Light Up Your Business
Welcome to the Light Up Your Business podcast, where we dive deep into the strategies, stories, and insights that drive growth, change, success and innovation for small business owners.
Each episode dives into the struggles behind the scenes—from burnout and financial pressure to self-doubt and juggling personal life. Whether you’re just starting out or scaling up, this podcast offers candid conversations, practical advice, and encouragement to help you stay grounded, find balance, and keep going. Because building a business shouldn’t mean losing yourself in the process.
Light Up Your Business
Entrepreneur vs. Business Owner: What's the Real Difference?
Step into the world of small businesses as we navigate the profound distinctions between entrepreneurs and business owners. On this episode of the Light Up Your Business podcast, host Tammy Hershberger shares insights that go beyond the definitions; she explores the mindset and resilience required to thrive. Whether you’re already an owner or contemplating starting your own venture, this episode sheds light on what it truly means to be an entrepreneur in today’s economy.
Join us as we discuss how small businesses make up an incredible 99.9% of the U.S. economy, playing a crucial role in job creation and community support. From the growth and innovation they bring to their localities, to the unique challenges they encounter, listeners will leave with a deeper appreciation for the impact small businesses have.
Tammy also shares essential traits of successful entrepreneurs, including the ability to adapt, take calculated risks, and lead with vision and integrity. If you've been inspired to consider your entrepreneurial journey, this episode is packed with motivation and practical advice.
Are you ready to explore the potential for financial independence and creative freedom? Tune in and discover what it takes to make a lasting impact through entrepreneurship. Don't miss out; subscribe, share, and engage in this conversation that celebrates the spirit of small business ownership!
Say goodbye to overwhelm and self-doubt, and hello to confidence and success. Join the Faith Filled Coaching family today and step into the abundant future you've always envisioned.
Visit FaithFilledCoach.com to schedule your free 30-minute consultation. Let's make your business dreams a reality, together.
Welcome to the Light Up your Business podcast, the show where we dive deep into the world of small businesses.
Tammy Hershberger:I'm your host, Tammy Hershberger, and each episode will bring you inspiring stories, expert insights and practical tips to help your small business thrive. Whether you're an entrepreneur just starting out or a seasoned business owner, this podcast is your go-to source for success in the small business world. Let's get started to source for success in the small business world. Let's get started. Hello everyone, I want to welcome you back to another episode of Light Up your Business podcast. I'm Tammy Hershberger and today I want to talk to you about entrepreneurship and how it has shaped my career. For anyone who doesn't know me, I'm a female entrepreneur. I also work as a small business coach. I help people grow their business, help people fix the problems in their business. I also do bookkeeping. I kind of have a lot of things that I can do. But today I wanted to share with you kind of the difference between being an entrepreneur you know, just owning a business and how much small business really does shape our economy, and then what it looks like to start a business right, and so some of you maybe own a business and then this episode will just be like kind of interesting and maybe you skip it. But some of you maybe haven't started a business or you're thinking about starting a business, and so I kind of just want to go into some of what goes into it. And so if we kind of just start right off the bat, if you think about, okay, well, who do you know that's a business owner? Well, maybe you don't know someone personally, maybe you do.
Tammy Hershberger:Usually, business owner and entrepreneur are kind of words that are used interchangeably. There is a little bit of a different mindset though that goes in between the two. So some people think business owner and usually my mind goes to like your grandfather was a business owner and he owned a hardware store. My grandfather on my dad's side was a plumber and he had his own plumbing business for a while, and so that is kind of more of a different mindset than someone that's an entrepreneur that you know maybe owns multiple businesses or kind of whatever. So let's dig into that first. So what is the mindset and the risk-taking difference between a business owner and entrepreneur? Well, business owners, they usually focus more on managing their existing business. You know, they may take some calculated risks, but their primary goal is usually to like, maintain and grow a stable, established business, and they usually tend to follow some kind of proven model or practice right. An entrepreneur, on the other hand, often, I would say, takes more risk and they're usually more driven by innovation.
