What Detroit Entrepreneurs Have To Say (With Video)

Monday, Feb. 17, 2014

Today is the start of Detroit Week (hashtag #DetroitWeek if you're following along on Twitter). It's a week-long dive into entrepreneurship and innovation in the city of Detroit. There are several events around town that look at what it takes to start a business, maintain a business and make the business successful. And there is some lighter stuff, too. Like "Detroit's Largest Selfie."

(We also spoke with Detroit Week organizer Hajj Flemings on The Craig Fahle Show today. Grab that interview here.)

What we wanted to do, though, is introduce to you and talk with a few entrepreneurs in the area. We gave them three questions:

What is the one thing entrepreneurs need to know...

...before starting a business?
...once their business is launched? be successful?

Here's what the ones who responded had to say:

Dave Anderson

Dave started Bamboo Detroit. It provides an affordable and shared workspace and business services to entrepreneurs.

Dave says the No. 1 thing people need to learn before starting a business is that it's not going to be a straight path to success. You are going to fail at things. So then what? He gives is advice on what to do.

Lara Galloway

Lara is the founder of MomBizCoach and Co-founder of MomBiz and MommyCoach -- Business Coaching for Women. She is also the author of forthcoming book on Mom Entrepreneurs.

Great people: Find them. That's Lara's tip for what entrepreneurs should do after they launch their business. Why? She explains why this is important in the video below.

Emily A. Hay

Emily is the founder of Hay There Social Media, and These are startup businesses that provide social media marketing services. She is also the co-creator of “Saving Face for Parents and Schools,” an online video program helping parents and educators coach tweens to become smart digital citizens.
In business since 2011

Emily says entrepreneurs need to get some money together before officially launching their business. This is a good way to explore if the idea is even a viable business model. She goes further in the video below.

Patrick S. Thornton

Patrick's businesses include TMV Group, Tandem Co. Working Space and Born and Raised in Detroit Foundation. TMV Group is a 1o-year-old branding, marketing and advertising firm. Tandem Co. is a newer venture, Patrick says, that is providing a 12,000-square-foot creative working space to Royal Oak. And Born and Raised in Detroit is an eight-year-old organization that brings Detroit expats together across the country.

Here's what Patrick had to say:

What is the one thing entrepreneurs need to know before starting a business?

Trick question, there is no “one thing”, but failure helps. Knowing what failure looks like and the experience and resourcefulness you gain from working from the ground up teaches you a whole lot, and may instill the craziness to attempt something again.

What is the one thing entrepreneurs need to know once their business is launched?

Stay true to your goal. Don’t divert from your mission statement if you do amend it and stick to that, don’t get caught up in being two many different things, focus and master your mission whatever that is. I remember a quote I heard years ago, something about 10k hours of doing anything will make you a master of it. Not sure if those hours are off, but I’d say that time and dedication should yield some decent results.

What is the one thing entrepreneurs need to know to be successful?

A sense of reality. It’s a big world with lots of opportunity, only a few have a truly original idea, not discounting improvements and inspiration on ideas, but learn from what’s around you. Observe and be aware, don’t get caught up in your own game and know where your strengths are, always remembering you are not a master of everything unless you have done everything for 10k hours. Having lots of positive friends that can help you out is a bonus.

What do you think? Are you an entrepreneur? Answer the questions in the comment section below.