“Twenty years from now, you’ll regret the things you didn’t do more than the ones you did. So cast off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.”
Although this advice might seem like it’s from a modern-day podcaster, it actually came from Samuel Clemens, better known as Mark Twain, the 19th-century novelist and essayist.
Many of Twain’s insights have proven timeless, particularly for today’s growing cohort of entrepreneurs. For myriad reasons, more and more individuals are leaving the traditional workforce behind and venturing into business ownership.
Cynthia Kay is an ally to these aspiring business owners. As the author of “Small Business, Big Success: Proven Strategies to Beat the Odds and Grow a Great Business,” and the founder of an award-winning media production and communications consulting firm, Kay advises clients ranging from Fortune 100 companies to small businesses and non-profits. She has also served as board chair for the National Small Business Association.
The disruptions in the workplace spurred by the Covid pandemic have nudged many towards entrepreneurship. Kay offers sage advice to those embarking on their own business journeys.
“Having a great idea for a product or service is just the start,” she explains. “You need to conduct thorough research to determine if your idea is commercially viable. Whether you’re pioneering a new market or entering a competitive field, timing is crucial. Being ahead of the curve requires resources to generate demand, while in a crowded space, differentiation and value proposition are key considerations.”
Kay emphasizes the importance of passion and perseverance in business ownership. “Passion fuels success,” she notes. “Owning a business demands dedication, especially in the initial five years. Be prepared to sacrifice personal time and financial security. If you’re driven and willing to put in the effort, take the plunge.”
Additionally, Kay stresses the significance of having an exit strategy from the outset. “Many overlook this step in the rush to start a business,” she advises. “Knowing your exit strategy informs your operational decisions and growth plans. Whether building a lifestyle business or aiming for rapid growth, clarity on your end goal is essential.”
To navigate potential partnership pitfalls, Kay recommends developing a “business prenup.” “Partnerships require candid discussions beyond ownership and structure,” she explains. “Understanding each other’s work styles, values, and personal traits upfront mitigates future conflicts.”
Hiring the right team is critical, too. Kay suggests aligning hiring practices with company culture and operational needs. “Look beyond skills to traits like creativity, motivation, and problem-solving ability,” she advises. “These qualities are vital for individual and organizational success.”
Reflecting on common pitfalls, Kay highlights underestimating startup costs, neglecting professional advice, and failing to define target customers as frequent missteps among aspiring entrepreneurs. “Documenting processes, leveraging technology, and prioritizing cybersecurity are essential for sustainable operations,” she adds.
As for her own entrepreneurial journey, Kay expresses a desire to have started sooner. “I spent 13 years in corporate roles before taking the leap,” she reveals. “While it was a learning experience, I could have transitioned earlier.”
In essence, entrepreneurship often means living differently now to achieve what most people cannot later. For more insights, you can follow Kay on Twitter or LinkedIn and explore her website and other work.
