Searching for ways to be innovative in the 21st Century as an entrepreneur? New York Entrepreneur Week April 2010 brought together the experts to discuss why the ability to be creative and manage risk are competencies that every employee must have to survive in today's economy.
Expert panelists:
Tad Martin, Founder of Cross Commerce Media (CCM)
Robert Borghese, Professor of Law at The Wharton School, University of Pennsylvania
First, don't forget that sales permeates everything you do as an entrepreneur. Marsha Firestone believes that the most important characteristic that links directly to success is innovation. If you allow innovation to be at the forefront of running your business you will notice your product and services being more accepted. There are ways to circumvent your ideas even if there is a lack of available funds.
Innovation as well as conceptualization are two things entrepreneurs in the 21st Century need to grasp in order to survive in the current economy. You may have a great idea, but not every idea is received well in the market. Marsha says, "One of the biggest mistakes entrepreneurs make is not accepting market research". Take advantage of the different outlets out there that allow you to understand your audience to the best of your ability.
There are so many risks in business alone, and nothing is more risky than being an entrepreneur. Learning to be flexible and persistent can help mitigate the problems that come your way. Robert Borghese suggests picking an opportunity big enough that success can actually be meaningful. Marsha explained that, "Out of the top 50 fastest growing women led companies 80% took their own personal investments to start company, a few used credit cards, and one had an investor".
Be as self-ware as possible when picking staff. Your staff effects everything from the everyday function of your ideas to the culture of your business. As an entrepreneur you may find yourself striving to staff people with similar personality traits. Be aware of these types of spirits and foster their entrepreneurial qualities but control the environment within the framework. Tad Martin suggests letting your employees spend 20% of their work time to focus on their own work and projects ideas, and 80% of their time focused on your projects.
This technique can help put more power into your company by refreshing your staffs ideas while allowing your them to feel a part of your mission. Also, make sure you're communicating with your board and investors with open and honest communication.
- Katie Evans
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