•   Compendent
  • Business
  • Home & Garden
  • Wellness
  • Nonprofit
  • Life
  • Blogs We ♥
  • Contact
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Hide Search

5 Experienced Business Owners Provide Startup Entrepreneurs Their Best Business Advice

by Christina DeBusk ·  7 min read  ·  November 30, 2020

5 Experienced Business Owners Provide Startup Entrepreneurs Their Best Business Advice

Starting a business can make even the most courageous person weak in the knees. Half of the time you have no idea if you’re headed in the right direction. The other half you feel like you’re on track and just hoping that you don’t make a mistake.

If you’re an entrepreneur who is in the beginning stages of starting your own business, these five experienced company founders and owners have a little bit of advice for you. Specifically, it is advice that has helped them become more successful in business, hopefully offering the same benefit to you.

Clarify Your Vision, And Go For It

From Carlos Castelán, Managing Director of The Navio Group, a company that assists retail leaders with transforming their businesses

My advice to those who want to be a startup business entrepreneur: make sure, right from the start, you have set a vision for where you want to head and goals to help you get there.

By taking the time upfront to chart a course for yourself, staying focused on impactful activities becomes easier and saying no to distractions becomes a habit. Ensure that your vision and goals make it into every white boarding session because, if they do, you and your team avoid wasting energy chasing thing that do not matter.

Finally, don’t be afraid to take a risk and pursue something you’ve always wanted to do. What separates successful entrepreneurs from so many others is the ability to take risks and be comfortable making mistakes. Things don’t often work the first time but if you’re committed to what you pursue, and are willing to listen and learn, the path of entrepreneurship can be rewarding.”

Become an Expert in Project Management…and Project Budgets

From Joshua Brown, Founder of Renovation Collective Toronto based out of Toronto, Ontario, a company that offers interior and exterior renovation services, as well as handyman work including drywall installation and repair, painting, fixture installation, and more

The biggest piece of advice I can share is actually quite recent and from a learning lesson I experienced due to the pandemic: understand your margins, intimately, and become an expert at Project Management. 

Prior to COVID-19, we were still in our growth stage and we wanted to secure business when it presented itself. Similarly, we had a lot of operational flexibility and could send in our team to quickly complete jobs as we would work in tandem among other trades we subcontracted for jobs.

However, once COVID appeared, our eagerness to march forward was not feasible as we were being sidelined on projects taking several more weeks than usual. This was primarily because of everyone’s unique restrictions in their sectors, social distancing requirements, and supplier delays.

In response, he had to perform a crash course in Project Management, since we’re now staggering our specialty trades on-site in a very regimented manner. While this gap was exasperated because of the pandemic, I see it paying off for us for years to come and our company will be stronger because of it!

Concurrently, you also need to understand your profit margins on all types of projects you perform. Identify which projects provide the most lucrative profit margins and which produce the least. From there, you can establish a priority list for your in-house strategy with an end goal of booking as many of those high-profit jobs as possible and reducing those that are too lean.

If you can schedule and prioritize jobs with purposeful oversight you can feel the pulse of your business much more easily, which helps in all areas of operations.”

Trust Your Team

From Stewart J. Guss, Founder of Stewart J. Guss, Injury Accident Lawyers in Houston, Texas

My best advice is to not be married to an idea solely because it’s your own or you think because you’re the boss that your ideas surpass those of those team members you’ve hired. I always like to remind myself, ‘You trusted yourself enough to hire them, make sure you trust yourself to listen to them and take their suggestions and input seriously.’

Many of the best innovations at my law firm have come from employees at all levels of the organization, whether entry-level who was able to convey a gap up their pipeline or by a leader who saw improvement opportunities downstream.

Keep an open mind and be accepting to try new suggestions by others as you’ll likely be surprised at the outcome, and you will build loyalty and confidence among your team!”

Copy, Master, Then Tweak

From Mike Stewart, Founder of Vancouver New Condos in Vancouver, B.C.

My best advice is to watch and learn from the best in your market. Whether you’re a lawyer, realtor, sales professional, or somewhere in between, I recommend you mimic the dress, business practices, and even the speaking patterns that the top producers in your area use to be successful.

