February 1, 2025 • 26 mins
Unlock the secrets to entrepreneurial success and ignite your business potential with our latest episode, "Ignite Your Entrepreneurial Spirit." Have you ever wondered what separates successful entrepreneurs from the rest? We reveal the essence of entrepreneurship, from spotting opportunities to innovating within established markets. By sharing practical tips on boosting your services through enhanced customer care and communication, we’ll show you how motivation, risk-taking, and resilience can transform your business journey. Get inspired by real-life success stories that underline the importance of hard work, effective communication, and relentless drive.
Unleash your true capabilities with "Discover Your True Passion and Strengths." Reflect on your own strengths by asking, "What comes easy to me?" and learn how these innate abilities can lead to fulfilling career opportunities. Personal anecdotes about skills like bookkeeping and organization illustrate how leveraging these strengths can benefit others and open new doors for you. Think about the legacy you wish to leave and envision your future to create actionable steps toward your dreams. Discover the deeper meaning of passion, one that resonates beyond financial gain and aligns with your inner self.
In "Overcoming Challenges and Finding Success," understand that money isn't the ultimate key to happiness or business success. Learn the importance of purpose and perseverance in navigating business setbacks, and gain insights into effective strategies for starting a business, from brainstorming to solid business planning. Explore various idea generation techniques and the importance of listening to others to uncover solvable problems. Our discussion on "Navigating Business Funding and Mentorship" emphasizes the value of mentorship and diverse funding strategies, including personal experiences with bootstrapping and securing loans. Finally, get inspired with "Empowering Entrepreneurs Through Podcast Mentoring," where we share motivational stories and strategic advice to keep you ambitious and focused on making impactful deals. Embrace love and faithfulness in your entrepreneurial journey, and stay connected by following and sharing our podcast for more inspiring content.
Episode on Market Research: https://podcasts.apple.com/us/podcast/embracing-market-research-for-entrepreneurial-edge/id1707867380?i=1000663258025
Say goodbye to overwhelm and self-doubt, and hello to confidence and success. Join the Faith Filled Coaching family today and step into the abundant future you've always envisioned.
Visit FaithFilledCoach.com to schedule your free 30-minute consultation. Let's make your business dreams a reality, together.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Tammy (00:01):
Welcome to the Light Up your Business podcast, the show
where we dive deep into theworld of small businesses.
I'm your host, tammyHershberger, and each episode
will bring you inspiring stories, expert insights and practical
tips to help your small businessthrive.
Whether you're an entrepreneurjust starting out or a seasoned
business owner, this podcast isyour go-to source for success in
(00:21):
the small business world.
Let's get started.
Two-sorts for success in thesmall business world.
Let's get started.
Hello everyone, I want towelcome you back to another
episode of Life or Businesspodcast.
On today's episode, I want totalk about igniting your
entrepreneurial spirit.
You know, if you're like me andyou own businesses, or you want
to own your own business or itinterests you to own your own
(00:43):
business, it's a great time togo ahead and start doing that.
It's a great time to break freeof working for someone else.
It's a great time to break freeof you know that time clock
that you have to punch forsomeone else to build their
dream.
Let's talk about building yourdream.
That's what entrepreneurship isabout.
So in today's episode, we wantto dive into the world of
(01:03):
entrepreneurship and discoverthe ins and outs of starting
your own venture, whether youhave a burning idea or you're
seeking inspiration, thisepisode is tailored just for you
.
We'll explore practical tips,share some success stories and
discuss overcoming challenges onthe entrepreneurial journey.
So let's get ready to unleashyour creativity and embark on
the path to entrepreneurialsuccess.
So you might be sitting theresaying, well, what is
(01:25):
entrepreneurship?
According to Investopedia, theirdefinition of entrepreneurship
is when an individual who has anidea acts on the idea, usually
to disrupt the current marketwith a new product or service.
And sometimes it doesn't evenhave to be disrupting with a new
product.
It could be just taking aservice that's already out there
and expanding on it orimproving it.
(01:46):
If you're like me and in thistown, there's certain services
that are, you know, home-basedservices, such as window
cleaning, power washing, guttercleaning, you know that's a
space I was in, and you can takewhat's there already and then
turn into something better,because I know for a fact
there's some window cleaners inthis valley that are sucky.
They don't show up, they don'ttreat their customers good, they
don't always do a good job, andso you could take their
(02:09):
customers by going and justtreating the customers right,
showing up for the jobs,charging what's fair.
You know all that kind of stuffso it could be just taking a
service and expanding on ormaking it better.
Baps in college has kind of aninteresting definition of
entrepreneurship.
They state thatentrepreneurship is better
described as a mindset that isopportunity obsessed, holistic
(02:33):
in approach and leadershipbalance.
This new entrepreneurialdefinition is about innovation,
about seeing problems asopportunities and about changing
the world.
And that's really what owningyour own business is is finding
what is the problem that peopleneed help with, right.
So, whether it's windowcleaning, they need storage,
they need a house built, theyneed a new pavement put on their
driveway, they need newconcrete, they want a pool.
(02:54):
Like you know, you need therapy.
Whatever it is, there's alwaysproblems to be solved, and if
you are a problem solver and youdo it to your best of abilities
, and then if you throw God inthe mix, you could have one hell
of a business.
So keep in mind that theentrepreneurial mindset is
unique in that one must becreative, communicative and
highly motivated to succeed, yetopen to risk and failure.
(03:18):
So I've had some conversationswith different businesses lately
, and I mean communication.
I say it all the time.
All the businesses will tellyou you have to communicate
between yourself, your employees, your management.
You know your franchise or youremployees, whoever it is, and
your customers, Because if youdon't communicate, things are
going to turn into a completecrap show and then the customers
(03:41):
are going to be unhappy, youremployees are going to be happy,
your business partners can bebe unhappy, and it's amazing to
me how some people cannot get it.
They just don't understand thatyou have to communicate.
They think they can do whateverthe heck they want not
communicate.
Not communicate to the customerthat you're not showing up or
you're not going to be there ontime, or sometimes you don't
even communicate the priceclearly or whatever it is, and
it just turns into a total messand then your business should go
(04:04):
out of business because you'redoing a crap job, and so you
also want to make sure you'rehighly motivated to succeed, and
I think that's something as youlisten to each entrepreneur
that I bring on here with theirown business.
You cannot be lazy.
You cannot expect to work fivehours a day or three hours or
have banker's hours.
Especially when you're startingyour business.
You have to be willing to worknonstop and unfortunately, you
(04:26):
know balance is hard at firstbecause there's so much to do.
You're wearing all the hats.
You probably don't have enoughhelp, you probably have no help,
and so you're doing it allyourself.
So you have to be willing to bemotivated.
