Pearls of Wisdom from the Microsoft Small Business Summit

22 March 2007                                                                                                              

The good people at Microsoft held their annual Small Business Summit this past week (it ends Friday March 23rd) - unfortunately I only had the time to catch 3 or 4 sessions online at my home in Madison, Wisconsin during the entire five days.  I try to get more time in, especially when some of the sessions offered have nothing to do with Microsoft and plenty to do with business.

One of the speakers who gave a very animated and interesting presentation was Rieva Lesonsky - senior vice president and editorial director of Entrepreneur Media Inc. (Entrepeneur Magazine et al).  Her topic was entitled Coping With Risk and she really delivered her message with energy, humor, and enthusiasm.  She pointed out that the entrepeneur is by nature a risk-taker, and as such is going to make mistakes as he grows.  And mistakes when you are small are not as brutal to your business, because you can always start over if close to the beginning. For emphasis, she cited this memorable quote from George Bernard Shaw, "A life spent making mistakes is not only more honorable, but one more useful than a life spent doing nothing."  I gobbled that up and will definitely use it next time I fail to ask for directions when traveling with my wife. (Wish me luck.)

Rieva also spoke about making your risks small ones.  When using technology such as word searches to penetrate a market, don't go up directly against the Big Dogs as their pockets are way to deep and they have name recognition.  She said it is better to work the fringe markets, the areas where there is less competition so you can establish yourself, your reputation, and your client base more easily.  Then let that success carry you into your bigger market.  In her words, in the beginning, take the road less traveled (which is the excuse I can give my wife when lost).

In the Q&A session, Rieva recommended that the small business entrepeneur get a niche.  She said to make your business personal - to do the little things the heavy hitters cannot or will not do.  She also said to incorporate your business, and to work it full time.  Participants were instructed to continue moving forward with their plans.  As she put it, "Even if your on the right track, you're gonna get run over if you're standing still."  I liked that one - so true.

My next blog (I hope) to report on Jennifer Laycock, editor of Search Engine Guide.  She tells us How to Get a Higher Profile on the Web.

The Microsoft Small Business Summit will have all videos and audio archived for 12 months, but not until the summit has concluded for three days (rescission?).  After that time, you can catch them all at www.sbsummit.com.

Art Blanchet