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10 Management Lessons From A Young Entrepreneur

Only in America can a 19-year-old kid launch a million-dollar music business from his dorm room and two 17-year-old twins own a media empire worth close to $1 billion. And while it's easy to watch with envy as young entrepreneurs continue to grow up around you and fulfill your entrepreneurial dreams, you really have two choices: You can seethe at their success, or you can put jealousy aside and listen to the advice they have to offer.

Scott Smigler, 22, is one young entrepreneur who has learned some important lessons from his pursuit of entrepreneurship. Smigler started Exclusive Concepts Inc., a company that provides professional Web design and online marketing solutions to growing businesses, when he was only a freshman in high school. Smigler ran the company by himself at first, slowly building a reputation with his clients and gaining more business through word of mouth. As he put himself through college, he ran the business out of his dorm room until May 2002. Now, he has offices in Burlington, Massachusetts, and a staff of five, and expects to bring in sales of $300,000 in 2003. Between working full-time on his business, maintaining a 3.7 GPA as a finance major at Bentley College in Waltham, Massachusetts, and running the Entrepreneurship Society he co-founded at his school, Smigler took some time out of his 90-hour week to offer entrepreneurs-of any age-some advice: ten of the most important lessons he's learned from starting and running his own business.

1. It's all about perseverance. Implementing your dream is never as easy as you think it will be-it can take years to develop. Make sure you're organized and stay focused. And understand that you can't reach the highest levels of success without taking risks and maintaining the strength of mind needed to persevere through the difficult times.

"I know there are so many people right now, especially my age, who are looking to start and develop their own business," says Smigler. "It's such an intimidating process once you've broken through the first layer and you have to worry about insurance and payroll and making sure your accounting is perfect. So many people allow themselves to get intimidated by it&$151;they're not willing to follow their dreams. It's very important for people to really sit down and recognize exactly what they want out of life-and their business life-and just go for it."

2. Understand the value of mentorship and teamwork. A small company doesn't have all the resources it will need internally. So it's essential to have a network of advisors, mentors and other people who can help you work through the problems you encounter-whether those problems are related to finances, marketing, whatever.

3. Stick to your niche. "I've learned that I can only make money when I stay focused on what my company does best," Smigler says. "This isn't to say I don't pursue avenues where I can expand my business. Ultimately, the needs of my customers will dictate the services I offer.

"Everything I do has to be based on a very strong customer-service focus. We know a lot about our clients because we spend a lot of time knowing exactly what they need."

4. Stay on top of news that affects your clients. Major events happen almost every day that will affect your customers. In order to ensure the best for them, you must be up-to-date on the latest market trends and implement them so your company consistently offers the best services and your clients receive the best there is to offer. "Even on the busiest of days," says Smigler, "my entire staff and I are required to monitor late-breaking news. Knowledge separates you from your competitors."

5. Communication is key. While you think your clients understand what you say, often they don't. Be sure to always speak clearly and follow up with concise e-mails. You must also pace their expectations with the reality of the project. Part of the communication process involves documenting the understanding between your company and the client so that in the event of a misunderstanding, you have an agreement to fall back on. Not only does the client need to know what they can expect from you, it's essential that the client understands your expectations of them. Success is a two-way street.

"Search-engine marketing and Web development can be very intimidating to a lot of people," says Smigler. "My clients tell me over and over again that what makes a huge difference to them is that I take the time to explain things clearly and that I'm patient with them. They know they're not just getting a cookie-cutter solution."

6. Capitalization is crucial. Everything is more expensive than you'll anticipate. In your budgeting process, you need to plan for things you haven't anticipated but that will more than likely happen. In addition, don't be a penny-pincher: Don't be afraid to spend money when you believe the return will warrant the risk.

7. Communicate unwavering honesty and integrity. Above everything else, you must be truthful. Dishonesty is a sign of weakness, not to mention a poor business strategy. If your clients know you'll always be truthful with them and "tell it like it is," they'll never have any reason to doubt you. Your reputation as an excellent service provider takes years to develop-but it can be destroyed in a minute.

"My family pushes the simplicity of life that comes from honesty and character and integrity," Smigler says. "One of the big things that makes [our company] different is our clients really do trust us."

8. Stay on top of the curve. The environment of business changes rapidly, and education is a critical factor to success. "There was a time when I was tempted to drop out of college and devote all my time to managing my growing company," Smigler says. "I recognized that it wouldn't be a smart strategy for the long term. It's possible to grow a company while being successful in school."

