Starting a business is hard. Starting a business while you’re still in college is harder.
Stephen Woerner, a senior at West Virginia University, co-founded 3WM Software in October 2017 and is CEO of the company. 3WM Software is a patented technology that can help individuals understand what people are saying around them, whether that is while they are traveling to a foreign country or have a disability that affects their hearing.
From concept to reality, Woerner, a guest on the Positively West Virginia Podcast, talked about three things he learned through the entrepreneurial process such as learning every business opportunity is not a good one. .
Be excited about a business opportunity, but don’t let it cloud your judgement.
You should realize that every business opportunity won’t be a great opportunity, even if you are excited about it.
Woerner discussed a time when he was in a band that had the opportunity to play at a music festival, which happened to not be their band’s target audience and the band had to “pay to play.”
“We ended up not playing our set because we were freaked out and drove home,” said Woerner.
Finding good business opportunities starts with recognizing when an opportunity is great. A few tips that can go a long way include:
- Research if there is a need for your product in the area that you are in.
- Knowing when the right time is to launch your business or product.
- Having the resources to help your business succeed.
Don’t stop trying to find funding.
Having the resources to help your business succeed is important. One resource that you may need an abundance of, but maybe don’t have, is funding.
“20 years ago there was a lot of funding to do research projects on products having to do with sensory disabilities,” explained Woerner. “People are focused on what’s the latest and greatest app, who’s going to be the next Uber. The money has shifted.”
“Even though we are focusing on sensory disabilities, we are trying to rope in the translation market to diversify our audience and try to get funding from many places.”
Small businesses and entrepreneurs can also look into Small Business Administration Loans or other funding programs.
Another program that could be looked into is the Young Entrepreneurs Act. This act helps individuals under 25 to submit business paperwork for $15.
Accept positive and negative feedback about your company or product.
If your business is not growing, it can not survive. Being able to accept positive and negative for your services can help you.
Accepting feeding can be tough. A few tips to remember include not getting too close to a project that you can’t see where improvements need to be made and recognizing the three truths.
When you’re too close to the project you may not be able to see that there needs to be improvements. When feedback is given, de-personalize it. Do not go into instant defense mode. Reflect on the feedback, and give open responses.
Recognize the three truths. There is your truth, the opponent’s truth and the absolute truth. While feedback is good, you don’t always need to follow it to a T. Merge these truths, and find the perfect blend. Otherwise, you will spend most of your time trying to please one person, not your entire audience.
Taking these tips and applying it to your business can help you succeed. Of course, there are more tips and success always requires research.
Listen to the full Positively West Virginia podcast here.