You have to be able to get outof the house, get off the couch,
turn the TV off, you know, geton the computer, go out and find
(04:48):
clients, whatever it is.
If you don't have that drive,you will not make it.
You might as well forget aboutit because it's not for you.
And then you have to be open tothe risk and failure.
I mean, as I talk to eachperson that comes in here, we
have risk, we have failures, wehave things that don't go right.
I mean I will be the first totell you that I've had business
failures.
I've had partnership failures,hell, I think we've all had
(05:09):
friendship failures.
We've had family failures Imean financial failures, like we
experienced those.
But you have to be able to pickyourself back up.
I know someone that is juststruggling and their business is
struggling and they'repersonally struggling.
And you know it doesn't seemlike no matter how much help you
offer someone, they don'talways want to take it and they
don't want to pick themselves up.
And that I struggle with thatpersonally because I it
frustrates me.
I'm not one of those peoplethat are going to lay on the
floor forever and cry about I'mgoing to cry and then I'm going
to pick myself up and I'm goingto go again, and that's what
(05:31):
life is about.
And so entrepreneurial spirit isone of like get your a off the
floor and get moving.
You know what I mean.
Get out of the house, go findthose clients, stop whining and
complaining and change what youdon't like.
And that's why owning your ownbusiness is so great because you
are the glass ceiling.
There is no limit.
You are your own limit.
And so if you're very muchstruggling with self-limiting
(05:51):
and no drive and procrastination, owning your own business is
going to be a crap show.
I'll tell you what.
It's not going to be good foryou.
You probably won't even besuccessful, but if you're the
opposite of that, then you couldbe an amazing business owner.
So if you're thinking aboutventuring into entrepreneurship,
there's usually a discussionaround finding your passion.
There's a Ford's article thatwe ran into that says you don't
(06:15):
find your passion.
You ignite it from the insideout, through internal and
external work.
So this approach to findingyour passion leads to more
inward journey instead of anoutward journey.
Right, you want to take thetime to really get to know
yourself personally, find whatlights you up, what makes you
excited, which can lead tocreate a sustainable business
(06:35):
that lightens, that lightsothers up.
So, like when I'm talking topeople in here, I can tell, like
a lot of people, the financialsis boring or bookkeeping is
boring to them and you can tellthey don't really smile, they
don't really care.
Then you talk about customerservice or creating a product or
whatever it is, and they'rethey light up and they get
excited.
Their voice raises.
That's how you know that issomething that lights you up.
Right, which is the name ofthis podcast let's light up your
(06:56):
business.
Let's get excited about itagain.
Um, I believe that if, if you orI or all of us, know our why
and what we are doing, then itacts as our compass to carry us
through the ups and the downs ofbeing in entrepreneurship.
Being an entrepreneur is noteasy.
I mean, there's days I'm notsure how I survived some of the
(07:18):
things I've been through, but Idid.
And then I get up every day andI'm like I'm going to go do it
again and I'm going to do itbetter.
That's the spirit, the fire inyour belly that you need.
So some questions you canreflect on.
If you're still searching foryour passion, maybe you're out
there and you're like Tammy, Ihave no idea what you're talking
(07:42):
about.
I don't.
I have a job.
How much your family friendsshrinks?
Whoever you talk to, theyencourage you.
You can't do anything if youdon't do it right like I can.
Let's not say you can lead ahorse to water but you can't
make them drink.
So questions, what are they?
Well, here's one.
What comes easy to me?
Ask yourself that.
What comes easy to me?
Things that come naturally tous.
(08:03):
It's a great way to play to ourstrengths and help others who
may struggle or find itdifficult within a certain area
of their lives.
Bookkeeping, organization,office work that has always come
so easy to me and I enjoy it.
Time flies when I'm doing it.
It's not tedious or boring tome, even though I look at a lot
of other business owners on mypodcast here and they look at me
and they're like hate thatstuff, cool, that's see, that's
(08:27):
my opportunity because I do thatstuff, I am good at that stuff,
I enjoy that stuff, so I cantake that off your plate if
you're one of those that hate it, and then you can go focus on
doing the things in yourbusiness you love, which will
also move your business.
Now I've heard people say well,I don't have to, I'll just
forget the books.
Who cares?
Well, you're a freaking idiot.
You need to track your payments.
(08:48):
You need to track who owes youmoney.
You need to track who you owemoney to.
You need to know what yourprofit loss is.
You need to know if yourbusiness is growing or dying.
If you go to get loans, youneed to know financials for your
business, because the banks aregoing to want to.
I don't need that For theperson.
If you're listening, you knowwho you are.
You need to fix it.
(09:09):
What other questions?
What kind of legacy do I wantto leave behind?
So we've talked about this kindof in other podcasts, but when
we are clear on the legacy wedesire to leave behind, it puts
us in the seat of our futureself and allows us to craft the
life you want to live.
But in reverse, we thinkbackwards from the future,
envision the life you desire tocreate and then take the steps
(09:30):
to get there.
You know we can dream all dayof like I want a million dollars
, I want a big home, I want tolive here, there, wherever, but
if you don't know how to get tothat, you're never going to get
there and you have to make stepsthat you can actually do, one
by one, to get there.
It it's like if I had to go tothe store.
Well, how do I get to the store?
A couple options I can Uber, Ican drive myself, I can walk,
whatever.
(09:50):
So none of those are going towork if I don't get a car, or
call in a car, an Uber, or geton my bike or get my shoes on
and start walking.
Every step gets me closer.
Another thing you can askyourself is there any overlap
between what I am currentlydoing and what I want to do?
Maybe you, you know, work forsomeone.
You want to do somethingsimilar, you want to start your
(10:11):
own business, or maybe it's inthe general field of what you're
doing.
Well, you've already got sometraining, so now go out and do
it.
So you want to make a list ofthe things you want to do in
your current job and then thethings that you can do or are
doing in your current job andthen you look at it and you look
at that list and you see what'sthe common thread between the
(10:31):
two, what's consistent.
Then begin to make thetransition to more of what you
desire to do, take what you havelearned from previous jobs and
apply them to the business youwant to create.
You know that's me.
I didn't go to school forbusiness, I went to school for
office administration.
But as I've worked fordifferent companies and for
other people and started andclosed businesses and whatever
I've learned things all alongthat I can now take and use into
(10:55):
the businesses I have now, takethe mistakes, take the lessons
and then, if there's things I'mlacking, I can go take you know
classes or take a college courseor whatever I got to do to
learn the things I don't know or, worst case, hire them out.
If I have the money I'll hirethem out.
And then ask yourself what doespassion mean to you?
Dive into what passion lookslike and it feels like for you.
You know it's a littledifferent for everybody.
