Inventive Journey

I come from a background in live TV, where I've encountered my fair share of unexpected moments. That experience has taught me to handle any curveball with confidence. When it comes to answering your question, here's my advice: if you're just starting out in any field, it's crucial to have a clear and compelling offer. A confused mind doesn't make purchases, and it's equally challenging to sell to someone who's confused. Focus on one ideal client and one specific offer. Master the art of selling that single offer to that target audience. If it doesn't work out, you can always pivot, but it’s hard to gauge success if you’re spread too thin.

As a small business owner, it's incredibly easy to spend money. You'll encounter more opportunities to spend than you ever expected—whether it's on business cards, letterhead, or the latest shiny software. While it's tempting to invest in every new thing, remember that your most valuable resource is your cash flow. Properly managing it is crucial for your growth and success. Before making any purchase, take your time to evaluate it. Step away and reconsider whether it’s truly necessary.

It's crucial to fully understand what you're getting into. Starting a business isn't for everyone, but if you decide to proceed, surround yourself with experienced founders, advisors, and mentors who have navigated similar challenges. Look for people who have achieved the goals you aspire to reach. That’s a solid foundation to begin with.

I'd advise diving deep into understanding your customer. Many people start businesses because they’re passionate about what they do and believe they can handle it on their own, without a boss. This passion is crucial, as running a business can be incredibly challenging. You’ll face days where revenue sources are uncertain, and growth can seem elusive. It’s essential to persist, stay committed, and maintain your belief in what you’re building.

Understanding yourself is crucial. Imagine a vinyl record spinning: the center spins slowly and steadily, while the outer edge moves quickly and erratically. Similarly, when you’re at the core of your identity, you remain grounded, but when you’re on the periphery, you can be easily tossed around. If you’re starting something new, like a business, you need to have a strong sense of who you are. This self-awareness will become clear as you face countless decisions and uncertainties. To navigate this, you need a firm foundation to rely on.

I'd say, first and foremost, go all in—that's crucial. Though you asked for one thing, here are three. It's really a success formula: fully commit, believe in your capability, and cherish the journey. This formula has proven effective for successful companies. When you commit wholeheartedly, maintain belief in yourself, and find joy in the process—even through the challenges of startups—you'll look back and realize those tough moments were also some of the most memorable and rewarding ones.

My top advice for anyone is to start building your presence publicly. I recently posted about a business I've launched, and within the first twelve months, we've received inquiries from 127 companies. This success stems from building an audience on LinkedIn over four years before launching. This groundwork helped establish my credibility and presence, paving the way for approximately $400,000 in revenue within our first full calendar year. With recent expansions, including hiring six new team members, we're now scaling up our operations significantly.

Embrace change and stay adaptable. Learn to pivot in any circumstance and maintain a positive attitude. The journey ahead may be challenging with unexpected twists and turns, but staying positive and persevering is key. Never give up on yourself; believe that things will eventually fall into place.

If they were just starting their business, I would advise them to ensure they conducted thorough market research before opening. If they neglected this step, especially in the case of a unique business such as event planning, I would recommend they find a community of peers in the industry. Building such a network can provide crucial support and collaborative opportunities, ensuring mutual benefit and shared success through profit-sharing and other affiliations.

I would emphasize that it's crucial to establish proper practices right from the start, particularly in areas like accounting and finance. Many people encounter significant issues by mixing personal and business funds, not maintaining separate accounts, or failing to set up the appropriate legal structure such as a C Corp or LLC for their company. These oversights can lead to serious consequences, including unexpected tax liabilities or legal scrutiny in the event of an audit by the IRS. Therefore, it's essential to be proactive and avoid these pitfalls early on.

One piece of advice I would offer is to follow your own path. While it's valuable to consider input and advice from others, the key is to adapt that guidance in a way that feels authentic and comfortable to you. Every individual is unique, and that uniqueness is what sets you apart in your business. Strive to be the best version of yourself, and your business will naturally reflect that authenticity. This differentiation is crucial because it attracts clients who resonate with your style and approach. Those who appreciate your way of doing things will choose to work with you, while others may seek alternatives. This is how successful businesses operate—by attracting the right clients and fostering growth. Therefore, my advice is to embrace feedback but always apply it in a manner that aligns with your own vision and values. Avoid the temptation to simply emulate others; instead, carve your own path.

