Entrepreneurship

Why You Won’t Learn How to be an Entrepreneur in College

While a college education can provide valuable knowledge and skills, there are several reasons why it may not be the most effective way to learn how to be an entrepreneur in college. As an entrepreneur who never went to college and started multiple businesses on my own with no knowledge, money or mentorship, I can say that college would never have taught me what I learned first-hand. It also would have taken up 4 years of my time on top of tens of thousands of dollars of student loan debt. Instead, I just started with what I had and learned from trial and error.

Entrepreneur in college

Practical Experience:

Entrepreneurship is primarily learned through practical experience and real-world challenges. While colleges can offer theoretical knowledge and case studies, they often lack the hands-on experience of starting and running a business. Entrepreneurship requires learning from failures, adapting to market dynamics, and making quick decisions. These are better acquired through direct involvement in the business world.

I made a million mistakes when I started my first business, which was a cash-intensive manufacturing business based on my invention, the wrist water bottle.

Dynamic Nature of Entrepreneurship:

The entrepreneurial landscape is constantly evolving, with new technologies, market trends, and business models emerging rapidly. College curricula, on the other hand, can be slow to adapt to these changes. By the time a course is developed, approved, and taught, the information may already be outdated. Staying ahead as an entrepreneur often involves learning on the fly and staying updated with the latest trends, which can be difficult within the rigid structures of a college program.

Nothing beats learning on the job. There are so many things about running a business that you simply find out by doing them and making mistakes along the way.

Interdisciplinary Skills:

Successful entrepreneurship requires a wide range of skills, including marketing, finance, sales, networking, leadership, and problem-solving. While colleges typically offer specialized courses, they often lack an integrated curriculum that combines these interdisciplinary skills. Entrepreneurial success often comes from the ability to navigate different areas of business seamlessly. And this holistic perspective is challenging to develop solely through traditional college education.

When you start out as a solopreneur you learn how to do every job in your business. This will become valuable when you need to hire employees down the road to help you.

Networking Opportunities:

Building a strong network is crucial for entrepreneurs. College can provide opportunities to connect with like-minded individuals, professors, and guest speakers who may have entrepreneurial experience. However, networking within the college environment may be limited compared to the broader entrepreneurial ecosystem. Industry events, conferences, meetups, and startup communities offer a more diverse range of connections and potential mentors. This can be difficult to replicate within the confines of a college campus.

Some of my best networking has been at trade shows. I met a guy who got me into the promotional products industry at a really bad trade show, which would have been a disaster. But he completely turned my business into a very profitable one by introducing me to an industry I didn’t even know about. I also found my first manufacturer at a trade show, that ironically was also a disaster! Those are not the kinds of business connections you meet on a college campus.

Risk Aversion and Structure:

Colleges typically prioritize stability, conformity, and risk aversion. While these qualities may be suitable for some career paths, entrepreneurship often requires taking calculated risks, thinking outside the box, and challenging conventional wisdom. The structured environment of college may not foster the risk-taking mentality and creativity that entrepreneurs need to succeed.

I took a HUGE number of risks to start my business. And I worked 2 jobs for years to pay for it. Putting that money into a college education to be an entrepreneur would have been a waste of money. And I was able to get up and running while many of my peers were still reading books about business.

It’s worth noting that while college may not be the ideal route to learn how to be an entrepreneur, it can still offer valuable resources and opportunities, such as business courses, mentorship programs, and access to research and libraries. However, many successful entrepreneurs have found that hands-on experience, networking, and continuous self-education outside of formal education play a significant role in their journey.

Tips on Running Multiple Businesses

According to a study by the Small Business Administration, multiple business owners are more likely to be classified as high income and high wealth. If you play the stock market you have a diversified portfolio of different types of stocks. So why not have a portfolio of multiple, diversified businesses?

I used to have one business. During a booming economy, that was great! Sales were through the roof and I was flying back and forth to the factory manufacturing orders and traveling ‘cross country on a PR tour. But then the Great Recession hit. This was on top of the fact that I now had counterfeiters stealing my product. It all came to a screeching halt.

Running Multiple Businesses

This is when I learned the value of running multiple businesses. It sounds crazy, I know. It’s hard enough to run one business. Why would anyone take on the herculean task of running multiple businesses? Well, for the same reason you diversify your stock portfolio.

I started reaching out to other business owners and found that the idea isn’t as crazy as I thought.