(11:16):
This way you know what you'repushing forward towards in your
heart and it's not that, it'snot just something that you
think others expect of you orjust because it will be, you
know, profitable.
It has to mean more than money.
Money is necessary, I am notsaying that, but money is not
everything.
Money I've seen money come init doesn't make people happy.
If anything, it changes people.
It makes them greedier, makesthem grumpy, like they buy more
(11:41):
stuff and they just need moreright?
Or they can buy more drugs orwhatever the heck it is.
It does not fix the problem,especially in business, because
it's a grind sometimes to get upevery day and keep doing the
same thing.
And when business is great it'sgreat, but when it's down it's
tough, and you have to be ableto get up every day and face it
and sometimes dig yourself outof a hole.
So just remember that you willstill face challenges and
(12:02):
setbacks, even when followingyour dreams and passions.
Nothing worthwhile comes easyin life, in friendships and
relationships and business.
You have to know your why,because it'll keep you going
when times are tough or when youfeel unclear in the next step.
So once you know the directionyou want to take in your
business, then you need todevelop a plan.
(12:23):
So when you develop a plan, youwant to brainstorm ideas for
your business.
The idea should be able tosolve a problem and be fairly
easy to execute.
So I do recommend that youperform extensive market
research within the industry andI have a separate episode.
It's called Market Research.
If you look at my podcast list,you will see it, where I talk
more in depth about theessentials of market research.
(12:43):
If you look at my podcast list,you will see it where I talk
more in depth about theessentials of market research
and we'll also link a episodelink to it in the notes of this
show.
So when generating the ideas forbusiness or a product within a
business, the process will lookdifferent for everyone.
First, you must know theproblem you're trying to solve.
So again, are you trying toclean windows?
Are you trying to cleanpeople's homes?
Are you trying to delivergroceries for old people?
I mean, what is it?
(13:04):
What is the problem you'resolving?
Then dig into your market, like, is it a necessary thing here?
If you have a tiny town, well,that might not be sustainable
there.
You know, if you ever live in abig city and it's a huge demand
for it, or you're the first onein town doing it, or is there
700 other businesses doing it,because then you have a lot of
competition.
So you need to look at all thatand see what's going on.
Look at pricing, look at cost,look at where do I?
(13:25):
What kind of building do I need?
Where do I have to have mylocation?
You know what kind of whenyou're looking at locations what
kind of traffic foot traffic,car traffic, all that stuff
right, is it a scaryneighborhood?
These are the things you got tothink about when creating your
business.
So then, once you find acreative solution to the problem
you're trying to solve, anddecide which idea is the most
suitable for creating asustainable business, execute it
(13:47):
, go for it.
Now you're saying, well, how doI do that?
Well, there's some differentoptions.
You can do mind mapping, whichis a visual way to organize the
ideas and information, like aheroc heroc, I can never say it
herocracy.
It shows the relationship amongthe pieces of the whole puzzle.
Right, I'm not a big mindmapper, I just kind of I'm a
(14:07):
note taker more and I just drawthings out.
Um, there's reverse thinking.
This is basically asking,asking strategic questions
around a problem, but you do itin reverse.
So you find out what is, whatnot to do, and then you find out
what you need to do.
Right, I'm more of abrainstormer myself.
It's really good with a groupof people and you want people
(14:29):
that you know are invested inwhat you're trying to do, or
have experience on what you'redoing, or you know not these
dream killers, as I call themthat is just going to be
negative about what you'rethinking.
So if you can get otherpeople's thoughts about an idea,
you can brainstorm discussionsthat can lead to, you know,
creative ideas and solutions.
Listening People can be verygood resources when generating
(14:49):
ideas.
Listen to the problems orissues that come up in a
conversation with friends orfamily or someone beyond your
social circle.
It can really help.
You know where there is a needand then you can come up with a
way to solve it.
And then there's the five W'swho, what, where, when and why
of a topic or problem you'd liketo solve.
So think about that.
So when you're generating theseideas for a new business or a
(15:11):
new product within the business,it's important to keep an open
mind and then try to thinkoutside the box, right?
Because sometimes we don'talways think these great ideas.
Sometimes they just pop up oryou're solving a problem over
here and then you realize oh wow, I can't even fully solve this
because I don't have the optionof this right, whatever X, y and
Z is.
And then you want to create abusiness plan.
So before starting a newbusiness, it may seem
(15:33):
unimportant to have a businessplan, but it is a good step in
getting the foundation of yourbusiness.
It kind of gives you like aroadmap of where you're going
right.
It's like when you're traveling, you get your map out and you
figure well, I'm going to takethis road to that road, and
because if you just haphazardlydid it, you could end up in who
knows where, spend all yourmoney on fuel and have no way to
get home right.
So when you begin and run yournew business, you will face
(15:55):
obstacles on your journey and abusiness plan can help steer you
in the right direction.
It also helps you makedecisions that are grounded in
the vision and the goals of thebusiness, keeps you from getting
distracted.
As an entrepreneur, it'simportant to have a mindset
that's positive and creative,seeing failure as an opportunity
to learn, to grow and then usewhat you learn to create a more
(16:16):
successful business.
You cannot have success withoutfailure, so you must rewire how
you see and think about failure.
Keith Crotch I'm not sure whathis name is, it's a Forbes
article.
He said people don't succeedwithout experiencing setbacks
along the way.
Resilient entrepreneurs canturn failure into success, pain
into insight and fear intobravery.
(16:36):
As an entrepreneur, you mustlearn to embrace failure.
Henry Ford said failure is justa resting place.
It's an opportunity to beginagain, but more intelligently.
Failure is an opportunity tostop, to reflect, to reinvent
yourself, to use wisdom andhindsight to be able to go to
the next step and do it better.
(16:56):
Like we said earlier, knowingyour why, knowing what your
vision is and where yourbusiness is going is crucial,
because when failure comes andit will come you need to have a
clear vision that will help youmove forward and cause
correction in the areas that youneed it and course correct man.
Learn from your mistakes, turnfailures into opportunities.
(17:18):
Failure is just the construct ofthe mind.
One person's setback could beviewed as a gift in the eyes of
someone else, a gift ofopportunity to find creative
alternative solutions.
Right, I know someone that whenfailure comes, they just sit in
it and it's the most depressingthing to see because they won't
try, they won't fight, theywon't fight for their business
or their friendships or whatever.
They just lay there and die init and it's disgusting to watch.
(17:40):
I hate watching it.
It's not how God made us.
It's not how God made us.
It's not how we're supposed tobe.
We're supposed to take thatfailure and learn from it and do
better right.
Every time I mess up, I try todo better, I try to fix my
friendship, I try to fix mybusiness.
