran Perez y Joaquín Herrera de Takenos

Understanding Financial Mindsets and Entrepreneurship

The Importance of Saving

• Discussion on the contrasting behaviors regarding money: some earn little but save, while others earn much yet spend it all.

• Emphasis on saving as a new expense introduced by Fermi, highlighting its critical role in entrepreneurship.

• Noting that without savings, an entrepreneurial venture may struggle to generate cash flow.

Emotional Relationship with Money

• Exploration of emotional responses to money transactions—fear and discomfort when spending or receiving funds.

• Understanding these feelings can reveal personal beliefs about money, which is essential for increasing revenue.

Introduction of Guests

• Introduction of Juaco, co-founder of Taquenos, and Fran, a multi-faceted entrepreneur and financial content creator.

• Setting the stage for discussions around finance and technology relevant to entrepreneurs and creators.

Personal Journeys into Entrepreneurship

Juaco's Background

• Juaco shares his background as a lawyer from the University of Buenos Aires with ten years of experience before venturing into entrepreneurship.

• He was motivated to start something closer to finance after being approached by Lucas with an idea related to international payment gaps for freelancers.

The Freelance Payment Gap

• Discussion on the challenges faced by contractors who lack access to traditional banking services despite high earnings in tech roles.

• Highlighting how many skilled professionals in Argentina face difficulties in managing their finances due to systemic issues.

Changes in Work Dynamics Post-Pandemic

• Acknowledgment that work dynamics have permanently shifted; remote consultations (e.g., therapy via Zoom) are now commonplace across various professions.

• The pandemic accelerated changes in how services are delivered, necessitating new financial management strategies for professionals.

Development of Taquenos' Services

Initial Conceptualization

• Early ideas focused on creating a platform that addressed payment processing needs for freelancers using cryptocurrency solutions.

Evolution Over Time

• Transition from initial app functionalities towards building a more robust system capable of processing payments from multiple countries.

Journey of Love and Career: A Personal Story

Meeting and Long-Distance Relationship

• In 2015, the speaker met Sofi during her winter vacation. They quickly connected, but she had to return to Buenos Aires for her studies at UBA while he was in Corrientes.

• The speaker describes his struggle with bipolar disorder, mentioning that he has been stable on medication for three years. He felt compelled to move to Buenos Aires despite being unmedicated at the time.

The Move to Buenos Aires

• Faced with a long-distance relationship, the speaker sought ways to move to Buenos Aires quickly rather than waiting two years as suggested by his parents.

• He began searching for technology events on platforms like Eventbrite, aiming to learn and bring knowledge back to Corrientes while also networking.

Networking and Finding Accommodation

• The speaker approached various companies in Buenos Aires, offering training in exchange for travel expenses. Many were skeptical but some agreed.

• During his first trip, he sought help from Sofi regarding neighborhoods and rental prices in Buenos Aires. This led him to Victor Longo Uco's apartment.

Living Arrangements and Job Search

• Victor offered a significant discount on rent due to their good rapport; he appreciated the speaker's politeness as someone from outside the city.

• The speaker lived on Victor's couch for two months while searching for a job until he secured a position at a startup.

Educational Background and Entrepreneurial Inspiration

• Before moving, the speaker studied international commerce but left six months before graduation due to disinterest in later coursework.

• After taking an extended sabbatical, he moved back to Buenos Aires where he noticed stark differences in entrepreneurial culture compared to Corrientes.

Bridging Gaps through Entrepreneurship

• The disparity between public sector employment (60%) versus private enterprise (40%) inspired him to create "bus de Che," aimed at connecting people from Corrientes with opportunities in Buenos Aires.

• Initially focused on local connections, the initiative expanded nationally over time, attracting participants from across Argentina.

Financial Literacy Development

• While working full-time at a consulting firm alongside his entrepreneurial efforts, the speaker began learning about finance around 2019 through a friend's guidance.

• His initial understanding of savings shifted from short-term goals (like trips or purchases) towards building reserves through investments.

