Quantcast
Published On: Thu, Oct 3rd, 2019

Alyssa Reichel of North Woodmere’s Top 5 Tips For New Entrepreneurs

One of the first things that every new entrepreneur quickly learns is that starting a business is more complex than it appears. Even if the niche is familiar, there’s still more to know and hard lessons to learn. Running a business involves more than offering a hot product or a great service. 

When it comes to seeking tips for new business owners, who better to ask than an experienced entrepreneur like Alyssa Reichel in North Woodmere, New York? With twenty years of experience in the jewelry industry, her successful business has served the elite women in the region known as the Five Towns. She believes that success in the business world is the result of hard work, learning from mistakes, and having backup plans.

 

  • Be Flexible

 

Because the market trends are always shifting, it’s important for every new entrepreneur to start their business with a solid plan. That plan, solid as it is, needs to be flexible enough to accommodate the changes in the economy, the market, and clients’ evolving tastes. A well-thought-out plan is a good starting point, but it’s not worth much if it can’t be modified and adjusted on a regular basis.

To be successful in business means to never stop learning. “When I have an idea for a new business venture that I like,” says Alyssa Reichel in North Woodmere, “I approach it with a critical mindset. I know that I like it, but I also know that it’s not set in stone. I’m ready to add to it, turn it inside out, and maybe even drop it altogether if I find a better one.” It’s never a good idea to fall in love with a concept or stick to a course of action when there are plausible indications that it is not marketable or financially viable. 

photo/ Gerd Altmann

 

  • Study the Market

 

Since no great idea exists in a vacuum, it is essential for the new entrepreneur to study the market before taking the plunge. In the end, it’s what the client needs that matters, not how amazing the new business idea is. And the best way to be in tune with the market is to do enough field research and legwork. 

Often this type of research may result in data that could contradict the original business plan or expose some fallacies in its basic assumptions. Then it’s time to go back to the drawing board and make the necessary changes. A sound plan should incorporate the valuable insights and feedback from the clients to increase its chances of success. 

 

  • Accept Setbacks

 

Failure is to be expected. Every entrepreneur who built an empire have had their fair share of failure and then some. Failure is the price that business owners pay to learn to succeed. With every failed experience there’s a lesson to be learned. And sometimes the only way to get better is to try, fail, and then to keep trying.

Of course, some mistakes are more costly than others. And while setbacks are unavoidable and being fearless is a prerequisite of being a successful entrepreneur, it’s important to remember not to put everything on the line. This is especially true when it comes to untested business ventures. Investing heavily in a novel concept without much field research and studies to back it up can be a recipe for disaster.

 

  • It’s a Marathon, not a Sprint

 

Business owners might get overwhelmed with the day-to-day running of the business and start thinking in the short term. North Woodmere’s Alyssa Reichel advises young entrepreneurs to keep their eyes on the big picture while dealing with the small issues that crop up every day. “Make it a habit,” she says, “to take a step back and reevaluate your business plans, your goals, and your overall progress. That way you will be able to handle obstacles, adjust your marketing plans, and avoid making costly mistakes.”

 

  • Build a Strong Team

 

It is easy to get caught up in one’s plans especially if the business idea looks perfect on paper. But having a successful business is more about surrounding yourself with others who share the same vision and business values. Alyssa Reichel of North Woodmere attributes her success to working with great talent. “It’s important to work with suppliers and businesses that are both dependable and have integrity. I listen to them and they listen to me and through this we are able to learn from each other every day.”

Author: Jamie Cartwright

On the DISPATCH: Headlines  Local  Opinion

Subscribe to Weekly Newsletter

* indicates required
/ ( mm / dd ) [ALL INFO CONFIDENTIAL]

About the Author

- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

Tags

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Sign up for our Weekly Newsletter



Categories

Archives

At the Movies



Pin It