The depth and longevity of an entrepreneur’s success depends on many factors. Things like industry, work environment, world events, leadership style, personality, grit, and more come into play. In most cases, the motivating factors that drive entrepreneurs to “just start” are the same ones that ultimately lead them to success. I wanted to personally explore the characteristics/expectations of entrepreneurs and businesses that last, especially those that last amid hardship. I interviewed four CEOs who exemplify what it takes to attain longevity in business and weathered the last financial crisis. I asked their advice on how a business can survive the COVID-19 pandemic and much more. My lineup of experts include: Bruce Fikowski, CEO of GetAssist Inc. and Controller of The Crossing Resort INTERVIEW Pranay Rajgarhia, Founder and CEO of SolidCircle INTERVIEW Jeanine Kinzie, Co-Founder of Great Lakes Insurance & Financial Services Agency INTERVIEW Jennifer Ettinger, Founder of Pink Dreams Inc. INTERVIEW While each interview delivered its own set of fruitful insights, all of the business leaders I spoke with agreed on the following thoughts and standards pertaining to business longevity and weathering hardship: View and treat employees like family Fostering strong work relationships from the get-go indicates that you truly have your employees’ backs. When you treat your business team like your extended family, trust and open lines of communication remain at the forefront, making tough times feel less tough. Pranay Rajgarhia makes an excellent point when it comes to mindfulness when hiring. “When we hire employees we have to hire them for a cultural fit more than a technical fit,” he said, as “this makes for a family-like environment which makes times like these easier to weather.” Cut costs immediately so there’s a business to come back to Cutting costs right away is one of the most painful-yet-necessary things to do when your company is faced with unforeseen circumstances. Our experts suggest taking a close look at all incoming revenue and outgoing costs and cutting anything that isn’t absolutely crucial. This could mean anything from cancelling subscriptions, to temporarily letting employees go, or anything between. The goal is to make the pain as short-lived as possible, according to Bruce Fikowski. “Make the hard decisions quickly. You don’t do yourself, your company, or your employees any favors if your business isn’t going to be there when the crisis is over,” he said. "You don't do your employees any favors if you business isn't going to be there when the crisis is over." Relax and regroup to be the best leader you can be As the leader, your employees look to you and will naturally follow your lead. That’s why it’s crucial to give off calm and collected vibes (even if you’re not actually calm inside). Take enough time to relax, breathe, and brainstorm what you’d like to say before approaching your team with difficult news. Rajgarhia knows all about this calm leadership style, as he implemented it while weathering the early-2000’s recession. “Right now is a time where we need to pull together rather than panic together,” he said. "Right now is a time where we need to pull together, rather than panic together." Be willing to make sacrifices From my research and interviews, it’s very clear to me that entrepreneurs are full of grit and determination. They’re willing to downsize, streamline, get creative, and rise to the occasion when they’re called upon as a leader. In other words, they’re willing to make significant sacrifices in order to keep things going. Jeanine Kinzie and her husband sold their beloved home on a lake in 2010 in order to keep the business going. Pranay Rajgarhia left a secure corporate job with his first child on the way, to create a solution to a need he saw. Jennifer Ettinger shared a story of selling her prized possessions to be able to pay her employees. "I believe in faith, and that it’s going to work out and that I need to get my ego out of the way during difficult times…" Maintain a positive mindset, as the crisis will pass Entrepreneurs can make sacrifices when they hold the belief that things will get better and when they believe in what they are doing. “I really believe in faith, and that it’s going to work out and that I need to get my ego out of the way during difficult times… Whether I create a different program or am wearing a different hat, doesn’t lessen who I am as a business person. And I will find the new people who will attract to the new program, or the new ways, or the new me," says Jennifer Ettinger. "It will come together, and it’ll be so worthwhile when it does." The saying “tough times don’t last, tough people do” sums up the grit of entrepreneurs and is an excellent reminder that current hardships likely won’t last forever. “I believe in faith, and that it’s going to work out and that I need to get my ego out of the way during difficult times… Whether I create a different program, or am wearing a different hat, doesn’t lesson who I am as a business person. And I will find the new people who will attract to the new program, or the new ways, or the new me." Jeanine Kinzie decided to “tough it out” with her health insurance business despite threats from the Obamacare implementation in 2010. Sticking it out and remaining positive paid off, as Kinzie’s business actually continued to grow. Kinzie encourages business leaders to simply put one foot in front of the other every day. “It will come together, and it’ll be so worthwhile when it does,” she said. Bruce Fikowski shared the same sentiment when he said, "Be relentless. Don’t give up hope. Dig in, do the work, it will pass." As businesses start to reopen into a new way of existing with so much still unknown, likely hard decisions will still need to be made. Keep these lessons learned by those who walked before you in mind as you face tough choices and weigh the costs of making them. Know that you are not alone, and there is a community of entrepreneurs to support you. Because that is another characteristic of long-time founders, they are generous in spirit and ready to encourage and cheer on the next guy coming up earning his or her badge of honor.
