From the archive: This episode was originally recorded and published in 2021. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.

Stoyan Kenderov is a global products and technology leader with 30+ years of experience currently serving as the Chief Product and Technology Officer for Plastiq, a leading intelligent payments platform.

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Guest Resources

Stoyan’s Email – Reach out to Stoyan via email!

Stoyan’s X – Follow Stoyan on X.

3 Value Bombs

1) Small business owners must find a tool to help them quickly reduce spending time with the financial flow process of the business.

2) You need to make sure that you can pay your vendors and get paid back, and the faster you can do that, the faster you can grow your business.

3) Go travel a lot. Experience different cultures and make friends.

Sponsors

HubSpot: When you combine the power of Marketing Hub and Content Hub, you can have your best quarter, every quarter. Visit Hubspot.com/marketers to learn more!

Author100: A 100-day program where I will personally guide you 1-on-1 to create, write, publish and market your book! If you want daily guidance and mentorship from me, JLD, then head over to Author100.com to sign up for a free call to chat about the details!

Notion: Combines your notes, docs, and projects into one space that’s simple and beautifully designed. And now it has the power of AI built right inside of it! Try Notion for free when you go to Notion.com/johnleedumas!

Show Notes

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

Today’s Audio MASTERCLASS: Top Trends for Faster SMB Growth.

[1:10] – Stoyan shares something that he believes about becoming successful that most people disagree with.

• As a young professional you have to focus your career on the one thing that you are best at.
• It’s great to focus on becoming an expert at something, but most opportunities these days are in the intersections of disciplines.

[2:44] – Let’s start with Stoyan’s story…

• Stoyan was born in Bulgaria. He got his first opportunity at the age of 14. Twenty years later, he was learning everything he could about micro processors and programming languages.
• He graduated in Germany and started his first company there.
• He moved to Holland and the Netherlands to help with start up companies.
• He came to the US in 2002 and got the chance to work with great entrepreneurs and co-founded start up companies.

[4:22] – What are your biggest goals for Plastiq?

• Their biggest goal is to help small and medium sized businesses dramatically improve their cash flow and automate their back end.

[6:07] – We love to get ahead of the trends here at Entrepreneurs On Fire… share the top trends you’re seeing for faster SMB (Small Medium Business) growth?

• Number 1 Trend, An accelerated transition to digital for small businesses globally.
• Number 2 Trend, Creative financing options.
• Number 3 Trend, e-Commerce expansion by low tech businesses.
• Number 4 Trend, The rebirth of the QR code.
• Small business owners must find a tool to help them quickly reduce spending time with the financial flow process of the business.

[10:58] – A timeout to thank our sponsors!

• HubSpot: When you combine the power of Marketing Hub and Content Hub, you can have your best quarter, every quarter. Visit Hubspot.com/marketers to learn more!
• Notion: Combines your notes, docs, and projects into one space that’s simple and beautifully designed. And now it has the power of AI built right inside of it! Try Notion for free when you go to Notion.com/johnleedumas!

[13:32] – A lot of people put payments on the back burner, which seems counter-intuitive since revenue is the life blood of a business.  What is the strategic importance of getting payments right in your business?

• An entrepreneur needs to create cash flow. You need to make sure that you can pay your vendors, and get paid back, and the faster you can do that, the faster you can grow your business.

[15:51] – What’s one thing you’d tell your younger self before you started taking on these big positions?

• Go travel a lot. Experience different cultures and make friends. The same applies to careers. Do not focus on just one thing; go travel and explore because it will make you a better entrepreneur.

[17:29] – What is the one thing that you want to make sure Fire Nation gets from your expertise?

• As an entrepreneur, you will be fighting some of your darkest demons and worst times of your life. You want to leverage every ounce of resources you have at your disposal – whether it’s connections or capital.
• When it comes to capital make sure that you have the right tools to put all your available capital, cash or credit, to good use. Create that flexibility early on.

[18:34] – Stoyan’s  key take away and call to action for Fire Nation.

• The number one reason why SMB’s fail is they don’t have cash flow. And the problem with cash flow is people don’t look around for what other forms of capital they can put to good use for their venture.
• Stoyan’s Email – Reach out to Stoyan via email!
• Stoyan’s X – Follow Stoyan on X.

[22:16] – Thank you to our Sponsors!

• HubSpot: When you combine the power of Marketing Hub and Content Hub, you can have your best quarter, every quarter. Visit Hubspot.com/marketers to learn more!
• Author100: A 100-day program where I will personally guide you 1-on-1 to create, write, publish and market your book! If you want daily guidance and mentorship from me, JLD, then head over to Author100.com to sign up for a free call to chat about the details!

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!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

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

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