Business owner and entrepreneur Stephen Odzer gives his take on the top challenges facing business startups today and how to overcome them.
Entrepreneurs face challenges when trying to build their businesses from nothing. Suppose you dream of owning a successful business or taking your current business to the next level. In that case, you will find the insight in this article helpful as you strive to reach your goals, according to successful business owner Stephen Odzer.
If you long to start your own business but lack the funding, knowledge, or confidence to do so, you will find actionable advice laid out clearly and concisely below.
Stephen Odzer Advises New Business Owners To Start With Developing a Vision
Starting a business always poses numerous challenges. However, by starting off one step at a time, you can work through each one and achieve your goal. Begin with a vision that clearly describes what your business will do. Ask yourself:
- What products and services will you provide to customers?
- What need will you fulfill?
- Do you have the skills to put your plans into action?
- What knowledge and experience are you looking for in business partners and employees?
Your vision can start with a problem statement and end with how your business will solve it, for example, Stephen Odzer notes, CEO of YBT Industries in Cedarhurst, NY. Creating value and achieving success starts with your company’s vision statement.
Entrepreneurs are often ahead of their time. Take the Wright brothers for example. They envisioned and built the first airplane at a time when human flight existed only in the realms of ridicule and aspiration. However, they achieved their vision and ushered in an entirely new industry.
Who Will You Choose To Help You Architect Your Dream?
Many entrepreneurs want to take on every aspect of the business personally. However, if you’re going to grow your operations, you will have to let go of some parts of the company to focus on what you do best. By creating an inner circle of experts passionate to grow the new business, you can match everyone’s skills and passions to the various needs of your new venture.
In the beginning, raising capital becomes a priority. Whether that means borrowing money from a local lender or firing up venture capitalists, it’s crucial to find employees and partners with experience in funding new businesses, says Stephen Odzer.
How Will You Raise the Funds for a New Business?
Once you have an idea of the type of business you want to begin, it’s time to raise money. You know your business inside and out, even in its infancy. So, you are also the most qualified person to pitch to venture capitalists and others looking for an opportunity to get in on the ground floor of promising new business ideas.
Putting your vision into words for potential investors will challenge your creativity and passion. It’s important to build a reputation of trust and dedication. When venture capitalists see your commitment, it will give them confidence that you can stick through the tough early years of starting your own business.
The more you prepare and show your awareness of what it takes to get a business off the ground, the more likely you will raise the necessary capital, says Stephen Odzer.
How Do You Find the Right Business Location? Stephen Odzer Provides Essential Advice
Successful entrepreneur Stephen Odzer stresses the importance of finding the right business location. Not every business has a physical presence, but choosing the right place can mean the difference between success and failure for those who do.
- Find a location with a rapidly growing population.
- Choose a location with your target demographic.
- Consider how high or low the rent is on a particular site.
- Take advantage of empty office spaces due to the pandemic.
If you plan to begin a retail venture, it’s vital to ensure that you have room to grow as your business takes off. The same holds true for office or manufacturing businesses that you plan to expand.
Why Does It Better Whether You Find the Right Talent at the Right Time?
Finding good employees can make or break your business. In the beginning, it’s essential to find trustworthy and hardworking people. However, it’s equally important to finding those who are excited about putting in the effort to create something meaningful from day one, per Stephen Odzer.
Unfortunately, many people want to work as little as possible for their paycheck. Remember that who you hire will determine your company’s reputation. To attract great people, you need to hire great people and fire those who underperform as quickly as possible. Teambuilding is more art than science. That’s even truer when the future of your business depends on who you hire.
Where Are All the Good Customers? Do Your Homework on This Before You Develop Your Product
What is a good customer? Good customers will appreciate your product and provide repeat business. Loyal customers also forgive minor mistakes if you apologize, acknowledge, and fix the issue. Recognizing and honoring loyal customers is good for business, according to Stephen Odzer.
Create policies that reward customers for positive behavior to maximize your profits and generate goodwill. However, keep in mind that there are also bad customers, although it may take a while to recognize this. What is a bad customer? Bad customers try to exploit your goodwill and look for ways to take advantage of generous return policies.
How Do You Deal With Competition?
Unless you create a truly unique product, you are bound to have some competition. But, with the right attitude, you can face the competition and use the challenge to generate ideas and prevent stagnation, Stephen Odzer explains. First, it’s essential to keep tabs on what the competition does. However, you don’t want to make business decisions based solely on what other companies do.
Instead, craft your business model to provide a unique offering and attract and keep great customers.