Travel Experiences and Challenges

• A memorable trip taken by the couple involved traveling during World Cup season; they faced challenges when their camera was stolen while abroad.

The Importance of Saving and Financial Habits

Cultural Influences on Saving

• A conversation reveals a stark contrast in saving habits; one individual has been saving since childhood, influenced by family culture, while the speaker realizes they lack savings.

• The speaker learns that financial success is more about ingrained habits than income level, emphasizing the need to develop a culture of saving.

Personal Experiences with Finance

• The discussion shifts to personal experiences in finance, highlighting how individuals often overlook basic financial tools due to unfamiliarity.

• Many people struggle with adopting new financial technologies or services, indicating a gap between those who are accustomed to them and the majority who are not.

Challenges Faced by Freelancers

• Freelancers represent a significant segment of users needing assistance with payment processes; many find it challenging to navigate these systems effectively.

• The analogy of someone used to luxury struggling with public transport illustrates how unfamiliarity can hinder one's ability to adapt to new situations.

Starting an Entrepreneurial Journey

Initial Financial Planning

• Reflecting on their entrepreneurial beginnings, the speaker admits they lacked proper cash flow management and budgeting skills initially.

• They discuss the importance of having financial tools and planning from the start for sustainable business growth.

Learning Through Experience

• Early ventures were driven by passion rather than structured planning; word-of-mouth played a crucial role in expanding their network and opportunities.

• Collaboration was key; others contributed financially without wanting involvement in logistics, showcasing different approaches within entrepreneurship.

Understanding Personal Finance

Relationship with Money

• A mentor emphasizes understanding one's relationship with money over mere investment strategies, focusing on emotional responses tied to finances.

• Recognizing feelings like anxiety around spending can reveal deeper beliefs about money that affect overall financial health.

Overcoming Financial Blind Spots

• The speaker reflects on past skepticism towards emotional discussions about finance but acknowledges their value in uncovering blind spots that hinder growth.

Financial Planning and Growth in Entrepreneurship

The Importance of Financial Tools

• The speaker reflects on the necessity of financial maturity, influenced by one's environment, where saving and investing are common practices.

• Early financial planning often starts with basic tools like Excel spreadsheets, which can be underutilized at the beginning due to a lack of data or understanding.

• Entrepreneurs may delay refining their financial strategies; premature refinement can lead to misplaced focus away from growth objectives.

Salary Considerations for Entrepreneurs

• There is an emphasis on the importance of paying oneself as an entrepreneur; many neglect this until they need to hire help.

• New entrepreneurs often overlook their own time and contributions when calculating profits, leading to unrealistic assessments of their business's financial health.

• The speaker shares personal experiences about subsidizing entrepreneurial efforts through other income sources while not initially accounting for salary in profit calculations.

Preparing for Business Independence

• A key piece of advice is preparing a business for eventual delegation; this involves establishing processes that allow someone else to manage operations effectively.

• Distinguishing between self-employment and building a scalable business is crucial; entrepreneurs should consciously decide which path they want to pursue.

Community Building in Entrepreneurship

• The concept of community is discussed critically; it’s important that businesses genuinely foster community rather than just using the term superficially.

• Successful examples include Taquenos and Huerta, which have effectively built communities around their brands through authentic engagement rather than mere marketing claims.

Experiences That Foster Community

• Shared experiences among founders during trips create organic community bonds, highlighting the value of human connections in entrepreneurship.

• Post-trip reflections led to recognizing the need for nurturing these connections into a structured community framework, evolving from "community" to "tribe."

Marketing Through Word-of-Mouth

• The power of word-of-mouth marketing is emphasized as one of the most effective forms of promotion within entrepreneurial circles.

• Trends such as "rock stars" become overused but illustrate how successful branding can spread organically through genuine interactions.

Understanding Community and Investment Insights

The Importance of Genuine Connection

• Emphasizes the significance of genuinely understanding clients' pain points to foster a sense of belonging rather than merely selling a brand.

• Discusses the role of online communities, highlighting how social media followers contribute to building a supportive network.

