Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. It is not easy running a company, especially in a fast-paced, ever-changing business world. Technology advances, new hiring strategies, and now, political changes coming with the new administration, all add to the existing business challenges that entrepreneurs, business owners, and executives have to deal with.
Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations. We have been interviewing companies from around the world to discover what challenges they are facing in their businesses. We also asked each company to share business advice they would give to a younger version of themselves.
Below is our interview with Lowell Martin, Owner at Martin Enterprises:
What does your company do?
Our company offers an independent business opportunity to market a wide array of products including Nutrilite™, a vitamin and mineral brand of dietary supplements, XS™ Sports Nutrition, Artistry™ cosmetics and Legacy of Clean® products, all of which are manufactured by Amway™. Our independent business has been in operation since 1983 and for the past 35 years we have focused on selling high-quality, industry-leading products and cultivating entrepreneurs who are interested in starting their own businesses.
What is your role? What do you enjoy most about your role?
My primary role is finding individuals who are interested in establishing their own Amway™ business and mentoring them through this process. I am passionate about entrepreneurship and I love having the opportunity to invest in others to see them gain control of their financial future through personal business ownership. I enjoy helping entrepreneurs strengthen their personal and professional business skills as their business grows. This role has brought great purpose and meaning to my life as a business owner.
What are the biggest challenges in your business right now?
One of the biggest challenges in my business right now involves learning to manage and work with different types of business owners. As an entrepreneur, some business owners I work with are incredibly ambitious and steadfast in their commitment to achieving success. Alternatively, I sometimes encounter people who lack initiative, passion and drive for the work they are doing. This can be frustrating since as an entrepreneur, making sacrifices to achieve success is an inherent part of owning a business. Shifting mindsets can be quite challenging, given the nature of my work, however it can be quite rewarding.
If you could go back in time, what business advice would you give to a younger version of yourself?
First, I would encourage my younger self to learn more about leadership. As a business owner, I must lead by example. There are a robust number of skills I could have learned earlier on in my career to enhance my ability to lead other independent business owners. Second, I would advise investing more time with the right people. Knowing who can enhance your professional skills and propel your business forward is key. It is important to devote time to learning from others who can grow your business and to spend time with those whose businesses you can help grow. Lastly, it is important to intentionally seek to develop other leaders. Entrepreneurs build businesses from the ground up. In turn, business owners should keep their eyes and ears open at every step in their journey to help other entrepreneurs create their own success.