This month I embarked on my Why Launch interview journey. I anticipate this will be one of the most enjoyable and rewarding aspects of my blog. I’m hoping to speak with one entrepreneur every month. I’ll take their insights back to Student Launch at school, so our whole community can benefit from their hard-won knowledge. You can read about the initial launch of my student community here.
For my first interview, I started where many ventures begin – in my own backyard. I spoke with my dad, Shaun Connolly, who (along with my mom) owns and runs Connolly Financial, a Registered Investment Advisory firm. In my house the entrepreneurial spirit runs deep. This is how it unfolded…
The Interview
Griffin: Hi, my name is Griffin. I’m a high school student in Phoenix, AZ. I attend Pinnacle High School and hope to pursue an entrepreneurial career, studying entrepreneurship at university. I just wanted to take this time to ask you a few questions so you can tell me about your story with entrepreneurship.
Shaun Connolly: Absolutely. Happy to be here. Thank you for asking.
Griffin: To kick things off, Shaun, could you provide a brief overview of yourself and your businesses?
Shaun Connolly: I’m Shaun Connolly. We own Iron River Capital, a registered investment advisory firm, and Connolly Financial, our client-facing financial advisory service. Connolly Financial helps people and businesses establish financial goals and craft roadmaps to achieve them, including financial modeling, portfolio management, estate planning, and asset allocation strategies. We’ve been working on these projects for about 15 years.
Griffin: Nice. Going down this entrepreneurial path is different to a traditional W2 job setting. Talk to me about the lead-up to starting this business, your motivations, and the challenges.
Shaun Connolly: It’s an interesting question. Growing up, I always had a desire to be self-employed, but I didn’t have a specific path in mind. The opportunity arose after a significant event – being let go from a big bank in the aftermath of the 2008 market collapse. It was a challenging time, especially with a young family, but looking back, it was the push we needed to start our own venture. It was uncomfortable, but ultimately the best thing that happened to us professionally.
Griffin: So, there were struggles. If you could give advice to someone on a similar path, what would you do differently to avoid or smooth some of those struggles?
Shaun Connolly: With hindsight, if I could change one thing, I might have started the business a bit earlier. Starting a business becomes more challenging with a young family. Also, entrepreneurs get caught up in various business disciplines, wearing many hats. It’s easy to focus on business infrastructure and neglect the core product or service you’re trying to deliver. Early on, understanding that focusing on sales and bringing the product to the market is crucial would be beneficial for any entrepreneur.
Griffin: Considering the changing landscape, what opportunities are different today than when you started, especially with the shift towards AI and tech?
Shaun Connolly: There’s no better time to be an entrepreneur than now. Technology allows you to run virtually any business from anywhere on the planet. COVID-19 has further accelerated remote business, making your business model more flexible and expanding your audience. Being an early adopter, especially for your generation growing up with technology, positions you well to capitalize on advancements and changes in the future.
Griffin: You mentioned the impact of the 2008 market crash and the COVID-19 pandemic. Can you talk about the impacts of these events and compare them?
Shaun Connolly: In both cases, the initial impact was challenging, especially with uncertainty and disruptions. However, in retrospect, being let go in 2008 was the catalyst for our entrepreneurial journey. Similarly, during the COVID-19 pandemic, we viewed it as an opportunity to contribute to the reconstruction on the other side. Major disruptions often lead to rebuilds, and entrepreneurs should see themselves as contributors to that process, seeking opportunities to make things better.
Griffin: Finding success in the struggle is crucial in entrepreneurship. Now that you’ve been successful, what do you find most fulfilling in your pursuit?
Shaun Connolly: For me, it’s twofold. Professionally, I find immense pride in helping individuals and businesses set and achieve their goals. It’s a continuous commitment to adding value and ensuring that every decision aligns with their journey. Personally, the fulfillment comes from having control over my time. Entrepreneurship, for many, is about chasing the freedom and choice that come with success. If you can align your passion with your profession, it’s a recipe for a fulfilling existence.
Griffin: For sure, I think we’re all just chasing that freedom and choice, which leads me to my last question. I run a Student Launch club at school, a peer-to-peer incubator for high school entrepreneurs. What advice would you give us as budding entrepreneurs?
Shaun Connolly: Chase your passions. Start early, execute every day, and don’t relent. The hardest part is starting, and if you stick with it and stay committed, you increase your chances of success. Your why is crucial, and if you’re relenting on your goal, reassess your why and ensure everything you do aligns with it. Surround yourself with good people, challenge each other, and continue asking tough questions.
Griffin: This is great. Thank you for meeting with me today.
Shaun Connolly: Absolutely. I love your project. If there’s any way we can help you in the future, let us know. You take care.