Michael Seaman, co-founder and CEO of Swipesum, embarked on his entrepreneurial journey during college with an Etsy side hustle that transformed into a thriving business.
Post-college, Seaman’s professional journey included stints in sales, digital advertising, and enterprise sales. Swipesum emerged from identifying a gap in the market for transparent merchant services. The platform revolutionizes payment processing, combining innovative software and expert consultancy. Notable achievements include Swipesum’s inclusion in the Inc. 5000 list and the development of groundbreaking technologies like Staitment.
As he reflects on his experiences, Seaman shares three pivotal lessons that shaped his path and influenced the growth of Swipesum as well as advice for entrepreneurs who are at the beginning of their journey.
Customer Delight Over Satisfaction
Seaman’s Etsy venture taught him the importance of delivering more than just a product – customers sought a memorable experience. This emphasis on engagement, reviews, and social media interaction contributed to Etsy success. Translating this lesson to Swipesum, Seaman prioritized white-glove customer support, ensuring each client receives personalized attention. This approach sets Swipesum apart in an industry often plagued by poor service.
Teamwork and Strong Company Culture
Rooted in his athletic background, Seaman values teamwork and a robust company culture. At Swipesum, a lean yet elite team fosters unity and a collective drive. The Olympic team-like culture propels Swipesum’s success, attracting top talent and setting high expectations for roles within the company.
Emphasis on Profitability
Transitioning from running a small Etsy shop to leading a venture-backed startup, Seaman maintains a focus on financial prudence. Learning from Etsy, where financial mindfulness was crucial, he ensures Swipesum remains grounded and revenue-driven. This disciplined approach sustains Swipesum’s growth without compromising financial stability.
Advice for Emerging Entrepreneurs
Realistic Business Model: Develop a viable business model by understanding your market and identifying a unique value proposition. Be willing to pivot if necessary.
Prioritize Customer Experience: Focus on understanding and exceeding customer expectations. Happy customers serve as advocates, providing valuable feedback and aiding in organic growth.
Financial Discipline: Maintain a lean operation and prioritize profitability. While venture funding is enticing, careful financial management is crucial for sustained success.
Build a Strong Team Culture: Surround yourself with individuals who share your vision and values. Cultivate an environment where the team can thrive.
Never Stop Learning: Stay informed about industry trends, listen to customer feedback, and be adaptable. Successful businesses evolve with their market.
Photo: Unsplash
