The journey of an entrepreneur is not always an easy one. Despite the challenges, however, the reward for creating a product or service from one’s own inspiration that is consistent with their values can be exhilarating.
It is hard to distil how these particular small businesses keep their competitive edge in a price-oriented world. How do they compete with mainstream businesses? They have an asset that other industries don’t always possess – the power of the network.
Collaboration is a key feature of the sustainable small-business world. Entrepreneurs are quick to step up to share ideas, lessons learned and dos and don’ts with others in and out of their industry.
The situation was no different at a one-day gathering of green-business leaders in Vancouver called Ubizo on November 2. Attendees from all sectors were invited to bring their biggest business challenges and share them with their peers. Pre-selected case studies from organizations such as Eclipse Awards, Green Bean Baby and Ocean Village Resort from Tofino participated in think tanks for an entire day with professional mentors and participants. Topics included branding, sales, human resources and social media.
Here are five top take-aways from this interactive gathering:
1. Set goals and make a plan to reach them. Planning and goal-setting may seem like obvious first places to start when launching a business, yet they often get overlooked further down the road. Many mission-based entrepreneurs start out with a passion and vision and then fail to chunk it down into specific goals year after year. Years later, the owner is often putting out fires rather than carrying out pre-determined priorities.
As participant Marc Coulombe from Ideaware put it, “It is so common to fall into a trap of working in your business and not on your business. We get so involved in the day-to-day operations that we don’t stop to ask, ‘Where am I actually going here?’ It was useful to be asked about my exit strategy. What’s my long-term goal and what do I need to do to achieve it?”
2. Stay focused on the priorities. Entrepreneurs need to be cautious of dangerous distractions that lure them away from following through with original strategies. Following too many ideas without giving consistent effort to see any of them through properly is a common occurrence.
Sustainable businesses must be equally vigilant in making sure that extracurricular causes are strategically aligned with the core business functions to avoid stretching resources too thin.
3. Choose a niche and where to find it. It is much easier to stay focused on any business strategy when there is a clearly defined target audience. Many new business owners fail to determine who represents their ideal client. Without being crystal clear on who is buying a product or service it becomes difficult to choose the right marketing outlets to further growth.
4. Cultivate the story behind the product. The story of how a small business came to be is often as compelling as the product or service itself. Customers are often curious to know what life events lead the owner to choosing to turn an idea into a business.
The human interest behind the business provides clout and influences brand recognition especially when an owner is driven by a larger purpose.
Case study presenter Lynn Stapleford, owner of Green Bean Baby, learned this first-hand.
“The whole group helped me identify what’s interesting about my story,” said Stapleford. “The story is part of the selling feature of my organic cotton baby clothing. I choose to have my mom-designed products sewn locally. I also used to be a chemist and have an ecology degree, so I know a lot about chemicals and the environment. These are the points that I should be getting across more than I do now.”
5. Don’t do it alone – connect to the network. One of the largest realizations shared by the attendees of Ubizo was, “We don’t have to do it alone.”
In fact, one of the biggest challenges facing entrepreneurs is the isolation from navigating through the ups and downs of running a small business without the help of a large team. Whether it’s through peers, mentors, outsourcing or hiring experts or staff, getting support to create solutions, increase focus and morale can be the smartest move a successful business owner makes.
Following these strategies will help entrepreneurs increase their success rate. The next Ubizo conference will take place on November 9, 2011, and is open to all entrepreneurs. For more information please visit www.changemakerstoolbox.com/ubizo.
Lisa Princic is the owner of Changemakers Toolbox, a coaching and training company that helps entrepreneurs and professionals create successful businesses and rewarding careers that make a difference in the world. www.changemakerstoolbox.com