• About
  • Article PDF
  • White Papers
  • Listening Tours​
  • Contact
  • Support Us
  • Advertising & Sponsorships
Monday, August 8, 2022
No Result
View All Result
  • Login
Times Of Entrepreneurship
Growth and Equity for a Changing World
Times Of Entrepreneurship
No Result
View All Result

Problem Solved: Entrepreneurs Often Make This Myopic Mistake at the Beginning

by Skyler Rossi
October 19, 2021
in New Builders
Reading Time: 3 mins read
0
Share on FacebookShare on Twitter
white woman smiling
Lindsey Cox

Problem Solved:  In this column, Times of E reporter Skyler Rossi asks entrepreneurship leaders and experts how to solve common and significant problems founders tend to run into. Do you have an innovative solution to a barrier that many entrepreneurs face? I’d love to hear your thoughts. Reach out, [email protected]

Times of E reporter Skyler Rossi asked Lindsey Cox, the CEO at Chattanooga, Tenn.-based The Company Lab what mistake she often sees entrepreneurs at the accelerator make. Many aren’t reaching out to their customers, she said. Without talking to customers, your business likely will not survive. 

“We all can have a tendency to get heads down or be very focused on a specific idea or ‘vision’ we have that we think is great, without really coming up for air or having holes poked in it, so it’s only natural that an entrepreneur encounters this,” Cox writes in an emailed statement. “Customers are the lifeblood of your business. You HAVE to know what they think or how they are interpreting your product or service.”

The solution is a simple one, she says: be sure to do the work and reach out to your customer. Customers should be at the forefront of each business decision, she writes, during every stage of development. From the first idea for a business to expanding or pivoting a growing startup. 

“All entrepreneurs face this problem at some point,” she writes. “We see it most commonly at the beginning – someone who has a great idea but hasn’t gotten the necessary feedback from potential customers to see if it’s just a great idea, or an actual business. But even businesses that are in a growth stage need to keep in mind that they should constantly be gathering feedback from their customers and making adjustments.”

Entrepreneurs can get more creative than emails or phone calls. Other ways to engage include:

  • Creating polls or asking questions on Instagram or other social media
  • Reading and responding to customer reviews 
  • Sending out a survey to recent purchasers

Gathering feedback takes time, but it’s essential, Cox writes. There’s no shortcut. But writing out a survey to send to a large number of customers can replace the time it takes to construct a personalized note or leave a specific message.

Even a basic email update template will be beneficial, Cox writes. “Find a good template that flows well for you on updates and send them at minimum monthly,” she writes. “Tell your customers, folks who have expressed interest, investor leads, really anyone who will listen to you what you’ve been up to.” 

End your notes with an ask, she suggests. “You never know who can offer you support.”

It’s also important to make sure the feedback you’re getting represents true customers. “Someone can love your idea but that doesn’t mean they’re the customer,” she writes. “They can love it and still not want to buy.”

CO.LAB supports startups from launch to scale in the Chattanooga area. Before becoming its CEO earlier this year, Cox worked in the Office of Innovation and Entrepreneurship for the U.S. Economic Development Administration and Nashville-based Launch Tennessee.

 

For more inspiring stories, insights and actionable funding opportunities, subscribe to Times of E’s weekly newsletter, www.timesofe.com/introduction.
Tags: ChattanoogaLindsey CoxThe Company Lab
Skyler Rossi

Skyler Rossi

Related Posts

Two blonde women outside, leaning against a pole

Big Social Media Doesn’t Work So Well For Small Businesses. But the Market Is Shifting.

by Lori Ioannou
April 27, 2022
0

QBSleeves co-CEOs Barbara Booth (left) and Cornelia Quinn created airplane tray covers to safeguard travelers against germs during the pandemic....

woman in a colorful skirt and turban

Main Street Caught in a Whipsaw as the Fed Looks to Combat Inflation

by Lori Ioannou
March 16, 2022
0

Meghan Noland founded her own brand, Meghan Fabulous. It's taken creative tacks to deal with inflation. Credit: Tyler Rowell (https://www.tylerrowell.com/)...

black woman florist

A Washington, D.C. Florist Steps into her Father’s Shoes, With the Help of Georgetown Students

by Skyler Rossi
March 1, 2022
0

Alexes Haggins recently re-opened her father's florist shop. Alexes Haggins grew up working shifts at her father’s floral shop in...

