Arif Momin, CEO and co-founder of CStorePro technologies – the leading provider of mobile and cloud based operations management for retail businesses. He has an MBA from University of California. Berkley and BS in Computer Engineering from Michigan State University. Famous Five: Favorite Book? – The Innovator’s Dilemma What CEO do you follow? – Mark Zuckerberg Favorite online tool? — JIRA Do you get 8 hours of sleep?— No If you could let your 20 year old self know one thing, what would it be? – “Move fast and willing to fail a little quicker. Don’t regret the old stuff”   Time Stamped Show Notes: 01:40 – Nathan introduces Arif to the show 02:05 – Arif used the network that his MBA provides 02:16 – What is CStorePro and how it generates revenue 02:22 – CStorePro modernizes the operation of a single-operated store 02:50 – Customers pay CStorePro $ 59 a month 03:02 – Arif was from a different company 03:40 – Raise under $ 1 million 03:45 – All convertible note 03:48 – Number of unique customers as of September 2016 is 32,000 04:09 – Number of paying customers is about 15,000 04:20 – MRR 04:30 – CStorePro was founded in 2011 04:44 – Arif’s first business turned into a lifestyle company 05:04 – Zero first year revenue 05:33 - $ 350,000 revenue in 2015 05:40 – Revenue goal in 2016 06:07 – CStorePro clients are store owners 06:17 – Gross monthly customer churn 06:33 – Current churn is 5% 07:25 – Lifetime value 07:41 – Calculated lifetime is 3 years 08:40 – Best number to quantify CStorePro’s data 09:00 – Number in August is 13 million 09:10 – Team size and based in Houston 10:25 – Current customer acquisition cost 10:31 - $ 180 to get a trial customer 10:45 - $ 360 per paying customer 11:04 – Currently not in a capital raise 11:11 – Not raising funding and not selling 11:25 – “We don’t need it and the time is not right” 11:33 – There’s a huge opportunity in the business 11:50 – Total head count cost per month 12:24 – They’ve got access to financial resources 12:40 – Connect with Arif through CstorePro.com 14:40 – The Famous Five   3 Key Points: Give your business more time to grow. Tracking your churn has its advantages. Be prepared to fail – the earlier you fail, the earlier you learn.   Resources Mentioned: Toptal – Nathan found his development team using Toptal  for his new business Send Later. He was able to keep 100% equity and didn’t have to hire a co-founder due to quality of Toptal  developers. Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible. Freshbooks – The site Nathan uses to manage his invoices and accounts. Leadpages  – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+ Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books. CstorePro.com – Arif’s business website Show Notes provided by Mallard Creatives