Business Strategy and Execution – Advice – Part 13

·         Laurie Stach - Importance of Execution and Adaptation

·         Beth Pride - Importance of Business Planning

·         Jessica Lapuz - Importance of Numbers and Teamwork

·         Melissa Rosenfield - Aligning Decisions with Values

·         Wendy Kauffman - Value-Based Pricing

·         Stephanie Truan - Importance of Business Planning

·         Tina Ouellette - Adapt and Stay Flexible

·         Shruti Nagvanshi  - Comprehensive Planning and Analysis

·         Michelle Ridsdale - Focus on Value Proposition

·         Catherine Barrow - Refine Your Offer

Importance of Execution and Adaptation

The best advice is to get started!  There is so much to learn about potential opportunities and how best to solve them by getting out there and talking to people, testing assumptions, and beginning to see what resonates with people in a way that might allow them to become paying customers.  As is often said in entrepreneurship, "ideas are dime a dozen, success comes down to execution."  So much of that execution is learning how to adapt to market circumstances, being resilient through the many hurdles, and being hypothesis driven in an attempt to find product-market fit of a viable and potentially valuable business opportunity.

Laurie Stach, Founder, LaunchX

Importance of Business Planning

If you are going to start a business, do everything that you can do to ensure its success. The key thing that I did was attend the Renaissance Entrepreneurship Center Business Planning class where I learned how to write a business plan and understand how to constantly measure my business so I could stay ahead of any challenges.

Beth Pride, Founder, BPE Global

Importance of Numbers and Teamwork

Entrepreneurship is a long haul game. Know your numbers well and work with a team--you'll go much further.

Jessica Lapuz, Founder, OutLash Beauty Boutique

Aligning Decisions with Values

In the beginning, you'll want to say yes a lot, and while many entrepreneurs may say this is a good thing, I have to preach the importance of saying no. In your infancy as an entrepreneur, you may also want to say yes to the money, but making career decisions that are congruent with your brand and your values is the most important thing you can do as an entrepreneur. Money will come in time with hard work and perseverance, but regretting a business decision that was made because of financials will stick with you for a while, if not forever. I really love talking about this in Unlock Her Potential, an organization where I'm a mentor to women entrepreneurs of color, offering free business advice. It means a lot to me to empower the next generation of women entrepreneurs, especially because I remember when I was in their shoes just starting out in the professional world.

Melissa Rosenfield, Founder, IFP Communications

Value-Based Pricing

Know your worth. Most entrepreneurs know approximately how much their competitors charge for similar services or products. Ask yourself, "Do I want to charge on this range's high, medium, or low end?" If you choose the low end, you will always compete on price and must accept that your service/product is a commodity targeting the lowest bidders. Or do you want to charge on the higher side, basing the worth of your service/product on the value the client/customer will gain? Value is always a stronger positioning from which to start a negotiation.

Wendy Kauffman, Founder, Wendolyn Reputation Management

Importance of Business Planning

In the process of becoming a recognized company in Chile, we are dedicated to educating not only about the brands to encourage purchases but also to educating in the way of doing business with a methodology from less to more. A great piece of advice that I always give to entrepreneurs is to start with a business plan and number from moment one, the formality will allow you to think and analyze each decision clearly.

Stephanie Truan, Founder, Market People

Adapt and Stay Flexible

Have a master plan of where you want to be and dont let small set backs take you off your original goal. If things dont come through or change along the way be flexible and see the good that this new change has brought instead of focusing on how it has upset your plans. You're not in control of everything so you better be nibble when things dont work the way you had originally envisioned.

Tina Ouellette, Founder,Global Mechanic. Media Inc.

Comprehensive Planning and Analysis

Patient, thorough planning based on a comprehensive SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis and stakeholder engagement is of paramount importance. This approach ensures a well-informed strategy that considers internal and external factors, maximizing opportunities and mitigating risks effectively.

Shruti Nagvanshi, Founder, JanMitraNyas

Focus on Value Proposition

Stay focused on your why, persevere despite the challenges that will come, be clear on your value proposition and your target audience, be prepared to pivot as you try to find product market fit.

Michelle Ridsdale, Founder, Kaboose

Refine Your Offer

My advice, aside from NEVER GIVING UP, would be to say, "Look at your offer. A small change in the wording of your offer could lead to finding your perfect client."

Catherine Barrow, Founder, Cuarteto Ars Misik