Kathryn Minshew. She’s the CEO of founder of TheMuse.com, a career platform that is used by over 50M folks to find jobs, learn professional skills or advance in their careers. This platform is also used by hundreds of companies looking to grow their employer brand and to hire. Kathryn is a Harvard and Wall Street Journal contributor and she’s spoken at MIT in Harvard along with the Today’s Show. She’s been named The Smart CEO’s Future 50, INC’s 35 under 35 and a Duke alum. Kathryn worked at Rwanda and Health Access Initiative and before founding The Muse, she was previously at McKinsey.
Famous Five:
Favorite Book? – The Hard Thing About Hard Things and Traction What CEO do you follow? – Jennifer Hyman, Elon Musk and Jeremy Johnson Favorite online tool? — Boomerang and Pocket How many hours of sleep do you get?— 7 If you could let your 20-year old self, know one thing, what would it be? – Kathryn wished she knew it was okay to be different and everything that is worth doing is hard
Time Stamped Show Notes:
00:42 – Nathan introduces Kathryn to the show 01:35 – The Muse was founded to be the most trusted and beloved place for people to navigate their career 01:42 – The Muse is a marketplace with over 50M people who uses the site annually 02:00 – The Muse has over 600 companies which they help in hiring and employment 02:25 – “If you want really great people, you have to compete for them” 03:00 – The companies can reach more candidates through The Muse 03:19 – The Muse is a SaaS-enabled marketplace 03:31 – The Muse somehow competes with LinkedIn Recruit and Glassdoor 04:05 – Most companies in The Muse sign up for an annual subscription 04:24 – Average pricing is $20-30K but enterprise is higher than the mid-market businesses 04:54 – The Muse works with every business size in every industry 05:04 – The businesses are categorized by team size 05:25 – Companies that are subscribed have access to different tools on the website 06:11 – The marketplace on TheMuse.com is where companies can post their profiles and job listings 06:21 – The Muse has also developed more products 06:41 – One of The Muse’s client has 50K to 150K employees 07:29 – The Muse also assists their Fortune 100 companies on their existing channels 08:12 – The Muse started targeting individual users 08:24 – The Muse was launched in 2011 having career related tools and content for individuals 08:31 – The Muse rolled out their first company profile after hitting 100K website visits per month 08:41 – The Muse have never had advertising on the website 08:58 – The Muse had their first 100K users in 6 months 09:05 – The initial cash for The Muse came from Kathryn’s savings 09:39 – When Kathryn left McKinsey, she had $25K in savings 09:50 – Then Kathryn got an offer to work at Rwanda 10:28 – Kathryn was 25 at the time 10:56 – Kathryn has always thought that savings equate to freedom 11:34 – When Kathryn came back from Rwanda, she started a business similar to The Muse 13:02 – Kathryn spent $20K on her first company 13:23 – With only $5K left in savings, Kathryn together with her co-founder started The Muse 13:45 – Kathryn tried to keep her expenses low 14:24 – Kathryn started The Muse because she had all the questions and wanted answers 14:29 – The community then gave Kathryn the answers 15:02 – The Muse initially had 50 articles giving career advice and providing resources 15:10 – The first job listing was posted after a month as a test 15:29 – The Muse used to get paid for the job listing but it doesn’t work that way now 16:17 – Kathryn shares how the conversation happened between her and the co-founders 17:11 – They wanted to work and make it happen 17:25 – The equity between them is almost even 17:54 – The Muse raised a round for $100K in 2012 and got into Y-combinator 18:41 – The Muse raised $10M in a series A in 2015, and $16M in a Series B: Q1 of 2017 19:12 – The Muse is closed to breaking even 19:31 – There are different ways in building a business and there’s no one perfect path 19:53 – The Muse has 600 active businesses 20:10 – Some companies just closed or got acquired 21:35 – Average revenue 23:05 – The Famous Five 23:32 – Kathryn’s book The New Rules of Work
3 Key Points:
You can start a business with minimal means and still grow it into a profitable one. There is no one perfect path to building a business. If a task or venture is hard, that’s a good sign it’s worth it.
Resources Mentioned:
The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences Klipfolio – Track your business performance across all departments for FREE Hotjar – Nathan uses Hotjar to track what you’re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments Host Gator – The site Nathan uses to buy his domain names and hosting for the cheapest price possible Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books Show Notes provided by Mallard Creatives