New York Entrepreneur Week’s Top 10 Tips to Starting a Business in This Economy
For the fearful, our current economic environment is an obstacle, for the bold, it is an opportunity.
What do companies like GE, HP, Microsoft, CNN, Hyatt and Burger King have in common? They were all started in economic downturns by entrepreneurs whose passion, commitment, and ability to execute far out-shadowed the temporary economic obstacles.
New York Entrepreneur Week (NYEW) scheduled November 16th to the 20th 2009 celebrates the opportunities to be found in this economy. Through a series of panels, keynotes and networking sessions, entrepreneurs will learn from over 120 speakers from 18 states and 3 continents the resources available to them and how to launch, grow, and manage a successful business venture.
For those bold entrepreneurs, here are 10 Tips to Starting a Business in This Economy based on panel discussions scheduled at NYEW:
1) Your Idea Must be Fresh and Innovative
Many entrepreneurs have made a fortune on a simple twist or new application on an existing product or service. Having a great idea is the first critical step of success.
(Panel Discussion: The Next Big Thing: Hot Entrepreneur Opportunities for Today and Tomorrow)
2) Your Idea Must Compel the Customer to Spend
Customers are more cautious than ever with their purchasing dollar, knowing what makes your product or service irresistible is the key to success in a down economy.
(Panel Discussion: Sales for Non-Salespeople: Understanding the Purchasing Triggers of Your Target Market)
3) You Must Have an Executable Plan with Clear Objectives
Writing a plan, doing research, and having a well thought out strategy along with realistic projections for revenues and expenses are crucial in an economy where every dollar counts.
(Panel Discussion: You Have Passion- Now You Need Structure: Why It’s a Must to Set 30/60/90 Day Goals)
4) You Must Be a Watch Dog on Costs and Expenses:
With access to capital scarce in a slow economy; it is more important than ever to cut costs to the bone and make every dollar of revenue count.
(Panel Discussion: You Want to be an Entrepreneur? The Reality of Being a Full-Fledged Bootstrapper)
5) You Must Be Prepared to Sell:
Great sales people are made, not born. You must learn and apply the essential skills of selling your product or service to succeed and prosper.
(Panel Discussion: Sales For Non-Salespeople: Critical Tips Every Executive Must Know)
6) Put Your Customer Ahead of Yourself:
Great entrepreneurs know that success is all about serving the customer. Keep your focus on meeting and exceeding the customer’s needs, and you will not only stand out from the competition, but your customer will reward you for it.
(Panel Discussion: Prospecting, Selling and Turning Customers into Advocates for Your Business)
7) Don’t Go It Alone; Ask For Help:
People love to help others, you just need to ask them! The key to success in any economy is to seek the advice and counsel of experienced business persons in your niche or industry.
(Panel Discussion: Success is in the Company You Keep: Finding, Selecting and Getting Mentors)
Successful entrepreneurs know that big success comes from leveraging their contacts, experiences, relationships and finances. Learning this critical skill is essential in a struggling economy.
(Panel Discussion: LEVERAGE! Successful Strategies for Getting Big Time Resources with Very Little Capital)
9) Harness Technology and Social Media:
Pencil and paper entrepreneurship is dead, make sure you are familiar with the latest technology and social media platforms to speed your operational efficiencies, and drive marketing and sales results.
(Panel Discussion: Emerging Social Media Trends: What You Must Know and How to Leverage It)
10) Never Give Up, Never Surrender:
Your ability to motivate yourself and your team is paramount in a tough economy. You must set the course, share the vision and kick it up a notch if you expect to survive and thrive in this economy.
(Panel Discussion: Entrepreneurial Leadership: It’s Not Always Easy Being the CEO)
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About the Blogger:
Will Corrente is the President of Corrente Consulting International Inc., a small business and entrepreneur consulting firm based out of West Palm Beach, Florida.
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