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 David Lloyd, CEO at The Intern Group:
What does your company do?
We help people achieve their full potential. The Intern Group significantly improves people’s skills and employability via our international internship programs. Our global team understands deeply how beneficial international professional experience is in today’s job market. We are a global leader in the international internship area: one of the fastest growing segments of the international education industry.
What is your role? What do you enjoy most about your role?
I am C EO. I have most enjoyed working with the whole team to define our organization’s purpose and values, and in reiterating our purpose and values at every opportunity. Your team needs to know their work has meaning. If this is done wel,l then you will have their hearts, which is far more powerful than just their hands. As Nietzsche said, “He who has a why to live can bear almost any how.”
What are the biggest challenges in your business right now?
The biggest challenge in our business right now is scaling up our university partnerships team. We have grown extremely quickly on the back of direct demand from adults who realize the powerful benefit of our program. Now we see universities strongly attracted to us. Indeed, many universities around the world are starting to incorporate our program into their formal degree courses.
Suddenly, the demand for our services from universities has taken us aback. Universities realize that the employability of t heir students is crucial. Our programs are a perfect way for universities to improve their students’ employability. As such we are rapidly hiring and training a large, high-quality university sales team across both the United States and the wider world.
If you could go back in time, what business advice would you give to a younger version of yourself?
Don’t reinvent the wheel - get a great mentor. I used to do everything by trial and error which was incredibly naive. I did not have a mentor until two years ago, and it has made a great difference. A mentor who has a track record you admire, and who you get on with, can help you not reinvent the wheel. It is very likely that all of your problems have been seen before. A good mentor will be able to advise you on what to do and remove needless trial and error.