🎙 Inventive Journey | Real Stories From the Startup Survival Club

Leverage the expertise of advisors—they’re invaluable. Even after spending 20 years in the corporate world, I sought out advisors for my company. One in particular, who has since passed, often reminded me, “Only do what only you can do.” That’s a lesson worth exploring further!

Be relentless in your focus on business growth by identifying what sells and prioritizing effective marketing and sales strategies. In a startup, even the best products or services won’t succeed without visibility. Money creates options, so it’s essential to concentrate your efforts. If you’re unsure of your next steps, dedicate time each day—like the first 40 minutes—to learning something new and...

Please take the time to do your homework. Before launching anything, I highly recommend completing a business plan, identifying your target market, conducting a SWOT analysis, and setting SMART goals. Many people underestimate the importance of this preparation, but it's crucial to understand potential target markets, analyze competitors, and define your niche to ensure you stand out. Being thorou...

I believe a lot of it comes down to having self-confidence—truly being able to stand behind what you’re doing. For instance, I’ve always thought I could never be a salesperson; I wouldn't be able to sell you a car. But when it comes to starting something new, you’re essentially selling yourself, and we’re always doing that in our interactions with others. If you don’t genuinely believe in what you...

When people think of entrepreneurship, they often envision startups and creating something new from scratch. However, I've come to appreciate entrepreneurship through acquisition as a valuable alternative. With 99.9% of American companies being small businesses and many baby boomers retiring without viable options for selling their businesses, we face a significant loss to our economy. I believe t...

I highly recommend that every business create a clear written plan outlining their goals and the steps to achieve them. This living document, which you should review weekly, helps you stay focused and avoid getting sidetracked by tempting opportunities that may not align with your objectives. It also allows you to track your progress, especially during times when it feels like you’re just treading...

I strongly encourage them to remain adaptable and curious, engaging in as many conversations as possible. Whether you call it pivoting or something else, it's crucial to refine not just your product-market fit but also how you communicate your vision. The way you articulate the potential of what you’re building is always evolving, especially in those initial months and years. Staying open to f...

Take the time to do your homework and learn from our mistakes. Conduct thorough due diligence and crunch the numbers. If you're launching a new business, research the market for your product, confirm there's demand, and assess your resources. Consider how long you can operate without making a profit. Make sure you’re well-prepared and have the resilience to weather the early stages, as mos...

When I first launched my mental health practice, my partner and I had a clear vision, but we ended up taking a different path. I tried projects like grant writing for nonprofits and career coaching for social workers—neither of which aligned with my strengths or passions. Despite recognizing a significant need for the latter, it never felt right as a full-time pursuit, and none of these ventures s...

Seek out an accelerator program and get involved to learn the ropes. Running a business is as challenging as pursuing science. Master the skills needed, and you could successfully advance your project in tandem. However, don’t approach me without some entrepreneurial training. Entrepreneurship is a craft honed by those who study it, so head back to school and get the expertise you need.

I come from a background in live TV, where I've encountered my fair share of unexpected moments. That experience has taught me to handle any curveball with confidence. When it comes to answering your question, here's my advice: if you're just starting out in any field, it's crucial to have a clear and compelling offer. A confused mind doesn't make purchases, and it's equall...

As a small business owner, it's incredibly easy to spend money. You'll encounter more opportunities to spend than you ever expected—whether it's on business cards, letterhead, or the latest shiny software. While it's tempting to invest in every new thing, remember that your most valuable resource is your cash flow. Properly managing it is crucial for your growth and success. Before...

It's crucial to fully understand what you're getting into. Starting a business isn't for everyone, but if you decide to proceed, surround yourself with experienced founders, advisors, and mentors who have navigated similar challenges. Look for people who have achieved the goals you aspire to reach. That’s a solid foundation to begin with.

I'd advise diving deep into understanding your customer. Many people start businesses because they’re passionate about what they do and believe they can handle it on their own, without a boss. This passion is crucial, as running a business can be incredibly challenging. You’ll face days where revenue sources are uncertain, and growth can seem elusive. It’s essential to persist, stay committed,...

Understanding yourself is crucial. Imagine a vinyl record spinning: the center spins slowly and steadily, while the outer edge moves quickly and erratically. Similarly, when you’re at the core of your identity, you remain grounded, but when you’re on the periphery, you can be easily tossed around. If you’re starting something new, like a business, you need to have a strong sense of who you are. Th...

I'd say, first and foremost, go all in—that's crucial. Though you asked for one thing, here are three. It's really a success formula: fully commit, believe in your capability, and cherish the journey. This formula has proven effective for successful companies. When you commit wholeheartedly, maintain belief in yourself, and find joy in the process—even through the challenges of startup...

My top advice for anyone is to start building your presence publicly. I recently posted about a business I've launched, and within the first twelve months, we've received inquiries from 127 companies. This success stems from building an audience on LinkedIn over four years before launching. This groundwork helped establish my credibility and presence, paving the way for approximately $400,...

Embrace change and stay adaptable. Learn to pivot in any circumstance and maintain a positive attitude. The journey ahead may be challenging with unexpected twists and turns, but staying positive and persevering is key. Never give up on yourself; believe that things will eventually fall into place.

If they were just starting their business, I would advise them to ensure they conducted thorough market research before opening. If they neglected this step, especially in the case of a unique business such as event planning, I would recommend they find a community of peers in the industry. Building such a network can provide crucial support and collaborative opportunities, ensuring mutual benefit...

I would emphasize that it's crucial to establish proper practices right from the start, particularly in areas like accounting and finance. Many people encounter significant issues by mixing personal and business funds, not maintaining separate accounts, or failing to set up the appropriate legal structure such as a C Corp or LLC for their company. These oversights can lead to serious consequen...

One piece of advice I would offer is to follow your own path. While it's valuable to consider input and advice from others, the key is to adapt that guidance in a way that feels authentic and comfortable to you. Every individual is unique, and that uniqueness is what sets you apart in your business. Strive to be the best version of yourself, and your business will naturally reflect that authen...

The mentorship and network in place are, in my opinion, more crucial than the specific activities within your business. While education, training, and experience can develop other aspects, without the right support network—those who guide, connect, and uplift you—progress stalls. Your intelligence and product brilliance become irrelevant if you lack this essential foundation.

Don't assume that spending money will fix the problem. When faced with an issue, it's tempting to think, "Maybe there's an expensive software solution for this." While that might work temporarily, it often masks the underlying problem. It's crucial to uncover whether the issue lies in flawed processes. Simply throwing money or resources at it isn't always the answer....

I would advise against ignoring operations. Speaking somewhat biasedly, I've seen many small businesses and startups waste considerable time and energy by overly focusing on sales and marketing while neglecting internal operations. Typically, organizations diligently develop their sales funnels and marketing strategies but often overlook crucial internal functions such as cross-departmental co...

It's crucial for small business owners to carefully control their expenses by establishing and adhering to budgets and revenue forecasts. Often, our penchant for high-end products leads us to expand our overhead too rapidly, sometimes even surpassing our projected sales growth. I believe that preparing budgets and analyzing forecasts can be daunting for small business owners, yet these actions...