I try to, you know, not make amistake financially and or
definitely not spend my money onsomething that was a mistake
last time or whatever.
Like, learn from it.
People, failure is just feedback.
(18:04):
The best course of action is tolearn the lessons and move
forward.
So in the past, like we hademployees, you know, in my
window business that would quitand we do an exit interview and
they would tell us the reasonthey were leaving.
And those are goodopportunities to look at your
business and be like, okay,we're unorganized, we're not
communicating, we're not, youknow, supporting them, we're not
meeting their need, whatever itwas.
(18:25):
We can take that opportunityand we can look at our business
now and say, okay, we are goingto fix this problem, because I
don't want to keep losing peopleto the same problem.
A few of the common obstaclesface the young entrepreneurs.
One they don't have thefinances to start it or they
don't even know how to startlooking for the money to start
(18:46):
in.
They don't have a network ofpeople to go to to either help
start it, help get business,help get questions answered, and
then they lack the experiencein their industry or business
right, because they've neverdone it.
And it can take a while tobuild a reputable business that
people know and trust, and Ithink it takes.
Well, once you've I'm justgoing to say it Once you've
built the business and you havea great reputation, you better
(19:07):
damn well do good things to keepit, because people will talk
when you treat them terrible.
Word spreads fast, especiallybad news spreads quick.
So get that good reputation andthen do what you can to keep it
.
And if you have the wrongpeople that are ruining the
reputation, get them out of yourcompany.
If it's you, you need to coursecorrect, you need to get some
help figure out what you'redoing wrong as a business owner.
(19:29):
I do recommend finding a mentorthat you can go to with
questions and guidance.
It could be a friend, anotherbusiness owner, a business coach
like me.
You know a coaching group,somebody that you can talk to,
because you cannot do it byyourself.
You have to have a mentor inyour corner, someone that is
invaluable, someone that hasyears of knowledge and has
overcome many challenges, and bytapping into their wisdom you
(19:52):
gain insight into effectivestrategies and pitfalls to avoid
.
That can be massively helpful.
Having a mentor is also helpingwhen building a network.
Usually they know a lot ofpeople and can help open doors
to new opportunities orpartnerships that you otherwise
might not be exposed to.
And I will say this you know youcan talk to your friends I'm
not saying you can't, but ifyour friend has never ran a
(20:13):
business or never had employees,never managed people, never
known the struggle of payroll,and you can talk to them.
But their advice you're goingto need to take with a grain of
salt because they've never doneit.
They have no idea.
It's like coming to me forparenting advice.
You know I can give an opinion.
I have never done it.
I don't know what it's like tobe a mom.
I don't know what it's like tobe up late at night with crying
baby and you're stressed out ofyour mind.
(20:34):
I know other stress I've donebusiness stress, but I can't
really give you solid advicebecause I've never done that.
Now talk about marriage.
I've been with my husband 24years.
I can tell you what a marriageis like a strong relationship.
I can tell you what that lookslike.
I can give you some advice onthat.
What's worked for me, what didnot work for me?
I can talk about business allday long.
I know what it's like to be awoman and a female.
(20:54):
I can't tell you what it's liketo be a man.
You come to me.
I have no idea.
I can that in mind when you'retalking to people.
Okay, let's talk about one ofthe hardest things, the two
things businesses never have, nomatter who you are.
You don't have enough time, youdon't have enough money.
So, funding your venture.
Quickbooks did a blog post aboutthe best way to seek funding
(21:17):
for your business and in 2024,and this was their top three
ideas.
So one is bootstrapping.
You might be like what is that?
That's the most popular routenew business owners take for
funding.
So, according to this blog, 73%of business owners plan to
self-fund their business.
So bootstrapping means that youuse your own personal funds,
such as savings and credit cards, to jumpstart your business.
(21:37):
It allows you to maintain fullcontrol and ownership of your
business.
A benefit to bootstrapping isit allows you to maintain full
control and ownership of yourbusiness.
A benefit to bootstrapping isit allows you to test how
successful an idea is beforerelying on outside sources for
funding.
The drawback to this fundingstrategy is it can limit the
scale and speed of your business.
If you only have 50 grand, youcan only buy so much material.
You can only buy so manyproducts.
You can only create such acertain professional website.
(22:03):
You know you have a budget.
Basically, you're going to runout of money quick, so you can't
go big maybe as fast as youshould, or you can't hire the
people you need, which slows thebusiness growth.
Then there's crowdfunding.
This strategy involves raisingmoney from many individuals who
contribute small amounts, socrowdfunding platforms serve as
intermediaries that connectbusinesses with potential
backers.
Platforms like Kickstarter,indiegogo provide different
(22:27):
types of funding than any otheravenue can be, and it can be
faster.
Now, I personally have neverdone crowdfunding, so I'm not
going to give anyonerecommendations or advice on
that.
I've never done that.
I have started my own businesswith my own money.
I've also gotten loans Angelinvestors, again, something I've
also gotten loans.
Angel investors Again somethingI've never done.
These are individual investorsor a group of investors that
provide financial backing andsupport to startups and early
(22:50):
stage businesses.
I hope someday to be able tobecome an angel investor.
I'm not there yet, but that isone of my hopes and my dreams
for what I want to do.
These investors usually take anequity stake in the company, so
you're giving up a part of yourcompany for their money.
And if you're looking to findangel investors for your
business, create a pitchshowcasing your potential or
(23:16):
your new business's uniqueselling points, market potential
and growth strategy, becauseyou're going to want to show
them what your business can doand why they should invest in
you.
So, again, like I said, my myown personal experience I've
used my own money.
I've used my own savings.
I've put um one time to buy atrailer for a furniture hauling
(23:41):
business.
I I went and put my paid offcar up and got a loan on that
because it was cheaper interestthan the trailer itself was, and
then I took that money andinvested in my business and
bought the trailer.
You know, I've gotten loans,not SBA loans.
I've gotten regular loans onbusinesses.
I've gotten lines of credit.
The barnyard we bought throughthe owner self-funding, so he
(24:04):
carried the loan for five yearsand then we paid him off.
There's different ways you cando it, you know.
You just have to kind of seewhat works for you.
Just remember when you bringinvestors on, there's pressure
now because the people are goingto want their money right.
And if you get loans, there'spressure because you have to
make those payments and peopleexpect you to pay them back.
So remember these things.
When you're starting a business,failure is inevitable.
(24:25):
Learn to embrace setbacks andobstacles as opportunities for
growth.
Perform market research anddevelop a solid business plan
for a career path forward.
And find a mentor to help guideyou and connect you to a
greater network of people.
And remember you can doanything you set your mind to If
you have an idea and you see asolution to a problem that
people face.
I strongly encourage you todevelop a plan to make your
(24:47):
dreams a reality.
