Much smaller group this time ... about 15. People from 2-person startups, Microsoft and anywhere in between. Some from tech, some from biz, some consultants ... I'm here to think about what it takes to start my own business (not now, but who knows?).
Issues: growth, fundraising
How do you decide where to take your business? Where do you get the info?
- Personal experience of making and watching mistakes, not so much market research
- Customer surveys, combined with a newsletter asking for feedback and building community
- Build community so customers do marketing for them
- Tiny percentage responded to newsletter, 15-50 of 4000
- Targeted survey to 150 users (of 4000) got about 50% response rate
- How do you connect others' business experience with your business?
- Enterpreneurs' forum
- CEO roundtable: get small biz owners together over meals
- Successful people in business meet, swap ideas that worked, discuss biz plans & needs
- Business Enterprise Center: incubator provides space, mentorship
- Bring in various experts in legal issues, accounting, etc to talk
- Choosing to build a business around yourself and your reputation vs a company reputation
- Even the name of your company depends on this
- Lifestyle business (you can leave whenever you want) vs having employees, etc.
- The people are the value, when they leave there's no value left
- Small companies working with small companies or big companies?
- How do you build a consulting business that isn't a lifestyle business?
- Growing without relying on just your personal reputation
- Locking into models
- If the model requires a certain technology, it can't last forever
- Flexibility
- Do what you're good at
- Outsource finances, etc. Time vs money
- Your time is best spent on your expertise
- You drop way too much time on things you're unfamiliar with
- In the same way, use the tools you're familiar with
- CFOs from big businesses can run small biz into the ground
- They don't understand the urgency of time and the shortness of money
- Online database of information and experience from other owners?
- Trust issues
- My thought: show me the data, and I can draw my own conclusions (i.e. Fred Brooks)
- Ratings? Wiki-like model?
- What questions do you need to ask for a business plan? A list ... inspires thought