In Strictly Business Episode 3, Raman Chadra of the Junto Institute for Entrepreneurial Leadership, and Tom Walter, serial entrepreneur and CEO of Tasty Catering, to discuss what it means to be an entrepreneur, why failing is part of success, and why there needs to be more resources for established businesses looking to grow.
1. What entrepreneurship really means
"The ESO [entrepreneurship support organizations] ecosystem has exploded in the last 20 years — not just incubators and accelerators, but even in the universities and colleges around the country. Entrepreneurship is a discipline now ... kids are learning about entrepreneurship, even in grade schools." -Raman Chadra, Junto Institute
Raman Chadra spends his days mentoring, connecting, and providing support for early-stage business leaders. In this episode, he discusses the changes in social views, the .com bubble in the 90s, and the recession, all which played a tremendous role in the rise of entrepreneurship. Young people now view this as another career option, whereas a few decades ago, entrepreneurship was only loosely defined.
2. Why failing is part of success
"Today, there should be more of a focus on how to accelerate a business, more so than starting a business" -Tom Walter, Tasty Catering
Tom Walter is a serial entrepreneur and the CEO of Tasty Catering, and has been driven by two major failures. Overcoming his failures, today Walter is known in the community for his passion in mentoring employees, entrepreneurs, and business owners. At Tasty Catering, he focuses on hiring employees who have an entrepreneurial spirit, in other words, those who have the potential to one day grow into a leadership position.
Both Chadra and Walter agree that there's been a great amount of support for startups, but not enough support for businesses looking to advance to the next level. For many businesses, growth comes with many challenges, which is why established business owners should never hesitate to reach out for help.
3. Why the growing period and the end period is just as important as the beginning
It might be sexy to get featured on INC, Forbes or Fast Company magazines, but it's more sexy to make a lot of money." -Tom Walter, Tasty Catering
Walter and Chadra advise young entrepreneurs that each stage of a business is equally important. As you become more established, it's crucial to have an end plan. Questions such as: Who will take over the business? When will I retire? Who can I trust?, are all very important when running a business.
More topics discussed in this episode include advice for young entrepreneurs, business culture, and the latest business methodologies.