Last week, I was honored to speak at The Dallas Veteran’s Business Summit. Robert Kaplan, President of the Dallas Federal Bank, who provides financial oversight to one of the hottest markets in the world gave this advice to the Veteran Entrepreneurs.
Be Distinctive: Does your business add value that is distinctive? Can you articulate that clearly? A good question to ask as you consider distinctiveness: If you didn’t exist, what would your customers/clients lose?
Know your basic business model: Does your model work? Revenue minus Expenses = Profit. Can you generate revenue? Can you make a profit? Is the market big enough to grow your revenue? For example, VCR repair would not be a viable business model.
The Biggest Barrier is You: Are you learning? He challenged us to learn to sell the heck out of our distinctiveness, not only to the market, but to our current and future employees as well. Next, learn to prioritize and synergize key elements of leading your entrepreneurial venture forward.
Words of wisdom for any entrepreneur, or business leader. Looks like he has been reading the Xtra Mile blog too.