The SBEC recently asked a few of our mentors to share insights with everyone about growing businesses. SBEC's Chairman of the Board, Christopher Braun, shared some valuable ideas. Enjoy!
What is your best advice to start-ups and entrepreneurs?
Several things come to mind:
- Develop a group of advisors/ mentors as soon as possible...they can help you avoid mistakes.
- Don’t be afraid to ask a lot of questions.
- You are not an expert in all fields and recognize and accept that you will need professionals to help you.
- Surround yourself with people that are smarter than you.
- Define your market succinctly.
- Define your value proposition succinctly.
- Articulate what your target customer looks like.
- Become customer-centric
What are a few things you wish you knew when you first started your business?
- Cashflow is key. You will need to be able to operate your business for months without receiving payment for your services.
- Plan for cash flow to be a problem on start-up and during rapid growth phases.
- Define what success looks like for you and your company.
- Develop a Plan for the best and worst case scenarios for your business.
- Be willing to adapt to many changes… all the time.
- Continually strive to be the “go to” person for your industry. Be an expert.
- Your clients, vendors, and employees can last a lifetime.
- Be willing to accept there may be a better way to do something even though it may mean that your idea is not
What is the best decision you made for your business or professional career?
It’s great if you can join groups of unfamiliar people, be open to listen, and feel comfortable to ask for help from them.
