Miami businessman Lee S. Rosen has been helping many small business owners get a better handle of their ideas so they can translate these into profitable realities. With decades of experience on his back, both in the real and online realms, this South Florida entrepreneur certainly knows what it takes for startups to succeed. After all, Lee Rosen has helped form several companies from ground zero, including Healthy Bees LLC, DDS Technologies, and New Generation Biofuels. On top of that, this Boca Raton businessman is also an avid golfer, thus laying truth to the idea that true entrepreneurs stay grounded through sports.
Primary in his advice for startup entrepreneurs is to not count the chickens before the eggs hatch. As one moves into a new industry or tries to establish a name in a new niche, the goal is to just lay the foundation first and work to meet goals before listing down what you want to buy out of the projected profit. Lee S. Rosen shares his five golden nuggets of wisdom for small business owners.
1. Absorb everything.
Because you’re starting a new product or service, you will need all the feedback you can get from everyone. Good or bad, these pieces of advice are what will help you improve on your weaknesses. “Successful entrepreneurs are so because they know how to listen and act like a sponge when it comes to new information,” notes Lee Rosen.
Encourage people to be honest with you so you can find better ways to do things. Remember, without your customer, you won’t have any profits to speak of. By listening to what they have to say, no matter how “painful,” you learn. And it is only by accepting your weakness that you can move closer towards success.
2. No room for excuses.
“Business is not for those who constantly make excuses,” says Lee S. Rosen. Listing reasons why you cannot do a certain task will not make that job any easier nor will it get done. Worrying about the risks that your startup might face is normal, but it serves you better to find a solution or to be proactive about addressing potential problems before they arise. See every setback as a chance to improve and learn — don’t let it keep you from moving forward.
3. Present solutions or be one.
Think about what your product or service will solve. Successful startups are so because they addressed a problem and provided a fix. Don’t just think about what you want to sell; consider who it will help and anchor your strategy on that. For example, don’t open a coffee shop just because you love coffee. Set it up because there’s a market in your neighborhood that wants to enjoy fresh coffee anytime of the day but with an ambience.
4. Take note of your expenses.
Your idea sounds stellar and looks like it does have the potential to have you earn big bucks. But, first, what does it cost to get there? You will need to list down every expense related to launching and operating your new business. “These costs include rent, office supplies, marketing, even that coffee you bought for the first staff meeting, all those should be factored in,” says Rosen.
As your new business sets up, you have to be prepared to welcome costs from every angle. That includes your personal budget. Review all your funding options (like savings, loans, or borrowing money from a family member) before operating your startup.
5. Speak up.
Many startups fail to move past the launch phase because they are too shy to tell the world what they are about and what they can offer to the world. Remember that your goal is sell and make a profit. If you’re not over that shyness (or fear), it will be very difficult for you to make money.
“In my early days as a businessman, I feared having to speak to people to offer my services. I didn’t have any public speaking training, so I wasn’t open to the idea,” recounts Lee Rosen. “But experience teaches you a lot of things — one of those is that you need to speak confidently about your business, because nobody else will.”