Fear No.5: Staying Afloat
You need money to start up; you need money to operate; and you need money to grow.
Throw the dismal economy into the equation–when people are spending less and it’s taking longer for small businesses to get paid (according to the “Economic Pulse” survey)–and money is even harder to come by.
Most important, you have to figure out if there is truly a consumer need. “You know you have a great product, but you don’t know if it fits a need,” Jim Koch, founder and brewer, The Boston Beer Company, says. “Ask yourself if what you’re offering is better or cheaper.”
And if you find that for a certain segment it is, those are your customers; find out what matters to them. “The customer will give you cues,” he adds. “You can learn everything you need to know from them.”
Colleen Long, founder and creative director, FreudTV, discovered the need for her services when she saw a lack of resources for doctors looking to share their expertise. In a sense, she was her customer, and she understood where the need resided.
Koch emphasizes the importance of putting yourself out there tirelessly. As an entrepreneur, you’re often the salesperson, so you have to master the art of selling, he says, reflecting on the early years when he traveled from bar to bar with chilled bottles of Samuel Adams for bartenders to taste. “I had to go into a bar 10 times before I even got to see the bar manager.”
Photo by batintherain.
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