Greg Isenberg is what many would call a serial entrepreneur. He’s been responsible for founding several startups. Two of them, 5by and Late Checkout, went viral, making him notable in the industry. He’s a business strategist and community builder like no one else, and this has given him an edge in distributing his disruptive ideas.
Coming From Silicon Valley Shaped His Ideas
Isenberg spent the first part of his life in Silicon Valley, and the experience changed him. It gave him the perspective that the goal for a business owner was to raise as much venture capital funds as possible.
Once the funds were raised and the company was valued, the owner would jump ship, leaving it to someone else to make it into a success as they chased the next big venture. For a long time, it’s how Isenberg thought all business was.
Network Building Is the Core of Isenberg’s Success
Isenberg’s most competitive business offerings were both built around communities. 5by was a video curation app acquired by the Internet wandering tool StumbleUpon. Late Checkout is an e-commerce platform created to play into a community’s interest.
Isenberg advises new entrepreneurs to cultivate relationships alongside mentors and others who could help them build more bridges in their industry. He suggests that the guidance and support of people who have done what they want to do can be invaluable in making a business a success.
Solve Problems First
Most businesses don’t look at the problem-solving aspect of what they do. Instead, they focus on money-making, and their problem-solving capacity drops, and someone else in the industry picks up the slack.
Isenberg suggests that businesses focus on solving problems first and foremost. Consumers pay for a company to solve their problem, so if you have something that does that, you just have to ensure it’s the best version of it on the market and price it accordingly.
Don’t Get Too Committed To a Process
One of the things Isenberg sees in many of the businesses he consults with is business owners becoming invested in a process. While being invested in a process helps the business specialize, being too invested makes pivoting harder.
As the COVID-19 pandemic showed us, businesses that are agile and can pivot when conditions are unfavorable are more likely to survive. Adapting to changes quickly is a crucial part of things.
Listen To Users and Incorporate Their Feedback
Many companies today think that they know what the user wants and are willing to do whatever they think the user will desire. Asking for user feedback isn’t forbidden, yet few companies use feedback to customize their product offerings.
Isenberg advises that the community is the best place to get feedback for a particular idea or feature. After one is implemented, feedback can be crucial in determining what needs to improve for the users to tap into the feature or what it offers to them. It’s a win-win situation using a community to improve the product.
Create a Powerful Brand Story
What sets the big companies apart from startups? A well-established brand story. Marketing comes from building a brand story that resonates with your core customers. It has to be more than just a logo. Brands have to give their audience something they can identify with.
Isenberg suggests that building a compelling narrative allows your target demographic to identify with what you’re marketing to them. Many people think that if you know the critical parts of their problem, you also know how to solve it. Brand stories have to focus on that.
Experiment with Marketing
Isenberg’s powerful marketing comes from building communities, and he suggests looking at all the opportunities before settling on a marketing channel. Don’t be tied to a channel either, as marketing opportunities can arise from anywhere, including social channels in which the company doesn’t currently involve itself.
Instead, the business owner should look at the available marketing channels and see which ones get the most traction. Don’t be afraid to leave your comfort zone and try new things. Marketing innovation could be precisely what the company needs to reach its next goal.
Quality Ensures A Product Sells Itself
Have you ever heard the saying, “It practically sells itself”? Businesses spend a lot of time trying to create a product that does this, but they miss a crucial component. Isenberg suggests that a product that almost sells itself has to be of the highest quality.
To this end, he advises entrepreneurs to ensure that their product and service offerings are the best they can provide to the consumers. Customer satisfaction remains the most crucial element in long-term business growth. A solidly made product or service guarantees that satisfaction.
Get The Right People to Support You
One of a business’s most intense challenges is finding the right people to help build the business. It’s not just about hiring the best people for the role but hiring those who are excited about seeing the company succeed.
Isenberg suggests entrepreneurs should gather a uniquely skilled team with a shared vision. It’s up to the entrepreneur to direct that vision and turn it into something tangible. Founders shouldn’t think like HR departments. They should think like people who want to cause disruption to an industry.
Keep An Eye On Finances
Many businesses run into financial problems, and startups find this to be a huge hurdle. Most startups run on shoestring budgets and need to get value for money. A business’ finances require the company to be smart about spending.
Isenberg advises that the company do regular audits to see where the business is bleeding money and not making returns. Running a lean operation helps to allocate funds better so the business can maximize its efficiency and keep losses at a minimum.
Understanding Business Is Vital
Isenberg may have moved on to being a business funder, but his passion for community building hasn’t dissipated. Today, interested persons can sign up for his free newsletter from his website. He believes that sharing his knowledge is vital for founders and entrepreneurs to succeed. If his past successes are any indication, Isenberg certainly knows what he’s doing.
