I recently had the pleasure to interview the Founder and CEO of Ignite Mind and Body Supplements, University of Massachusetts Amherst college senior (yes, you read that right), Jake Bernstein, who hails from Long Island, NY.
Ignite Power Packs are tasty chocolate powder supplements that provide a constant flow of steady energy, aid with focus and memory, improve our mood, and give long-lasting, all-day stamina for whatever it is we need to tackle.
His entrepreneurial spirit, determination to create a unique product, and overall business savvy make this young man one to watch. Here we discuss his personal journey, the inspiration behind Ignite, and what's next for this soon-to-be-graduate. What were you doing at 22-years-old?
Jake teaching college students his own age about business.
Q: When did you first want to be an entrepreneur and what was your first endeavor?
A: I've always been my most productive and motivated when working towards my own goals and on my own schedule. I started to realize this in high school while running a freelance development business where I built websites and web applications for clients. It was really rewarding to see the results that a little hard work and discipline could get me. From there, it seemed like a natural path to do more of that until it eventually took over all my free time.
Q: How did the idea for Ignite Power Packs come about?
A: The idea for Ignite Power Packs came to me early last summer (2016). I would wake up at 5:00am every other day to work out before going to work. By the time I got to work, I was exhausted, and no amount of coffee I chugged would help me focus on the software I had to program. Not to mention, my workout would be worthless if I didn't eat enough food to give my body the nutrition it needed. After enough frustration, the idea finally came to me. Why not combine things that solve my problems separately into a delicious and convenient solution? Our Power Packs are just that. A tasty chocolate drink mix that combines the energy of caffeine and B vitamins, the nutrition of a protein shake, and the focus and clarity that are derived from commonly used plants known as nootropics.
Q: What has been your biggest challenge with the product/company thus far?
A: Our biggest challenge so far has been deciding which areas are the best to spend our capital most effectively. A big part of running our startup is bootstrapping and being smart with the funding that we do have. If we can keep doing this, it'll be a lot easier to make sure Ignite stays around and that we can keep growing and providing people with products that help them get more done and get more enjoyment out of their day.
Q: What has been the most rewarding experience throughout the process of bringing Ignite Power Packs to the market?
A: The most rewarding experience is hearing positive reviews from happy customers. The supplement industry is one that isn't the most regulated, and because of that, can be seen as shady. At Ignite Mind and Body, we aim to be on the opposite side of the spectrum, and be fully transparent with our customers. It's nice to hear from them and know that we're giving them the results they want and maintain the trust and honesty the customers deserve.
Q: What is different about Ignite Power Packs compared to other products in its category?
A: For us, the health of our customers is important - not just the effects they feel. Because of this, we only use nootropics that are completely plant-based. We want our customers to stay healthy and be able to use our Power Packs whenever they need to without having to worry about what's inside. Not to mention, our formula doesn't just give you a mental edge, it also helps you out physically, which many of our competitors' products don't do.
Q: Where can people purchase Ignite Power Packs?
A: People can get Ignite Power Packs right on our website, https://subscription.ignitemindandbody.com. We want you to experience the results for yourself, so there's even an option to get 3 FREE Power Packs on us. If you've ever felt like there's not enough time in the day or that you know you can get more done but just can't seem to reach your full potential, take us up on our free power packs and feel the difference we can bring.
Q: Where do you see the brand going in the future?
A: At the end of the day, Ignite Mind and Body is more than just a supplement company. We want to work together with our customers to help them become the best versions of themselves that they know they can be. Ignite Mind and Body is about reaching your full potential, and that means we'll be providing you with the right content, the right products, and the right community to help you do just that. 10 years down the road, we hope for Ignite Mind and Body to be a household name that's associated with growth, success, and honesty.
Q: What advice would you give a budding entrepreneur seeking to launch a new product or service?
A: Start today. No matter how small a step you take, any step will help you build momentum and get you on the right path. A lot of us have this inner fear that our work won't be good enough - myself included. But the truth is, you have to start sucking at something today if you want to be awesome at it a few years from now. Force yourself to start today. You won't regret it.
Q: How many people work for the company at this time?
A: Currently just two people work for Ignite. Staying small until it's necessary to grow helps us move fast, be efficient with our capital, and make decisions more easily. More people will join the team down the road, but we're holding off until we find it's the right time.
Q: Sum up Ignite Mind and Body in 3 words:
A: Productivity boosting supplements.
Q: What about your personality makes you a successful entrepreneur?
A: I wouldn't same I'm a successful entrepreneur just yet when there's people like Jeff Bezos and Elon Musk out there changing the world. But I think one thing that helps me succeed is the willingness to fail and look foolish. If you want to get things done quickly, you're going to fail along the way. The important thing is to be OK with this and to focus on learning from your mistakes instead of wasting time worrying about what other people think.
