Advice For New Entrepreneurs

Entrepreneurs play an important role in the way our world works. They create new jobs, push innovative ideas, and move society forward. Taking the first step towards starting a business however can be extremely intimidating. Unfortunately, there may be some amazing ideas out there that aren’t being brought to light due to fear and no proper guidance. That’s why we’ve put together this list of advice for young entrepreneurs everywhere who are struggling to start out. Read on and be inspired!

Make sure you want it. Picture this. You have a great idea and you’re eager to share it with everyone. You spend days researching and testing the idea out on your friends. Three days in, you hit a wall and can’t find a way over or around it. What do you do? If your answer is to move on to a new hobby, recognize that that’s likely what it was to begin with—a hobby. There’s a huge difference between doing something that you like and doing something you’re passionate about. If there’s no real love behind what you do, you’ll be more likely to become discouraged and throw in the towel. If you’re set on launching something of your own, make sure that you would buy what you’re selling.

Network and find mentors. If you want to be successful, this is crucial. One of the obstacles every young entrepreneur faces is a lack of credibility. People are hesitant to invest in someone young and inexperienced. If others see that established and credible entrepreneurs support you, they are much more likely to trust you.

Recognize the importance of PR. You may have the best idea since the ipod, but if nobody knows about it, you won’t get anywhere with it. Reach out to bloggers and ask them to review your product. Notify the media about your new business. What makes you different from the rest? Focus on that! Young entrepreneurs don’t typically have the funds to pay for extravagant advertising. Public relations will cost far less and the messages that your audience receives will be perceived as much more credible.

None of these tips will ensure that you’re the next Steve Jobs. Not following them though, will guarantee that you’re not. Follow this advice and build a solid foundation for your start-up. Who knows? Maybe we’ll all be using your product one day.

EO Detroit June Accelerator Spotlight: Ari Fischman, Simplified Benefits

Meet  EO Detroit Member and Founder Ari Fischman of  Simplified Benefits. He’s this month’s Accelerator Spotlight and he’s filled with insight. Get to know more about Ari, his company and his experience with EO and entrepreneurship!

What has been the most important thing you have taken away from the program?

​How to think more critically, be bold but yet strategic.​

 Have you noticed a change in your business so far?  

​Yes, I have made transformational changes to how we do business and taken on other​ business ventures.

What were your biggest fears going into the program? how have you dealt with those fears? 

​I was confident with my decision to enter the program day one and never looked back.​

What advice do you have for future accelerants?  

​To listen, learn, act quickly and take advantage of the mentor program.​

What has been your favorite exercise your group has participated in?  

The optional break off sessions, the one in particular the Kolbe session.

4 Ways People Damage Their Credibility Without Knowing It

Sometimes, without even realizing, you may be giving off body language or action cues that people pick up and interpret as being negative, even if you believe you’re doing nothing wrong at all. Whether we accept it or not, people read each other “People read each other’s intent as soon as they see each other,” says Nick Morgan, speech coach and author of new book “Power Cues: The Subtle Science of Leading Groups, Persuading Others, and Maximizing Your Personal Impact.” Automatically and without thinking, we are constantly on the lookout for signals from others that we then fixate on and interpret through our own lenses.

 

What messages are you unknowingly sending? Below are a few of the most universal ways you can hurt your character at work without even realizing it:

 

1. Not preparing for meetings: Every conversation consists of two parts, the verbal talk and the physical body language. When you’re saying one thing and your body is conveying another, you’re sending mixed signals to others. Although your content might be beneficial, you are losing credibility, as people are more focused on your lack of enthusiasm rather than the ideas you present. Focus on the tone of your voice and the energy you’re giving off when speaking to others.

 

2.  Leaning back in conversations: A common way people give off the impression that they are bored, impatient or disinterested in what a co-worker or supervisor has to say is by leaning back, slouching or just turning their head toward the person talking, as opposed to their entire body. People want to know that what they are saying has value to the person supposedly listening. Pay extra attention to your posture-whether standing or sitting. It also helps to sit closer to the edge of your seat while exhibiting great posture and leaning in toward the conversation.

