Earlier this week, I attended The New York Times Small Business Summit in New York City. Among the speakers and panelists were Living Social CEO Tim O'Shaughnessy, Foursquare co-founder Naveen Selvadurai and New York Times blogger and 10-time business owner Jay Goltz.
This is what I think I learned:
Living Social is making a big push for diversification; CEO Tim O’Shaughnessy knows this is crucial if his company wants to continue to differentiate itself from the myriad daily deal startups.
Small businesses still have a lot of questions about how they can turn daily deal customers into loyal customers.
And daily deal companies are going to have to do a better job of helping small businesses find the answers.
“The most expensive thing in the world is a cheap lawyer”— Jay Goltz
“The only thing worse than a cheap lawyer is a cheap accountant”— Goltz
For many business owners, credit cards are the best way to finance a business.
There’s nothing more critical than learning how to hire.
Ask for references and call them. Always.
Sometimes the smartest decision a business owner can make is to know when to close a business; it doesn’t have to be a sign of failure.
You can’t provide great service and a great product and have the best price in your market.
Foursquare co-founder Naveen Selvadurai had two choices growing up: to be an engineer or to be a doctor.
Selvadurai was physically healthy while working for a large corporation, but wasn’t being challenged mentally. At Foursquare, it’s the reverse.
Forty-four percent of small business owners use social media.
Engage with your customers in social media before a business crisis forces you to.
Find the social media influencers in your industry and let them help you spread your message.
If you want to stalk Etsy and Postling co-founder Chris Maguire, check out Hill Country Chicken in Manhattan for lunch.
Launching a company excites Maguire; running it once it reaches its potential does not.
You can learn a lot from 16- to 22-year-olds; hire interns to help with social media.
Always focus on better storytelling for your business.
You should be able to raise $25,000 to $50,000 on your own.
If you can’t, an angel investor won’t be interested.
Three keys to a successful elevator pitch: passion, proof of traction and explanation of personal expertise.
Props help, too.
“Money runs through a startup like [crap] through a goose.”
For Yes To Carrots, focus groups consist of video conferencing with customers.
The majority of customer complaints come from people who just want to be heard. Listen and give them something for free.
Your story is everything when you start a company; it gets you through the door, but service keeps you there.
You’d be surprised how many people want to help you; just ask.
Never be too proud to beg.