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Learn how one brave entrepreneur approached COVID19 just as she was about to open her new art studio and school, Brave Art Studios & Gallery. She shares why it is so important to be marketing even when things are shut down and how the STS Marketing Academy has helped her do it more strategically.
Paulette Carr - https://www.facebook.com/BraveArtStudiosandGallery/ learn to market like you plan to be in business! In the final episode of our Business Survival Guide where I interviewed 4 CEO's who are models of longevity in business and the true entrepreneurial spirit, I interview long time (16 years) colleague, client and friend, Jennifer Ettinger, CEO of Pink Dreams Inc. a Social PR Agency.
“I really believe in faith, and that it’s going to work out and that I need to get my ego out of the way during difficult times… Whether I create a different program, or am wearing a different hat, doesn’t lesson who I am as a business person. And I will find the new people who will attract to the new program, or the new ways, or the new me." Jennifer Ettinger Learn to market like you plan to stay in business. "Rebecca and I have worked alongside one another for 16 years. She started as my Brand manager and blossomed into her own full-service media agency @startuptosuccessmc . She suggested we bring back my newsletter, and within 10 minutes of sending out, I had an invitation for a brand collaboration and a sale! Have a listen as Rebecca she shares her “top tips”for moving your business forward through unsettling times."
https://www.stsmarketingacademy.com #AtHomeWithJen #DigitalSeries #socialtv #socialmediacorrespondent #startupforsuccess #marketingstrategy #entrepreneurlife #marketingtips #togetherathome https://www.pinkdreamsinc.com @pinkdreams.inc @fityourstyle I interviewed four CEO's who exemplify what it takes to have longevity in business and weathered the last financial crisis. I asked their advice on how a business can survive COVID19...
In today's episode, Jeanine Kinzie, Co-Founder of Great Lakes Insurance & Financial Services Agency, another entrepreneur who started her business during the early 2000's economy crash, talks about being willing to make sacrifices to keep your business going and how she approached and fought through the last challenge to her business in 2014. You may even learn some things about life insurance and the opportunity that exists right now. These are the times we except imperfections as we communicate over varying internet connections and devices, there is a bit of echo in Jeanine's audio we reduced as much as we could, but I think what she has to share is well worth listening too and can be clearly heard. Learn to market like you plan to stay in business. Welcome to the second interview in this series about what it takes to have longevity in business through predictable and unforeseen crisis. I asked 4 CEO's, in business since the last financial crisis, their advice on how a business can survive COVID19...
In today's episode, Pranay Rajgarhia, Founder and CEO of SolidCircle, LLC talks about the difference between being a leader and a manager through times like these and the importance of having built the right team beforehand and why that matters. Learn to market like you plan to stay in business with the STS Marketing Academy! I interviewed four CEO's who exemplify what it takes to have longevity in business and weathered the last financial crisis. I asked their advice on how a business can survive COVID19...
In today's episode, Bruce Fikowski, CEO of GetAssist Inc and Controller of The Crossing Resort shares what steps to take immediately and the mindset that will get you through until the end of the crisis which "will pass." Learn to market like you plan to stay in business with the STS Marketing Academy!
The Coronavirus (COVID-19) has more people than ever working remotely. Something that I have always said when hiring staff, "is not for everyone." Many may be trying to work from home for the first time, or at least every day remotely, not to mention with the kids in the mix with whole school districts closed.
I started STS Media, Marketing and Consulting Agency in 2008, another time of crisis in our country when the economy took a downturn, and many people were losing their jobs. At the time, I had five young children at home, two not yet in school. Through trial and error in the beginning, I came up with these tips to help manage the struggle of staying focused while working at home:  You are balancing career, family and household, but something is missing from your checklist...that something is you! Come to our workshop where speakers Connie Kelly and Rebecca LeClaire will discuss the importance of listening to what your body is trying to tell you and practicing how to ask for what you need so you can keep going with all that you do without crashing! Bring your business cards for networking, too! Lunch is provided from Farm House Deli Cost is 15.00. Seating is limited, please RSVP: https://www.facebook.com/events/944768432569994/  Connie Kelly, B.S. MedSci, N.H.E. (Natural Health Educator) Owner, Custom Wellness Nutritional Health Practitioner  Rebecca LeClaire
Founder & CEO, Start-up to Success Media, Marketing & Consulting Agency Business Consultant & Marketing Guru  I have to admit I have days that I feel enslaved by social media. I have days where I am uninspired about my own brand and I just draw a blank as to what I should post on my business social media pages...and I'm a social media marketer! I can only imagine how you must feel. My excuse is usually that I don't have enough time for my own marketing because I am busy marketing for my clients, which I guess is a good problem to have, but I know better. If you are attacking your social media marketing with a day-to-day method, then it is easy to fall into this trap. We all get tired, burned out, and sometimes just don't have the creative energy that each day requires to put our message out there.
So what do we do about that? |
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