Special Edition:Thoughts on Small Business & Entrepreneurship
Gail Goodman Interviews Rieva Lesonsky, Editorial Director, Entrepreneur Media Inc.
G: What challenges do you find small businesses are facing?
R: Trying to get through the clutter. They are finding the environment more competitive and are asking, 'how do I sell my service, my product, or what I do, to people?'
G: Do you find that most small businesses plan and implement their own marketing strategies?
R: Yes. And the thing they don't realize is they don't have to do it themselves. If they would spend a little more money on marketing, it would work so much better. You make a little investment and that investment will come back to you in geometric terms.
G: What are some cost-effective tips for small businesses working with tight marketing budgets?
R: I think there are several things businesses overlook. One is intern programs. Go to a local college and start an intern program. Go to a marketing professor and say, 'I'd like to start an internship program or participate in a class project.'
G: Where do you think small business owners turn to learn?
R: Today's entrepreneurs are younger in general. Our average reader is between 39 and 41 years old, they've been in business for seven years, they are doing well-and they don't join groups. The big groups are losing membership. One of the things we've seen an increase in is schools adding entrepreneurship programs.
G: What are some common mistakes that you see small businesses make in their first or second years?
R: Owners make mistakes in hiring. They tend to hire someone who agrees with them or is just like them, so then you have two people with the same point of view, and then you have five people with the same point of view. The owners need to hire people with a different point of view or who come at things differently so that, together, you are a stronger business and owner. I think that, first, you have to sit down and do an assessment to understand what your own strengths and weaknesses are and then hire to your weakness and not to your strength.
G: Do you think that not delegating is a common mistake for new owners?
R: Absolutely. People think that you have to be really controlling to be an entrepreneur, and I actually have the opposite point of view. I think that you have to be more flexible and you have to let go. You obviously have to watch, but you have to allow your people to try things, to experiment. And, if something goes wrong, just because they were trying something, you don't fire them or punish them, because how would you know if you don't try. It is all trial and error. And you have to make sure your employees know that because so many of your employees are sitting there going, 'oh no I am going to get fired if I do this' and then there just are no new ideas.
G: What about the folks who are on their own and who may never have a staff, what advice to you have for them?
R: For solo entrepreneurs, you have to try harder. Join your trade association and go to their annual meetings. If you did come from a college, then join your alumni association. Form an informal board of directors, where you just ask people, 'can we meet once a month.' Don't eat lunch in the house. Do this, one, to stay in touch with industry information and what's going on, and, two, to mentally stimulate yourself.
G: What advice do you have for small business owners when they are just getting started, or are in their first few years?
R: The best advice that I ever tell entrepreneurs is, 'The day you stop having fun doing what you are doing, it's time to either find your fun again, or go do something else, because if you don't, you are going to be miserable.' And who wants to be miserable at your own thing. I think all business should be fun!
G: How does a small business owner stay creative?
R: My rule for every entrepreneur, no matter who they are, is to pay attention. Ideas come from frustration, so when you are frustrated try to remember what you said because there could be an idea in there. Also, if you know what is going on in the world, then you can create business ideas. There is this guy here in New York City who started soup-only restaurants after watching the Soup Nazi episode on Seinfeld, years ago. You have to be online, you have to watch TV to know why and what people are doing. What are Americans watching? What are they buying? That means something to your business.
About Rieva Lesonsky
Rieva Lesonsky is editorial director for Entrepreneur Media Inc. and has been with the company for 25 years. She brings a winning combination of expansive high energy and verve, which has served as the basis for the success of numerous brand extensions including magazines, websites (including Entrepreneur.com) and books.
A nationally recognized speaker and expert on small business and entrepreneurship, Ms. Lesonsky has appeared on numerous national TV programs, including The Today Show, Martha Stewart, Good Morning America, and Oprah.
Entrepreneur's editorial mission is to guide readers through the daily challenges of business ownership. Written for busy entrepreneurs, the magazine gives readers concise, hands-on, accessible advice so they can get in, get out, and get back to business.
