Advice for Entrepreneurs, from Entrepreneurs
According to Small Business Trends, the Bureau of Labor Statistics reports that over 50% of small businesses go belly up in the first four years. A scary statistic for those looking to take their idea, product, or service to market.
Looking on the positive side, half of small businesses DO make it. What does it take to break into, survive, and thrive in the Darwinian world of startups? As someone who is interested in running her own business, I have a stake in discovering the answer. I recently attended Startup Columbia, a Columbia University (New York City) event featuring innovators and entrepreneurs who examine and discuss solutions to world issues.
There was a wealth of information I learned covering a wide scope of topics — from the media’s response to the Post-Truth Era, to how issues of climate change and energy provide challenges and opportunities to innovators, to the emergence of the life science entrepreneurial ecosystem in New York City. Here are some big-picture takeaways and key quotes I absorbed from the day that address entrepreneurship at large:
For more information on those who are quoted and referenced, I’ve hyperlinked their name to their details on the Startup Columbia conference website.
Considerations before jumping in
will.i.am — world-renown entertainer, philanthropist, and innovator — had a lot to add to the conversation on the role of creativity and tech in the realm of cutting-edge innovation.
- Said will.i.am: “If you’re questioning whether or not you’re ready, you’re not ready.” But he added that lack of experience shouldn’t stop you from taking action on your idea. You don’t have to be an expert. What’s needed is “heart, passion, desire, and connection.”
- will.i.am also encouraged doing the thing that no one else is doing or hasn’t been attempted before. “It’s okay to be first. That’s what pioneering is [about].”
- Look for gaps in the market, see the opportunity, and address it with a product or process solution. For example, addressing tech issues surrounding media or addressing audio on-demand quality issues. Jacob Weisberg, Chairman of The Slate Group
- If you have a burning idea, go for it and create your business. But if you don’t have that burning idea, work for someone who does in an early startup. Deborah Jackson, Co-founder, Plum Alley Investments
Tips for surviving the long haul
- There will be weeks where everything is going great with your startup. And then there will be weeks where things go sideways. Don’t get swayed by the ups and downs; keep your eye on your 3–5-year vision. Management is an art, and for the first year, new entrepreneurs will be bad at it. Keep that in mind so you’re not too hard on yourself. Katherine Ryder, Founder and CEO, Maven
- Read stories about entrepreneurs to learn from them and keep yourself motivated. Katherine Ryder’s recommendation: Shoe Dog by Phil Knight.
- Endurance and self-awareness are key qualities of an entrepreneur. Shan-Lyn Ma, Founder, Zola.com
- Be curious. Work with people who are smarter than you. Euan Robertson, Executive VP and COO, New York City Economic Development Corporation
- Entrepreneurship is like a meditation, a self-inquiry. People who are successful know their True North. Alex Iskold, Managing Director, Techstars NYC
Hey, investors: If you haven’t heard yet, women in business is a serious (and profitable) business
Getting seed money and early investors can make the difference in a startup’s survival. While securing funds can be a challenge for any entrepreneur, it can be especially difficult for women-owned businesses.
But check out these stats: Between 2007 and 2016, the number of women-owned businesses has grown at five times the U.S. national average rate, according to a 2016 State of Women-Owned Businesses Report, commissioned by American Express OPEN. Additionally, nearly 8 out of 10 net new women-owned firms are being launched by women of color. There are now 11.3 million women-owned businesses in the country, employing nearly 9 million people and generating over $1.6 trillion in revenues. Even with these incredible statistics, women-led businesses remain under the radar and underappreciated as a solid investment. However, with more and more women-owned businesses creating far-reaching market impact, it won’t be long before all investors sit up and take notice.
Two of the speakers who were on the panel Women in Entrepreneurship: Investment and Opportunity make it their business to invest in women-owned businesses: Deborah Jackson, Co-founder, Plum Alley Investments and Hayley Barna, Venture Partner, First Round Capital, Co-Founder at Birchbox.
How to reframe those “bumps in the road”
- Be comfortable making mistakes. Foster community with other entrepreneurs. Be open to sharing what’s hard and what works. Hayley Barna, Venture Partner, First Round Capital, Co-Founder at Birchbox
- There is no failure, only pivoting. James J. Valentini, chief academic and executive officer of Columbia College
Entrepreneurship is no walk in the park. Most startup founders would agree that their role as an entrepreneur is much harder than any of their previous salary jobs. However, for those who feel the calling — and can enjoy the wild, but fulfilling, ride — cracking the code to startup success is a worthy effort.
P.S.
If this was article was helpful, press the ❤️ below to help others read it too.
About Prosper
We help small businesses turn their stories into customers.
Master Your Why: Complimentary 5 Day Email Course
You started your business for a purpose. When you understand what motivates you, then you will be able to resolve issues and questions about your business.
Master Your Why to start turning your story into customers.
When you MASTER your purpose — YOUR WHY — solving problems and answering questions will become easier. Your reason for starting your business matters and affects all aspects of your business. Without UNDERSTANDING your why — you will never find the success or freedom you sought at the beginning.