I hope this podcast episodeinspires and empowers you, as a
new entrepreneur, to pursue yourdreams and provide you with
practical advice, insights andencouragement to embark on your
entrepreneurial journey withconfidence and determination.
You got this and please sharethis episode with anyone looking
to start a new business, aswell as follow this podcast on
(25:08):
your favorite platform so younever miss a future episode.
Thank you all for listeningtoday.
I invite you to share your ownexperience of starting your
business by visiting us atwwwlightupyourbusinesspodcastcom
.
Remember to like, share, followand subscribe.
We'll see you guys next time.
And remember in the world ofbusiness, every success story
(25:30):
begins with a passionate dreamand ends with a strategic
billion dollar handshake.
Stay ambitious, stay innovativeand keep making those deals
that reshape tomorrow.
Thank you all for tuning in anduntil next time remember.
Proverbs 3, 3 says let love andfaithfulness never leave you.
Bind them around your neck,write them on the tablet of your
(25:51):
heart.
That way, you will win favorand a good name in the sight of
God and man.
And remember if you like whatyou heard today, click the
follow button so you never missan episode.
Welcome to the Light Up your Business podcast, the show
where we dive deep into theworld of small businesses.
I'm your host, tammyHershberger, and each episode
will bring you inspiring stories, expert insights and practical
tips to help your small businessthrive.
Whether you're an entrepreneurjust starting out or a seasoned
business owner, this podcast isyour go-to source for success in
(00:21):
the small business world.
Let's get started.
Two-sorts for success in thesmall business world.
Let's get started.
Hello everyone, I want towelcome you back to another
episode of Life or Businesspodcast.
On today's episode, I want totalk about igniting your
entrepreneurial spirit.
You know, if you're like me andyou own businesses, or you want
to own your own business or itinterests you to own your own
(00:43):
business, it's a great time togo ahead and start doing that.
It's a great time to break freeof working for someone else.
It's a great time to break freeof you know that time clock
that you have to punch forsomeone else to build their
dream.
Let's talk about building yourdream.
That's what entrepreneurship isabout.
So in today's episode, we wantto dive into the world of
(01:03):
entrepreneurship and discoverthe ins and outs of starting
your own venture, whether youhave a burning idea or you're
seeking inspiration, thisepisode is tailored just for you
.
We'll explore practical tips,share some success stories and
discuss overcoming challenges onthe entrepreneurial journey.
So let's get ready to unleashyour creativity and embark on
the path to entrepreneurialsuccess.
So you might be sitting theresaying, well, what is
(01:25):
entrepreneurship?
According to Investopedia, theirdefinition of entrepreneurship
is when an individual who has anidea acts on the idea, usually
to disrupt the current marketwith a new product or service.
And sometimes it doesn't evenhave to be disrupting with a new
product.
It could be just taking aservice that's already out there
and expanding on it orimproving it.
(01:46):
If you're like me and in thistown, there's certain services
that are, you know, home-basedservices, such as window
cleaning, power washing, guttercleaning, you know that's a
space I was in, and you can takewhat's there already and then
turn into something better,because I know for a fact
there's some window cleaners inthis valley that are sucky.
They don't show up, they don'ttreat their customers good, they
don't always do a good job, andso you could take their
(02:09):
customers by going and justtreating the customers right,
showing up for the jobs,charging what's fair.
You know all that kind of stuffso it could be just taking a
service and expanding on ormaking it better.
Baps in college has kind of aninteresting definition of
entrepreneurship.
They state thatentrepreneurship is better
described as a mindset that isopportunity obsessed, holistic
(02:33):
in approach and leadershipbalance.
This new entrepreneurialdefinition is about innovation,
about seeing problems asopportunities and about changing
the world.
And that's really what owningyour own business is is finding
what is the problem that peopleneed help with, right.
So, whether it's windowcleaning, they need storage,
they need a house built, theyneed a new pavement put on their
driveway, they need newconcrete, they want a pool.
(02:54):
Like you know, you need therapy.
Whatever it is, there's alwaysproblems to be solved, and if
you are a problem solver and youdo it to your best of abilities
, and then if you throw God inthe mix, you could have one hell
of a business.
So keep in mind that theentrepreneurial mindset is
unique in that one must becreative, communicative and
highly motivated to succeed, yetopen to risk and failure.
(03:18):
So I've had some conversationswith different businesses lately
, and I mean communication.
I say it all the time.
All the businesses will tellyou you have to communicate
between yourself, your employees, your management.
You know your franchise or youremployees, whoever it is, and
your customers, Because if youdon't communicate, things are
going to turn into a completecrap show and then the customers
(03:41):
are going to be unhappy, youremployees are going to be happy,
your business partners can bebe unhappy, and it's amazing to
me how some people cannot get it.
They just don't understand thatyou have to communicate.
They think they can do whateverthe heck they want not
communicate.
Not communicate to the customerthat you're not showing up or
you're not going to be there ontime, or sometimes you don't
even communicate the priceclearly or whatever it is, and
it just turns into a total messand then your business should go
(04:04):
out of business because you'redoing a crap job, and so you
also want to make sure you'rehighly motivated to succeed, and
I think that's something as youlisten to each entrepreneur
that I bring on here with theirown business.
You cannot be lazy.
You cannot expect to work fivehours a day or three hours or
have banker's hours.
Especially when you're startingyour business.
You have to be willing to worknonstop and unfortunately, you
(04:26):
know balance is hard at firstbecause there's so much to do.
You're wearing all the hats.
You probably don't have enoughhelp, you probably have no help,
and so you're doing it allyourself.
So you have to be willing to bemotivated.
You have to be able to get outof the house, get off the couch,
turn the TV off, you know, geton the computer, go out and find
(04:48):
clients, whatever it is.
If you don't have that drive,you will not make it.
You might as well forget aboutit because it's not for you.
And then you have to be open tothe risk and failure.
I mean, as I talk to eachperson that comes in here, we
have risk, we have failures, wehave things that don't go right.
I mean I will be the first totell you that I've had business
failures.
I've had partnership failures,hell, I think we've all had
(05:09):
friendship failures.
We've had family failures Imean financial failures, like we
experienced those.
But you have to be able to pickyourself back up.
I know someone that is juststruggling and their business is
struggling and they'repersonally struggling.
And you know it doesn't seemlike no matter how much help you
offer someone, they don'talways want to take it and they
don't want to pick themselves up.
And that I struggle with thatpersonally because I it
frustrates me.
I'm not one of those peoplethat are going to lay on the
floor forever and cry about I'mgoing to cry and then I'm going
to pick myself up and I'm goingto go again, and that's what
(05:31):
life is about.
And so entrepreneurial spirit isone of like get your a off the
floor and get moving.
