This week’s top stories include small business advice covering the following four topics:
- The Smartest Business Model Ever (Part 1: Build A Moneymaker)
- The Smartest Business Model Ever (Part 2: Build A Moonshot)
- Impostor Syndrome: How to Recognize the Voice of the Impostor (and What to Do About It)
- These 5 Nontraditional Types of Franchisees Make Great Leaders
Each week we scour all the top business-related magazines and newspapers for articles with the best advice for the small business owner, so you do not have to.
The Smartest Business Model Ever (Part 1: Build A Moneymaker)
By: Lewis Schiff
If you want to scare a bunch of business-school students, show them what it really takes to be an entrepreneur. I see it happen twice weekly during a course at the Norm Brodsky College of Business at Rider University. The class is called “Inside the Mind of an Entrepreneur,” and I co-teach it alongside Professor Lisa Teach and Brodsky himself. Every Tuesday and Thursday, Norm and I arrange for a world-class entrepreneur to present their personal journey to 15 undergraduates. The entrepreneurs we bring on all have harrowing stories about building their businesses from nothing and overcoming adversity over and over again.
By the end of the first class or two, I can practically see the confidence drain from the students’ faces as they confront the reality of entrepreneurship — backbreaking work and sky-high financial risk. They hear how Noah Chaimberg of Heatonist spent his weekends behind a push cart outside music venues to test his approach to selling hot sauce before it became a multi-million dollar business. Jay Jay French from the heavy metal band Twisted Sister related how they played thousands of live shows before getting their big break on MTV. They learn how Charley Ryan from Brooklyn Bowl navigated the COVID pandemic with a shutdown that lasted more than a year. I imagine that an entry-level CPA position began to look increasingly attractive to them by comparison.
It’s no surprise that these students have a skewed idea of entrepreneurial life. Like all of us, they’ve read how Brian Chesky got the idea of Airbnb when he decided to rent out his apartment for a few days, or how Pierre Omidyar started eBay to sell his girlfriend’s Pez dispensers. This familiar narrative starts with solving a common problem with a brilliant, disruptive solution that was right in front of everyone’s eyes, continues with enthusiastic inflows of VC capital, snatching market share from traditional players to an eventual lPO and… well, you know the rest.
The problem? That’s not how the vast majority of entrepreneurial wealth is actually created. In reality, a successful entrepreneur is someone who builds what I call a smart business.
Related Post: 9 Things Every Business Customer Wants
The Smartest Business Model Ever (Part 2: Build A Moonshot)
By: Lewis Schiff
In the first part of this article, I showed you how to build a moneymaker — that is, a small B2B service business that solves a problem for large companies and that addresses the three underlying challenges that large companies face. If you haven’t read it, go back and do so now before proceeding.
There’s nothing better than building a small business that grows significantly, does a great job for its clients, employs lots of people, and makes its owners millions of dollars year after year. Well, that’s not entirely true. There is one thing that’s better: to turn that company into a business worth hundreds of millions or even billions to a buyer. That’s a moonshot.
So how do you get there?
Once you’ve built a moneymaker that helps your large-company clients with headcount, technology risk and financing, it’s time to start addressing those challenges yourself. We’ll consider all three at the same time because they are highly interconnected.
Impostor Syndrome: How to Recognize the Voice of the Impostor (and What to Do About It)
By: Kris Kelso
Have you ever felt like you didn’t really measure up to the assumptions that others have made about you? Do you wonder if your success may be the result of luck and timing, rather than your intelligence or hard work? Have you ever worried that at some point, everyone is going to figure out that you’re just making it up as you go, and figuring it out on-the-fly? If so, you may have had a run-in with the impostor, that inner critic that tries to convince you that your success isn’t real, and that you’re living a lie.
And you’re far from the only one who feels that way.
Research has shown that up to 70 percent of the population experiences impostor syndrome—the feeling that their success may be accidental, coincidental or even fraudulent—at some point in their career. And further studies have shown that impostor syndrome tends to be more prevalent among high-achievers.
That’s right—people who are ambitious and competitive and who push the boundaries; people who are not satisfied with coasting through life; people who take risks and try new things. These people are more likely to wrestle with the feeling that they may be a fraud.
Entrepreneurs, especially, are prone to feeling this way.
Related Post: Do you suffer from Impostor syndrome? You are not alone.
These 5 Nontraditional Types of Franchisees Make Great Leaders
By: Kedma Ough, MBA
As the community faces a new reality resulting from unprecedented circumstances, motivated entrepreneurs are seeking to control their job security through acquiring a business.
This new landscape also means the common profile of a modern franchisee business owner is shifting from older stereotypes, with many new entrants bringing nontraditional backgrounds and experiences.
Consider these new faces of the franchise community and the advantages they have over the usual franchisee.
Related Post: Do You Know Why Veterans Make Good Entrepreneurs?
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