Entrepreneur Comparison to Starting from Scratch Chapter 19

While Chapter 19 primarily focused on Kimberly Wilson building and living her brand image, I found several comparisons between her experience as an entrepreneur and my interview with Harry Stokes, founder of Contemporary Benefits Design, Inc. First, I felt one thing these individuals had in common was their desire to get away from their jobs and create their own business. Kimberly was very tired of being a paralegal and wanted to fulfill her own personal dreams. On the other hand, Harry wanted to leave his job because he was tired of seeing others benefit from his work as an insurance salesman. In addition, another common trait between Harry and Kimberly would be sticking with what you know. In Chapter 19, it reads that Kimberly was never a numbers person, so she had to hire out a lawyer and an accountant. In addition to numbers, she also stated that she had another huge problem with managing and delegating tasks. In my interview with Harry Stokes, he also told me that managing cash flow and managing people were his two biggest problems starting a business. One other common link between the two entrepreneurs would be the way that they marketed their business. Word of mouth is the primary method of gaining new clients for both businesses. Lastly, in Chapter 19, Kimberly spoke of having to put in long hours with her business, especially when she was short handed. I immediately thought of Harry Stokes saying, "I usually spend close to 50 hours per week in my office, and another 15 outside of my office." Although these two entrepreneurs have two totally different businesses, both share several common characteristics of great and successful business leaders.

Chapter 19: Kimberly Moss with TranquiliT clothing, Tranquil Space Studio

The story of TranquiliT clothing line and Kimberly Moss is a fascinating, motivating, and inspiring selection. Kimberly Moss is a perfect example of how to follow your dreams and reach a persons inner creativity. The main points learned by the Kimberly can be described as take a slow approach, learning how to appeal to a niche market, and how to live and build her brand name. One important lesson that Kimberly learned was how to build her business slowly and make difficult decisions. For example, when she first created her business, she started from yoga studio from home and she didn't quit her day job until she had enough cash flow to do so. In addition, she started out with a small group of customers that slowly grew into a large group of people, which resulted in her moving from her house studio into a rented church space. Another important lesson Kimberly learned was how to reach a niche market. By creating detailed flyers that stood out in the neighborhood, she was able to attract a niche group of women. Serving cookies and tea after each session was a great way to bond with her customers and created motivation for her customers to spread the word of her studio. Lastly, Kimberly learned through the "start from scratch" business about how to live and build her brand. As a young girl, Kimberly wanted to help people by achieving a degree in psychotherapy, however, she attained her overall goal of helping people by building her yoga business. She left her job as a paralegal in Washington, D.C. to pursue her dream and to reach her inner creativity. In my opinion, Kimberly opening this business was her way to appeal to Maslow's "self-actualization" human need. As previously stated, her attention to personal detail and customer service by having a book club, tea and cookies, and personalized teaching courses allowed Kimberly an opportunity to create a group of loyal customers.

Interview with New Venture Marketing Expert

            In addition to recently interviewing an entrepreneur and a new venture capitalist network, I also had the privilege to interview new venture marketing expert, Stern Dixon. Currently, Stern Dixon is the President and Founder of MarketComm, LLC. based out of Charlotte, NC. MarketComm, LLC offers a comprehensive and coordinated marketing strategy for companies throughout North America. Before starting MarketComm, LLC, Stern worked at Crumley Roberts, LLP where he created and managed a marketing department at this consumer-based law firm with 14 offices in North and South Carolina.
          I first asked Mr. Dixon, "What are some of the best marketing strategies for small businesses that you have seen?" He began to explain to me that getting involved in the local community, or geographic target area, and create networking campaigns are some of the best ways to market to new customers. Furthermore, he told me that by reaching out into the community and hosting networking campaigns and events, many small businesses are able to save money and still pull in customers. I, then, preceded to ask, "How effective is networking for a small business owner for marketing?" He replied, "If you're constantly seeing the same people again and again, it's worthless to try and network with these individuals, however, if you are seeing different people, then it has the potential to be very successful. It's important that you come prepared with an elevator pitch prepared and to hand out business cards, but it is more important to get business cards from other individuals and follow up with them."
       On the flip side, I also asked, "Do you believe that there are any particular marketing strategies that are ineffective for entrepreneurs?" He said that almost every marketing strategy has the potential to work, but it really boils down to what is specifically the most effective strategy for your business your situation. I also asked, "What is your opinion on the growth and emphasis of social media for new venture marketing?" He replied, "Too many small businesses are over-emphasizing the power of social media. While in certain cases it can be effective, often times small businesses drain too much money and time into social media marketing. In essence, an entrepreneur is just collecting names, not attracting customers, and social media has been recently very overrated."
     I decided to close our interview, much like the others, by asking, "What is the best advice you could give to small businesses on marketing?" Stern explained that it is imperative that an entrepreneur has a marketing plan, forecasted for at least 6 months, that lays out specific goals and objectives for where and how the business wants to grow. This plan needs to analyze your target market, find out who are the most profitable consumers, what it will take to reach those consumers, and how to achieve these goals efficiently and cheap. Most importantly, the marketing plan must discuss how to continue the company's long term strategy, and it is imperative that changes are made as time passes.
     I was surprised and interested by the responses provided by Stern Dixon. In these modern times, with so many technological advances, I thought it was strange to hear him say that social media is often a waste of money. In addition, I was intrigued by his responses relating to being prepared with a marketing plan. Many of the readings that we have read over the course of ENT 301 are almost verbatim with the responses provided by Mr. Dixon. Overall, I was very happy and pleased to have the experience interviewing him, and I feel that I have taken a lot away from our discussion.

