Entrepreneurs are taking over the business world, and people everywhere are asking, “What does it take to start my own business?” While the answer to that question is neither simple nor standard, there are some things that you can learn from successful small business owners to help you get a grasp of what attitude you should have.
In the latest issue of Inc. Magazine, entrepreneur Jason Freedman was featured in an article detailing the growth of his latest business, 42Floors. Most of the article paid specific attention to the birthing process of said business, but there were a few nuggets of advice from Mr. Freedman that are truly invaluable to the budding entrepreneur. His small business advice is so popular as a matter of fact, that he has started his own blog specifically for this purpose. If you want to read the entire story, grab yourself a copy of May’s issue of the magazine, or wait for it to appear on their website later on. For now, let’s focus on what Freedman says about start-ups.
The most resounding piece of info I picked up out of this article was the analogy of referring to the progressive stages of the business stages as “chapters.” Your initial idea for your business is the Introduction, and each time you present an idea is a new chapter. After presenting your idea to someone, and hearing their advice and critiques, you make changes and start Chapter 2. Freedman is quoted in the article saying “Entrepreneurs get too fond of their ideas, and that makes them resistant to change. But calling it a chapter acknowledges up front that there will be more chapters [and more changes]. A chapter is easier to let go of.” Realize ahead of time your initial idea will NOT be your new company. You’ll have to write a few more chapters before you start to see that take place.
Serendipity is another key ingredient for start-up success, and as arbitrary as that may sound, there are some strategies to getting good luck on your side. During Freedman’s attempts to get his latest company off the ground, he admits he did very little to get commitment early on. Instead, he set up meetings and presented his idea for feedback only. This allowed Freedman to open as many doors as possible and get “unspecified alliances” to make something happen. Freedman says meetings create opportunities for more meetings, and if the person you’re talking to can’t help you, maybe he knows someone that can. “Serendipity is a function of how compelling your story is and how many times you repeat it to people,” the article quotes Mr. Freedman. Get out there and talk to people about your idea. Get advice, criticism, help, anything you can find. Just don’t go looking for money. Create relationships and alliances that will help you later on down the road.
With those attitudes and approaches to entrepreneurship, you could very well be on your way to the next great American start-up! If you want even more advice on your small business endeavors, you can check out Mr. Freedman’s blog, or check out some of our other blog posts on small business advice.
Focus on serving other people, ask what you can do for them first, and relationships will form. Yes, it’s the exact opposite of how most people handle competition in today’s cut-throat business world, but try it and see what it does for you.