Long-Term Investment Strategies

• Shares personal experiences in capital markets, stressing the importance of thinking long-term when investing, especially in volatile markets like Argentina.

• Describes an initial investment strategy focused solely on Tesla, despite warnings about diversification from others.

Influencer Dynamics and Audience Engagement

• Narrates the journey from being hesitant about becoming an influencer to gaining significant traction on social media after encouragement from peers.

• Highlights how taking firm stances on investments resonates with audiences, fostering trust and engagement.

Building Trust Through Authenticity

• Explains that sharing personal investment decisions creates transparency; it allows followers to understand risks involved while encouraging them to make informed choices.

• Notes that as community members engage more deeply with content creators, they develop a stronger sense of belonging within the broader team or organization.

Community Management Post-Pandemic

• Discusses how service exports have increased post-pandemic and emphasizes the need for effective community management strategies.

• Stresses maintaining close relationships with community voices to ensure their needs are met and problems addressed promptly.

The Role of Influencer Marketing

• Points out that influencer marketing should focus on genuine relationships rather than just follower counts for effective outreach.

• Acknowledges challenges in sustaining organic growth through word-of-mouth recommendations amidst operational complexities faced by fintech companies.

Insights on Scaling Customer Service and Mental Health Challenges

The Importance of Quick Response in Customer Service

• The speaker shares an experience where they helped a client transfer funds from Chase to cryptocurrency, highlighting the importance of timely assistance in customer service.

• They emphasize the challenge of scaling response times as user inquiries increase, noting that operational and technological approaches are necessary for effective management.

• A side project turned into an import business, showcasing how positive customer feedback can drive sales despite competition offering lower prices.

• The discussion revolves around maintaining personal touch in customer service while managing growth, stressing the need for owners to remain involved during early stages.

Building a Strong Team Culture

• The speaker discusses the significance of team culture and how it can be fostered through consistent training and example-setting by leadership.

• They reference Mercado Libre's active engagement on social media as a model for creating a responsive company culture that values customer feedback.

• Regular training sessions are implemented every two weeks to enhance team skills, although logistical challenges arise due to team size and location preferences.

Handling Customer Complaints Effectively

• Feedback mechanisms like "Mr. & Shopper" help improve services based on real-time customer experiences, though results may vary initially.

• Emphasizing accountability when mistakes occur is crucial; offering compensation or apologies can turn negative experiences into opportunities for loyalty building.

Learning from Mistakes

• The speaker notes that companies must learn to coexist with errors and focus on how they respond to them rather than avoiding mistakes altogether.

• They share strategies for mitigating negative experiences by proactively addressing issues before customers express dissatisfaction.

Mental Health Considerations in Business

• Acknowledging mental health's impact on performance is vital; the speaker reflects on their own struggles with bipolar disorder as a significant factor affecting work-life balance.

• They stress the importance of understanding mental health challenges within professional environments and how financial pressures can exacerbate these issues.

This structured summary captures key insights from the transcript while providing timestamps for easy navigation.

Mental Health and Financial Implications

The Cost of Mental Health Care

• Discusses the financial burden associated with mental health care, including therapy sessions, psychiatrist visits, and medication costs.

• Highlights a trend of underdiagnosis in mental health issues due to financial constraints.

Self-Diagnosis vs. Professional Diagnosis

• Observes that many individuals tend to self-diagnose their mental health conditions without professional consultation.

• Emphasizes the importance of seeking confirmation or dismissal from a professional for accurate understanding.

Understanding Personal Struggles

• Reflects on how personal struggles can be misattributed to personality traits rather than underlying issues.

• Stresses the significance of recognizing that some challenges may exceed one's willpower and require external support.

Supportive Context Matters

• Notes that having a supportive network (friends, family) significantly impacts treatment outcomes compared to dismissive attitudes from others.

• Mentions generational stigma surrounding mental health that complicates open discussions about it.

Workplace Flexibility and Mental Health

• Advocates for choosing whom to discuss mental health topics with in professional settings for better support.