The mentorship and network in place are, in my opinion, more crucial than the specific activities within your business. While education, training, and experience can develop other aspects, without the right support network—those who guide, connect, and uplift you—progress stalls. Your intelligence and product brilliance become irrelevant if you lack this essential foundation.

Don't assume that spending money will fix the problem. When faced with an issue, it's tempting to think, "Maybe there's an expensive software solution for this." While that might work temporarily, it often masks the underlying problem. It's crucial to uncover whether the issue lies in flawed processes. Simply throwing money or resources at it isn't always the answer. Sometimes, achieving more with less forces you to innovate and be more resourceful.

I would advise against ignoring operations. Speaking somewhat biasedly, I've seen many small businesses and startups waste considerable time and energy by overly focusing on sales and marketing while neglecting internal operations. Typically, organizations diligently develop their sales funnels and marketing strategies but often overlook crucial internal functions such as cross-departmental coordination, accounting, finance, HR, and legal matters. Consequently, CEOs or founders find themselves pulled into administrative tasks that are less strategic, dividing their attention between day-to-day operations and the broader strategic growth of their company. Therefore, I strongly recommend that one of the initial hires for any business should be an operations manager.

It's crucial for small business owners to carefully control their expenses by establishing and adhering to budgets and revenue forecasts. Often, our penchant for high-end products leads us to expand our overhead too rapidly, sometimes even surpassing our projected sales growth. I believe that preparing budgets and analyzing forecasts can be daunting for small business owners, yet these actions are pivotal in advancing the company towards success.

I'd advise them to observe quietly, like a fly on the wall. Initially, newcomers often criticize processes they don't fully understand. Instead of rushing to suggest improvements, I'd encourage them to listen and watch attentively. By using their ears more than their mouth, they can gain insight into the reasoning behind seemingly odd practices.

You know, I once had a friend, Barry, who recently embarked on his entrepreneurial journey. He sought my advice earnestly, asking, "What are the three crucial things I must know? I'm new to this business world." I replied, "First and foremost, you must never run out of cash. Cash flow is paramount; it's the lifeline of your business. Without it, you're unable to meet your obligations, and the business comes to a standstill. Simply put, if you have cash, you can address any challenge; it's just a matter of time. Cash reigns supreme." He nodded, jotting down the importance of cash. "What about number two?" he inquired. I reiterated, "Number two is still about cash. And guess what? Number three is too. Never underestimate the significance of maintaining a healthy cash flow."

I believe it's crucial advice for both Parker and myself: to consistently remind ourselves to show grace. Often, as entrepreneurs, we find ourselves scrolling through social media platforms like Twitter, TikTok, Instagram, and Facebook, or listening to podcasts, comparing our journey to those we admire. While it's beneficial to seek inspiration and challenge ourselves to progress, it can also be perilous, particularly in the early stages. Therefore, it's essential to grant ourselves a bit of grace and patience. Progressing step by step, day by day, is the key. Overnight success is a myth. So, let's not be too harsh on ourselves.

In the early days, the most crucial activity is talking to as many people as possible and expanding your network. Focus on having conversations where you seek advice rather than asking for anything else, like funding. Approach companies and individuals to ask for their time and insights, not for money. Understand that some people might decline due to their busy schedules, and that's perfectly okay. However, I've found that people are generally more willing to offer help if you ask for their advice.

If you have an idea, it's because you're uniquely suited to it—others don't have the same inspiration. Conversely, others have ideas you haven't thought of yet. I believe that if an idea comes to you, whether through intuition, a dream, or a sudden insight, you should act on it immediately. Initiating momentum is more crucial than extensive planning. While some people say, "Failing to plan is planning to fail," I believe that failing to act, even without a plan, accelerates failure. You will create a plan from your failures along the way. Just get started.