Shiloh Johnson is the CEO and Founder of ComplYant, a cutting-edge digital tax assistant that helps small business owners manage their business taxes.

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Guest Resource

ComplYant.co – Save money and time, focus on what you love, and manage your small business taxes in one simple dashboard.

3 Value Bombs

1) Faking it until you make it is unreal.

2) If you want to get investment for your idea, showing that you can build something, even if it is just a minimal version, is essential.

3) You can achieve your dreams regardless of your background or appearance. Do not doubt yourself – if you have an idea, go after it and learn the necessary skills. You can succeed with hard work and research.

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: Becoming One of the Few Black Women to Raise Over $10 Million in VC Funding with Shiloh Johnson

[1:36] – Shiloh shares something she believes about becoming successful that most people disagree with.

She believes that faking it until you make it is unreal.

[2:28] – Shiloh shares her ah-ha moment for ComplYant.

She had a client who did not understand sales tax and was at risk of legal and tax liability. The client had tried to figure it out independently by reading, but had misunderstood the rules.
She realized that people were attempting to navigate complex issues independently and often getting sidetracked, leading them towards problems.
Her realization prompted her to take action and start ComplYant.

[4:06] – Shiloh shares how she decided to solve a problem and start Complyant even as a non-technical founder.

Technology was not embraced in the corporate tax world, and she had no connections with techie engineers. Instead, she found a contractor to help her understand and wireframe the idea.
She wanted to keep it small and ensure the buttons worked so it made sense to someone not from the tax world.
Her only goal was to get to the first iteration. This approach was enough to get her first bit of funding, which allowed her to hire her head of engineering.

[7:03] – How did you build an inclusive, productive, and positive company culture with over 20 people in your company?

Early on, before having any employees, Shilo focused on developing a clear vision for what she wanted to achieve and what type of work culture she wanted to create.
This was crucial in attracting and motivating employees towards a common goal.
It is essential to have a clear direction and purpose that your team can rally around from the beginning rather than waiting until after hiring employees to start thinking about culture.

[8:34] – What is the first step to building an inclusive, productive, and positive company culture?

List the top five things that would make it great for you to work somewhere, even if they are idealistic goals.
These can later be used to create policies and culture. Additionally, start thinking about the type of leader you want to be, even if you don’t have a team yet.
It is crucial to identify your leadership style early on.

[9:44] – A timeout to thank our sponsors!

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[13:09] – How can you attract investors effectively, and what are some things to avoid?

If you want to get investment for your idea, showing that you can build something, even if it is just a minimal version, is essential.
Do not focus too much on perfecting a pitch deck; work on your storytelling skills and communicating your passion for the industry and the problem you are trying to solve is most important.
Focus on the “why” of your idea and be clear about your competitive advantage.
Understanding how venture capital works and how to position yourself and your company as a good deal is also essential.

[17:35] – What strategies did you use to overcome investor bias against black women in FinTech?

Shilo’s success in building a venture capital fund when there was a demand for equality and representation in the industry was aided by the timing of the Black Lives Matter movement and the interest in investing in funds led by black individuals.
She attributes some of their success to their naivety, fearlessness, confidence, and audacious bravery. She encourages anyone facing a disadvantage to be the best version of themselves and to work hard to prove themselves to others.
She is not concerned with what others may think of her and focuses on showing her abilities through her work.

[19:47] – What should founders outsource regarding small business tax literacy?

Shiloh strongly believes in individuals gaining as much financial knowledge as possible.
At the very least, it is vital to have a basic understanding of taxes. When you sign a tax return, you are responsible for its accuracy. The IRS won’t hold only the preparer accountable; they will also keep you, the business owner, accountable.
You must ensure that someone is explaining what you agree to, even if it’s at a basic level.
While it is a good idea to hire a CPA when you can afford to, they also walk you through bookkeeping, understanding financial statements, and the tax forms you agree to.

[22:43] – Shiloh’s takeaway and call to action.

You can achieve your dreams regardless of your background or appearance. Do not doubt yourself – if you have an idea, go after it and learn the necessary skills. You can succeed with hard work and research.
ComplYant.com – Save money and time, focus on what you love, and manage your small business taxes in one simple dashboard.

[23:50] – Thank you to our Sponsor!

HubSpot: HubSpot CRM’s powerful tools will help marketers WOW prospects, sales teams lock in deals, and service teams improve response times and overall service. Get started for free at HubSpot.com!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

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3) Podcasters’ Paradise: The #1 podcasting community in the world!

Becoming One of the Few Black Women to Raise Over $10 Million in VC Funding with Shiloh Johnson

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