10 Management Lessons From a Young Entrepreneur

Ten of the most important lessons I learned from starting and running a business.

From a discussion with Scott Smigler, Scott Smigler, 22, is one young entrepreneur who has learned some important lessons from his pursuit of entrepreneurship. Smigler started Exclusive Concepts Inc., a company that provides professional Web design and online marketing solutions to growing businesses,


1. It's all about perseverance. Implementing your dream is never as easy as you think it will be-it can take years to develop. Make sure you're organized and stay focused. And understand that you can't reach the highest levels of success without taking risks and maintaining the strength of mind needed to persevere through the difficult times.
"I know there are so many people right now, especially my age, who are looking to start and develop their own business," says Smigler. "It's such an intimidating process once you've broken through the first layer and you have to worry about insurance and payroll and making sure your accounting is perfect. So many people allow themselves to get intimidated by it&$151;they're not willing to follow their dreams. It's very important for people to really sit down and recognize exactly what they want out of life-and their business life-and just go for it."

2. Understand the value of mentorship and teamwork. A small company doesn't have all the resources it will need internally. So it's essential to have a network of advisors, mentors and other people who can help you work through the problems you encounter-whether those problems are related to finances, marketing, whatever.

3. Stick to your niche. "I've learned that I can only make money when I stay focused on what my company does best," Smigler says. "This isn't to say I don't pursue avenues where I can expand my business. Ultimately, the needs of my customers will dictate the services I offer.
"Everything I do has to be based on a very strong customer-service focus. We know a lot about our clients because we spend a lot of time knowing exactly what they need."

4. Stay on top of news that affects your clients. Major events happen almost every day that will affect your customers. In order to ensure the best for them, you must be up-to-date on the latest market trends and implement them so your company consistently offers the best services and your clients receive the best there is to offer. "Even on the busiest of days," says Smigler, "my entire staff and I are required to monitor late-breaking news. Knowledge separates you from your competitors."

5. Communication is key. While you think your clients understand what you say, often they don't. Be sure to always speak clearly and follow up with concise e-mails. You must also pace their expectations with the reality of the project. Part of the communication process involves documenting the understanding between your company and the client so that in the event of a misunderstanding, you have an agreement to fall back on. Not only does the client need to know what they can expect from you, it's essential that the client understands your expectations of them. Success is a two-way street.
"Search-engine marketing and Web development can be very intimidating to a lot of people," says Smigler. "My clients tell me over and over again that what makes a huge difference to them is that I take the time to explain things clearly and that I'm patient with them. They know they're not just getting a cookie-cutter solution."

6. Capitalization is crucial. Everything is more expensive than you'll anticipate. In your budgeting process, you need to plan for things you haven't anticipated but that will more than likely happen. In addition, don't be a penny-pincher: Don't be afraid to spend money when you believe the return will warrant the risk.

7. Communicate unwavering honesty and integrity. Above everything else, you must be truthful. Dishonesty is a sign of weakness, not to mention a poor business strategy. If your clients know you'll always be truthful with them and "tell it like it is," they'll never have any reason to doubt you. Your reputation as an excellent service provider takes years to develop-but it can be destroyed in a minute.
"My family pushes the simplicity of life that comes from honesty and character and integrity," Smigler says. "One of the big things that makes [our company] different is our clients really do trust us."

8. Stay on top of the curve. The environment of business changes rapidly, and education is a critical factor to success. "There was a time when I was tempted to drop out of college and devote all my time to managing my growing company," Smigler says. "I recognized that it wouldn't be a smart strategy for the long term. It's possible to grow a company while being successful in school."

9. Take ownership in your clients' success. When you undertake the commitment to provide products or services for a company, you must work at it as diligently as they expect you to. Keep your customers' needs in mind at all times. And remember: If you're able to help your clients become successful, they will make you successful because what goes around, comes around.

10. Never stop marketing. Never forget that anyone can be a prospective client. Constantly look to build on your existing relationships, as well as acquire new ones. You need to catch the customer at the moment they have a need. By staying in front of them on a regular basis, you become known to them, so when they do have a need, they'll be more inclined to give you the business without shopping around. The value of a referral is always more than the value of a cold lead.

