NY Report Goes One-on-One With Norm Brodsky

What makes a successful entrepreneur? The surprising answer, if you are looking at small business guru Norm Brodsky’s experiences, would be failure. Brodsky offered his views in front of a crowd of 150 business owners on June 19 at Club 101 on Park Avenue, at an event hosted by NY REPORT, where he discussed his own bumpy road to success.
“I’m famous for having taken a company from zero to $120 million in sales in seven years, then from $120 million to zero in seven months,” says Brodsky. Yet the successful business owner and author of Inc.’s “Street Smarts” column came back from failure with some sage entrepreneurial lessons. Here are some of his tips:

GET COMFORTABLE WITH FEAR. Owning your own business is very scary, as it should be. “Remember,” warns Brodsky, “whatever can happen, does happen.” In other words: Make sure you can get comfortable with risk — it will inevitably become a part of your life.

UTILIZE DEBT, BUT BE SMART ABOUT IT. When banks offer money to small businesses, take advantage — debt is cheaper than equity. However, you must understand the downside of debt. “I had to shut down a business because I could not borrow any more,” remembers Brodsky.

SMALL COMPANIES NEED A STRONG CULTURE. You need to establish that company culture yourself before you start hiring. “You could have a ‘tough’ culture or a ‘nice’ culture but not both. Find people who fit within your company culture — hire for attitude, not skills. Skills can be taught, attitude can’t.” Always try to have fun at work — organize a company contest or a game to get your employees more involved. 
Norm’s Do’s & Don’ts of Entrepreneurship

• Do find a better way to do something

• Don’t listen to naysayers
• Do decide what business you’re in
(you can’t be all things to all people)
• Don’t compete on price
• Do find certain niches within your industry
• Don’t pursue too many opportunities at once
(stick to one idea at a time)

Watch Norm's webcasts from this event by visiting www.nyreport.com/brodskylive.