Hiring for Multiple Businesses

My name is Dave Chesson and I definitely enjoy running multiple businesses. I’m the:

-Creator of Publisher Rocket, a book marketing software

-Founder of Kindlepreneur.com, an advanced book marketing website.

-Part owner of GunUniversity.com a source for learning about guns, reviews, and courses.

-Part owner of a software development company

The biggest leap that helped me to run multiple businesses more effectively and efficiently was when I started hiring people for responsibilities. This was instead of task based work. I used to bring people one with a set of tasks that needed to be managed. However, when I started giving people an area of responsibility, this required less micromanaging on my part. This freed me to take an overall strategic position in my organizations.

Hire Your Kids to Run Multiple Businesses

I’m the director of our Neighborhood Creative Arts Center, Children’s Voices of Southern Maryland, The Thinking Kid. I also run an Airbnb and a backyard breeding business. Why? Because I have a large family with never-ending expenses. With 14 children and a desire to serve my community, it has been a creative experience to create these businesses and programs from scratch.

However, I have enlisted my older children to assist with our social media, web design, marketing, and other services needed to lead us to success. This has proved to help them forward in their own lives. Realizing that their actions can make or break a marketing plan. They are important and essential for success, and provide grounding for them so they have a more tangible plan for their own careers. And helps them develop essential soft skills.

Find Quiet Time to Work When Running Multiple Businesses

Personally, I have found that finding quiet hours to work and organize each businesses’ daily tasks and long-term needs is essential. This is better in the morning or late at night before I go to bed. Once the day starts with a normal stream of interruptions and commitments, smaller tasks can still be completed. But deep thinking is impossible. Organization is key. I am a die-hard organizer. I keep the paperwork for each business in its’ own binder (for longer-term) and folder (for shorter-term).

Each week, I go through the folders and move long-term paperwork to the binder. No one touches my desk or notepads. I keep a post-it notepad and pencil by my bed, my bathroom sink, in my purse, and in my van. At the end of the day, I collect them and add the notes to my daily plan for the next day.

I do sleep, however, I think about my programs, businesses, and family all the time. Raising a large family and running marathons has provided excellent training. One never stops because stopping means falling behind. With so many layers of responsibility, catching up is almost impossible.

Georgia Bonney, Executive Director of The Thinking Kid thethinkingkid.org

Running Multiple Businesses Takes Proper Planning

Tips for running multiple businesses:

1) JW Document Services, a full service paralegal firm located in Deland Florida.

2) J’s cakes a retail bakery located in a busy mall in Sanford Florida.

3)I am also a licensed practicing Florida realtor, and co-owner of a real estate investment firm IAM Holdings.

4) Lastly, I am a published author of The 60 Day Start Up and currently working on another book.

I believe the key to successfully running multiple businesses is proper planning and intense focus. What I do is plan my goal for each business at the beginning of the month. Every night I create my schedule and list of activities that need to be completed the next day. From there whatever business I am currently working on receives my full and undivided attention. For example, when it is time for me to work on Bakery tasks I completely remove myself from the office. I’m not available for phone calls, appointments, or checking emails. I am completely dedicated to my bakery task at that time. It’s called time blocking.

Employees are Essential

Employees, whether they are full-time employees or VA are essential. I believe as business owners you cannot spend your precious time working on tasks that can be delegated to others. Instead our time is best used to oversee the process and put the right people in charge of things. It’s kind of like looking over a chess board instead of being one of the ponds. If you’re a Pawn on the board you can’t see what’s happening or the direction everything is going.

But when you are looking overhead at the pieces you can see everything clearly and know exactly where they need to be. I use a combination of traditional employees and virtual assistants. I have an answering service that handles all my calls at the office and sets my appointments. I have employees who assist with preparation of documents. At the bakery a virtual assistant would not be beneficial and I primarily use traditional employees to fulfill customer orders. You have to find out what works for you and your business needs.

Running Multiple Businesses and Sleep

In the developmental stages of the businesses you will lose sleep. You should be prepared to lose sleep. But you don’t look at it as losing sleep. When you are in that moment you are so focused on completing your goal it doesn’t feel as if you are losing sleep. You would actually prefer to be up working on your plans, your website and your systems that you almost feel guilty for sleeping. But once you have set the system in place and everything is operating you will see that you get to some sort of normal. I have actually gone 72 hours with no sleep!

