Business advice from local experts, entrepreneurs

"Work hard, and make people smile," businessman Steve Rector advised those who want to be successful entrepreneurs. It sounds simple enough, but running a successful business is not simple at all. Local people who are doing it offered advice for prospective business owners in Business Today.

Rector owns Threadz, which specializes in customized apparel and accessories. He highlighted the effort involved in making business dreams a reality, telling the Southeast Missourian, "If you're not willing to do whatever it takes, don't do it."

Many long to be their own boss, but, cautioned Rector, "When you work for yourself, it's not like working for someone else. It's harder. When you come home at night, you still have things going on in your head."

Mark Christian, director of the Small Business and Technology Development Center at Southeast Missouri State University, said having a good idea is important, as is experience, but so is having a marketing strategy. What benefit is a great idea if a person doesn't know how to get that idea to the masses?

He added, "It doesn't matter how good the idea or product is if there's no market for it." Just because an idea hasn't taken off doesn't mean it is a poor idea; it may just mean you need to figure out how best to let people know about it.

Jakob Pallesen, a business counselor who works with Christian, said, "A lot of people think, 'I would like to do this,' whatever it is. A better way to think about it is 'What would people actually care about?'" Just because we are passionate about something, doesn't mean others find it exciting. So, according to Pallesen, "facetime" with potential customers is a must.

An idea, marketing strategy, experience and feedback are important, but let's face facts: money matters. Christian's advice to this end is advice people with a dream have heard repeatedly: Don't quit your day job. That takes us back to point No. 1: hard work. Rector, for example, still works at Procter & Gamble. Having a revenue stream is vital for startup money and for acquiring financing. Continuing as someone else's employee while planning to become an employer is challenging, but for many it is necessary. Rector said his willingness to put in the work and be patient worked for him.

The advice local experts and entrepreneurs have shared may be just what novices need to get their dream off the ground.