363: How Eytan Bensoussan Built NorthOne for Small Business Banking | Podcast Junkies - Conversations with Fascinating Podcasters

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Episode description

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Episode description

Ever wondered how a small business banking platform could revolutionize your financial management? Discover the journey of a CEO who's reshaping the landscape for entrepreneurs.

Eytan Bensoussan, CEO of NorthOne and host of This Week in Small Business, shares his path from science student to fintech innovator. With a background in management consulting and a family history of small business ownership, Eytan brings a unique perspective to the world of business banking.

In this episode, Eytan reveals how NorthOne was born from a desire to solve the financial pain points of small business owners. He discusses the importance of rigorous thinking, resilience in the face of challenges, and the power of customer-driven innovation.

The conversation also touches on Eytan's experiences as a podcast host, the value of empathy in leadership, and the constant drive to improve and anticipate customer needs. Eytan's insights offer a masterclass in entrepreneurship and the evolution of financial technology.

Ready to gain invaluable insights from a leader at the forefront of small business banking? Tune in to this episode and discover how NorthOne is changing the game for entrepreneurs across America.

1. Speak to customers regularly. Eytan tries to talk to 1-2 customers per week minimum to understand their needs and pain points. This direct feedback informs product development and business strategy.

2. Identify your "MIT" (Most Important Thing). Regularly assess where the biggest bottleneck is in your business and focus your energy there until it's resolved before moving on to the next priority.

3. Challenge your own thinking. Eytan encourages disagreement and different perspectives to refine ideas. He enters conversations with strong opinions but hopes others will "trash" them to reveal better solutions.

4. Build resilience through experience. Facing and overcoming repeated challenges builds confidence in your ability to handle future obstacles. View setbacks as opportunities to develop this critical skill.

5. Right-size your banking for cost savings. Many businesses waste money on unnecessary fees or suboptimal account structures. Regularly review your banking setup to ensure it aligns with your needs and minimizes costs.

"I hate quitting more than I hate suffering. This is the system telling me I don't work. I'm going to crush the system, manage myself through it so I can walk away on my terms rather than simply having the system give me low marks and tell me I'm not good."

"My goal wasn't to say, can you get people's eyes for 35 minutes? But rather, can I have that conversation and bring a couple of nuggets that are then something I can take to the customers? That's really where the podcast started."

"The best decisions, the best ideas, they definitely don't come from me. They come from people who are in the trenches, working on stuff, and they're like, 'Hey, what about?' And all of a sudden that turns into something really novel."

Profit First by Mike...