Janelle Woods

Keeping it in the Same Industry

I run multiple businesses and I do many things. They say if you want something to get done, ask a busy person. I have a DOER mindset and I’m a Capricorn. I started my first company Whitegate PR INC, a PR firm that specializes in the pet industry in 2007. After that I launched “The Pet Lady” a brand that is focused on teaching pet parents tips and tricks about pet care. This is a trademarked brand, www.thepetlady.net.

Eight years ago I started a pet trade show with a business partner, my co-founder Nancy Hassel, for the NYC Retails and Sales Pet Expo. This year, May 2020 was to be our 8th annual business to business trade show, which is now postponed until November 10th 2020. http://www.retailsandsalespetexpo.com/

I started a women’s choir called the Rockaway Resistance Revival Chorus in the Fall. Also teach, I used to teach at FIT (Fashion Institute of Technology). More recently have been teaching at Baruch College. I am now launching a Life Coaching business.

Dana Humphrey

www.whitegatepr.com

Create a System for Everything

I’m Rachel Williams. I work full time in corporate marketing. Our family owns Amity Harbor Sports. My husband and I took over The Rinx Pro Shop from the former owners in 2005, and we just launched Long Island Hockey Co.

If popular hobbies were a category on Family Feud, you may hear answers like running, hiking, reading, etc. If you asked me my hobbies, I’d say,
building businesses and supporting our local community. It took me a while to learn how to put my passion into practice, and accept that this
truly was a hobby. But now I’m happier than ever. I love watching people grow, thrive, and support one another. I don’t sleep as much as I
should. But I wouldn’t have it any other way. After all, you only have one life to live. Why not consciously create the life you’ve always dreamed of?

How do you keep everything straight?

I’m very type A, so I create a system for everything, and continue to evolve it until it’s as efficient as possible. I studied Communication
and Education in college. Have a degree in both, which I attribute the majority of my success in this area.

We also try to surround ourselves with people who can push us, make us stronger, and help us grow. If you are the smartest person
in the room, you’re in the wrong room. We place a very big emphasis on feedback. Feedback from one another as partners, feedback from our employees, feedback from our customers, etc. We’re only as good as our weakest link. You constantly need to evolve to ensure success.

Do you have employees?

I pull from what I learned studying communication and education. Leveraging technology, innovation, and some good ‘ol customer service.
We’re able to set multiple companies up for success, as well as our employees. We’re so grateful for our wonderful staff who take immense pride in their work, and help to bring our dreams to life. Especially in the epicenter of COVID. We are thankful to be able to continue to employ our
community members, while unemployment is skyrocketing.

At the end of the day, we are all people, with complex feelings. We are here to support one another, and make sure everyone reaches their highest potential. It’s easy to work towards your dreams when you are surrounded by people working towards theirs. You’re all working to build each other up!

Rachel Williams

Long Island Hockey Co.

Have a Flexible Schedule

I’m Neal Taparia. I founded Imagine Easy Solutions, a software company I grew and sold. Also served as an executive at Chegg, an NYSE public company. I currently am incubating and running a few companies. Including my new, Solitaired, where we tie classic games to brain training, along with past companies.

There are two effective ways to run multiple businesses:

Properly schedule your time among your businesses with flexibility. Every week, I will mark dedicated days to each business where I can focus on them. From 3-6PM though, I will make that a flexible period where I will work on any business based on what the priority might be.

Delegate once processes have been established. I’m hands on during the early stages of the business, as we try to figure out product market fit and how to scale the business. Once that’s been established, I will put a senior person in charge of that business. I rely on that person to run the business. That person will give me daily email updates, and I’ll meet with them once a week, to make sure everything is running smoothly.

Neal Taparia

Solitaired – Bringing brain training and classic games together.

Be a Good Delegator

My name is Larissa Castelluber. I have a Marketing Company and I am in the middle of building a Wine Bar in South Florida.

How do you keep everything straight?

Meditation (good mental health) and staff. Delegation will be the key to your success here. One person can barely run one business. You need a team that agrees with your vision and trusts that you will help them grow along the way.

With your mind right, you can focus on what’s important. You need to prioritize your health to be able to work optimally.

Do you have employees?

I have a few employees, and some contractors to help with jobs not as frequent. Good people take time to hire but make sure you are honest with your expectations and your staff.

Do you ever sleep?

