For this week’s edition of FinanciElle “Statements”, I had the opportunity to interview Stephanie Andrews, Founder & CEO of Origins Media Haus.
Origins Media Haus creates the right story around a company’s brand in either podcast or video format. They’re about creating connections through content.
Paolina: What has been your hardest experience dealing with your business and finance and what did you learn?
When I started Origins, my biggest challenge was understanding financial jargon. I don’t have a background in finance or accounting, so when people would mention words/acronyms like ‘reconciliation’ or ‘MRR’ – I had no idea what they meant.
As a young entrepreneur, it can be hard to be taken seriously, so in the beginning I found it extremely difficult to ask mature business owners basic questions or clarifications. I always felt like I needed to have everything figured out from day one.
Since then, I’ve realized that everyone is still learning. There are no dumb questions – whether it’s day 1 or year 10. Asking someone is actually the fastest way to improve. Although I still struggle with asking questions from time to time, I’ve found that most entrepreneurs are willing to lend a hand because they understand where you’re coming from.
Paolina: What advice do you wish you had gotten about finance when you were first starting your business?
- Track all your expenses on a monthly basis
- Cash flow is king
- Know your margin
- Set realistic goals
Paolina: What topics would you want to learn more about when it comes to finance and your business and why?
Taxes and expenses. This year, I’ve made a goal for myself to dive deeper into both of these concepts. Although basic principles of finance, it can never hurt to learn more about how to save your business money.
Paolina: Part of Origins Media Haus is Origins Mag. which profiles entrepreneurs, thought leaders, and industry professionals in the creative industries. In your years of doing the Magazine, what’s the best piece of advice an entrepreneur has given?
That’s such an interesting question because it’s actually really hard to pick! I’m so grateful to have interviewed so many incredible entrepreneurs.
Out of everything, there’s one quote that has always stuck with me is:
“The guys and girls that get back up are the ones that actually succeed and get through.
Right? Because we just have to keep recovering. If business was easy, everybody would do it.”
– Dominic Mazzone