At the Techstars Startup Week Detroit, powered by Chase for Business, Marcus engaged the crowd by bringing local entrepreneurs on stage, asking about their business ideas, and walking through what makes a business plan appealing to investors. Marcus shared his personal story about being given a chance against all odds. He was born into an orphanage in another country and adopted by his mother at a young age. Growing up, he went through depression and an eating disorder, all with the self-image of the “dorky kid.” One thing he felt that evened the playing field was owning a business. While he reaped the rewards, he learned from his mom to give back and help those get a deserving chance, just like he did at life. Here’s some of the advice given to small business owners as they’re working towards their big chance.
Don’t Get Distracted
The most precious thing you have is time, and there’s not enough of it to accommodate the needs of a business, a family, and a life. It’s important to prioritize your tasks and demands based on what’s good for the business.
Network in Your Community
When you’re looking for help with your business, it’s important to put yourself out there in the community and connect the dots. “Think about how to spend your time and prioritize it. Not every project is a good use of your time. You have to protect your time that is good for the business and not be distracted by it.”
Learn the Psychology of the Business
When a founder hires a consultant to come in and help the business, Marcus said it means they’ve gotten to a point of vulnerability with their skill set and it’s time for an expert. Speaking directly to service providers, Marcus said before a founder can really begin to trust a provider, it’s important for them to learn the founder’s story and passion, and the psychology of the business.
Not All Businesses Are Viable
“Ignore the mistakes and build them up. You have to appeal to their inside [before] they can start to trust you.” During the talk Lemonis plucked two young entrepreneurs from the crowd, brothers Austin (11) and Undra (12), to pitch their three business ideas. They had an app for reporting incidents live while also calling the authorities, a lawn business, and an educational book series for kids to learn entrepreneurship, among other skills. Like many serial entrepreneurs, it’s exciting to launch different concepts, but Marcus urged these kidpreneurs, and other founders, to focus on the most viable idea that will pay the bills. Speaking to these kids, Marcus loved the idea of teaching business to kids and providing a medium for parents to encourage entrepreneurship with their children.
— Chase for Business (@ChaseforBiz) June 22, 2018
Coping With Tough Times
When a business is struggling, the owners are going through a rollercoaster of emotions and stress. Marcus said it’s important to not let these feeling boil over to other parts of your life or businesses that are going well. Read more about startup events on TechCo This article is part of a Techstars Startup Week content series brought to you by CHASE for BUSINESS. Techstars Startup Week is celebration of entrepreneurs in cities around the globe. CHASE for BUSINESS is everything a business needs in one place, from expert advice to valuable products and services. Find business news, stories, insights and expert tips all in one place at Chase.com/forbusiness. Read the rest of our Startup Week series on TechCo.
