Small businesses are the life blood of economy these days

Seshadri Ramkumar, Texas Tech University, USA

10-top-tips-successful-entrepreneursEntrepreneurs and small businesses can provide sound business advice, as they encounter a lot of challenges. On Wednesday, business people, students and academics participated in the 1-Million Cups Program at the Innovation Hub in Lubbock. This regular first Wednesday event offers a lot of networking opportunity for business people. Such events are very critical for small towns and rural communities. On November 1st, two entrepreneurs provided some valuable tips that will be of help to start-ups.

Businesses can start from any idea and can be located anywhere. Ms. Mary Malmberg, owner of MKM Organizing focuses on organizing people’s homes. Malmberg helps people to clean their clutter. Who would have thought, there is money to make out of such businesses? Surely, this is an organized profession in the United States. For a small business owner, the ease of starting and doing the business is a must. Malmberg who moved from Washington, DC to Lubbock-TX stated that in Washington, DC, it just takes a day to open an LLC. Certainly, many would love be in such a situation. Malmberg believes in keeping the operating cost low so that people can afford to take cut in their earnings. This what Malmberg did, when she moved from DC to Lubbock so that her business could be attractive to communities like Lubbock. In other words, efforts to adapt and adjust can help to sustain a business in a new environment.

Perseverance is vital for entrepreneurs. Greg Bazar of Eleven Risk Solutions practices the mantra he preaches. Eleven Risk Solutions is cyber liability insurance company, which recently got recognized by the prestigious insurance firm, Lloyds of London.  Greg and his business partners persevered till they could get an audience with Lloyds, which has enabled them to be an active player in the cyber insurance sector, when cyber threats are occupying headlines all over the world.

To a question from this scribe on how to appeal to giants in the industry or clients, to basically get a head start in the business, Bazar answered, “you should know what you are talking about?” This basically comes down to the art of convincing and negotiation. In the practical world, skill sets and resources such as motivation, support network, persistence, etc., matter.

New opportunity may arise from someone whom one has never met before. So, always keep looking for the next opportunity and when it hits, ceasing it, is important.