Tammy Hershberger:Entrepreneurs are typically more focused on creating new products or new services or going into new markets, and they thrive on challenges and the uncertainty that comes with launching new ventures. And they typically own multiple businesses in different fields. So, for example, at one time I owned the barnyard, which is my current shed manufacturing business. I had a window cleaning business at the same time. I also do coaching right now, which is Faithfield Coaching a very different business than barnyard. And so usually they have different ventures happening.
Tammy Hershberger:Then there's the innovation and vision. So a business owner while they might introduce improvements or incremental changes, usually they have different ventures happening. Then there's the innovation and vision. So a business owner. While they might introduce improvements or incremental changes, their main focus is on running and sustaining their business effectively. They often rely on existing frameworks or models. Where entrepreneurs, they're driven by the desire to innovate, they disrupt industries, they're creating something entirely new.
Tammy Hershberger:Entrepreneurs are visionaries who seek opportunities where others might not. Then you have growth and scale. So business owners growth in their mind might be important, but it can often be more about maintaining kind of a steady operation, keeping profits up and minimizing their risks. Right, they're more risk adverse. They might not always be focused on scaling. You know, some people are just happy with the business they have and there's nothing wrong with that. You know, maybe it's just them and a couple people, or maybe it's just them and that's a great, honest way to make a living. Now an entrepreneur. They're typically more focused on rapid growth. They want to scale the idea or the business. They want to scale it, franchise it, sell it, whatever. They're always kind of researching new markets and new ways to go into business. Like myself, currently we're looking at a new business opportunity and I think we're going to go for it, and so we're in the research phase and we're kind of seeing what's out there, who's our competitors and what we can do with it, and they're often seeking to build something that can have large impact.
Tammy Hershberger:Then you have approach to operations. You know how the things are operated. So in a business owner perspective, typically they're focused on the day-to-day stuff. Right, you got to run the business. They have to ensure that things run smoothly and efficiently right. The more efficient, the more money you make. They may be more hands-on with the managing the staff, the finances, customer relations meaning like they maybe are the only guy doing all of it. Maybe they're still doing the bookkeeping, maybe they're still running the money, maybe they're still doing all the sales typically entrepreneurs. They're more strategic and less involved in the day-to-day.
Tammy Hershberger:Now sometimes they could be fully removed, but usually there's some somewhat involved right. So, like in my case at the barnyard, I still do all the money. I run that and I do some ordering. But, like all the sales, I have salesmen for that. I have an office administrator who handles a lot of the office stuff. I have builders. I have a delivery man. I don't do most of the work there because I have other ventures. I'm working on thinking more, delegating the task and building systems that will support long-term growth. If you do not have systems, your business will not grow, you will not be able to do it all and it will be kind of messy and unorganized and you're not going to love your life.
Tammy Hershberger:Now, if you're looking short-term versus long-term goals, the business owner typically have long-term goals that are more focused on sustainability and profitability and they want to ensure that the business remains viable and successful for years to come, because they're usually going to own it probably until retirement. Entrepreneurs typically may be more focused on the short to medium term goals, right, creating new products, capturing new markets, and then eventually they kind of their vision is to sell the business for profit at some point. I guess. For me I don't envision myself running all these businesses till the end. I would hope someday to sell them and then either move on to other ventures, do something else. So that's kind of my goal Now. I've owned the barnyard nine years. I'm not really ready to sell it yet, but I'm still 42 years old as well. So that's kind of more the difference in mindsets with that stuff.
Tammy Hershberger:And then the financial goals the business owner typically aims to make more of a stable income and kind of grow wealth steadily through their business. Performance and profit is often generated by steady operations and efficiency, where the entrepreneur often is willing to invest significant time and resources with the goal of achieving a large financial reward. Right, they may take on more debt or equity financing to fund kind of aggressive growth strategies, and there can be overlaps, obviously, between entrepreneurs and business owners. I'm not saying one is specifically hard. Yes, this, yes that Some people kind of overlap, but the key difference lies in their approach to the risk, the innovation and the long-term vision. But the key difference lies in their approach to the risk, the innovation and the long-term vision. So you got to remember entrepreneurs don't just operate businesses, they create them right.
