Guest Commentator: John Himics,President, First Ascent Design @FirstAscentDe
What is your best advice for other millennials in the early stages of exploring entrepreneurship?
I feel uniquely qualified (and excited) to answer this question as a millennial that has built a 20+ person marketing agency from scratch and as an Adjunct Professor of Entrepreneurship at the University of Delaware who has advised hundreds of students with startup ideas. My advice goes against the “hustle culture” and entrepreneur-worship that has become common for our generation.
First, go slower than you want to. For the first few years that my agency, First Ascent, was in business, I had another full-time job. I worked on projects during evenings and weekends while building out a team to support me during business hours and steadily growing our client base. While this goes against the “jump in head first and it will work out” advice, I was able to build up the business on a stable foundation without taking on any outside debt.
Second, build a support network. I was fortunate to start First Ascent alongside my wife, and I became friends with other business owners in my co-working space. Your family and friends might not understand the journey you’re taking when starting a new venture and might even think you’re crazy for abandoning a “good” job for the uncertainty of entrepreneurship, so it is invaluable to have the encouragement of others who are also on that journey.
Third, raise your prices. No matter what you’re selling—and especially if you’re in a service business—err on the higher side of pricing. This helps you to not undervalue your product/service, and also gives you more room to pivot if needed. One mistake can easily move a slim margin business into the red, but providing high-class service and a quality product with a healthy margin allows you the space to absorb minor missteps and take risks.
Finally, respect your customers and yourself. Respect for your customers means treating them like people you care about, not just numbers. Respect for yourself means setting boundaries and remembering that there’s still life to live outside of your business. Growing from a side hustle to a larger enterprise is a huge task that will take a lot of time. The counterintuitive advice is to not burn the candle at both ends. Don’t try to eke out every possible hour from every day, but allow yourself the time and grace to recharge, recover, and push harder in the hours you have. Working 80+ hour weeks is not sustainable forever.
Good luck, and if you want to talk to another person on this journey, reach out!
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[In-Person] Monetizing Your Passion: Networking and Insights with YPC
Monday, June 13, 2022| 5:30 PM – 7:30 PM | REC Philly
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