CompanyEntrepreneurial Success: 6 Questions with Lolo Siderman
Lolo Siderman recently took part in Business 2 Community’s Expert Interviews series. They asked an assortment of company founders to answer the same six questions about entrepreneurship. You can read her answers on the B2C website here or check out the full article below. The site has great blogs about a variety of business and marketing topics too!
ENTREPRENEURIAL SUCCESS: 6 QUESTIONS WITH LOLO SIDERMAN
Lolo Siderman is a recognized expert in the world of entrepreneurial marketing, author of multiple how-to guides for business owners, a corporate & motivational speaker, as well as the founder of Gypsywing Media.
She created Gypsywing, the L.A. based virtual ad agency, to provide high-quality marketing and design services for entrepreneurs (www.gypsywing.com). Using a unique combination of contractors, virtual workspace, industry connections, and extensive knowledge, Gypsywing is actively revolutionizing the ad agency experience, as recently noted in the LA Business Journal. From graphic design to web design, social media strategy to PR, every client receives a custom package tailored to their particular needs and budget.
Outside of the marketing & design realm, she is actively involved with youth in the community. In 2009, she co-founded the non-profit sports camp for kids, Varsity Sports Academy, and has been active for years with the Santa Monica Youth Football program volunteering time in design, event management, fundraising, and marketing. She is passionate about sharing her life experience, speaking with kids and teens in LA, promoting entrepreneurship, creativity, and hope, both through the NFTE program as well as the DaVinci Schools of Design & Science.
1. What made you take the entrepreneurial leap?
I live and breathe entrepreneurial adventure! At 6 I was running up and down the block pedaling my drawings to neighbors, at 12 I started a babysitting club, at 14 I had my first “job” and knew I DID NOT want to work for anyone else! By the time I was 18 I’d started an independent consulting business in graphic design and there was no looking back. Since then I’ve co-founded a non-profit, started and managed a real estate disclosure business, and finally created a virtual ad agency for entrepreneurs, Gypsywing Media.
2. How would you rank the following factors in determining a startup’s success: Idea, Market, Team. Please explain.
#1 – Team – without the right management and talent, the best idea won’t go anywhere
#2 – Idea – beyond an “idea”, what’s really important is a “concept. We’re all filled with ideas, but once an entrepreneur starts exploring that idea, researching it, developing it, then it becomes a “concept” and the fun begins!
#3 – Market – incorrect targeting of a product or service will lead to failure. Additionally, the belief that just because you want something means there’s a “market” is a recipe for disaster.
3. What is the hardest part about being an entrepreneur?
There’s no security. Entrepreneurs are risk-takers. That’s what makes it excitiing and terrifying all at once! No definite paycheck, sometimes no paycheck at all, no health insurance, no paid vacation, and there are employees counting on you to provide stability in their lives!
4. What is the most rewarding part of being an entrepreneur?
Excitement, freedom, big payoffs, and doing what you love every day!
5. What’s your advice for someone who is thinking about starting a business?
Do your research. The more time you spend validating your business concept, the more likely you will be to succeed. Also, get realistic with your financial expectations. There are most likely a number of expenses you’re forgetting to factor in.
And employees are EXPENSIVE! Employees can drain your cash quickly, especially when starting up and the company may not have a lot of sales. Plan accordingly.
