QB Connect – Rhonda Abrams “5 Key Lessons for Every Entrepreneur”

Attended a great session today at QB Connect by Rhonda Abrams “5 Key Lessons for Every Entrepreneur”

About Rhonda – USA Today columnist and entrepreneurship expert, Rhonda Abrams shares common issues for small businesses and advises on do-it-now action items to set your business up for success.


Key issue: Good business plan  “You can’t reach a goal you haven’t set it”

  • Overall business plan
  • Annual business planning
  • Quantifiable, specific goals
  • Estimate resources – time, money, people
  • Set deadline
  • Get real

Have a BIG IDEA journal (when you get an idea), write it down, then overtime review and assess. The most important piece of planning is what NOT to do.

Key issue: Marketing “Repetition, repetition, repetition”

  • Market
  • Message
  • Method

Major methods, think of it as creating leads for you. 

  • Social media, pick the one that works for you.
  • Online SEM/ads
  • E-Newsletter, has about a 20% rate, which is way better than direct mail (which is 2%). It has to be relatable and thoughtful content.
  • Networking/word-of-mouth, critical. Nothing beats face to face marketing.
  • Traditional (meh!)
  • Collateral (e.g. business card “what you do and a call to action)

Key Issue: Team “You can’t grow alone.”

  • Determine your needs. “They don’t need to be on your payroll to be a team member.”
  • Figure out a budget, “Are you growing a job or growing a business.” Make a choice. A business requires scale (e.g. Employees, contractors, etc)
  • Start slowly, “is hiring employees really the best first start.”
  • Make the mental learning “What are the job you are doing now, that are keeping you growing. Is it something you can outsource. (e.g. Administrative things)”

Key Issue: Mobile “Go mobile or go home.”

  • 94% own a cell phone.
  • 64% access internet on phone:
  • 34% primary internet access
  • 10% only internet access

What does this mean for you:

  • Mobile enabled websites
  • Get found
  • Accept mobile payments
  • Run your business in the cloud

Great list for a HOMEWORK assignment:

  • List one or two niches you can /do serve
  • List your specific goals for the coming year
  • Define or refine your core message
  • Identify skills you need to grow your business.