Brave and Honest! Our Executive Producer/Founder, Erika Salter, was open with Secret Entourage about her “first failure” in the business of multi-media production and how she bounced back. Erika was selected to be featured in the article geared to help those interested in Entrepreneurship. Read the story here.
Entrepreneurship Tip: Don’t underestimate the importance of an iron-clad sales plan.
“As a small business owner, my first failure was launching my business in 2007 without a solid sales plan.
I knew I had the passion, skill, and talent to run a business but I underestimated how necessary it was for me to know who I was selling to and how I planned on selling to them. The outcome was two full years of very slow sales growth within my business which caused me to have to go back into the workforce and obtain a full-time job while I developed a solid business plan. In 2010, my business ended the year profitable. Our sales have been growing ever since.
The lesson I learned is that no amount of passion and tenacity can make up for cash flow in a business. Unless your business is a non-profit, the goal should be to make a profit (and produce exceptional work within your given industry). Sales is the life blood of any business. Know your strategy.”
Secret Entourage, is a platform dedicated to encouraging entrepreneurship. http://www.secretentourage.com/