In our new webinar-style live, the CEO of IdeaPros, Fred Cary, talks about all the things you didn’t know about entrepreneurship that could ruin your chance to build a successful business. Read on and learn how to become an empowered and enabled entrepreneur.
About Fred Cary
When he was 24, Fred lost $60,000 on the first day of the job at his concert promotion company. Today that would be $600,000. They had a big outdoor concert with a lot of huge bands. It rained, and the rain ruined the whole thing. With this introduction to entrepreneurship, he has started ten different companies, many became public. He’s had a lot of successes and failures, bumps in the road, and twists and turns. Fred decided to start IdeaPros and use all that accumulated knowledge to help other entrepreneurs go throughout their journey in a more organized and informed way.
When they decide to become entrepreneurs, many people hone in on a product or an app first. But looking for an engineering firm or a good app company first is the worst thing to do, as it doesn’t create a business.
There are two things you need to create if you want to have a good start:
- A business and not just a product.
- Yourself as a strong, purpose-driven person.
“You can’t create a great company without being a great leader, and you can’t be a great leader without being a great person.” – Fred Cary
It starts with how you treat your family, dog, and neighbors. Before you create a responsible organization where you can build your product or app, you should be a part of a community. Otherwise, you are on a roadway to nowhere, with no customers and no way to monetize what you’ve built.
Purpose Driven Entrepreneurship and Companies
Before you do anything, you have to have a purpose. If your goal ties to something altruistic that gives back to the community and makes a difference, you’ll wake up in the morning with a smile.
We usually don’t like our jobs because we don’t feel we are doing what we are meant to do. Building a legacy for the future (whatever that legacy is for you) will give you better days, a better life, and a better business.
“Purpose-driven companies have higher margins, revenue, and customer retention because their customers connect to their message and act like passionate advocates for the brand.” -Fred Cary
When you are trying to do something meaningful, everyone who interacts with you, from customers to shareholders to employees and suppliers, will want to be a part of your story. And before you do all that, you need to have the infrastructure.
“Being an entrepreneur is something you can’t do alone.” – Fred Cary
Surround yourself with smart people and let them do what they know best. It’s important to work in a structured, well-organized way for the organization to run smoothly. Start with the basics:
- Who am I?
- What are my strengths?
- What am I trying to build?
- What industry am I going into?
- How big is it?
- How fast is it growing?
- Who are the competitors?
- How strong are they?
- Where are their weak points?
- How can I exploit those weak points?
- How can I steal their customers and make them not just my customers but loyal advocates of my brand?
If there’s no market, the competition is too strong, and if there’s no hole in the marketplace then don’t go any further.
“Whatever it is that you’re building, you have to do it in a way that’s going to make a difference and attract the audience.” – Fred Cary
Branding & Naming Your Business
Ask yourself all these questions, then move on to the naming, branding, and positioning, which is the essence of who you are. For people to know what you’re all about, you need to have impressive branding: colors, logo, name, and message. A great example of imposing branding is Apple: whatever they make now, you will know what to expect from them.
Work on these things before you’ve even started building your product or app. You first need to know where that hole in the marketplace is and where you will fit in. Otherwise, you are just building something you want to buy, and you’re the only person that doesn’t have to buy it. App and product development are the beginning.
As an organization, you need a plan for financing your future because that’s where it gets heavy and where you grow. Marketing and advertising dollars will get you in front of the people.
“The companies that lead don’t have a better product – they have a better message.” – Fred Cary
When you build everything you need, your product or app has a healthy foundation and a place to live. You can continue making quality products because you’ve created a necessary structure.
“You are not building an app or a product, you are building a company. And most importantly, you are building yourself.” – Fred Cary
If you get disappointed or discouraged at the first roadblock, you won’t make it. Remember, you are building something that doesn’t exist, so delays, mistakes, and obstacles are a natural part of the process. We lose every step of the way until we win.
The “Idea Pros” at IdeaPros have the resources, experience, and tools to help you at this step or any step in the entrepreneurial journey. We partner with entrepreneurs at any stage and who are ready to invest their ideas. Apply for an interview and lets explore partnering together.