Tammy Hershberger:And so I want to talk a little bit about small business. So if anyone out there runs a small business or is thinking about running a small business, or even just shops at a small business, you know we thank you for supporting us. There's some really interesting facts and statistics I want to read to you, and I got this information because, like last week, I think it was, I spoke to a high school class here and it was career exploration and they wanted someone to come on that's an entrepreneur. And I've done it two years in a row and I talked to these you know, high school kids about being an entrepreneur and what's it look like and the good things, the bad things and all the things I think about. And it seems like when you talk to these kids, you ask about business. You know they think Nike, they think Starbucks, they think all these huge companies, they're corporations, right, and we think, oh, that's what drives the economy. The truth is that's not really accurate. So that's kind of the numbers I want to dig into just to kind of waken you to the fact that, like, small business is a huge part of our economy.
Tammy Hershberger:So, basically, if you look at the SBA's website, I mean and this is all kind of mostly coming from there the small business is generally defined as an independently owned and operated company that is limited in size and revenue, depending on the industry and location. So small business typically have fewer employees and lower annual revenues compared to, like, large corporations. The specific criteria for what constitutes a small business can vary based on factors such as how many employees it has. So, according to SBA, the majority of small businesses have fewer than 100 employees. That's still a lot of people. I mean, managing 100 employees is a lot. In fact, about 75% of small businesses in the US have fewer than 10. And the average small business employs around 10. So myself, barnard has currently let me think one, two, three, four, five, six. Right now we have there, you know, my coaching business is me and I'm looking to hire on a second person right now. So my window business at one time I think we might've had six to eight, I can't remember for sure before we shrunk it back. That's the average business, right, that's the people you know. That's your mom's business, your dad's business, your uncle's business, like they're just everywhere. And then, as far as annual revenue, small businesses usually are a huge part of the industry, but an average small business in the US earned between $1 million and $10 million in annual revenue, and it can, you know, be much lower or higher depending on the type of business, the location, the market.
Tammy Hershberger:Now let's talk about the independent ownership for a minute. Small businesses are privately owned and not controlled by a larger entity or corporation. Right, so that'd be my company. I'm not owned by some big conglomerate. I am me. I make my decisions, I don't have to go to corporate. Small businesses can range from local shops you know, flower shops, coffee shops you know little cleaning shops, whatever, and continue all the way up to service providers such as startups, tech firms, but the main defining characteristic is the size, making sure they're independent and the personal involvement of the owner in day-to-day operations.
Tammy Hershberger:Okay, so let's look at the economy now, with small business, and we really kind of saw this during COVID, when they were shutting down all these small businesses and let all these big corporations like Lowe's and City Market and Elbertsons you know, all these places got to stay open while the mom and pops, the gyms, my businesses, they all got shut down. Now there's a story I could tell you about that. You can hear it in another podcast. I'm not going to go into it today. But if you look at that impact of small business on the US economy, small business makes up 99.9% of all business in the US. Do you realize that? Did you just hear the number? I said 99.9%, that's almost 100% of the US economy is small business. So when COVID hits and the government shuts down, 99.9% of the small businesses right, that's a huge piece of the puzzle.
Tammy Hershberger:Small businesses employ nearly half of the American workforce half and they represent 43.5% of America's GDP, which is gross domestic product. There is 33.2 million small businesses in America. That's a lot of businesses, man. I mean that's if you look around. The more I start to look around and talk to people, I'm like there's a lot of people I know that own small business. I think I love that, because I love that they're not just, you know, working for the man they're, they're creating their own future in their own life and their own path. So when you think about that on a more local level, when there's that much business in the US that's privately owned, that small business, what does that mean and what is the impact on your local economy, the local school system and the general community you live in? Right, without small businesses, we lose those local jobs, we lose the local tax revenue, we lose those personal connections and unique services that make our community so special. And then it says here in fact, many of the large businesses we know today, like Apple, microsoft, starbucks they all started in small business at one time. So it's clear that small businesses are critical to our economy's growth.