You know what I mean.
Get out of the house, go findthose clients, stop whining and
complaining and change what youdon't like.
And that's why owning your ownbusiness is so great because you
are the glass ceiling.
There is no limit.
You are your own limit.
And so if you're very muchstruggling with self-limiting
(05:51):
and no drive and procrastination, owning your own business is
going to be a crap show.
I'll tell you what.
It's not going to be good foryou.
You probably won't even besuccessful, but if you're the
opposite of that, then you couldbe an amazing business owner.
So if you're thinking aboutventuring into entrepreneurship,
there's usually a discussionaround finding your passion.
There's a Ford's article thatwe ran into that says you don't
(06:15):
find your passion.
You ignite it from the insideout, through internal and
external work.
So this approach to findingyour passion leads to more
inward journey instead of anoutward journey.
Right, you want to take thetime to really get to know
yourself personally, find whatlights you up, what makes you
excited, which can lead tocreate a sustainable business
(06:35):
that lightens, that lightsothers up.
So, like when I'm talking topeople in here, I can tell, like
a lot of people, the financialsis boring or bookkeeping is
boring to them and you can tellthey don't really smile, they
don't really care.
Then you talk about customerservice or creating a product or
whatever it is, and they'rethey light up and they get
excited.
Their voice raises.
That's how you know that issomething that lights you up.
Right, which is the name ofthis podcast let's light up your
(06:56):
business.
Let's get excited about itagain.
Um, I believe that if, if you orI or all of us, know our why
and what we are doing, then itacts as our compass to carry us
through the ups and the downs ofbeing in entrepreneurship.
Being an entrepreneur is noteasy.
I mean, there's days I'm notsure how I survived some of the
(07:18):
things I've been through, but Idid.
And then I get up every day andI'm like I'm going to go do it
again and I'm going to do itbetter.
That's the spirit, the fire inyour belly that you need.
So some questions you canreflect on.
If you're still searching foryour passion, maybe you're out
there and you're like Tammy, Ihave no idea what you're talking
(07:42):
about.
I don't.
I have a job.
How much your family friendsshrinks?
Whoever you talk to, theyencourage you.
You can't do anything if youdon't do it right like I can.
Let's not say you can lead ahorse to water but you can't
make them drink.
So questions, what are they?
Well, here's one.
What comes easy to me?
Ask yourself that.
What comes easy to me?
Things that come naturally tous.
(08:03):
It's a great way to play to ourstrengths and help others who
may struggle or find itdifficult within a certain area
of their lives.
Bookkeeping, organization,office work that has always come
so easy to me and I enjoy it.
Time flies when I'm doing it.
It's not tedious or boring tome, even though I look at a lot
of other business owners on mypodcast here and they look at me
and they're like hate thatstuff, cool, that's see, that's
(08:27):
my opportunity because I do thatstuff, I am good at that stuff,
I enjoy that stuff, so I cantake that off your plate if
you're one of those that hate it, and then you can go focus on
doing the things in yourbusiness you love, which will
also move your business.
Now I've heard people say well,I don't have to, I'll just
forget the books.
Who cares?
Well, you're a freaking idiot.
You need to track your payments.
(08:48):
You need to track who owes youmoney.
You need to track who you owemoney to.
You need to know what yourprofit loss is.
You need to know if yourbusiness is growing or dying.
If you go to get loans, youneed to know financials for your
business, because the banks aregoing to want to.
I don't need that For theperson.
If you're listening, you knowwho you are.
You need to fix it.
(09:09):
What other questions?
What kind of legacy do I wantto leave behind?
So we've talked about this kindof in other podcasts, but when
we are clear on the legacy wedesire to leave behind, it puts
us in the seat of our futureself and allows us to craft the
life you want to live.
But in reverse, we thinkbackwards from the future,
envision the life you desire tocreate and then take the steps
(09:30):
to get there.
You know we can dream all dayof like I want a million dollars
, I want a big home, I want tolive here, there, wherever, but
if you don't know how to get tothat, you're never going to get
there and you have to make stepsthat you can actually do, one
by one, to get there.
It it's like if I had to go tothe store.
Well, how do I get to the store?
A couple options I can Uber, Ican drive myself, I can walk,
whatever.
(09:50):
So none of those are going towork if I don't get a car, or
call in a car, an Uber, or geton my bike or get my shoes on
and start walking.
Every step gets me closer.
Another thing you can askyourself is there any overlap
between what I am currentlydoing and what I want to do?
Maybe you, you know, work forsomeone.
You want to do somethingsimilar, you want to start your
(10:11):
own business, or maybe it's inthe general field of what you're
doing.
Well, you've already got sometraining, so now go out and do
it.
So you want to make a list ofthe things you want to do in
your current job and then thethings that you can do or are
doing in your current job andthen you look at it and you look
at that list and you see what'sthe common thread between the
(10:31):
two, what's consistent.
Then begin to make thetransition to more of what you
desire to do, take what you havelearned from previous jobs and
apply them to the business youwant to create.
You know that's me.
I didn't go to school forbusiness, I went to school for
office administration.
But as I've worked fordifferent companies and for
other people and started andclosed businesses and whatever
I've learned things all alongthat I can now take and use into
(10:55):
the businesses I have now, takethe mistakes, take the lessons
and then, if there's things I'mlacking, I can go take you know
classes or take a college courseor whatever I got to do to
learn the things I don't know or, worst case, hire them out.
If I have the money I'll hirethem out.
And then ask yourself what doespassion mean to you?
Dive into what passion lookslike and it feels like for you.
You know it's a littledifferent for everybody.
(11:16):
This way you know what you'repushing forward towards in your
heart and it's not that, it'snot just something that you
think others expect of you orjust because it will be, you
know, profitable.
It has to mean more than money.
Money is necessary, I am notsaying that, but money is not
everything.
Money I've seen money come init doesn't make people happy.
If anything, it changes people.
It makes them greedier, makesthem grumpy, like they buy more
(11:41):
stuff and they just need moreright?
Or they can buy more drugs orwhatever the heck it is.
It does not fix the problem,especially in business, because
it's a grind sometimes to get upevery day and keep doing the
same thing.
And when business is great it'sgreat, but when it's down it's
tough, and you have to be ableto get up every day and face it
and sometimes dig yourself outof a hole.
So just remember that you willstill face challenges and
(12:02):
setbacks, even when followingyour dreams and passions.
Nothing worthwhile comes easyin life, in friendships and
relationships and business.
You have to know your why,because it'll keep you going
when times are tough or when youfeel unclear in the next step.
So once you know the directionyou want to take in your
business, then you need todevelop a plan.
(12:23):
So when you develop a plan, youwant to brainstorm ideas for
your business.
