Are You A Fearless Entrepreneur?
An Interview With Robert Tuchman, author of "Young Guns: The Fearless Entrepreneur's Guide To Chasing Your Dreams and Breaking Out On Your Own."
Robert Tuchman, author and entrepreneur, talks with Commitment about the three things every entrepreneur should know when they start a business. He writes: "This is a marathon not a sprint. Be prepared to take a step forward every day. If you fall behind and have a bad day don't worry just make sure you get yourself off the mat the next day and keep progressing toward your goal."
Commitment: During this economic downturn, is this good time to start a business? If so, why?
Robert Tuchman: Absolutely. First off it is going to take time to ramp up a business and by the time you are starting to gain traction the economy most likely will be on its way to recovery and you can ride the wave of momentum. Also vendors and suppliers are going to be hurting and you can cut your hard costs. Everything from rent to office supplies.
Commitment: What are three things every entrepreneur should know and understand when they start a business?
Robert: This is a marathon not a sprint. Be prepared to take a step forward every day. If you fall behind and have a bad day don't worry just make sure you get yourself off the mat the next day and keep progressing toward your goal.
Make sure you get yourself a good lawyer and a solid accountant. These two allies of your company are going to work with you to set the structure and road map for your business. They will be instrumental initially and help you clear a path to succeed.
Know that you deserve to be successful. Why not you? Having the confidence that you know you are going to do well will help you achieve success. If someone else was successful in starting a business why shouldn't you be also? Know that you won’t know everything you need to know when you start a business but you will learn something each step of the way and you will still be able to move forward.
Commitment: What makes starting a new business something advantageous for young college graduates? Why is this time in life a good time to begin a business venture?
Robert: While most college graduates might lack the rolodex they make up for it and more with the energy and passion they bring to the table. People enjoy enthusiasm and youthfulness. Energy and a positive attitude will take you further then a big rolodex when you are in the initial stages of starting a business.
Commitment: You write, concerning starting a business, "their ability to bounce back tomorrow is much more important than their initial excitement." Can you explain this? Why is the ability to bounce back so important if you are going to be an entrepreneur?
Robert: No matter what you choose as your business you will have set backs. Unfortunately this is one thing I can guarantee. The good news is that is part of the journey. The most important thing as an entrepreneur is not to have these set backs knock you out of the race. You have to find a way to bounce back and get back on the horse. Good things come sometimes out of the biggest let downs.
Commitment: How can a person know when they have hit upon a good idea for a business? What are some signs that a business idea might be the wrong one?
Robert: If you are feeling good about your business idea and you find yourself constantly thinking about doing it then you have the first step needed in knowing you hit the right idea. Now of course while this is important it is also important to see a market for your business and know that there is a need for your product or service.
The wrong idea is your friend’s idea or the one your parent keeps telling you to go after because there is potential there. You have to love what you are doing to be successful and happy at the same time. Make sure that this idea excites you constantly.
Commitment: Why is it important to ask yourself: 'who are you helping?' when it comes to creating a new business?
Robert: While we all would love to follow our passion unfortunately if you are not helping anyone but yourself with your business then you will quickly be out of business. Helping is servicing the client and knowing the need your business is fulfilling.
Commitment: In your opinion, what are the biggest mistakes that can destroy a new business?
Robert: Cash flow problems and a failure to manage this aspect of your business or not taking a chance on a big order or client because of your own fears you might not deliver. Find a way to do it.
Also, don’t be too heavy on internal structure and not enough on client generation.
Commitment: Why do you think you are a success in business? What steps did you take that resulted in a very successful business?
Robert: Communication is key and working with employees and clients to run a functional business. Most of my job since day one has been making sure my communication including expectations for employees, vendors, and clients is conveyed properly.
Commitment: If someone came to you and said, "I have this great idea, how do I make it into a profitable business" what would you say to them?
Robert: Good question. I hope I know the answer and if I don't I will definitely let them know as well.
Commitment: What are the seven priorities for a successful first year in business?
Robert: Build a culture of action and enthusiasm. Take daily action on your business plan. Get your web site up and running. Talk to absolutely everyone about what you do. Try to fund it yourself. Get connected no matter what relationships. Stay balanced!
Commitment: What should a comprehensive business plan include?
Robert: A business plan should really explain how your are going to achieve a profitable structure for your company. It should include the nuts and bolts of the road map to success. It’s not talking only about how big a market it is or the potential in a sector. The plan should show how you are going to capture that market.
Commitment: What advice do you have regarding keeping track of the "numbers" in a new business?
Robert: Make sure you have a good accountant and or book keeper. The numbers are what a business is judged on at the end of the day. It’s so important to get this right from the start. I wish I did.
To Purchase Young Guns click here.
About the Author: Robert Eric Tuchman is the founder and president of Manhattan-based TSE Sports & Entertainment. He is a leading authority in sports business and has been featured in publications including USA Today, The New York Times and BusinessWeek. He is also the author of 100 Sporting Events You Must See Live.