Tammy Hershberger:And then the diversity. This is something I love because I'm a female entrepreneur. Now I have a business partner, my husband, who owns, you know, half the business with me basically. So I'm not the only owner, but I also own the Faithful Coaching, which I am the only owner. I am the only one in that. And so when you look at this and you think, well, I can't own a business, you know I'm. I don't know I'm not white or I'm black, or I'm too young or I'm too old, or I'm female or I'm male. Whatever your excuse is, let's look at the numbers. The innovation and diversity of small business reflects the entrepreneur behind it. Over 39% of small business owners are women. That's a huge part. Four in 10 small business owners are foreign born and one in five are owned by racial minorities, with Hispanics making up a large portion of that number. So to me, there's no excuse why you can't own your own business. You're telling yourself reasons that are probably not even true. So get out there and start that business.
Tammy Hershberger:And then it talks about small businesses are innovative. This is kind of interesting. The SBA data shows small businesses have historically applied for a large portion of patents. Businesses with five to nine employees receive more patents per employee than any other business and nearly double the patents received by a large business in 2016. I mean, that is amazing. And that same year, micro employers, which are only one to four employees. They applied for more than 270 patents per employee, or 10% of all patents applied for that year. Small business, not Nike, not Microsoft, not Apple. Small businesses Now I have to throw this out because I am a woman, so if you don't like this.
Tammy Hershberger:Maybe close your ears for a second, but as female entrepreneurs, I think it's really important to talk about how women are changing the business world. And in 2023, women-owned businesses in the US had experienced significant growth, both in the number and economic impact. So it says there are approximately 14 million women-owned businesses, representing 39.1% of all US businesses, which is a 13.6% increase from 2019 to 2023. And those same businesses employ about 12.2 million workers and generate $2.3 trillion in revenue, accounting for 5.1% of all US employer firms. So there's a massive, growing number of female entrepreneurs. They're starting and increasing and growing their business at a rate that's just like exploding. According to recent reports, women-owned businesses are among the fastest-growing segment of the entrepreneurial world. Many women are leveraging technology to create innovative businesses, especially in industries like e-commerce, health and wellness and technology.
Tammy Hershberger:So obviously, you know you think, okay, well, this all sounds great. What is the reason I want to own my own business? Because I've heard some people talk about just the bad stuff. And you know it is hard, it is stressful, it is financially scary, it's, you know, you got to kind of put yourself out there. But there is a lot of benefits of owning your own business, so let's talk about those. If you're out there and you're thinking I kind of want to start that plumbing business, I want to kind of start that whatever um sewing business or coffee shop or fruit stand or whatever you know and you're not sure, like, should I do it or not, well, let me tell you some reasons. You should, besides all the stuff we've just talked about with you know how it helps the local economy, how it's growing the US economy, how it's putting people in jobs. There's for you personally. There's financial independence.
Tammy Hershberger:Now, obviously, starting a business is financially scary. You're putting a lot of your own money into it, but owning your own business allows you to keep the profits and then you can reinvest them in your business or your personal wealth, which then leads to greater financial control and independence compared to being an employee. When you're an employee, you have that ceiling Like you're not going to bring home profits, you're going to get your paycheck and that's it, and whatever the government doesn't take on your taxes, you get left. There's flexibility as a business owner. You can set your own hours. You can make your own decisions. You decide when you want to operate your business, allowing for more time at home, better work-life balance and the freedom to pursue personal interests. So think about that Now.