Interview with New Venture Financing Expert

          In the last few weeks, I had the privilege of conducting an email interview with Justin Desrosiers, Director of Strategy & Operations for Investors' Circle. Based out of Durham, NC, Investors' Circle is the oldest and largest early-stage impact investing group and has helped over 265 businesses come to fruition. Mr. Desrosiers began his career in consulting and has advised Fortune 500 clients from all around the globe.
         Although there were many questions I wanted to ask Mr. Desrosiers, I tried to emphasize the importance of new venture funding for entrepreneurs and some of the best ways to achieve funding as an entrepreneur. For example, I asked Justin how do you know a great entrepreneur and business when you see one, to which he replied, "Obviously a detailed business plan, marketing plan, and financial forecasts are very important, but 50% of your decision is instinctive. There's a feeling in your gut that you have to follow." In addition, I asked what types of small business start up situations do you try to avoid, and he told me that teams that don't function together well are one of the biggest things that turns off angel investors and venture capitalists. Furthermore, he told me that other negative characteristics of entrepreneurs seeking investments are not being completely honest and no self introspection to ascertain what they've done wrong and how they are impacting their team.
       In addition to questions regarding what angel investors and venture capitalists look for in entrepreneurs and small businesses, I asked Mr. Desrosiers what is Investors' Circle's core investing philosophy? He replied, "I believe that our core investing philosophy is to invest in a fantastic team that works well with one another, and picking a business that is going after a compelling business market." I finished my interview with Justin by asking, "If you could offer one piece of advice for entrepreneurs seeking venture capital, what would it be?" He responded, "Entrepreneurs have to be passionate about what they are trying to do, and the must have the determination to overcome failure. In addition, it is important that entrepreneurs seek advice from others, but it is important to take some things and leave the rest."
      My interview with Mr. Desrosiers provided me with a great deal of insight as to what angel investors and venture capitalists look for in entrepreneurs, and it also provided me with an opportunity to take away a few tips and tricks to ensure new venture investments.