Sleep and meditation is actually recommended. But you will need to wake up earlier than you are used to be able to upkeep the demand and still have time to relax at night.

Larissa Castelluber

dmoves.com

rebelwinebar.com

Surround Yourself With the Best People

I’m Rachel Williams. I work full time in corporate marketing, our family owns Amity Harbor Sports, my husband and I took over The Rinx Pro Shop from the former owners in 2005, and we just launched Long Island Hockey Co.

If “popular hobbies” were a category on Family Feud, you may hear answers like running, hiking, reading, etc. If you asked me my hobbies, I’d say, “building businesses and supporting our local community.” It took me a while to learn how to put my passion into practice, and accept that this truly was a hobby. But now I’m happier than ever. I love watching people grow, thrive, and support one another. I don’t sleep as much as I should. But I wouldn’t have it any other way. After all, you only have one life to live. Why not consciously create the life you’ve always dreamed of.

How do you keep everything straight?
- I’m very type A, so I create a system for everything, and continue to evolve it until it’s as efficient as possible. I studied Communication and Education in college, and have a degree in both, which I attribute the majority of my success to in this area.
- We also try to surround ourselves with people who can push us, make us stronger, and help us grow. “If you are the smartest person in the room, you’re in the wrong room.” Place a very big emphasis on feedback. Feedback from one another as partners, feedback from our employees, feedback from our customers, etc. We’re only as good as our weakest link. We constantly need to evolve to ensure we are set up for success.
Do you have employees?
- I studied communication and education, and leveraged technology, innovation, and some good ‘ol customer service. We’re able to set multiple companies up for success, as well as our employees. We’re so grateful for our wonderful staff who take immense pride in their work. They help to bring our dreams to life. Especially in the epicenter of COVID. We are thankful to be able to continue to employ our community members, while unemployment is skyrocketing.
- “I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.” Maya Angelou – At the end of the day, we are all people, with complex feelings. We are here to support one another, and make sure everyone reaches their highest potential. It’s easy to work towards your dreams when you are surrounded by people working towards theirs. You’re all working to build each other up.

Tools to Manage Time When Running Multiple Businesses

I run two businesses. Both are similar but also have several differences.

Running multiple businesses is a challenge but can be done. I know because I’m currently doing it.

The first business is an insurance wholesale business. I started AMP Strategies, LLC (www.ampstrategies.com) 10 years ago when I left corporate america. Insurance wholesalers work with the agent or financial advisor instead of the public. We help the advisor source the best insurance or annuity products for their clients. It is very consultative and involves a lot of back and forth.. I have two employees that help me manage the day to day and I normally get involved on the more complicated scenarios.

I started High Income Protection specifically to serve retail customers. We primarily focus on disability and life insurance and operate 100% online. Essentially, we are an independent (which means we represent multiple carriers) online insurance agency. I have a virtual assistant who works with me in this business.

While I split my time between the two, AMP is a much more mature business and since two people besides myself work for the company, it doesn’t require a ton of my time.

High Income Protection requires more work, but a lot of that is marketing focused.

We use Slack, Trello, Asana, and several other tools to manage time and communicate. It can be difficult to keep everything straight but we make it work. One thing that I’ve found helpful is to separate my day into “AMP” or “High Income Protection” time blocks. I will normally work on AMP three separate times per day, fulfilling quote requests, returning calls, and checking in with my team. The rest of the time I devote to marketing and serving the clients of my retail agency.

It’s not easy, but running multiple businesses insulates me when one isn’t performing up to expectations. I do work 10-12 hours a day and have to play catch-up on weekends but it can be very rewarding and I still find time for personal and family activities.

Raymer Malone

The #1 Reason For Being an Entrepreneur

After watching the documentary “Burt’s Buzz” I was reminded about why I have to be an entrepreneur. Everyone talks about passion, but the real reason for being an entrepreneur is freedom.

This was the running theme in the film about the unconventional life of entrepreneur Burt Shavitz, the icon and co-founder of Burt’s Bees. Before there was ever a billion dollar, all natural brand of personal care products, there was just Burt and his bees.

