While most people think of tech startups as chaotic, and risky getting mine off the ground felt leisurely compared to Broadway!
In January of 2016, I was scheduling photo shoots for Liev Schreiber and Janet McTeer, the stars of my latest Broadway production, Les Liaisons Dangereuses, which was set to open in October.
(Fun fact: The day this provocative photo was shot was the first time Liev and Janet ever met!). My days were a whirlwind of cast auditions, costume and set design, budgeting, show press, and ticket pricing. The show was a success—but it was also my last as lead producer. Because by the time Les Liaisons wrapped in January of 2017, I had already launched my new tech startup company, What Should We Do, personalized recommendations and culture covering online and app-based service in NYC (and we've since expanded to L.A. and Chicago!).
The worlds of theater production and tech startup might seem galaxies apart, but the truth is I couldn't have had better preparation for my new venture than putting on plays and musicals. Each one of the 26 shows I've produced in my career was a startup! Beginning with just an idea—sometimes in the form of a manuscript and sometimes not even that much—my team and I would bring it to life by finding a space, hiring the cast and crew, and getting the word out to potential audiences. Every production presented new challenges that had to be solved quickly.
So while most people think of tech startups as chaotic, risky, and distressingly fast-paced, getting WSWD off the ground felt leisurely compared to Broadway!
That's not to say it has been easy, of course. Having never worked in tech or publishing, I had a lot to learn. To bring my idea to life, I kept these four lessons in mind every day.
Believe in your vision. I was really worried about being taken seriously. I didn't know the difference between an API and a CMS, and yet here I was wanting to build both of them. But I knew I had a good idea for WSWD. One of my lifelong missions has been to make arts and culture accessible to all (which is why I'm the chair of the Board of Trustees at the Public Theater; their motto is "Theater of, by, and for all people"). There is so much incredible art in New York City—art that goes way beyond expensive theater tickets or old-master painting exhibitions—but not everyone knows how or where to experience it. As someone who has lived in and loved NYC my whole life, I really wanted to help people find and enjoy all the cultural wonders of the city, no matter how much money they had. That's what we do at WSWD: Connect locals and visitors to incredible art, performances, food, and experiences at every price level.
Whenever I felt insecure about my qualifications or my lack of understanding about the specifics, I would remind myself of my vision. You can figure anything out when you love and believe in your idea. And, yes, I now know what an application programming service and a content management system are, thank you very much.
Build a great team. The first thing I would do as theater producer on a new show was hire a director. Together with her, we'd assemble the rest of the team: stage managers; a technical director; designers; a choreographer; PR people; and many others. I never pretended to know how to light a stage, but I knew the importance of hiring an experienced lighting designer. So when I decided to move forward with WSWD, I knew I couldn't do it without a great team on my side. That's the thing about trying something new: You don't have to know how to do everything; you just have to know when to accept help. I hired a fantastic team of web and app developers, editors, business development experts. I reached out to my network of artists, curators, critics, and tastemakers to create WSWD's team of local experts who could keep us up-to-date on the best performances, restaurants, and events in the city.
Then, trust the team you've built. It's one thing to build a team, though, and another to trust them enough to change the course of your business. No one should try to alter your vision, but sometimes the path to get there is different than you expected. In WSWD's early days, for example, I was reluctant to have a heavy emphasis on traditional theater because I was ready to be done with that world. I wanted to highlight quirky, avant-garde, and immersive performances and adventurous places to eat before and after. We do offer that—immersive theater is one of the most popular categories on our site and app—but my editors convinced me not to shy away from my experience and expertise on Broadway. Today, theater companies are some of our best partners and users can trust us to point them in the direction of truly great shows.
Always be making connections. I've talked and written many times before about my goal of meeting at least one new person every day, something I've done since I was just starting out in the theater scene over 25 years ago. And I don't just mean, "Hi, nice to meet you." I make it a point to sit down and chat with people, whether it's my barista, a fellow entrepreneur, a performer, a writer, my kids' friends…anyone! Everyone has a story to tell and everyone has a fresh perspective; these casual and often impromptu "meetings" have always been mutually beneficial.
Also, you never know when a connection will be made. When I would tell people about my new business, they would say, "Oh, you should meet my sister! She's an app developer!" or "I know a food writer who would be great for WSWD!" You may not become best friends or professional partners with all of the people you meet, but creating a large and diverse network of connections is indispensable to any business.
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It isn't always easy to stay on top of your finances, especially when you have developed unhealthy spending habits over the years. However, as you begin to realize the many benefits of having healthy finances, it can become something you want to make a conscious effort to improve. When your finances are in a good place, you often have access to better opportunities whether it be a mortgage loan, greater credit line or business loan. On that note, here is how you can become an expert at managing your finances in case you need a few tips.
Learn to Use Technology
The good thing about managing finances in the technological age is that you don't have to do it alone. There are so many apps available that will help you pay bills on time and track your expenses. For instance, some apps force you to live within your actual income and tell you what to do when you need to balance your budget.
If you need an app that will help you get better at saving, then some will set aside your spare change for you. Also, don't be afraid to use more simple tools such as your smartphone calendar to set reminders about payments if you don't automate them.
Seek Legal Advice
Sometimes, being an expert at something means understanding that you can't possibly know it all. This is why you have professionals around you that can help fill in the gaps where you're lacking. Consider hiring a legal firm to help with any challenges that are beyond you. Lexington Law is a good firm as they could help remove negative items from your credit report. Read this Lexington Law Review (Our #1 Credit Repair Service of 2019) to find out more about how they could help improve your finances.
You can't do better than what you know when it comes to managing finances. You should, therefore, invest your time in learning more about finances and how to manage them. Think about what your goals for your finances are and what knowledge gaps you need to fill.
For example, if you want to invest in the stock market so that you can improve your net worth, then you may need to learn more about investing to do so successfully. To boost your knowledge, try reading articles on credible blogs that share finance information from professionals. Also, be weary of content from finance-driven companies as it could be biased.
Work on Growing Your Income
As a self-proclaimed finance guru, you know that the more sources of income that you have, the better. Work on increasing your streams of income so that you have more money to meet your targets whether it's to save for a property or put larger sums towards retirement. One way to do so would be by getting extra income by doing social media marketing for businesses or creating tutorials on YouTube. If you own a property, renting out rooms is a great way to make passive income.
Live Within Your Means
It can be difficult to live within your means when you live in a society that is always presenting you with things to buy. However, being more conscious about the things that you purchase could help you realize that most are wants rather than needs. To live within your means, always take time to think about a purchase as opposed to impulse spending. You should always get good at bargain hunting as many times you can find items of similar quality at a cheaper price.
Learn How to Manage Debt
Debt doesn't have to be a bad thing if you understand how it works and how to manage it. It can be a tool for credit building when you understand the fundamentals. For instance, if you take out a loan or credit card, always be mindful of your interest rates.
By paying the amount of money you borrowed back in full before the due date, you won't have to pay interest on what you borrowed. If you can't pay back in full, paying more than the minimum payment will ensure you incur less interest. For the most part, the secret to good debt management is never spending more than you can afford to pay back.
Managing finances is a life skill that can help improve your quality of life. By following the mentioned tips and taking your finances more seriously, you're more likely to master the art of healthy finances.