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Entrepreneurial Insight from Business Innovation Experts - Part 2

August 02, 2016

In honor of I4E Tech Week, we caught up with our I4E Business Innovation Experts.

In honor of Innovations 4 Entrepreneurs (I4E) Tech Week, we caught up with our I4E Business Innovation Experts and asked them a series of questions about business and entrepreneurship. Today, our respondents discuss the common problems small business owners and entrepreneurs face when starting a new business, and provide advice on how to achieve business growth. For part one in our “Entrepreneurial Insight” series, click here.

What is the most common problem you see among small business owners and entrepreneurs starting out?

Orly Zeewy, Brand Architect says:

Trying to do everything themselves and not looking at building a team right from the start. It creates intense burnout and the longer an entrepreneur continues solo, the harder it is to let go.

Anita Campbell, CEO, Small Business Trends says:

Lack of perseverance. They give up. Now, I don't say that with any kind of arrogance as if I think I'm better than those who tried and said "no more." Running your business is hard work. I've been tempted – sorely – several times to give up. Each day, small business owners are faced with 100 problems and after a while it feels like just one more problem will be the proverbial straw to break your business's back. All I can say to those who are struggling is: one more day! Give it one more day because people like your family, customers and employees are relying on you. Sometimes all it takes is a good night's sleep and a better day tomorrow to get you over the I-can't-take-it-anymore hump.

John Jantsch, Founder, Duct Tape Marketing says:

Trying to do too much and be too much – just because you sell accounting or plumbing services, it doesn't mean that everyone with a tax return or sink is your ideal prospect. You've got to find a way to take a narrow focus.

Robert Irvine, Restauranteur, Celebrity Chef and Entrepreneur, says:

Poor communication is a common thread through most restaurants. Resentments begin to build to a point where lashing out becomes the sole means of discussion. At a certain point communication ceases completely and any chance of improvement goes out the window.

Charles Sacco, Assistant Dean of Strategic Initiatives, Charles D. Close School of Entrepreneurship says:

All entrepreneurs lack the same things – time, money and critical resources. There are never enough hours in the day, there never is enough money and they are lacking critical resources needed to be successful. The best entrepreneurs figure out those dilemmas and do it in a very fast and capital-efficient way.

Brian Meece, Entrepreneur and Co-founder of RocketHub says:

Common startup mistakes include not staying focused on core products or initiatives. “Feature creep” can be very addicting, but it takes discipline to hone in and make your product outstanding.

What advice do you have for small business owners and entrepreneurs when it comes to growth?

Orly Zeewy, Brand Architect says:

Let go! Don’t try to do it all yourself. No one will do it like you which is a good thing. Hire people who are smarter than you and let them teach you. No entrepreneur ever grew a company on their own!

Anita Campbell, CEO, Small Business Trends says:

First, decide how much growth you want. Don't feel pressured to grow. If you're comfortable with a home-based business or one that supports just a handful of people, you're not alone – the majority of small businesses are just like yours. Growth often brings extra expense and headaches, and that may cut down on your life satisfaction.

Second, if you want to grow, figure out whether you're comfortable with getting outside funding. Your funding levels will drive how fast you can grow. If you decide to bootstrap, as I did, you may have the peace of mind of knowing you can sleep at night because you don't owe a dime to anyone. On the other hand, growth through bootstrapping will likely be slow. Peace of mind vs slow pace – you decide.

Third, if you decide to get funding, recognize that the statistics say it's much more likely you'll get some kind of loan than equity investment (which only a tiny percentage get). So shop around. Try one of today's online loan marketplaces that can offer all kinds of options you can't get from a single financial institution. You'll save time and can often get the best deal that way.

John Jantsch, Founder, Duct Tape Marketing says:

Find the one growth channel with the greatest potential and go deep there. Use other channels as a way to supplement your core channel rather than dilute it.

Robert Irvine, Restauranteur, Celebrity Chef and Entrepreneur, says:

Rely on customer feedback and make changes to ensure an enjoyable experience. Train the staff on what dishes to feature and push for all guests. They should know the menu backwards and forwards so they are educated on what to suggest to the customer.

Charles Sacco, Assistant Dean of Strategic Initiatives, Charles D. Close School of Entrepreneurship says:

Think big but start small. You won’t have enough time, money or critical resources to go after all the customers and markets that you want, so be laser-focused in the beginning and try to monopolize a small slice of the market. Then you have something to build on and grow from there.

Brian Meece, Entrepreneur and Co-founder of RocketHub says:

Growth cures all. Be sure you’re spending enough time “on the business” as opposed to “in the business” to ensure that you’re prioritizing new customer interest, and the efforts that lead to their conversion.

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Steven Machado

August 03, 2016

You & I could make things happen. Let's meet and see just what those things are. northstarsteven@yahoo.com

300 Characters Left

Steven Machado

August 03, 2016

You & I could make things happen. Let's meet and see just what those things are. northstarsteven@yahoo.com

300 Characters Left

Steven Machado

August 03, 2016

You & I could make things happen. Let's meet and see just what those things are. northstarsteven@yahoo.com

300 Characters Left

Steven Machado

August 03, 2016

You & I could make things happen. Let's meet and see just what those things are. northstarsteven@yahoo.com

300 Characters Left

Steven Machado

August 03, 2016

You & I could make things happen. Let's meet and see just what those things are. northstarsteven@yahoo.com

300 Characters Left

Steven Machado

August 03, 2016

You & I could make things happen. Let's meet and see just what those things are. northstarsteven@yahoo.com

300 Characters Left