Entrepreneurs are Tapping into Employees on a Booming Island Nation With 11% Growth

Entrepreneurs are Tapping into Employees on a Booming Island Nation With 11% Growth

by Skyler Rossi
February 28, 2022
0

Alex Ross, Jose Herrera and Jared Karson, co-founders of Hire Horatio When e-commerce boomed during the pandemic, Jose Herrera and...

Black man in headshot

Problem Solved: A Lawsuit from Mattel Almost Killed a Board Game Dream, but the Founder Rebounded

by Skyler Rossi
February 23, 2022
0

Sherry Martin Sherry Martin’s first go at the board game business went better than he could have imagined. A year...

A Historically Black Community in Miami Helped A New Small Business Survive the Pandemic

A Historically Black Community in Miami Helped A New Small Business Survive the Pandemic

by Skyler Rossi
February 16, 2022
0

Akino and Jamila West Jamila West always wanted to open a bread and breakfast. So when a developer told her...

Subscribe to Times of E’s Free Weekly Newsletter

Learn about the emerging ecosystem of diverse founders

Popular

  • man in front of a tufted rug

    TikTok Craze Gets Real at a Brooklyn Rug Tufting Studio

    0 shares
    Share 0 Tweet 0
  • Venture Capital Returns Are More Skewed Than People Realize

    0 shares
    Share 0 Tweet 0
  • Top 20 U.S. University Entrepreneurship Competitions, 2021

    0 shares
    Share 0 Tweet 0
  • Commentary: Authenticity Is Women’s Most Powerful Weapon in Raising Funds. Here’s How To Tap Into It.

    1 shares
    Share 0 Tweet 0
  • A City Of 66,000 Is At The Center Of An Audacious, $200M Attempt To Build A Tech Hub From Scratch

    0 shares
    Share 0 Tweet 0

Recent

woman leaning against a brick wall in a white jacket

Editor’s Note: Times of E is on a reduced publication schedule

June 23, 2022
Video: Armory Square Ventures’ Sawhney On The Rise of Upstate NY

Newsletter: Varsity Blues, redemption stories and women-led finance

June 23, 2022
Video: Armory Square Ventures’ Sawhney On The Rise of Upstate NY

Video: Armory Square Ventures’ Sawhney On The Rise of Upstate NY

June 19, 2022

Recommended

  • Health
  • Climate
  • Deep Tech
  • Finance
  • Education
  • Women Entrepreneurs
  • Mentorship
Black Man with company logo in the background, Atmos

Weekly Newsletter: Cincinnati’s Racial-Justice Gambit. Rocket Rick Mears. And A Women-Run SPAC.

1 year ago
Two girls texting

Changemakers: MPOWER, a B Corp, Starts to Separate from the Pack in International Student Lending

10 months ago
  • About
  • Partner
  • Bespoke Research
  • Listening Tours​
  • Contact
  • Support Us
  • Privacy Policy

(703-966-7357)

© 2020 Mondial Publishing Inc. All Rights Reserved.

 
Facebook Twitter Linkedin
No Result
View All Result
  • Research
  • Finance
  • Women Entrepreneurs
  • New Builders
  • Ecosystem
  • Events
  • Newsletter
  • Editor’s Note

© 2022 Mondial Publishing Inc. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Free Download

Times of E Speaks with Jim McKelvey

Get exclusive insights on the future of entrepreneurship. 

Download Now

Support Times of E

Times of E covers the emerging ecosystem of diverse founders.

With your support of our journalism, you will receive our weekly newsletter and one of these resources for free: 

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?