According to the Small Business Association, over 627,000 new businesses are created each year in the United States. At the same time, about 595,000 businesses close each year. Bottom line: starting a business isn't easy. Even if you have a great idea, it can be difficult to bring that idea to life and make it successful. Entrepreneurship can lead to great success, but oftentimes not without challenges and roadblocks in the way. Blasting News recently interviewed five successful entrepreneurs who shared their best business advice for other entrepreneurs who are looking to turn their dreams into a reality in 2017.
Blasting News (BN): When is the right time to start a new business?
Nell Lindquist, Co-Founder Hi Little One: "If you really think it's a good idea then you need to do it now. You don't think of ideas in a vacuum and chances are, if you've thought of it, someone else has too and the race has already started."
BN: Once you have a great idea for a new business, what is the next step?
Greg Durocher, Founder & CEO of Safe Ride 4 Kids: "Creating a well thought out and researched business plan is an essential step in launching your business but then you must continue becoming the person that you need to become in order to execute the plan you have in your hands. It requires real courage to face and overcome the push back you will encounter from your own mind."
BN: What is the most important thing to look for when hiring people to help you build your business?
Andy Musliner, Founder & CEO of InRoad Toys: "Humble yourself: recognize what you don't know and hire people much more knowledgeable and smarter than you are to fill those holes. You will make far fewer mistakes for your foresight."
Lynn Ell Tilker, Founder & President of eCubed Designs, LLC: "A great team is the key ingredient to building a successful business.
Don't shy away from hiring anyone smarter than you, embrace them and let them spread their wings because it is that passion and positivity that will propel the business and the team you have surrounded yourself with."
BN: What is your best advice for staying profitable?
Giuseppe Veneziano, Founder & CEO of infanttech: "If I can share one thing for business entrepreneurs, it is to know your numbers and cash flow.
One of the biggest things you need to know about operating a company that sells a product is cash flow and replenishing. You got a product that sells but how do you replenish your inventory? That's the key to the cycle -- know your numbers and cash flow.”
