Brian Thompson chats with Amy Cosper, former Editor-in-Chief of Entrepreneur Magazine, award-winning journalist, and author of the new book, “The Ultimate Guide to Startup Success.” In this episode, Amy brings fierce honesty, contagious energy, and deep wisdom about what it really takes to build a mission-driven business in uncertain times. You’ll also hear some of the biggest legal and financial mistakes founders make and be reminded why entrepreneurship can be a radical act of hope and defiance.

Amy describes a mission-driven business as one fueled by a higher purpose, but she’s careful to clarify that purpose doesn’t have to be altruistic.

“Having a mission-driven or purpose-driven company is what you stand for,” she said. “It doesn’t have to be altruistic, but it is what you believe in.”

The mission should be the company’s soul that emanates out to the branding, business plan, and revenue streams. As a consultant to startup founders, Amy routinely sees that entrepreneurs struggle with finding clarity.

“If you don’t have clarity in what your company does, it’s going to be really hard to find your purpose,” she said.

Because entrepreneurs are visionary, they often overlook important, practical needs. Amy shared four, common mistakes she hopes future founders will avoid:

• Not maintaining accurate books from the start: While you may not want to think about the numbers, it’s important to do accurate accounting as a business owner.

• Not getting an IRS Employer Identification Number (EIN): Your EIN is like a Social Security number for your business and should be tied to your entity.

• Giving your business short-sighted name: Naming your business after a fleeting trend or something specific to a geographic region becomes problematic when you want to grow.

• Not understanding how to structure partnership and operating agreements: If you don’t plan for how a business will get split up or choose an appropriate business structure, you’re setting yourself up for headaches when it’s time to pivot.

“My hope for the book is that entrepreneurs and founders don’t make the same mistakes that I made,” Amy said. ”When you’re creating something new, or you’re disrupting a known way of thinking, you’re not thinking about how to structure an operating agreement or whether it’s better as an LLC or S Corp. My advice is to take a pause and do a little bit of research.”

Amy knows people who have been about to launch their business for 20 years. While it’s scary to take the first step, she encouraged want-to-be entrepreneurs to just start.

“You get to make your own destiny,” she said. “You’re in charge.”

• “The Ultimate Guide to Startup Success”

• Amy Cosper: LinkedIn

• Brian Thompson Financial: Website, Newsletter, Podcast

• Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.

Brian Thompson chats with Faye Ziegeweid, founder and CEO of Queen Fayzel, a greeting card company for people who want to send messages that are unique, sassy, and sincere. Faye built her values-aligned greeting card company after realizing she couldn’t be her authentic self in her old career as a public health project manager. In this episode, Faye gets real about the personal side of entrepreneurship, including how self-discovery and personal growth are necessities for sustainable growth. She also shares how articulating your values clearly can attract the right clients and create a culture of accountability.

To Faye, mission-driven businesses infuse their “why” into everything the company does. From product design to customer communications, mission-driven businesses focus less on what they do and more on why they’re doing it.

“It’s less about what the business is providing and more about why it’s providing that thing,” she said. “Sometimes we’re afraid to stay what we stand for or are worried about alienating customers.”

Queen Fayzel’s website is unique because it not only states the company’s values but also shares how it puts those values into practice. For instance, the company lives its value to “Make Connections” by donating 3% of profits to organizations making an impact.

“I want people to know what this business is about, but I also want people to understand how I’m putting those values into practice in my business,” Faye said.

When Faye left her job in public health project management to start Queen Fayzel, she not only changed careers but also started on a journey of personal growth. Founding a company forced her to learn essential business skills and how to navigate moving forward without the illusion of certainty.

“I thought I had a lot of things to learn about the business, but then I realized I had a lot to learn about myself and how I function,” she said.

Faye emphasized the importance of connecting with fellow entrepreneurs for community and accountability. Whether it’s checking in with a business owner friend or joining a more formal business group, it’s paramount to find ongoing support from people who understand exactly what you’re going through.

“Especially if you’re a solopreneur, it is so lonely sometimes, and it’s really hard to be your own motivator,” she said. “When you’re in a lower spot, having a group of people to be there is so important.”

• Queen Fayzel: Website, Instagram, Facebook, Pinterest

• Faye Ziegeweid: LinkedIn

• Brian Thompson Financial: Website, Newsletter, Podcast

• Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes

Brian Thompson, JD/CFP, is a tax attorney and Certified Financial Planner® who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit.

On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too.