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Entrepreneurship? Plan Carefully, Coordinate Quickly – The Oakland Press

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Let’s face it. No matter how well an entrepreneur’s business plan is thought out, during his first 12-24 months of a new business, unexpected things happen.

Startup owners must be able to pivot or fine-tune their business to withstand changes in the market and customer base. Most importantly, small to medium-sized startup entrepreneurs have to be strategic in changing plans so that they can make the most of their limited resources.

Regarding the services companies provide to their clients, said Kimberly A. Eddleston, Schulz Distinguished Professor of Entrepreneurship at Northeastern University’s Damore McKim School of Business in Boston. On what you make money, you keep it. ”

Eddleston, a Next Avenue funder and senior editor at EIX, Entrepreneur and Innovation Exchange, said: They have to make strategic decisions about what gets people to the door. ”

Adapting to different demographics

These strategic decisions include not only the services the business provides, but also who are considered key customers. When her Patricia Wynn, owner of Patricia Services, LLC in Hillsboro, North Carolina, launched her lifestyle assistant her business in April 2021, her customer base was primarily her 65+. I thought it consisted of clients from

Over the past year, her client base has evolved to include Generation X and even busy mothers of young children and PhD candidates who need to help cook for their families while working on their PhD thesis. Now included.

“Originally on my website, it looked like it was aimed at older people,” says Wynn. “Now I want to reach out to people who need help in their daily lives, regardless of age.

The expansion of her target market has been fruitful, but not without challenges. Adding one or two of her members of staff to her is difficult even on a part-time basis as she is one. “Recruiting was harder than expected,” says Wynn. “There is a shortage of workers across the country. People are all doing their own thing and don’t want to work for others, even part-time.”

Small to medium-sized startup entrepreneurs must be strategic in changing plans so that they can make the most of their limited resources. (Photo credit: Metro Creative Connection)

“You also need to set aside enough time with the client so that you can offer someone to work with,” she adds.

Being flexible also means growing your startup incrementally, says David Deeds, Schultz Professor of Entrepreneurship at St. Thomas Opus College of Business in Minneapolis and EIX Editor-in-Chief.

Tips for growing slowly

“When starting a business, buy only what you need,” he advises. “Try to buy second-hand or cheap second-hand equipment etc. Don’t get an office before you need it. Whether this will allow you to build your business slowly and be successful is your big ego.” It’s the difference between having too much and then doing too much and failing.”

It was a strategic decision for Wynn, who spent the past year dodging the pandemic, inflation, and rising gas prices to expand its startup business.

“I take one dose at a time,” she says. “You have to do what you need to do to feed yourself and pay the bills. maybe.”