• Describes a flexible work environment where employees are trusted to manage their time effectively without micromanagement.

Lifestyle Choices and Entrepreneurship

Balancing Work and Life

• Shares an anecdote about a friend’s unique lifestyle approach as an entrepreneur, which contrasts with traditional work habits.

• Questions conventional work hours by illustrating how this friend integrates personal life into his daily routine seamlessly.

Redefining Entrepreneurial Success

• Introduces the concept of "First Time Founder" versus "Second Time Founder," focusing on lifestyle preferences over business demands.

• Discusses the shift towards designing businesses around desired lifestyles rather than conforming to existing norms.

Importance of Community Influence

• Highlights how community relationships and shared experiences can inspire changes in one’s approach to work-life balance.

Financial Security and Mental Well-being

Retirement Concerns for Entrepreneurs

• Raises questions about future retirement security for entrepreneurs amidst changing societal demographics.

Linking Financial Freedom with Mental Health

• Suggesting that achieving financial stability contributes positively to mental well-being, providing peace of mind.

Insights on Entrepreneurship and Personal Growth

The Importance of Diverse Income Sources

• Emphasizes the need for multiple income streams, referencing personal experiences with various projects to mitigate risks.

• Highlights the significance of self-awareness in identifying what value one can offer, which is crucial for translating skills into financial gain.

Challenges of Entrepreneurship

• Introduces a "spicy question" about the realities of entrepreneurship, noting that it is often fraught with difficulties, especially in early stages.

• Shares personal anecdotes about facing repeated setbacks ("piñas") during initial entrepreneurial efforts but eventually finding a turning point where challenges became manageable.

Adapting Mindset: The Infinite Game Concept

• Discusses Simon Sinek's concept of the "Infinite Game," suggesting that entrepreneurs should prepare for constant change rather than seeking a final victory.

• Reflects on a recent experience where an initially perceived impossible task was resolved through persistence and collaboration, illustrating adaptability.

Building Confidence Through Experience

• Notes that growing confidence in problem-solving abilities comes from past experiences and successes in overcoming challenges.

Personal Spending Habits and Values

• Engages in a discussion about personal spending habits, particularly regarding specialty coffee as a non-negotiable expense linked to emotional well-being.

• Explains how family background influences current financial choices and emphasizes the importance of budgeting while allowing for small indulgences.

Understanding Savings and Financial Habits

The Importance of Savings

• The speaker discusses the balance between spending for a "happy life" and saving, emphasizing their personal approach to financial management with a focus on savings.

• They express frustration over the common misconception that only those who earn a lot can save, highlighting that people across various income levels can and do save money.

• The speaker reflects on the idea that savings should not be what is left over but rather prioritized from the beginning, suggesting a shift in mindset about how to approach finances.

Learning from Experience

• A personal anecdote reveals lessons learned from observing parental financial habits, particularly regarding misconceptions about saving.

• They mention practical advice about managing monthly expenses by prioritizing savings first before addressing other costs, which aligns with advice given by others in their circle.

Conceptualizing Savings

• The analogy of paying "the future self" through savings is introduced, reinforcing the idea that saving is an investment in one's future well-being.

• An example illustrates how unexpected expenses (like rent or utility increases) should prompt individuals to view savings as a necessary expense rather than optional.

Building Financial Habits

• The discussion shifts towards making saving a habit, comparing small investments (like buying stocks equivalent to everyday purchases) as ways to engage with financial markets.

• Emphasizes that developing good financial habits leads to long-term benefits and encourages starting small regardless of initial amounts saved.

Networking and Problem Solving

• A mentor's advice highlights the importance of networking; instead of focusing solely on problems, one should consider who they need to connect with for solutions.

• This perspective encourages shifting focus from individual challenges to building relationships that can facilitate overcoming obstacles in business or finance.

Conclusion

• Overall, the conversation emphasizes changing mindsets around savings, learning from experiences, establishing good financial habits early on, and leveraging networks for problem-solving.