The idea should be able tosolve a problem and be fairly
easy to execute.
So I do recommend that youperform extensive market
research within the industry andI have a separate episode.
It's called Market Research.
If you look at my podcast list,you will see it, where I talk
more in depth about theessentials of market research.
(12:43):
If you look at my podcast list,you will see it where I talk
more in depth about theessentials of market research
and we'll also link a episodelink to it in the notes of this
show.
So when generating the ideas forbusiness or a product within a
business, the process will lookdifferent for everyone.
First, you must know theproblem you're trying to solve.
So again, are you trying toclean windows?
Are you trying to cleanpeople's homes?
Are you trying to delivergroceries for old people?
I mean, what is it?
(13:04):
What is the problem you'resolving?
Then dig into your market, like, is it a necessary thing here?
If you have a tiny town, well,that might not be sustainable
there.
You know, if you ever live in abig city and it's a huge demand
for it, or you're the first onein town doing it, or is there
700 other businesses doing it,because then you have a lot of
competition.
So you need to look at all thatand see what's going on.
Look at pricing, look at cost,look at where do I?
(13:25):
What kind of building do I need?
Where do I have to have mylocation?
You know what kind of whenyou're looking at locations what
kind of traffic foot traffic,car traffic, all that stuff
right, is it a scaryneighborhood?
These are the things you got tothink about when creating your
business.
So then, once you find acreative solution to the problem
you're trying to solve, anddecide which idea is the most
suitable for creating asustainable business, execute it
(13:47):
, go for it.
Now you're saying, well, how doI do that?
Well, there's some differentoptions.
You can do mind mapping, whichis a visual way to organize the
ideas and information, like aheroc heroc, I can never say it
herocracy.
It shows the relationship amongthe pieces of the whole puzzle.
Right, I'm not a big mindmapper, I just kind of I'm a
(14:07):
note taker more and I just drawthings out.
Um, there's reverse thinking.
This is basically asking,asking strategic questions
around a problem, but you do itin reverse.
So you find out what is, whatnot to do, and then you find out
what you need to do.
Right, I'm more of abrainstormer myself.
It's really good with a groupof people and you want people
(14:29):
that you know are invested inwhat you're trying to do, or
have experience on what you'redoing, or you know not these
dream killers, as I call themthat is just going to be
negative about what you'rethinking.
So if you can get otherpeople's thoughts about an idea,
you can brainstorm discussionsthat can lead to, you know,
creative ideas and solutions.
Listening People can be verygood resources when generating
(14:49):
ideas.
Listen to the problems orissues that come up in a
conversation with friends orfamily or someone beyond your
social circle.
It can really help.
You know where there is a needand then you can come up with a
way to solve it.
And then there's the five W'swho, what, where, when and why
of a topic or problem you'd liketo solve.
So think about that.
So when you're generating theseideas for a new business or a
(15:11):
new product within the business,it's important to keep an open
mind and then try to thinkoutside the box, right?
Because sometimes we don'talways think these great ideas.
Sometimes they just pop up oryou're solving a problem over
here and then you realize oh wow, I can't even fully solve this
because I don't have the optionof this right, whatever X, y and
Z is.
And then you want to create abusiness plan.
So before starting a newbusiness, it may seem
(15:33):
unimportant to have a businessplan, but it is a good step in
getting the foundation of yourbusiness.
It kind of gives you like aroadmap of where you're going
right.
It's like when you're traveling, you get your map out and you
figure well, I'm going to takethis road to that road, and
because if you just haphazardlydid it, you could end up in who
knows where, spend all yourmoney on fuel and have no way to
get home right.
So when you begin and run yournew business, you will face
(15:55):
obstacles on your journey and abusiness plan can help steer you
in the right direction.
It also helps you makedecisions that are grounded in
the vision and the goals of thebusiness, keeps you from getting
distracted.
As an entrepreneur, it'simportant to have a mindset
that's positive and creative,seeing failure as an opportunity
to learn, to grow and then usewhat you learn to create a more
(16:16):
successful business.
You cannot have success withoutfailure, so you must rewire how
you see and think about failure.
Keith Crotch I'm not sure whathis name is, it's a Forbes
article.
He said people don't succeedwithout experiencing setbacks
along the way.
Resilient entrepreneurs canturn failure into success, pain
into insight and fear intobravery.
(16:36):
As an entrepreneur, you mustlearn to embrace failure.
Henry Ford said failure is justa resting place.
It's an opportunity to beginagain, but more intelligently.
Failure is an opportunity tostop, to reflect, to reinvent
yourself, to use wisdom andhindsight to be able to go to
the next step and do it better.
(16:56):
Like we said earlier, knowingyour why, knowing what your
vision is and where yourbusiness is going is crucial,
because when failure comes andit will come you need to have a
clear vision that will help youmove forward and cause
correction in the areas that youneed it and course correct man.
Learn from your mistakes, turnfailures into opportunities.
(17:18):
Failure is just the construct ofthe mind.
One person's setback could beviewed as a gift in the eyes of
someone else, a gift ofopportunity to find creative
alternative solutions.
Right, I know someone that whenfailure comes, they just sit in
it and it's the most depressingthing to see because they won't
try, they won't fight, theywon't fight for their business
or their friendships or whatever.
They just lay there and die init and it's disgusting to watch.
(17:40):
I hate watching it.
It's not how God made us.
It's not how God made us.
It's not how we're supposed tobe.
We're supposed to take thatfailure and learn from it and do
better right.
Every time I mess up, I try todo better, I try to fix my
friendship, I try to fix mybusiness.
I try to, you know, not make amistake financially and or
definitely not spend my money onsomething that was a mistake
last time or whatever.
Like, learn from it.
People, failure is just feedback.
(18:04):
The best course of action is tolearn the lessons and move
forward.
So in the past, like we hademployees, you know, in my
window business that would quitand we do an exit interview and
they would tell us the reasonthey were leaving.
And those are goodopportunities to look at your
business and be like, okay,we're unorganized, we're not
communicating, we're not, youknow, supporting them, we're not
meeting their need, whatever itwas.
(18:25):
We can take that opportunityand we can look at our business
now and say, okay, we are goingto fix this problem, because I
don't want to keep losing peopleto the same problem.
A few of the common obstaclesface the young entrepreneurs.
One they don't have thefinances to start it or they
don't even know how to startlooking for the money to start
(18:46):
in.
They don't have a network ofpeople to go to to either help
start it, help get business,help get questions answered, and
then they lack the experiencein their industry or business
right, because they've neverdone it.
And it can take a while tobuild a reputable business that
people know and trust, and Ithink it takes.
Well, once you've I'm justgoing to say it Once you've
built the business and you havea great reputation, you better
(19:07):
damn well do good things to keepit, because people will talk
when you treat them terrible.
