Questrom Executive in Residence Gives Advice for Entrepreneurs
WalletHub, a personal finance social network, recently released a study about small business ownership in the United States. The study identified start up opportunities in the 150 most populated cities in the country. The report analyzed the cities across two dimensions: access to resources and business environment. As part of the report, WalletHub interviewed Peter Russo, the Questrom School of Business Executive in Residence. Russo was featured in the “Ask the Experts” section of the report.
In this section of the report, Russo gives aspiring entrepreneurs advice on starting their own business. Russo tells entrepreneurs to work to build their network. “To Succeed, you will need the help of others,” Russo said. In addition to building their network, Russo also advices new entrepreneurs to get out and talk to people so that they understand how their services solves a problem and that the customer agrees that it solves the problem.
Russo also tells entrepreneurs that they have to be willing to commit to their endeavor. “It is OK to do some initial research and product validation as a part time pursuit, but you need to be prepared to go ‘all in’ at some point,” he said. In the interview, WalletHub asked Russo how important the city an entrepreneur picks to start a new company is to creating a successful business.
Russo explained, that depending on the type, it can be easier to start a new business in certain cities and that access to funding, accessibility to customers and the availability of resources are all important for establishing a successful business. “I believe an entrepreneur can find a way to succeed wherever they are. Technology has made location less critical and there are resources available almost everywhere these days,” Russo said.