Entrepreneurs « E|SPACES | Office Space Nashville

May 10

4 Steps to Create a Great Product or Business

Michael Burcham, President & CEO of the Nashville Entrepreneur Center, shared with entrepreneurs and small business owners at E|SPACES what he has learned over the past 30 years in business. “The journey between the idea and turning your idea into something real has to do with one’s ability to think, make choices, recruit people, and move your product ahead.” In order to turn your idea into reality, Michael shared what he considers fundamental components of the Executive’s Toolbox.

The Executive’s Toolbox

Get a picture of what’s wrong

“Most people start a symptom business not a problem solving business.” It is important to know your customer and the difference between their symptom and the root issue. Your focus should be on really getting to know and understand your customers.

Build flow charts of the customer experience (optimize margin, customer experience and value)

Get everything up on the wall. Begin with the kernel of the idea and draw out all the ways things could be done in order to develop your product and serve your customers. Allow others to engage with it and give your customers a way to interact with you on the business plan early on.

Develop a Business Case

“If your shiny object doesn’t make money, it’s art not business.” Your business has to make more margin than what’s already out in the market.

Field Test

Talk to prospects and customers. It’s important to get the picture out of your head and share it with people. Let them help you fill in the design. Develop a prototype in order to figure out how to create a service or product that appeals to people. Talk to your customers (or potential customers) – understanding their needs is the most important part of planning your model!

Keep in Mind . . . every business drifts off north. No matter how good we are (or perceive we are) we will be off 10 degrees. We usually start off close, but over time drift off so far. That gap is driven because every day most of us have a certain amount of fact and a certain amount of assumptions. The executive’s job is to close the gap between where we are and where we thought north really was. Your company may be profitable and have some margin but your competitive advantage is slowly eroding. “Our goal in life is to be really good at something.” This takes 3-5-7 even 10 years for something to be really good. That same path that makes us good also tends to leave us in the sandbox and as technology advances and needs change we don’t take new risks and step out.

Posted by Kelsy Harms

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Sep 7

Nashville Ranked 2nd for Best Startup Cities

Photo Credit: kyle simourd

Nashville No. 2 of 12 “Startup Paradise” Cities in America

The Young Entrepreneur Council (YEC), an invite only non-profit comprised of the world’s leading young entrepreneurs, released a report last week naming Nashville No. 2 of 12 “startup paradise” cities in America, second to Vegas. Other U.S. cities counted among the 12 include, Los Angeles, NYC, Orlando and Boulder.

Sam Davidson, president and co-founder at Cool People Care Inc., wrote:

“Nashville may be a bit new to the startup game, but it’s growing quickly. Having been known for primarily launching music or health care companies, it’s now growing tech companies, consumer products, and entertainment ideas.”

So what makes Nashville such a great place for startups?

Access to venture capital – read highlights of the recent report published by Nashville Capital Network and the Nashville Health Care Council
Initiatives dedicated to serving Nashville’s entrepreneurs such as the Nashville Capital Network, Entrepreneur Center, Jumpstart Foundry, and TNInvestco, INCITE Co-Investment Fund, and StartupTN
Entrepreneurship programs at Vanderbilt, Belmont and Lipscomb University equipping the next generation of talent
Awards such as the NEXT Awards, recognizing Middle Tennessee companies and individual entrepreneurs making the most significant impact on our local economy
Mild climate and affordable living conditions

E|SPACES provides professional, technology-rich work and meeting space for startups in the city. Just last week we celebrated the official launch of Wealth Access and a ribbon cutting for Guardian Financial. Hear from our own Phil Gibbs, CEO of E|SPACES, why he believes Nashville is a good place for small businesses on Channel 2 News.

Interested in shared co-working space? Or a place to hold your company’s off-site meetings? Contact a concierge today to set up a tour at E|SPACES in Nashville or Franklin and learn how our month-to-month memberships can meet your work and meeting space needs.