Tammy Hershberger:If you never work, you're going to have no clients. That's a fact. But if you don't want to work weekends, don't work weekends. If you don't want to work nights, don't work nights. If you want to take Fridays off, take Fridays off. I mean, at this point in my life I work four days a week because I get so much done in the four days I have. I can now take my fifth day off. For years I worked the five days and I would spread my workout for five days and I determined for my mental health, my own physical health, for my own happiness I'm tired of working all the time. So I decided in four days I'm going to take my eight hours and I'm going to get so much done, I'm going to be so hyper-focused that I can get everything done and still have that extra day off. And I'm telling you it's the best move I've ever made. But I can do that because, one, I'm not an employee and two, because I have workers that are amazing and they take care of the business when I'm not there.
Tammy Hershberger:You have creative freedom. So running your own business gives you the freedom to bring your ideas and your visions to life without needing approval from the higher ups. This is ideal if you're very creative and innovative. I'm not super creative, but it's so nice. When I want to do something, I do it. If I want to change the policy, if I want to write a new system, if I want to change prices, whatever we make the decision and we call it done, you have control over your future.
Tammy Hershberger:When you own a business, you're in charge of the direction it takes. You can decide which opportunities to pursue and you have the power to change the course if things aren't working. You are not stuck in a dead-end job because you own the job. You decide what you're going to do with it, what you're going to do, how you're going to do it, the way you're going to do it. There's personal satisfaction, so building something from the ground up can be really rewarding. Seeing your hard work pay off and knowing you're making a difference in the community or industry. It brings huge fulfillment personally to you. There's something about knowing that I'm building something for me and my family, versus like when I worked for Walmart or Target or whoever, when I was younger I had to work for someone else. I was building their dream. Well, I learned from them that by doing this and doing it the right way, I can start building my own dream. And that's what I'm doing. I've been doing that for like 12 years now. 12, 13 years I've been doing my own businesses, running my own stuff.
Tammy Hershberger:And then you talk about the potential for growth. There is no glass ceiling, because you decide where the glass ceiling is. As your business grows, your opportunities grow. You can scale up. You can diversify your products or services. You can increase earnings significantly. Right, you decide what is enough, not the boss telling you well, you've maxed out on pay and if we have to pay you anymore, we're going to get rid of you because we'll replace you. There is none of that. There is no one telling you you've maxed out, because you decide when you've maxed out If you want to go up. You get more clients. You come up with a new product. You find another way to sell better whatever.
Tammy Hershberger:There's tax benefits. Business owners often have more tax deductions than normal employees. These might include things for office space. There's deductions for business related expenses, travel, things like that. You can build wealth. Owning a successful business can be a great way to build wealth over time. If your business grows significantly, it can increase your net worth and be a valuable asset for retirement Legacy building. Owning a business allows you to create lasting legacy. You can pass it on to future generations. You can sell it. You can use it as a platform to make a broader impact in your community or industry. So, basically, ultimately owning a business means more autonomy, the chance to turn your ideas into reality and the possibility to reap the rewards of your efforts. If that doesn't sell you on owning a business, I don't know what will.
Tammy Hershberger:Now let's talk really quickly about the struggles of owning a business. Right, there is some real struggles. So there's financial struggles as a small business. Funding to start your business or grow your business or just keep it going can be hard. It can be stressful. It's not always easy to get the money you need to restart, to start or grow, and you don't know what stress you have until you're kind of there. I always say that like until you have to face payroll and you don't have any money, that's stress. That like until you have to face payroll and you don't have any money, that's stress. But that's also when you find the resilience in yourself to figure it out, and I think that's when you're like you burn the ships and you say this is what it is. I got to figure it out now.
Tammy Hershberger:And then starting your business. You know there's so much expense sometimes that goes into that. Some businesses more than others Window cleaning, super cheap to start Barnyard, not so cheap to start right. So I'm going to go through these kind of quick, I won't spend too much time on them. But some basic startup costs you have to form your business, whether it's an LLC corporation, that can be $50 to $100. Legal and licensing, you know. Getting your EIN, your permits, your federal registrations, that kind of stuff that can be, you know, $100 to $500. Trademark or patents can cost $250 to $2,000. And then you have to do website hosting and creation. All that stuff that can be anywhere from $500 to $5,000. Getting CRMs, accounting systems, management programs $50 to $500 a month, depending on what you do.
