As an entrepreneur, it is pertinent to have a purpose, plan for future, and know your targeted clients. These and more constitute the vital and valuable insights disclosed by many business tycoons present at the 2018 EY Strategic Growth Forum, a yearly conference that brings together about two thousand America’s leading entrepreneurs, advisors, and stakeholders, all specially invited. EY is an acronym for Ernst and Young, a professional services and accounting organization.
These recommendations, among others, all emerged at forum and were delivered by the “top names” present, including Alex Rodriguez – partner and investor of TruFusion fitness studios in Las Vegas; Kendra Scot – famous jewellery designer who rose from a spare-room office space to worth over $500 million; and Actress Jennifer Garner – co-founder of Organic baby brand “Once upon a time.”
Below are the best tips given by Scott, Garner, Rodriguez, and co. during the event on what you need to start, maintain and develop a business.
1. Aim for a higher purpose
Garner advised people to create an organization which support the development of a cause they care about. She disclosed that she keeps working hard because she is tired of asking people for financial assistance. Hence, she offers support to youth-related charities such as “Save the children.” Besides, Garner explained that she gets money through making individuals to purchase products which can assist them and others. And also, the yields from her baby food company are being used to help Ron Finley Project; a project will supply healthy foods and permission to urban gardens for the poor communities in L.A.
Michelle Tunno Buelow – the creator of Infant product retailer Bella Tunno – explained that with a profound purpose, success becomes meaningful; however, with a shallow goal, success becomes hollow. She added that clients feel grateful even by supporting you. Michelle’s business supplies one meal to an America child for each product sold.
2. Establish a sturdy foundation
The founder of Schmidt’s Naturals that used to sell deodorants, toothpaste, and soap before it was acquired by Unilever in 2017, Jaime Schmidt, mentioned that when you begin a business in the kitchen, such business doesn’t go far. Instead, she advised that entrepreneurs should keep audited financial details from scratch because a business that has lasted for long with an impressive history will have improved worth, compared to newly-developed businesses.
Also, the originator of health savings service called “HealthEquity,” Steve Neeleman, cautions about the effect of cybersecurity threat towards the company as they develop and become well-known. He explained that in a situation where you want to be bought, particularly by the public organizations, ensure you bolt every door because every hacker will strive to crash your system.
3. Set up an advisory board
Scott relayed that every founder’s instinct is mostly right due to their passion. Scott’s massive billion-dollars jewelry industry has been bootstrapped on credit cards, and currently, Berkshire Hathaway belonging to Warren Buffet is a major stakeholder.
Scott suggested that there is a need to build an advisory committee of experienced business directors from the beginning. And also, a report should be sent to them quarterly just like a public organization, and ensure to have biannual strategy meetings. She added that since every individual has flaws, then, there is a need to choose stable, deep thinkers who have known you for several years and can effectively recognize your flaws. Just like your most admired mentor, such people will tell you what you don’t want to hear, but need to hear.
4. Learn the business
The partner to Jennifer Lopez, the previous N.Y Yankee, and a fourteen-time Major League Baseball All-star, Rodriguez, advised to begin small and dwell in the game. By opening two studios in South Florida, Rodriquez has assisted in moving TruFusion fitness Concept to the East Coast. He added that narrowly advancing is not entirely wrong, so far it is genuinely into one or more things.
5. Develop a culture that befits with your brand
Scott opined that everyone need a super culture to have a superb brand, and there is a need to protect it with people who will be ready to support your brand. For instance, In Scott’s business, two thousand people were employed, and ninety-five percent of them are females. The reason being that she desires to create a working environment for mothers – a vision inspired through “Nine to Five,” a 1980s comedy where three women secretaries got revenge on their oppressive boss through abduction and running the business by their selves. Scott disclosed that you could be a mother/father and have a fantastic career, and in our culture, women are known to support each other.
It is worthy to note that women also sit at the top posts in Rodriguez’s organization. He stated that the women are in those positions because they are the best for those jobs.
6. Envision the future
Remember that landscape of consumers is increasing and evolving daily. Salim Ismail, the founder of ExO foundation – an online donation system – revealed that 1.2 billion people were online in the year 2010; 2.8 billion in the year 2015; and it will possibly exceed 8 billion by 2022. Ismail then queried, have you designed your business’ product and services for such market?
7. Prioritize the customer experience
Beyond the financial crisis which occurred between 2007 and 2008 which led to retail sales dropping to their barest levels in 35 years, Scott swapped how she operates her business. She explained that she imagined herself as her customer, and asked that what exactly are what she cherishes and dislike about buying experience? Then, she decided to establish a moment of merriment with champagne bar and cupcakes which were special in retails for clients
8. Take risks and admit your mistakes
Garner said that how one acts is how they perform every action. This, it is only logical to go against the risk and revolve when things go wrong. She added that success can be tedious and tremendous. And also, nobody makes the right choices at the top of success. She advised that everyone should give his/herself the right to be imperfect.