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There’s nothing like being around your people.
I just had the privilege of spending 3 days with 600 entrepreneurs at the EO Nerve conference in Virginia Beach. My team and I left feeling inspired, invigorated…and a little worn out from all those late-night parties. ;)
These events always offer the chance to tap into what entrepreneurs are thinking about right now. Here are our takeaways on what’s top of mind for the entrepreneurial community.
1. Recession is likely…but entrepreneurs are feeling confident.
That said, entrepreneurs are overall optimistic about their chances for success during this time. The most confident players were those who felt the most prepared. (If you missed our webinar on recession planning, check out the replay to get your own playbook here.)
2. Everyone wants an exit strategy.
More than ever, sales and exits are on entrepreneur’s minds. This is a big shift that we’ve seen over the last few years, and it’s smart.
An exit is so much more than a transaction; it’s a years-long process that ties into your business model, company infrastructure, finances, and more. Even if they have no intention of selling right now, entrepreneurs are thinking about how to build companies that will garner top dollar in the event of a sale.
3. Bolt-on solutions are more appealing than home-grown systems.
Entrepreneurs are looking for efficiency and results—and in some cases, that means bringing in proven solutions and processes rather than building their own systems in house. We saw interest in everything from business operating systems (yes, that’s us) to fractional bookkeeping to HR solutions to tech platforms.
This trend indicates that entrepreneurs recognize the value of time and resources. They’d rather pay to outsource a solution that’s guaranteed to work than build something from scratch and risk failure. And for companies up to $20M (and above in some cases), they’re wise to expand their capabilities through outside vendors and fractional resources.
4. There’s nothing like the real thing—meeting in person.
Whether you work with other entrepreneurs or simply meet with them as peers, I can’t stress this enough: find ways to get together in person. The energy and excitement of being in the room together will give you a burst of motivation you didn’t know you needed.
Plus, you’ll have a chance to find out what your peers are doing—and what’s working and what isn’t. In those conference rooms at Nerve, I saw hundreds of entrepreneurs who were hungry for that peer to peer feedback. It’s got me thinking about ways to get our own client community together for some kind of live event…
As always, I am humbled by and grateful for the opportunity to connect with so many incredible business owners. Keep up the good work, and if there’s anything we can do to support you, reach out anytime.