Interview with an Entrepreneur

       Recently, I conducted an email interview with a entrepreneur from my hometown in Matthews, NC named Harry Stokes. He is the owner and founder of Contemporary Benefits Design, Inc. Founded in 1990, Contemporary Benefits Design, Inc. is one of the areas largest full service benefits brokerage firms. They provide expertise and superior creativity in all areas of benefits and insurance, but the firm specializes in group health, life, dental, disability, executive/key man plans, and retirement services. This business has proven to be very successful, with over 600 client companies. In addition to his insurance benefits company, Harry also has several other small ventures, including a frozen ice business that caters to local school sporting events. I sat down with Harry and asked him a few questions about his career as an entrepreneur. I first asked what made him want to create his own venture, and he claimed that he witnessed upper management taking too large of a cut from the amount of his insurance sales, and so he decided to leave his first firm to keep all the profits from his work. As we continued talking, Harry began to explain to me that the most challenging aspect of starting Contemporary Benefits Design, Inc. was his cash flow. Because the business is commission based, it can take a great deal of time before money starts to come into the company. Furthermore, Harry said that it was challenging to learn how to maintain personal and business income, while still investing back into the company. In addition to cash flows, he says that the most challenging aspect of operating his business is managing his staff.
        I asked Mr. Stokes how many hours per week he devotes to his business, and he told me that, at a minimum, he spends 50 hours per week in his office and devotes at least 65 hours per week to his business overall. I then preceded to discuss what separates his business from other competitors in his market. He said, "We stay competitive in our market by providing excellent service to our clients. We go the extra mile." After that, I questioned him about his marketing and advertising strategies for attracting and retaining clients. Harry began explaining to me that Contemporary Benefits Design, Inc. primarily marketed and advertised their business by word of mouth ad roughly 75% of new clients came from recommendations, however, they still use social media and telemarketing to attract new business. As our conversation came to an end, I asked him what was the most satisfying thing about being an entrepreneur, to which he answered, "The most rewarding things of owning a business are flexibility, income, and the satisfaction of creating something successful." My final question was if you could start all over again, what would you do differently? He explained that his business grew too large, too fast, and that if he could do it again he would grow the business at a slower and steadier pace.
       My interview with Harry Stokes provided a great deal of insight into the life of an entrepreneur. Devoting long hours, time, and personal money into the business, the satisfaction of being your own boss, and how there are always mistakes that you learn to never make again. If you are interested in viewing his business website, you can find it at www.contemporarybenefits.com

ENT 350 Three Entrepreneurs Compare and Contrast

Compare & Contrast Three Entrepreneurs

A few characteristics of an entrepreneur include courage, determination, social responsibility, and to be a risk taker. After reviewing the three videos required for our ENT 301 assignment, I believe that Jim Garland, Elon Musk, and Richard Branson could classify as some of the worlds leading entrepreneurs. Although they hold different positions in companies and have achieved different levels of success, some of these characteristics can be seen in each of their lives. To understand the comparison and contrast between each of these entrepreneurs, they must be examined individually.

Jim Garland can be considered a wonderful role model for most entrepreneurs. The story of his business start-up, the aviation and boat cleaning service, portrays what many consider to be “the American Dream;” building a business from the ground up and making it successful. Some similarities that Jim Garland shares with Elon Musk and Richard Branson include they all started out as entrepreneurs from a very young age. Another similarity that Jim Garland shares Musk and Branson is he is a huge risk taker. During his video, he discusses how new regulation and the economy has greatly affected his business, however, he has not made any cuts to insurance for his employees and has tried to expand, despite a difficult a economy. I would say one thing that separates Jim Garland from Branson and Musk is his desire to invest back in his employees and to provide them with the same opportunity he has experienced.

While Jim Garland is an excellent example of entrepreneurial characteristics, Elon Musk is an entrepreneur unlike most in the world. As I have previously stated, a common area among all three entrepreneurs discussed in the videos is that they all started out as young entrepreneurs. Musk created Zip2 and sold the software for 22 million dollars at age 28. In addition, another characteristic of an entrepreneur that all three have in common is their determination to take on risks. For example, Musk invested every last cent he had into his company Tesla in order to receive a 70 million dollar contract for smart car batteries. While he shares common characteristics with Garland and Branson, I believe that what defines Musk as an entrepreneur is his desire to forever revolutionize industries, including the online financial industry and the worlds dependence on fossil fuels. In addition, I think another entrepreneurial characteristic that defines Musk is that he is highly intelligent, thus allowing him to be deeply involved in product engineering and architecture, particularly SpaceX products.

In addition to Garland and Musk, Branson also shares several characteristics of what defines an entrepreneur. For example, some of Branson’s closest friends have said, “He was wired to be a business man from day one.” Much like Garland and Musk, Branson got his start early as an entrepreneur selling Christmas trees at age 13. In addition, Branson, like Garland and Musk, has had to overcome challenges, such as dyslexia, tax evasion charges, and has had to perform dangerous stunts to market his company Virgin. One major difference between Branson and the other entrepreneurs viewed is that he isn’t impressed by wealth when creating his ventures. For every venture he has created, he’s been more interested in how much fun and exciting his experience creating these businesses has been. Although he’s driven by money, he’s not impressed by wealth.