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 Andrew Zenoff, Founder and CEO at BEAM Authentic:
What does your company do?
BEAM Authentic is a smart wearable button which enables people to broadcast what they care about out in the real world. BEAM devices have a round AMOLED screen, with 24-bit color, making the digital device the modern-day version of static, analog expression that has been part of pop culture on buttons, hats, t-shirts and wristbands for decades.
What is your role? What do you enjoy most about your role?
I enjoy navigating the uncharted waters of launching our start up BEAM Authentic. As my third startup in a new industry with new technology, the learning curve is steep, the obstacles are endless, and finding the treasures and opportunities as I learn and steer the “ship” towards our north star makes for a very exciting ride. I enjoy working on the precipice and delta between the abyss /unknown and the vision I am holding, believe in, and continue to manifest each day for the future for BEAM Authentic. Riding the razors edge on this high wire act. I must really love it as I keep doing it!
What are the biggest challenges in your business right now?
Some of the hardest areas of launching BEAM Authentic is helping the financial world and those with the pocket book, want to invest in something that is totally new, totally unproven, and yes, requires a leap of faith. It is hard to get investors on board when something has not been done before so there is no history to point to and say, see, this works. Also managing the timing of supply chain, component lead time, with cash flow and early sales forecasts since BEAM Authentic just launched a month ago, and doing something new there is no data and history to to draw from.
If you could go back in time, what business advice would you give to a younger version of yourself?
My son, your instincts, relentless persistence, creativity, flexibility, and your faith will see you through so try to spend a little less time on stress and more time meditating. While start ups are very hard and you doing a hardware start up which is even harder, in the end it will come down to your deep faith, hard work and flexibility, Find your balance when you have time off, meditate even for 5 minutes a day in the middle of your work day. Stay connected to your instincts and keep in touch with your gut and spirit. Always proud of you no matter the outcome.