Tammy Hershberger:Office equipment, you know. Computers, desks, depending on what you do. Office equipment, you know computers, desks, monitors, blah blah $50 to $500. More if you're obviously buying high dollar computers, I mean that could go up to three grand. If you're buying really nice desks, it could be way more than that actually, depending on how many you need. But there's raw materials. You know, 80 grand can be just what I kind of spend on average for shingles and nails and lumber and siding and all that stuff, and then you have.
Tammy Hershberger:If you need inventory, you know how much inventory do you have to have? Do you have to have a bunch to start, do you not? Sometimes my inventory is three $400,000. It just depends. Then you need logos. Basic logos are 500 bucks. You can spend up to 10 grand on a logo. You need some kind of marketing, right? You're going to do advertising billboards. I mean one year I spent 50 grand in billboards.
Tammy Hershberger:You need an office to rent. I mean you may start in your garage and that's okay. But eventually you're going to grow and office space can be very expensive Anywhere from 500 to, well, on average, 3000, but it could be huge. Utilities can be really expensive. Just my electric bill last month was like 500. You have labor for employees, right, that can vary from 30 to 100 grand or more. Contractors and freelancers those can be in that same range. You got to have insurance. Business insurance, liability insurance is through the roof these days. Uh, that can be anywhere from thousands of dollars to 50.
Tammy Hershberger:I mean, it just depends on how big your business is or what you're trying to start and how dangerous it is. There's all these things that you need to think about. You need a contingency fund, you need to have some savings. You know 10 to 20% of the startup excuse me, startup costs that we have a buffer and then you go into like, well, what else is kind of bad about owning a business? There's always the option of failure. Right?
Tammy Hershberger:Not every business works out the way you plan. My window business did not work out the way I planned, but when I look at that, there's a quote by Maya Angelou that says I can be changed by what happens to me, but I refuse to be reduced by it. Well, that, to me, is huge. You don't let failure stop you. Right, you got to look at it in different ways. Learn those lessons, reframe, rechange, do what's different, do whatever you got to do.
Tammy Hershberger:There's always uncertainty. Yeah, it may not work out. You don't know what the future holds. Right, is the business going to make it? Is there room for growth? Is the business going to fail? But if can't is a word you use often you're not going to make it.
Tammy Hershberger:As an entrepreneur, dealing with uncertainty is, and can be, overwhelming, but there's practical ways you can manage it and regain a sense of control. Right, focus on what you can control, watch for flexibility, break down the big problems. All these things can go into like overcoming this, because you can't just rely on like well it's, I'm not doing it. Man, stop being a wussy and get out and do it now. This last thing I'm going to go into I find interesting. It's talking about the qualities of a successful entrepreneur and I find I have a lot of these. Right, if you know me, you would, you would understand, but I'm going to kind of go through them. So, if you're thinking like I want to do the business, I have the plan, I the money, but do I have what it takes inside of me? Well, let's find out.
Tammy Hershberger:Let's look at some of the stuff. Do you have visionary thinking and what does that mean? It means that you have the ability to, you know, see opportunities. Maybe others don't. You can think long-term about where a business could go. You kind of see that vision of like it may be small now, but I could see it really big. Why does that matter? Well, entrepreneurs need a clear vision of what they want to achieve and a roadmap for how to get there. Vision helps guide decisions and motivates your team.
Tammy Hershberger:Then number two is resilience. And I'm telling you, I had to have so much resilience to survive the window cleaning debacle is what I'll call it. And then just day to day, like sometimes the money is not there or things fall through or things don't go as planned. And then just day to day, like sometimes the money is not there or things fall through or things don't go as planned. You need resilience. And what is that? That's the ability to bounce back when you have setbacks, when you have failures, when you have challenges. Why? Well, entrepreneurship is full of obstacles and setbacks are going to happen. Resilience allows entrepreneurs to stay focused, keeps you persistent even when there's adversity.