Word spreads fast, especiallybad news spreads quick.
So get that good reputation andthen do what you can to keep it
.
And if you have the wrongpeople that are ruining the
reputation, get them out of yourcompany.
If it's you, you need to coursecorrect, you need to get some
help figure out what you'redoing wrong as a business owner.
(19:29):
I do recommend finding a mentorthat you can go to with
questions and guidance.
It could be a friend, anotherbusiness owner, a business coach
like me.
You know a coaching group,somebody that you can talk to,
because you cannot do it byyourself.
You have to have a mentor inyour corner, someone that is
invaluable, someone that hasyears of knowledge and has
overcome many challenges, and bytapping into their wisdom you
(19:52):
gain insight into effectivestrategies and pitfalls to avoid
.
That can be massively helpful.
Having a mentor is also helpingwhen building a network.
Usually they know a lot ofpeople and can help open doors
to new opportunities orpartnerships that you otherwise
might not be exposed to.
And I will say this you know youcan talk to your friends I'm
not saying you can't, but ifyour friend has never ran a
(20:13):
business or never had employees,never managed people, never
known the struggle of payroll,and you can talk to them.
But their advice you're goingto need to take with a grain of
salt because they've never doneit.
They have no idea.
It's like coming to me forparenting advice.
You know I can give an opinion.
I have never done it.
I don't know what it's like tobe a mom.
I don't know what it's like tobe up late at night with crying
baby and you're stressed out ofyour mind.
(20:34):
I know other stress I've donebusiness stress, but I can't
really give you solid advicebecause I've never done that.
Now talk about marriage.
I've been with my husband 24years.
I can tell you what a marriageis like a strong relationship.
I can tell you what that lookslike.
I can give you some advice onthat.
What's worked for me, what didnot work for me?
I can talk about business allday long.
I know what it's like to be awoman and a female.
(20:54):
I can't tell you what it's liketo be a man.
You come to me.
I have no idea.
I can that in mind when you'retalking to people.
Okay, let's talk about one ofthe hardest things, the two
things businesses never have, nomatter who you are.
You don't have enough time, youdon't have enough money.
So, funding your venture.
Quickbooks did a blog post aboutthe best way to seek funding
(21:17):
for your business and in 2024,and this was their top three
ideas.
So one is bootstrapping.
You might be like what is that?
That's the most popular routenew business owners take for
funding.
So, according to this blog, 73%of business owners plan to
self-fund their business.
So bootstrapping means that youuse your own personal funds,
such as savings and credit cards, to jumpstart your business.
(21:37):
It allows you to maintain fullcontrol and ownership of your
business.
A benefit to bootstrapping isit allows you to maintain full
control and ownership of yourbusiness.
A benefit to bootstrapping isit allows you to test how
successful an idea is beforerelying on outside sources for
funding.
The drawback to this fundingstrategy is it can limit the
scale and speed of your business.
If you only have 50 grand, youcan only buy so much material.
You can only buy so manyproducts.
You can only create such acertain professional website.
(22:03):
You know you have a budget.
Basically, you're going to runout of money quick, so you can't
go big maybe as fast as youshould, or you can't hire the
people you need, which slows thebusiness growth.
Then there's crowdfunding.
This strategy involves raisingmoney from many individuals who
contribute small amounts, socrowdfunding platforms serve as
intermediaries that connectbusinesses with potential
backers.
Platforms like Kickstarter,indiegogo provide different
(22:27):
types of funding than any otheravenue can be, and it can be
faster.
Now, I personally have neverdone crowdfunding, so I'm not
going to give anyonerecommendations or advice on
that.
I've never done that.
I have started my own businesswith my own money.
I've also gotten loans Angelinvestors, again, something I've
also gotten loans.
Angel investors Again somethingI've never done.
These are individual investorsor a group of investors that
provide financial backing andsupport to startups and early
(22:50):
stage businesses.
I hope someday to be able tobecome an angel investor.
I'm not there yet, but that isone of my hopes and my dreams
for what I want to do.
These investors usually take anequity stake in the company, so
you're giving up a part of yourcompany for their money.
And if you're looking to findangel investors for your
business, create a pitchshowcasing your potential or
(23:16):
your new business's uniqueselling points, market potential
and growth strategy, becauseyou're going to want to show
them what your business can doand why they should invest in
you.
So, again, like I said, my myown personal experience I've
used my own money.
I've used my own savings.
I've put um one time to buy atrailer for a furniture hauling
(23:41):
business.
I I went and put my paid offcar up and got a loan on that
because it was cheaper interestthan the trailer itself was, and
then I took that money andinvested in my business and
bought the trailer.
You know, I've gotten loans,not SBA loans.
I've gotten regular loans onbusinesses.
I've gotten lines of credit.
The barnyard we bought throughthe owner self-funding, so he
(24:04):
carried the loan for five yearsand then we paid him off.
There's different ways you cando it, you know.
You just have to kind of seewhat works for you.
Just remember when you bringinvestors on, there's pressure
now because the people are goingto want their money right.
And if you get loans, there'spressure because you have to
make those payments and peopleexpect you to pay them back.
So remember these things.
When you're starting a business,failure is inevitable.
(24:25):
Learn to embrace setbacks andobstacles as opportunities for
growth.
Perform market research anddevelop a solid business plan
for a career path forward.
And find a mentor to help guideyou and connect you to a
greater network of people.
And remember you can doanything you set your mind to If
you have an idea and you see asolution to a problem that
people face.
I strongly encourage you todevelop a plan to make your
(24:47):
dreams a reality.
I hope this podcast episodeinspires and empowers you, as a
new entrepreneur, to pursue yourdreams and provide you with
practical advice, insights andencouragement to embark on your
entrepreneurial journey withconfidence and determination.
You got this and please sharethis episode with anyone looking
to start a new business, aswell as follow this podcast on
(25:08):
your favorite platform so younever miss a future episode.
Thank you all for listeningtoday.
I invite you to share your ownexperience of starting your
business by visiting us atwwwlightupyourbusinesspodcastcom
.
Remember to like, share, followand subscribe.
We'll see you guys next time.
And remember in the world ofbusiness, every success story
(25:30):
begins with a passionate dreamand ends with a strategic
billion dollar handshake.
Stay ambitious, stay innovativeand keep making those deals
that reshape tomorrow.
Thank you all for tuning in anduntil next time remember.
Proverbs 3, 3 says let love andfaithfulness never leave you.
Bind them around your neck,write them on the tablet of your
(25:51):
heart.
That way, you will win favorand a good name in the sight of
God and man.
And remember if you like whatyou heard today, click the
follow button so you never missan episode.
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