 

3. Long-winded: This is very common to many people, especially when trying to tell a story that hasn’t exactly been thought out completely. What we think sounds coherent in our head may be the exact opposite when spoken out loud. By rambling on or dragging out a story, idea or task to someone, they are not focusing on what you’re saying and are likely to concentrate on wanting to just find the nearest exit out of the intended conversation.

 

4. Not controlling your voice: The tone of your voice has a huge impact on the impression you give to others.  According to Nick Morgan, “a stressful situation, like an important presentation or meeting, causes many to drive their voices outside of their natural vocal range, which makes it sounds thin and weak. Women tend to go up too high, while men tend to go too low. Sitting or standing upright, taking deep belly breaths, and letting your voice rise with passion and fall with authority help create a neutral leadership voice.”

June EO Member, Dave Galbenski, Lumen Legal

Meet Dave Galbenski, EO Detroit Member and Founder & EVP Strategic Initiatives at Lumen Legal. He’s this month’s member spotlight and he’s filled with insight. Get to know Dave, his company, and his experience with EO and entrepreneurship!

What would you say are the top three skills needed to be a successful entrepreneur? 

1. Active listening
2. Continuous learning
3. The capacity and capability to lead

How do you generate new ideas?

I am an avid runner and my best ideas come while I am running through the neighborhood. It “clears my mind” and allows innovative solutions and new ideas to emerge from the “noise” of my daily life.

Name one business failure and what have you learned from it?

I aggressively invested significant resources to build a “national” permanent placement division for Lumen Legal right before the onset of The Great Recession.  As The Great Recession dramatically curtailed permanent placements of lawyers, we suffered significant losses and had to quickly pivot away from the strategy. I learned that the key to long-term, business survival is to quickly scramble out of mistakes.

What is your greatest business fear, and how do you manage it?

I believe FEAR really stands for False Evidence Appearing Real.  If I focus on it as an acronym, fear never has to exist for me in business (or life) and I have no need to work on “managing” it.

How do you define success?

I love John Wooden’s definition the best, “Success is peace of mind which is a direct result of self satisfaction in knowing you did your best to become the best that you are capable of becoming.”

What has been your most satisfying moment in business?

My most satisfying moment occurs each and every day when I think about the ability that I have as an entrepreneur to positively impact the lives of my employees and their families by striving to provide a company environment that allows them (and me) to get closer to realizing our unlimited potential.

What is one thing that no one knows about you?

That’s a tough one as I am open and transparent and have been in a variety of EO Forums for the last 15 years and have answered this question many times before!  So, I will answer it with a fun fact about a “bucket list” item that I completed with my wife, Lynn, and our daughter Sarah.  Over a 3-year period, we visited all 30 major league baseball stadiums to fulfill a lifelong dream of mine.  My vote for the best stadium (outside of Detroit) is:  PNC Park in Pittsburgh.

Excluding yours, what company or business do you admire the most?

I love disruptive and innovative business models and companies. The one I currently admire the most is Amazon.  How can you beat the 1-click, 2-day delivery to your home business model for virtually any item you want? What’s next . . . drones?

What is your favorite EO memory?

I have been an EO member since 1999, so I have lots of incredible memories generated from being with other EO members in unique venues around the globe. My favorite memory from one of the 20+ EO Global Universities I have attended over the years occurred in 2007 at EO Berlin University. The Saturday evening event involved parading into the stadium where the 1936 Olympics were held with your fellow EO members from your country with your national anthem playing while waving your flag of your country. The memory of it still sends chills up and down my spine.   If you are looking to elevate your EO memories to the next level, check out an EO Global University!

What is your favorite thing or place in Detroit?

I enjoy spending time at the Detroit Athletic Club. Great people. Great food.  Great memories. I can always feel the heartbeat of the city from this venue given its location in the entertainment district. As a huge baseball fan, it never hurts to be close to Comerica Park!

In one word, characterize your life as an entrepreneur.

Thrive.