Tuesday, January 26, 2010

Entrepreneur Magazine's Amy Cosper Has Great Advice for Small Business and Startup Community

Ky Ekinci : Co-Founder Office Divvyby Ky Ekinci
Co-Founder,
Office Divvy


Entrepreneur Magazine Editor-in-Chief Amy Cosper has given great advice to Entrepreneurs, Startups, and Small Business owners during an interview with Aronado of StartupLucky.com...

In this interview, Amy talked about a variety of subjects, from how to pitch your company to be featured in Entrepreneur Magazine, to how to write for the magazine. Her words of wisdom for the Startup, Entrepreneur, and the SmallBiz community resonate with me.

Here are the highlights of the interview:

Amy opened with the statement that she considers 2010 to be the Year of the Entrepreneur, and that the economic recovery will be a "Jobless Recovery" (hence the year of the entrepreneur)...

Amy said "being an entrepreneur is not necessarily about making millions and millions of dollars, it's about the spirit with which you go about doing something."

That's so much in line with one of my favorite quotes by Henry Ford: "A business that makes nothing but money is a poor business."

To the question whether to avoid any particular vertical in business, Amy responded as follows: "Entrepreneurs do not shy away from any sector or any industry, that's what makes them Entrepreneurs. They zig when everybody else is zagging" and continued "Go for what your dreams are!"

And Amy's advice for writers who aspire to write for Entrepreneur Magazine: "Stay in constant contact." She added: "To be a great company you always need great people. Always surround yourself with talent."

For those Entrepreneurs who want to pitch their business to be featured in a story in the magazine, Amy says "I love piches" indicates that the perfect pitch is by direct email to her, and must have a bullet point list of the business description and its mission, in 350 words or less, and perhaps a follow up call. She adds: "Be able to state your mission statement in three sentences or less. You have to be that clear and concise. We're interested in the story, but also interested in how you plan on making money."

Amy also mentioned that she values and reads all pitches made through twitter, what she calls a "twitch" (twitter pitch, that is).

Amy also talked about the current situation regarding the need for financing for small business: "Right now, the pain point, the absolute anxiety point for any Entrepreneur is money. It's not just keeping it coming in, it's also the shrinking lines of credit."

She mentioned in the case of start-ups, co-founders must compliment each other in their skills and strengths: "Great partners compliment each others' skill sets -- sort of like Yin and Yang."

Top-3 Advice for a Startup by Amy are:
1) You've got to be able to state your business idea and your mission statement in three to four sentences. If you can't do that, start over and rethink your business plan. Keep it simple, simple is what's going to work.

2) Make sure to have a Plan B, and be flexible.

3) Be fearless! But don't confuse fearlessness with recklessness.

She reacted to learning by reading business and 'how to' books as follows: "You can learn a lot about business by reading non-business books.... There is a point where thinking too much interferes with the act of acting."

Amy's closing advice to the entrepreneurs:
"Don't let anyone steal the fire in your belly."

You can watch the whole interview below (just about 35 minutes).

You can follow Amy Cosper on twitter: @EntMagazineAmy. Entrepreneur Magazine is one of our favorite publications, Office Divvy members enjoy reading it and so does our team.





Here is the original link to the interview.

3 comments:

  1. businessloans2010May 4, 2010 at 5:36 AM

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  2. HI ky,
    2010 You Own It. The year of the entrepreneur . Exactly! I teach people how to create their own economy like thousands of others are doing. I agree that in 10 years from now we will look back and see how these new entrepreneurs have inspired our world of business and created their own economy. The time is now.
    JacquelineMcGinnis.com

    ReplyDelete