In our dynamic world of dance, where creativity and innovation reign supreme, the fusion of artistry and technology has become a driving force shaping the industry's future. From arcade games to virtual reality, technology has seamlessly integrated with dance, revolutionizing the way artists create, perform, and engage with audiences. In this ever-evolving landscape, one company stands out as a beacon of effectiveness and longevity: Jackrabbit Technologies. Let's see what CEO and co-founder Mark Mahoney has to say!
1. Not knowing nor reading the book E-Myth Revisited - Michael Gerber
The performing arts has historically relied on a one-time sale business model, with occasional exceptions like loyalty programs and crowdfunding initiatives privy to larger institutions. However, the sustainability of theaters and dance studios often hinges on attracting audiences to multiple shows throughout the year. This raises the critical question: How many shows can a venue present to maintain financial viability?
SaaS businesses tend to differ slightly due to various reasons. For a start, the primary focus is on developing a software product that can be delivered over the internet. This requires a strong emphasis on software engineering, user experience design, and continuous improvement based on customer feedback. Tied to this is the typical subscription-based pricing model, where customers pay a recurring fee for access to the software. Which all leads to the need for continuous innovation where staying ahead of competitors is key. This includes introducing new features and functionality, adapting to changing market trends, and responding to customer feedback in a timely manner.
Overall, building a Saas business can be stressful and lead to early onset of fatigue. The book, E-Myth Revisited by Michael E. Gerber, is one such remedy, which dispels the myth of entrepreneurship and teaches how to build a successful business with systems and processes in place. It emphasizes working on the business, not just in it, and hence learning ways to better avoid frequent episodes of burnout. This explains why 75% of new businesses fail in the first 5 years and 80% of new franchises succeed. If he had read this book early on, it would definitely have saved him from many, many years of burnout.
2. Advisory Board
If you’ve been in dance long enough, you’ve probably been told to do something because that’s ‘what we were told to’ before. These stubborn and ignorant tendencies have made me ponder time and time again as to why an art form which emphasizes breaking physical boundaries can simultaneously be so old-fashioned. The unwritten rule in dance is to defer to the wisdom of elders without question, perpetuating a sense of stagnation and hindering progress. However, effective leadership requires the courage to question established norms and make decisions that may diverge from conventional wisdom. So, when should one deviate from the advice of mentors?.
What if there is a misalignment of vision? What if the timing feels off? What if there’s an incongruence of expertise due to knowledge differences? There are many reasons as to why one may not heed a superior’s advice head on.
As CEO, Mark formed an advisory board early in Jackrabbit’s business journey and chose a group of business leaders from his industry to have on the board. He reported to them their monthly business metrics and consistently explained challenges, asked for their advice and experiences to be shared. Ultimately, while advisory board members can provide valuable perspectives and insights, as the head of his business, he is responsible for making decisions that are in the best interest of the company. Mark's approach underscores the importance of weighing external advice against internal instincts and understanding of the business landscape.
3. Implementing EOS Sooner
While Jackrabbit Technologies has made significant strides in capturing a substantial portion of the youth activity center market worldwide, one of its flagship products, Jackrabbit Dance, continues to reign as a bestseller. This software solution empowers dance studio owners with a range of automation and efficiency tools, offering a seamless dance studio management experience. From online registration and class management to performance reports, payment processing, live streaming, and even a customizable app, Jackrabbit Dance caters to the diverse needs of dance studio owners.
However, with such a diverse range of features comes the responsibility of meeting the varied demands of clients. Mark recognized the importance of aligning product offerings with customer needs. In his quest to further refine his business strategies, he turned to the book "Traction" by Gino Wickman, which introduces the Entrepreneurial Operating System (EOS). This comprehensive framework focuses on six key components — Vision, People, Data, Issues, Process, and Traction — to streamline operations, enhance performance, and drive sustainable growth. Whether you're an experienced entrepreneur or a business leader aspiring to elevate your company, "Traction" offers invaluable guidance and inspiration for navigating today's competitive business landscape.
Despite two decades since its inception, Jackrabbit Technologies remains among the few tech businesses that have successfully penetrated the dance industry. As someone who has been immersed in dance for over a decade, I am fascinated by the delicate balance between innovation and tradition within this community. As both a dance and technology enthusiast, I am hopeful that more visionaries like Mark will continue to emerge, or perhaps I may become one myself.
Check out the full episode here
05.08.2024
