 No matter how many hopes and dreams startups are built upon, most will have closed their doors within a few years. We identified reasons why American and Canadian businesses fail so often and how to avoid them with the help of a specialized start-up consulting agency such as STS.
0 Comments
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. 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!  I'm an empath.
That's different than having the ability to have empathy for others. It is an every day, every minute state of being. I'm not just able to understand how someone is feeling; I actually feel it as if it's happening to me. If someone is in pain, it hurts me, and I want to take that pain away. Being an empath means I'm susceptible to unhealthy relationships and being taken advantage of, but it also means I'm kind, I experience joy when other people triumph, and I am able to make genuine connections very fast. It took many experiences both positive and negative through my adult years to realize this about myself and to come to a place where I embraced it. I had to decide that if I was truly going to live, I could no longer shield myself from the the emotions that were not so pleasant to feel, because otherwise I was just a shell of who I truly am, and the people I care about and myself would never benefit from the many positive aspects of being an empath. Being a very logical person, I had always thought that was the part of my personality that was going to get me ahead in business. It was not until I embraced my emotional strengths and let the two work together that I experienced true success. OK, so we aren't all empaths...and even using a little empathy can be scary because emotions sometimes are negative, or the connection they bring may not be something you have the energy for. So, we avoid communicating with emotion, especially at work. Many of us operate with two personas-- one for home and one for business. We stifle our true selves in professional settings, but by doing that, we also stifle creativity, happiness and true connections. What do you think? Do emotions have a place in business? In marketing? Now, what do you feel? Can you use your emotions in a positive way to be successful? Get all your business media and marketing needs |
| |  Dana Walsh - Photographer |  Dana at Work | |
Video Interview
A video interview is where you harness the power of digital media, as a video has far-reaching benefits for your business:
We acknowledge this is the scariest form of media to embrace. But, rest assured we will be with you every step of the way. You will be given questions to prepare for before the date of the media blitz, and our warm team of media and marketing professionals will interview you as we film so you can talk conversationally and come across as genuine and at ease in the final output.
- Videos make personal connections for you
- Video improves search engine ranking
- Your social media is more dynamic and gets more views
- You can use video to communicate the values of your company
We acknowledge this is the scariest form of media to embrace. But, rest assured we will be with you every step of the way. You will be given questions to prepare for before the date of the media blitz, and our warm team of media and marketing professionals will interview you as we film so you can talk conversationally and come across as genuine and at ease in the final output.
| |  Trent Ramos - Videographer |  Rachel Nuner - Interviewer | |
Online Marketing and Brand Presence Consultation
Sit down with our CEO and Business Consultant Rebecca LeClaire and get an assessment of your online brand presence. We will look at:
Don't have a website or social media yet? That's OK too; this is your chance to create a strategy and find out what you need to do to make it happen. You will learn the right steps to take, and what activities to avoid.
- Website Performance
- Search Engine Ranking
- Brand Message
- Social Media Strategy
- How to support your business goals with digital media
Don't have a website or social media yet? That's OK too; this is your chance to create a strategy and find out what you need to do to make it happen. You will learn the right steps to take, and what activities to avoid.
| |  Rebecca LeClaire - Business Consultant | |
What Are You Waiting For?
Sign up, pick your date and time, make payment and you are all set to get all your online media and marketing for the rest of 2019!
This limited time opportunity is valued at $1500, and we are offering it for $700!
This limited time opportunity is valued at $1500, and we are offering it for $700!
*All media and information you walk away with from this event, is yours to use in any way you see fit, you are under no obligation to hire our agency in the future.
RSS Feed
Categories
All
Brand Message
Business Consulting
Business Media
Business Videography
Content Writing
Coronavirus Strategy
COVID19
Crisis Management
Crisis Strategy
Empathy
Entrepreneur
Events
Facebook Image Dimensions
How To Turn A Failing Business Around
Impact Of Negative Comments
Instagram Image Dimensions
In The Media
In The News
Leadership
LinkedIn Image Dimensions
LinkedIn Profile
Longevity
Marketing Consulting
Marketing Course
Marketing Strategy
Pinterest Image Dimensions
Print Marketing
Professional Photography
Professional Profile
Reasons Start-ups Fail
SEO
Small Business
Social Media
Social Media Image Dimensions
Social Media Marketing
Start-up Consulting
Startup Consulting
Startup Stats
Strategy
Survival Guide
Tips For Taking A Head Shot
Tips For Taking A Professional Photo
Tips For Working At Home
Tips For Working Remotely
Twitter Image Dimensions
Video Marketing
Website Design
Website Development
Website Rebuild
Website Symptoms
YouTube Image Dimensions