Q: How were you able to finance the development and launch of the brand?
A: There's a lot of great resources out there if people just take the time to look for them. We've found a lot of local entrepreneurship and pitch competitions that are literally handing out money for people who put in enough effort. We've also found mentorship programs and accelerators that you can apply to which provide funding if you're accepted. We've actually just been accepted to one and we're excited to see it help us grow. We also invest the money from our day jobs and savings into the business. It's nice to have a side stream of income to help us grow, and this helps take out some of the risk and worry about where our money will come from. On top of this, there's been a lot of bootstrapping and being smart with our money. Luckily, we have a very straightforward business model. We trade useful products for money. So unlike some software companies that might have to rely strictly on funding and can't profit right away, we're able to make money up front and reinvest it in the business.
Q: Anything else you'd like to share?
A: If you're even just the slightest bit curious about starting a business, you should go for it. You can only read so much about a topic. Actually going for it will teach you ten times more. Between the wealth of information online and being able to crowdfund your projects through sites like Kickstarter, there's really no reason you can't start your business today.
Give Ignite a try. It may just give you the boost you need to launch your own business!
The National Financial Educators Council (NFEC) surveyed young adults in 2017 and asked them what high school level course would benefit their lives the most.
The majority responded that money management was the course that would be most beneficial.
With personal debt is at its highest record and COVID-19 threatening to have the hardest economic effects on youth, understanding money and finances is an important life lesson that should be taught to children at a young age.
The following is a list of the best financial literacy lessons and tips to teach children throughout different life stages.
I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.
There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).
After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.
It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.
That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.
I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.
Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.
Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).
More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.
The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.
I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.
My buddies and I always try to make it out to a game, but we never really care which one we end up at. Obviously we have our favorite sports and teams, but it was rarely about what game we went to or who we saw playing. It was about watching the game live.
In the early months of lockdown, all we had was Korean baseball, and trust me, we loved it. The only issue was, none of us had any idea what the commentators were saying. Even then, a few of my friends weren't huge fans of baseball. They were into sports like football and basketball, ones that moved at a quicker pace with less down-time in between plays.
We decided to see if there were any other events going down and came across horse racing. Yes, horse racing. It was perfect--short, fast-paced, and most importantly, an opportunity for betting.
I had never really considered watching a horse race any time other than the Belmont Stakes, but the prospects of the sport seemed exhilarating. Even better, with horse racing we knew we could still recreate the atmosphere of a race track. Salty snacks? Check. Stale beer? Check. A simple and easy way to bet? Check.
One quick Google search later, we came across TVG, powered by FanDuel. It's an online betting platform that takes you right to the heart of the action. We were a little apprehensive about using a mobile app to place our bets, but TVG's ability to bet on live horse races from all over the world was too good to pass up.
Here are 5 reasons why we are obsessed with horse racing thanks to TVG:
1. Betting has never been easier
Use your phone or computer to watch and bet on live horse races in real-time. TVG offers a bunch of features to make betting even simpler--live odds and handicapping tips leverage recent learnings to help you make your best bet. Not to mention, TVG's exclusive race content and wagering guide offers an under-the-hood look into the strategy behind horse race betting.
2. The biggest selection of horse races out there
If you're looking to drop a little dough on a horse race, chances are your best option is your local race track. But watching the same few horses races over and over again isn't the most exciting thing. With TVG you have access to over 150 tracks worldwide with races happening consistently throughout the day.
3. Get a generous sign-up offer when you place your first bet
Once you register your account, you will be eligible for a $200 risk-free bet. All you have to do is place your first bet and you're covered. If you happen to lose, TVG will insure you for up to $200 as a sort of wagering credit. I may have been a little trigger happy when placing my first bet, so having this insurance was a great perk. There are also a bunch of promotional offers available year-round.
4. Making deposits and cashing out at the touch of button
With a ton of payment options such as PayPal, BetCash, debit/credit, wire transfers, and other third-party services, making a deposit is a breeze. But what about the payout? Depending on your deposit method, your withdrawal will be available in a few days. No more waiting in-line to collect your winnings!
5. Watching live races with your friends while betting is exhilarating
Even when we were watching Korean baseball, Zoom calls with my friends were a little dull.
With TVG, we haven't had this sort of fun in months! Every weekend we'll turn on a race and throw our bets in. After a few races, and quite a few drinks, we'll tally up our winnings to see who won the most! Sometimes it's not even about making money, but just having a good time.
TVG is the perfect way to add a little excitement to an otherwise mundane afternoon. It introduced me to the world of horse racing, a sport I never would have considered otherwise.
The races just keep ramping up and thanks to TVG, I can always get in on the fun.