9. Take ownership in your clients' success. When you undertake the commitment to provide products or services for a company, you must work at it as diligently as they expect you to. Keep your customers' needs in mind at all times. And remember: If you're able to help your clients become successful, they will make you successful because what goes around, comes around.

10. Never stop marketing. Never forget that anyone can be a prospective client. Constantly look to build on your existing relationships, as well as acquire new ones. You need to catch the customer at the moment they have a need. By staying in front of them on a regular basis, you become known to them, so when they do have a need, they'll be more inclined to give you the business without shopping around. The value of a referral is always more than the value of a cold lead.

And finally, Smigler offers these final words of advice: Don't forget to find the correct balance of work and play. Although starting and running your own company requires much focus, dedication and time, you must strive to maintain a balance in your life. As much as you want your business to succeed, you have to recognize that it doesn't have to be at the expense of not having a life outside of it. Being properly structured in your business also means being structured enough to allow yourself some personal time off.

And those are wise words whether you're old or young.

Sarah Pierce
U.S.A.
09 Apr 2007

Sarah Pierce is a freelance writer living in Southern California

The Grump Factor

You are sitting at your desk, reading your email and open the latest missive from your boss. Once again the bonehead has come up with a new direction for your company. You clear your throat and ask the person next to you “Have you seen what the idiot has sent us now?.” In the cafeteria you sit with your co-workers grossing about how stupid this company is. But this doesn’t just happen today. Everyday you find yourself at odds with the management. And while you have always been a “good soldier” and done exactly what was asked of you, you can’t help but let your feelings be known.

Or perhaps you are the more silent type. Sighing, rolling your eyes, and simply showing through your body language that you are greatly put upon.

You might think that if you are really good at your job, and you do everything that has been asked of you that you will remain, in the eyes of your employer, a valuable member of the team.

However, in these times of cutbacks, more and more employers are considering the “grump factor.” Simply put, the grump factor is a measure of how difficult it is to deal with an employee. How grumpy you are.

Recently a Fortune 500 company had to make a 20% cut in their workforce. The management chose the people that were going to be laid off. Every single employee was a hard worker, in fact some off them were the best at what they did. Each employee tried to figure out why THEY were chosen? What was the reason that the more incompetent employees were left standing while they were let go? Was it that they earned more money? Was it a personal vendetta against them? Was it sexism or ageism? Each employee failed to look at where the blame lay. Which was at their own feet. In a discussion with the management they stated that they used the “grump factor.” Employees that had a bad attitude were considered expendable.

Obviously when it comes time to downsize many factors are considered. But more and more employers want to work with people who are easy to deal with.(use mr rogers here) Employees who love what they do, and show others that they love it. I am not talking about a saccharin sweet phony attitude, I mean a sincere joy.

When Barbara Walters is asked by young people “What do I have to do to get ahead?”

She tells them “Don’t complain, don’t whine. Just make yourself so good that they cannot let you go. And don’t be afraid to get the coffee if they ask you to get the coffee.”

Not sure if you’re being perceived as a grump, take this simple test.

Do you find yourself very easily identifying problems with your company and/or co workers?

Do you share that information with others? (including family, friends , co-workers)

Do you discount possible solutions as unworkable?

Is your criticism a validation of your over all perspective?

Do you often hear others with similar complaints?

Do you lend a willing ear to their complaints?

Do you sigh, roll your eyes or otherwise display your negative feelings using body language or tone of voice?

Are your creating less because of your displeasure?

Are you late to work or meetings?

Do you resent helping others finish their work?

Are you waiting for a change to happen?

Has anyone pointed out your negative behavior?

Do you have “good reasons” to be unhappy at work?

This is a family. You spend more time here than you do at home. Low maintenance easy

1. I like to have people who are low maintenance easy to get along with each other

2. All residents have gone through med school

3. all have high test scores

4. all have good letters from their hospitals

How to overcome being a grump

Begin with a simple act of gratitude. No matter what your religious or secular background you need to find a daily way to express your gratitude for what you have. Start a “gratitude journal”

Laurie Brown
13 Apr 2007

Laurie Brown is an international speaker, trainer and consultant who works to help people improve their sales, service and presentation skills. She is the author of The Teleprompter Manual, for Executives, Politicians, Broadcasters and Speakers. Laurie can be contacted through www.thedifference.net, or 1-877.999.3433, or at lauriebrown@thedifference.net