Tammy Hershberger:You have to have risk tolerance, right. You may not be a big gambler, as they say, right? So you need to go out and you need to be willing to, like, take a risk, because it could fail terribly. It's a possibility. Now, why? Because willingness means you take calculated that's the word calculated risk in order to get to grow and succeed. Calculated means you don't just go throw five grand on the roulette table. You're probably going to lose Calculated means. You've looked at the market, you looked at pricing, looked at the structure and you make sure your business can actually make money before you start. Why does that matter? Well, starting a business does involve risk. It's financial risk. Your reputation could be on the line. There's emotional changes that could happen to you if it fails. But you have to be comfortable with uncertainty and making decisions with confidence, knowing the potential for reward and failure is both there. But that's what makes it so fun, I think, because you, I don't know I just don't go into stuff and like it's gonna fail. Well, why are you doing it then? Don't even waste your time on it. You got to go in believing it's gonna work and then you friggin make it work.
Tammy Hershberger:Adaptability Are you adaptable? Think about that for a second. What does that mean If you don't know? It's the ability to pivot, to adjust, and when things are changing, when circumstances or market conditions are changing, you adapt. You saw that during COVID. Why does it matter? Because the business landscape is constantly evolving. Entrepreneurs must be able to quickly adapt to new information, customer feedback, changes in technology, market shifts. You have to have some kind of decision-making ability. I can't imagine that you don't have that. If you don't, I don't know how you're alive today, because we all have to make decisions. It can be as simple as like what sock am I going to wear? That's a decision. Am I going to stick my hand in the fire and burn my hand, or am I going to do something stupid? No, that's a decision. Right? So it's the capacity to make quick, effective decisions with limited information at times. And it matters because entrepreneurs face constant streams of decision making and being able to make the right calls under pressure is crucial for business growth and survival.
Tammy Hershberger:My favorite leadership right. You have to be a leader. You have to be able to inspire, motivate and lead your team towards achieving the goals that you guys set together. And it matters because, as a successful entrepreneur, you have to be able to build and manage and retain a talented team. Strong leaderships help create positive culture. They align team members with the vision and then they guide them through the challenges.
Tammy Hershberger:Excuse me Persistency and tenacity. You have to be persistent, you have to have tenacity. I always say I don't take no for an answer. I'm going to be so persistent. Where I come from, we say the squeaky wheel gets the grease. Well, you better freaking. Believe I'm going to squeak till I get that grease right. I'm not going away. The willingness to keep going. Even when things are difficult or progress, progress seems kind of slow, you don't give up. It matters because you're going to face rejection and failure before achieving that major success. Tenacity ensures that you continue pushing forward despite difficulties and you remain committed to your goals.
Tammy Hershberger:You have to be a problem solver. That is just meaning the ability to identify problems and find a solution as quickly as you can for it. And it matters because you're going to face challenges. You You're gonna be expected to find innovative ways to overcome obstacles. You're gonna need to be an effective problem solver because it keeps your business moving forward. What else do you gotta have? Well, I can keep telling you. Here we go.
Tammy Hershberger:Here's number nine financial savvy. You have to be good with money. You have to understand the basics of managing business finances, including budgets, forecasting and investing, and it matters because you have to manage cash flow. You have to manage profitable. You know profitability, making sure you're profitable and you can make decisions that are going to be able to be paid for. Right, you can't order a bunch of material or inventory if you have no money. You have to know if you have money to order that stuff.
Tammy Hershberger:Sound financial management is essential to the survival and growth of your business. Then you have to build a managed time. If you're always late, that's going to be a problem. If you don't know how to manage time, it just means you can prioritize tasks and manage time effectively, because as an entrepreneur, you wear many hats, especially in the very beginning of the business. Time management is key to staying organized and ensuring that important tasks are completed efficiently.
