RevRoad’s Advice For Prospective Entrepreneurs
Walking through the meeting room doors for the “So You Want to Be an Entrepreneur” workshop at #DECAPowerTrip 2017, you can already feel the energetic atmosphere of the talk that is about to take place in this workshop. As the people file in all you can hear is the question, “How many of you have your own business?” With the large crowd, only a few students raise their hands in order to answer the question, but they are eager, waving their hands high with accompanied “oooooohhh”s.
Once the crowd has subsided into their seats Mr. Hill asked the question, “What do you hope to learn from this workshop?” Students said (even yelled) answers such as, “I want to know where to start,” “What are some common mistakes that should be avoided,” “How do you expand your business,” “What are the necessary skills needed to become an entrepreneur,” and “What do you do next when you make it.”
With these answers in mind, Mr. Hill started with his presentation.
Here are some of the advice and the answers that were given to those who attended:
START AS SOON AS POSSIBLE
Do not wait, but do! Starting as early as possible will help get your plans as organized as possible. Which will help you and your business succeed in the long run.
KNOW THE WHY, WHAT AND HOW
Your why is the reason why you want to start your business venture and why it would be beneficial to the world. The what determines what your service or product will do and what problems it will solve. Lastly, is the how, this determines the means that you will use to solve the problems that you have determined.
DON’T MAKE THE COMPANY ALL ABOUT THE PRODUCT
As Mr. Hill stated, “You may have a cool idea, but do not make the company all about the product.” This is a common mistake that most entrepreneurs make. When your company makes it all about the product, you and your team will forget to also focus on the other important stuff of what makes a business a business, from financials, suppliers, patents, and more, which can give your company and idea a higher failure rate.
HAVE A PLUS 1
According to Mr. Hill, a “plus 1” is something that comes with your product that customers did not know they wanted, but then becomes something that they need. Adding “plus one”s into your product will help delight your customers, which helps build customer loyalty.
MAKE SURE TO GET FUNDING FROM YOUR FRIENDS AND FAMILY
With Mr. Hill’s funding tactic EMILY (which stands for Early Money Is Like Yeast), early funding is very important because it’s what helps your business and finances to rise over time. One of the methods to earn early funding is through your friends and family. Asking your friends or family for help, will help other investors and banks to invest more in your company because it shows that you are very confident about your idea because you had enough confidence to ask those close to you for funding.
A huge thank you to Mr. Darren Hill for giving us a look into his company RevRoad and for giving our emerging leaders and entrepreneurs the advice they need to put their ideas out there into the world!
This article was written by Power Trip Power Team member, Ramon Luis Fille. You can follow Ramon on Twitter @hamden_DECA.