In most industries, there isn’t a need to reinvent the wheel when you first start your career. Instead, see what the best do, copy it, master it, and then tweak it to best fit your personality and preferences, which is where you’ll stand out in time.

So often, people want to be unique before they’re experts and I advise becoming an expert first and then fine-tuning your brand to highlight your uniqueness. You’ll spin your wheels less and can focus on revenue when you need it most!”

Decide How Your Business Will Run Without You

From Mac Fadra, CEO of MAXIM Hair Restoration, a company offering both surgical and non-surgical hair loss solutions

My biggest piece of advice to new entrepreneurs is to create a business succession plan. Normally, one would consider a succession plan in the event of disability, burn-out, or retirement, but COVID-19 showed us another reason: extended leave due to a pandemic or illness.

It’s my understanding that a lot of smaller businesses hadn’t planned for succession or factored their leadership being removed during COVID, and many brands felt that loss, even if only temporarily. So many business owners are hyper-focused on growth goals and managing so many elements of their business that they don’t consider what would happen to their years-long efforts if they were removed from leadership.

This is particularly important if you employ many team members and/or have a lot of assets. As an example, we have physical locations in 15 markets in four countries and employ many at each location. So, if I were removed from day-to-day operations without clear and concise instructions for my second in command, many employees would be at risk for their livelihood. That doesn’t even factor into the equation all the patients (or customers) that would have to make new plans too.

This doesn’t mean you have to be far removed as you could take a more strategic role such as Chairman or Board Member or even your existing role. But you need a back-up and a clear plan expressing that decision/s. I recommend either assessing highly-qualified and immediate family members to train or, if that’s not an option, then look within the ranks for someone younger with great potential who has already performed at a certain level.”

Filed Under: Business Tagged With: business advice, small business

By Christina DeBusk

Freelance writer, author, and small business consultant committed to helping entrepreneurs achieve higher levels of success.

Primary Sidebar

RECENT POSTS

Top 5 Myths You Still Believe About Real Estate Agents

March 9, 2023

How A Real Estate Agent Can Help You Find the Best Deal

February 13, 2023

5 Ways to Boost Your Retirement Savings

February 7, 2023

7 Bathroom Trends to Avoid in 2023

February 7, 2023

Seven Office Supplies You Need for Your Home Office

January 31, 2023

Recent Posts

Six Reasons to Choose the Pros When Moving a Home or Business

Condo Renovation Made Easy: Four Types of Flooring for Your Balcony

How to Use Your Marketing to Attract Talent to Your Nonprofit

New California Law Requires Balcony Inspections for Condo Complexes in Orange County and Los Angeles (SB 326)

Top Five Ways to Avoid Pest Infestations

Related Articles


6 Ways Entrepreneurs Can Be Better Teachers

6 Ways Entrepreneurs Can Be Better Teachers

5 Benefits of Using a Financial Software for Advisors and Professionals

5 Benefits of Using a Financial Software for Advisors and Professionals

How can an SEO company help you get more Medicare leads?

How can an SEO company help you get more Medicare leads?

Top Tips to Help You Develop Your Business Voice

Top Tips to Help You Develop Your Business Voice

Why You Should Create a Customer Journey Map

Why You Should Create a Customer Journey Map

Four Effective Techniques to Trade the Silver Market

Four Effective Techniques to Trade the Silver Market

Why You Should Create A Diverse Workforce

Why You Should Create A Diverse Workforce

4 Cybersecurity Tips for Small Businesses

4 Cybersecurity Tips for Small Businesses

How to Search for a Mentor

How to Search for a Mentor

Founding Sponsors
AV Programming Associates Christina DeBusk Greenlock Capital Long Beach Architect Ms Sparky Electric San Diego House Painters Purrfect Serving Canned Cat Food Cutters Smith Farms Custom Furniture VitalChurch Ministry
Scroll

© 2023 Compendent.com. All Rights Reserved.
Web Design by Modmacro℠

Sitemap  |  Advertising