And finally, Smigler offers these final words of advice: Don't forget to find the correct balance of work and play. Although starting and running your own company requires much focus, dedication and time, you must strive to maintain a balance in your life. As much as you want your business to succeed, you have to recognize that it doesn't have to be at the expense of not having a life outside of it. Being properly structured in your business also means being structured enough to allow yourself some personal time off.




Slainte


Keltie

The critical importance of "beginner mind" when starting a business

Pamela Slim is a "start up coach", she originated from Barclays Global investment group, a $300 Billion dollar company to start her own company, she is one of my prized links on my blog, have a look at her company and her work, she has an early stage company mindset, which is refreshing, and I am envious of her.....so I am still looking for a great challenge...if you have one let me know...

The critical importance of "beginner mind" when starting a business

By Pamela Slim :

We all get cocky sometimes and think we know a lot about a lot of things. This is probably true; your life experience and education have given you a rich body of experience that you should be proud to share with others.
However, if you go into entrepreneurship for the first time with an attitude that you know everything, you will quickly be humbled by the reality that what you think you know, you really don't. It is a better strategy to approach your new venture with "beginner mind."
What is "beginner mind?"
Beginner mind is a state of being where you approach learning with no judgment, censoring, editing or preconceived expectations.
When you are in a state of "beginner mind," you think things like:
Wow, this is cool! I wonder how it works?
That is interesting! Why do you think that?
I want to learn as much as I can about this topic!
I really don't understand this person, but I wonder what makes him tick?
I can't wait to get in front of customers to hear what is important to them
What else? Tell me more.
It is in direct opposition to its cousin "expert mind" where you think things like:
When is this person going to stop talking so I can share what I know?
This person is so wrong in her explanation and I can't wait to prove it to her
I tried that already and it didn't work
I can't wait to share my 152 Powerpoint slides at my first sales meeting. They will be so impressed with what I say that they will probably buy my product before I leave the building.
This is a total waste of my time. I am learning nothing.
"Expert mind" can be very dangerous as a new entrepreneur, since you are in a phase of discovery where you need to soak in as much as possible about your new area. Some expert mind traps can be things like:
"I don't need to bother learning small business marketing, since I am a certified marketing expert from Corporate U and was the Senior VP of Marketing for the entire globe." Mistake: The marketing you know may be very, very far removed from what you need to know to be an effective entrepreneur. Although it may sound similar in concept, in practice it is very different.
"I know there is a need in the market, since I have studied it extensively online for the last 2 years and have the spreadsheets to prove it. I do not want to bother talking with someone in the market, since I know they will just confirm my research." Mistake: Nothing substitutes talking to real people in your target market. Many entrepreneurs see the potential of a five billion dollar market in their area. But how many can personally name those that are ready to buy the first ten products?
"I don't really want to talk to people that have been in this field for awhile, since they are too "old school" and don't have half of my fresh ideas or academic degrees." Mistake: You can learn many, many valuable things from seasoned entrepreneurs in your field. You may not agree with everything they say, but you can avoid many mistakes by listening to what they have learned by hard-fought experience.
I could always spot the difference between "beginner mind" and "expert mind" when I taught martial arts classes in San Francisco. A "beginner mind person" would come into class, introduce himself humbly, and follow all instructions in the first class. He would pay attention, ask lots of questions and carefully watch how I did the movements.
An "expert mind person," by contrast, would strut in the class and immediately tell me that he was an experienced martial artist. As I was trying to explain the movements, he would focus on watching the more advanced students work out. When I gave a point of direction or corrected a position, he would get a slightly annoyed look on his face as if to say "who are you to tell me what to do?"
The interesting thing is that many times the "beginner mind" person had just as much experience in other martial arts as the "experienced mind" one, he just had a different attitude toward learning. By coming in with a fresh perspective and seeing the art as a beginner, he picked up techniques much quicker and in the long run developed more talent.
Cultivating a beginner mind as an entrepreneur will greatly increase both the depth and pace of your learning, and make the process fun and exciting. You will find that more people are willing to talk with and support you when you are open and non-judgmental.