On the surface, Shavitz seems like an unlikely businessman. But if you trace his history, being an entrepreneur was really the only thing he was ever suited for. He had no interest in a 9 to 5 job, and ended up using his skills with a camera to pick up freelance photography work for publications like The New York Times and Life magazine. He was in the right place at the right time and capitalized on the turbulent times of the ’60’s in New York City. But as TV became more popular as a way of highlighting the emotion of the times, he saw that as his chance to move out of the city and reinvent himself in a small town in upstate New York. [Read more…] about The #1 Reason For Being an Entrepreneur

4 Facebook Marketing Tips Entrepreneurs Can’t Ignore

Guest post by Ivan Serrano

As an entrepreneur, you have limited resources. Not only do you have to make sure you have enough room in your budget to produce your product or service, but you also have to determine how you’ll build awareness of your business.

When it comes to implementing a social media strategy for your startup or small business, utilize the platforms that will give you the most results. Believe it or not, Facebook is still an extremely powerful tool for building awareness of your business and generating leads. In fact, Hubspot’s State of Inbound Marketing report found 77 percent of B2C and 43 percent of businesses acquired customers from Facebook.

If you’re currently planning your social media strategy, make sure Facebook is a part of your plan. Here are four facebook marketing tips for entrepreneurs:

1. Set a clear goal.

A huge mistake many entrepreneurs and small business owners make with their Facebook strategy is not creating a clear goal. Many businesses think they can start sharing content immediately, however, this can greatly damage your online brand.

Before creating and sharing Facebook content, set a realistic goal for your Facebook page. For example, do you want to build a community for your business? Is it your goal to drive traffic to your website? Regardless of the goal you choose for your Facebook page, make sure it ties into your strategy and how you’ll drive results for your business.

2. Document your Facebook strategy.

The foundation of any social media strategy is to make sure it’s documented. Create an editorial calendar for your Facebook strategy that outlines the type of content you’ll share and how often you’ll post. This calendar will make it easier for you to plan future content and ensure you’re consistently engaging with your audience.

When it comes to finding the right time to post on Facebook, it’s really important to understand your target audience. Do some research on the demographics of your audience and understand what their habits are on Facebook. For example, if you offer a project management app for Millennial business owners, you’ll want to research the best times to reach them on Facebook and they types of content they engage with most.

3. Share posts with photos.

The most important element of a Facebook strategy is visual content. Socialbakers.com performed a study where they analyzed the top 10 percent of Facebook posts created by more than 30,000 brand pages. During this study, Socialbakers.com discovered Facebook posts that included photos included the most engagement. In fact, these posts received 87 percent interactions!

Every post you publish on Facebook should include a visual. Whether it’s a branded image or a photo that captures behind-the-scenes footage of your business, photos can add a large amount of value to your Facebook strategy. People will be more likely to comment and share your images, which means you’ll gain more exposure for your business.

4. Upload video content.

In addition to photos and images, video is a powerful tool for creating brand awareness. According to Hubspot, the amount of video in Facebook News Feed has increased 3.6 times over the last year. Additionally, video posts per person has grown 75 percent over the last year.

There are a number of ways you can use video to promote your business. Publish customer Q&A sessions or create a product tutorial. As long as your video content provides value for your audience, you’ll be able to create content that drives results for your business. Once you’re ready to share a video, make sure you upload it to Facebook. This will ensure it’s played immediately when a customer scrolls by your post.

Although there are a number of social networks to choose from, Facebook remains to be one of the most effective platforms. By following these tips, you’ll be able to design and implement a Facebook marketing strategy that creates awareness and boosts sales for your business.

How do you use Facebook to market your business?

5 Reasons Entrepreneurs Should Hire Young Talent

Reasons Entrepreneurs Should Hire Young Talent

Are just starting out as an entrepreneur? Creating your first business? Or are you a seasoned professional? There seems to be one thing people tend to overlook when seeking out talent. There is an ever-growing untapped resource you can use as leverage to help make major moves and grow your business. It flies under the radar at times and can be considered a secret: hire young talent!

Below we are going to outline reasons why entrepreneurs should hire young talent. They can really help you grow, save money and push your business to new heights.

Economical

There is no way around it, if every entrepreneur had their wish, it would be top talent across the board. However, when seeking out individuals with years of experience under their belt, you better be prepared to pay a lot of money for them. Yet when you begin to widen your search, in the hopes of saving your profit and losses (P&L) table, you will notice that hiring a young professional, or someone just entering the field, can save your business a lot of money and still push you forward. Sometimes, you can even hire two people for the same amount it would have taken you to secure one seasoned person. A bigger reason for doing this is covered next. [Read more…] about 5 Reasons Entrepreneurs Should Hire Young Talent