Small Business, Big Vision Interview with Adam Toren

Want to learn how to dominate your market in a BIG way? Then see what Adam Toren and Matt Toren have to say in their new book Small Business, Big Vision.

I recently connected with Adam and talked about their new book, below is the interview.

Mark: What can readers expect from Small Business, BIG Vision?

Adam: When we set out to write the book, it was important to us to provide entrepreneurial readers with the information they need most. We looked at the most common questions we hear from entrepreneurs – whether they’re just starting out or have been in business for a long time – and we provided answers in the book that are designed to really give the reader the advice and guidance they’re looking for. Small Business, BIG Vision answers questions like, “Do I need a business plan?” “Do I need outside financing, and how do I find it?” and “How do I know if it’s the right time to hire employees?” We also covered how to use social media to market your business, how to become a recognized expert in your field, and how to turn around a struggling business. The book provides practical, useful advice on these topics and more, and then it backs up the advice with profiles of some of the most successful entrepreneurs out there.

Mark: What past experience has led you to be able to write a book on entrepreneurship?

Adam: My brother, Matthew, and I have been entrepreneurs since we were seven and eight years old. From our first venture, selling these little airplane gliders at a local festival, we moved on to importing electronics and selling them at school. By the time we were in high school, we were very popular, because everyone knew we were the guys to go to, to get a great stereo for your car or a cool boom box.

Since that time, we’ve never not been involved in an entrepreneurial venture. We’ve owned everything from a pool hall to a magazine publishing company and from a print shop to successful web sites. We’ve also partnered with a number of up-and-coming entrepreneurs on their ventures and coached a wide range of business owners on starting and running a successful business. Throughout the years, we have learned through hands-on experience what works and what doesn’t work, and we love nothing more than sharing that knowledge with established business owners and would-be entrepreneurs alike.

Mark: In the book, you talk about social entrepreneurship. Why is this an important topic for entrepreneurs?

Adam: It’s pretty clear that we have some major problems in the world today. You don’t have to be an “environmentalist” or far left to realize that we’re doing significant harm to the planet in many areas; and there are human rights, poverty, disease, and malnutrition issues around the world that seem to be getting worse all the time as well. Entrepreneurs everywhere have a real opportunity to make the world a better place to live, for us and for future generations to live.

It doesn’t have to be about devoting your whole business model to social or environmental causes. It’s just a matter of taking a shared responsibility for the planet and its inhabitants. To us, it’s just common sense, and it’s about doing the right thing. In most cases, making a move toward social entrepreneurship won’t cost a business owner anything and might even allow them to save some money. And further, from a business standpoint, being a social entrepreneur is good PR too, so everyone wins!

Mark: You are an advocate of what you call the “one-page business plan.” Does this really work?

Adam: We’ve used this method for enough businesses to confidently say, “Yes, it does.” There is a myth in the entrepreneurial world that before you do anything toward starting a business, you need to create a business plan. It wouldn’t be a myth, except that the plan that people are usually referring to is of little value to a majority of new businesses. It’s big and formal, and it isn’t meant for the people involved in the business as much as those outside the business, like banks and investors.

A one-page business plan is meant to be a working document that guides an entrepreneur through every stage of business. It is actually used, not stuck on a shelf or in a drawer somewhere. It covers everything necessary to move a business at any stage forward, and creating it isn’t so overwhelming that you’ll put off starting your business to avoid it!

Mark: Given today’s economic climate, is this really a good time to start a business?

Adam: That’s a great question. Entrepreneurship comes with a certain amount of risk anyway, so isn’t it crazy to go into business with the added risk of facing uncertain economic times? We don’t think it’s crazy at all. In fact, we truly believe it’s the smartest move anyone can make. Read or watch any news about the economy, and you’ll eventually come across a story about the massive layoffs of the past few years and the fact that many people are taking a year or more to find work. And when they finally do land a job, many are settling for a position and pay far below that of the one they left.

Now, that’s risk. If my only option was to get a job, and I had no income during my search, life would be stressful and scary. No fun at all. On the other hand, with the time most people take to find a job, and the savings they use up in that time, I can think of 10 businesses I could start right now, and I guarantee I’d end up in a better position financially and mentally at the end of that timeframe. An economic climate like we’re in now is the perfect time to start a business.

Mark: How can a struggling business owner turn things around and avoid failure?

Adam: There are a lot of business owners facing tough times right now. That’s one reason why we included an entire chapter in our book on “Pulling a 180.” Turning a business around when things look bleak is never easy, but it can be done. In Small Business, BIG Vision, we explain how to create a culture of flexibility and creativity in your company. These qualities are the keys to quickly adjusting to any economic climate or shift in your industry or market.

We also walk through a process for turning a business around that has worked for countless entrepreneurs who thought there was no hope. A big part of that process has to do with stepping back and evaluating everything about your business. Sometimes, when you’re working in your business day to day, you aren’t able to see opportunities for improved profit or increased revenue. You might miss waste that would be obvious to someone removed from the situation. Getting a fresh perspective on your business can do wonders. Of course, people need action steps too, not just a better view. So we provide some proven steps to save a struggling company, and then we profile a couple of very successful entrepreneurs who used those steps to turn their own companies around.

Mark: What are the advantages to an entrepreneur becoming a recognized expert in their field?

Adam: The chapter in Small Business, BIG Vision on becoming a recognize expert was created because this is the best way we’ve ever seen to capture a targeted audience and boost every aspect of your business in a relatively short period of time. As we mention in the book, when faced with the choice of choosing a “run of the mill” service provider and someone widely recognized as an expert in their field, just about any consumer who can afford it will choose the expert.

There’s no better form of marketing, and being seen as an expert typically comes with the advantage of customers expecting you to charge more. So it helps your business in a number of ways. Additionally, being an expert can be a business in itself and add a nice stream of income to your core business.

Mark: What advice do you have for someone thinking about starting his or her first business?

Adam: Well, our book is of course packed full of advice that we think every entrepreneur should know. To simplify though, there are three things I would say to anyone about to start their first business:

1. Don’t go it alone. Get advice and guidance from those who have gone before you. Whether it’s through books, blogs, or mentors, soak up all the information you can about your industry, your target market, and business in general. Even the most successful entrepreneurs hire coaches, because they realize there’s always room for improvement and learning more.

2. Ready, fire, aim. So many people have amazing ideas that they never put into action. In a lot of these cases, the problem comes from their belief that everything has to be perfect before they launch. What every entrepreneur who starts a business eventually learns is that nothing is going to go exactly as you planned anyway. So just get started, and adjust along the way. Not many people are going to know about your company at first anyway, so you might as well work the bugs out on the fly.

3. Plan. This might sound contradictory to the last point, but it’s not if you do it right. What we call “planning paralysis” is a disease that can afflict any entrepreneur. It happens when you find yourself spending more time planning your business than building it. But decisive, concise planning is a great idea. Make a one-page business plan, as we outline in the book, and use it to take action toward your Big Vision!

About the authors:

Matthew and Adam Toren are brothers, serial entrepreneurs, investors, and mentors. For nearly 20 years, Matthew and Adam have provided instruction in management concepts, marketing, and finance to emerging and distressed small businesses. They currently own and operate a successful media company, which includes several online properties and print publications. The Toren Brothers are also the authors of the award-winning book, Kidpreneurs: Basic Principles of Entrepreneurship for Kids aged 6 to12 years old and founders of YoungEntrepreneur.com, one of the largest online entrepreneur communities, and a must-visit resource for all startup CEOs, founders, aspiring entrepreneurs, mentors, and investors.

Get their book small business, BIG VISION