Advice for Young Entrepreneurs
By Robert Finfer
As universities across the nation have opened yet another school year, we look to help a fresh crop of emerging entrepreneurs hoping to spearhead their own brainchild organizations and make their mark in America.
Find an underserved market.
Instead of seeking a market for your product or service it’s important to review and research those individuals and groups who are underserved and develop something they need.
Rely on superior client and consumer relations.
Not ever to be overlooked, the power of strong customer relations and client service is paramount in retaining business and encouraging referrals, particularly in the era of social media.
Pursue what you love and what you are good at doing.
We tend to shine when exercising our true talents. Identify those abilities that set you apart and capitalize on them to establish the cornerstone of your business.
Know when to learn from a failure and move on.
We learn more from our failures than our success. You will most likely make mistakes but it is the rise back to the top that can help you develop the backbone you will need to survive even when your next great idea does not.
Never turn down an opportunity.
We never know where an opportunity may lead us so be open to suggestions, criticisms and new connections.
Learn by doing.
The best way to perfect a business from the ground up and manage a successful team is to have personal hands-on experience in all facets of the company. Don’t be afraid to learn something new or ask for instruction where you lack experience.
Master the art of the elevator pitch.
You only have one first impression. You also only have one opener to captivate your audience. Practice on your friends. Your first sentence should grab their attention; your second should offer an easy explanation.
Follow your gut instinct.
There’s something to be said for your initial reaction to an individual or situation. Follow what your gut says is right; it most likely will lead you away from future catastrophic situations.
Stay the course.
Maintain a strong focus on your end goal. It’s easy to start to deviate from your original vision and, if you must, be sure your new vision is based on research and not an on-the-fly decision.
Tighten your purse strings.
When starting a new business always keep your eye on the bottom line. There’s no need for over-zealous spending on basic office space and supplies.
Robert Finfer, president & CEO of Integrity Capital Partners, is an instructor at Washington, D.C.’s Kogod School of Business where he offers advice to the next generation of our nation’s entrepreneurs. Visit www.Integrityp.com
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