As an accidental entrepreneur, I was not seeking to start my own company but after being laid off when an agency I worked for was gobbled up by an international company, a client asked me to continue to help them manage their public relations. It was an AHA moment and I decided to give it a try. Since then, a lot has changed. Our team has grown and we are celebrating our 18th anniversary of CS-Effect, a strategic communications agency.
I’ve learned a lot along the way but here are a few pieces of advice.
Don’t Go it Alone
Find talented, trustworthy people who complement you to join your team! The most successful entrepreneurial leaders understand they don’t have to be the best at everything. They just have to identify and appreciate the differences people bring to the table and know how to put them to use. It’s especially important to listen to different opinions and respect your team members who push back. A diverse group of opinions leads to better outcomes.
Navigate the Ebbs and Flows
It won’t always be easy but being flexible and understanding that there will be ebbs and flows along the way will benefit you in the long run. My philosophy has always been to do whatever I could to retain talent even when times were rough. That means budgeting correctly and proactively looking for new opportunities even during the Flows.
Build a diverse portfolio
Diversify. Diversify. Diversify. You hear it from your portfolio manager for a reason. By diversifying your client base you can reduce the risk of significant loss. Many companies that had a large percentage of healthcare companies as clients didn’t fair well as a result of COVID. However, those that maintained a diverse portfolio of clients representing many industries, non profits as well as govt contracts were able to sustain their revenue and in some cases grow.