Tammy Hershberger:You have to build a network and build relationships. If you can maintain friendships with customers, investors, mentors and other key stakeholders, that's going to help grow your business. You often rely on those same networks for support, for advice, for funding and sometimes new opportunities. Strong relationships can open doors and provide valuable insights. You have to have passion and commitment. Things are going to get tough. Business is going to get really tough sometimes and if you don't have any passion or commitment, you're going to quit. It's really just a deep belief in the business and a strong drive to make it successful. Passion fuels motivation. It helps you stay committed during challenging times. It's also contagious and inspires employees and customers and investors to get behind your vision. You have to have kind of a customer-centric mindset. You have to be able to focus on understanding and meeting the needs of your customer. That's what a business is You're solving a problem. It matters because to be successful, you have to know how to make those customers happy. You have to listen to their feedback. You have to anticipate their needs, and delivering value is key to building customer loyalty.
Tammy Hershberger:Innovative thinking the ability to come up with new ideas, products or ways to do business. Entrepreneurs often thrive on innovation, whether it's creating new products, improving existing ones or finding new ways to reach customers. It basically helps set you apart from your competitors. You have to have confidence. You have to have a strong belief in your own abilities and the business idea that you created. It's essential when you go for funding, when you negotiate deals and you're leading a team. It helps you persuade others to believe in your vision and supports them in making that bold decision. You have to have emotional intelligence. Some people are like I don't know what that means. Well, it means the ability to understand and manage emotions, both personally and in others. It's a high emotional intelligence that helps entrepreneurs navigate relationships, manage stress, communicate effectively and lead with empathy, which all means long-term success. The last two is vision for growth and scalability. So it's being able to plan and manage your business so it can grow. Successful entrepreneurs think beyond the initial stages of their business and work to create systems, strategies and infrastructure that allows the business to scale efficiently and sustainably.
Tammy Hershberger:Lastly, integrating and ethics. This one is huge to me. They're integrating. I meant integrity, jeepers, sorry, I have a headache so I apologize to you. It's integrity and ethics. This one is number one on my list. Being honest, being transparent and ethical in all business dealings is a must. I will not work with you if I don't have that. Whether I'm your, you know, doing your phones, or I'm doing your bookkeeping, or I'm your business partner, I have to have that or it will not work for me, because trust is a critical factor in business. People who, especially in business, who demonstrate integrity, they build strong reputation, they earn customers' loyalty and they attract investors and partners who share the same beliefs.
Tammy Hershberger:So I kind of want you to think about this what would you do if you had a chance to start your own business? I encourage all of you to think about what problems you see around you in your school, in your community or even online, and how could you be the person that solves them? Remember, being an entrepreneur isn't about having the answers. It's about taking risks, learning from failure, never giving up. Whether you want to run your own small business one day or you just want to use an entrepreneurial mindset to kind of advance your career, the skills you develop in this space will be invaluable.
Tammy Hershberger:So I thank you all for listening. I hope you go out and start those businesses. If you're thinking about starting a business and you're concerned, have questions, need coaching, I do all that. I always encourage you guys to go out and make your best life man. Don't just sit around and wait for something to happen. Go out and make it happen.
Tammy Hershberger:I ask you to like, share, subscribe, tell, subscribe. Tell your friends about me, share my podcast with people you know, let people know I'm out here. I'm trying to do what I believe the Lord has told me to do, and so I just thank you. I ask you to have a great day and I'll see you guys next time. And remember, in the world of business, every success story begins with a passionate dream and ends with a strategic billion-dollar handshake. Stay ambitious, stay innovative and keep making those deals that reshape tomorrow. Thank you all for tuning in and until next time, remember. Proverbs 3.3 says Let love and faithfulness never leave you. Bind them around your neck, write them on the tablet of your heart. That way you will win favor and a good name in the sight of God and man. And remember if you like what you heard today, click the follow button so you never miss an episode.
