Interested in starting your own entrepreneurial journey in business development but unsure what to expect? Then read up on our interview with Loren Feldman, Founder and Editor-in-Chief of 21 Hats Media, located in Princeton, NJ, USA.
What's your business, and who are your customers?
I'm the founder of 21 Hats Media. Our mission is to build a community of business owners who compare notes, share their wins and losses, and learn from each other. So far, we offer a daily email newsletter, a podcast, and mastermind groups — with much more on the way.
Tell us about yourself
I was a magazine editor who kind of specialized in helping magazines rethink and reinvent. In 2002, I landed at Inc. magazine, where I expected to spend a year or two and then move on. Much to my surprise, I found myself falling in love with covering entrepreneurship. I didn't want to leave. Eventually, I did move on to the New York Times and then Forbes but always in the same role, responsible for covering entrepreneurship and business ownership. At each stop, I worked with terrific people and learned a lot, and found new ways to illuminate the mysteries of why some businesses thrive, and others don't. Along the way, I concluded that there was an unmet need in the marketplace for a publication that focused less on Silicon Valley and venture-backed startups and more on traditional small businesses. When I couldn't fully convince my colleagues of the opportunity, I left to try to fill that need myself. And that's 21 Hats.
What's your biggest accomplishment as a business owner?
Even in the best of circumstances, building a business can be a lonely pursuit, but these past three years have been exceptionally difficult for business owners. I frequently hear from owners who tell me that during this period, 21 Hats has been a lifeline for them, keeping them connected and reminding them that they aren't the only ones facing challenges. I hear that about the daily email newsletter, which highlights all of the most important news of the day for owners, and especially about the podcast, which offers a weekly peer group conversation. Every week I talk to three of 10 exceptionally transparent regulars on the show who share their ups and downs in real-time. I'm still working on my own business model, but I'm very proud that we've been able to offer a service that supports other business owners. More here: https://21hats.com/what-is-21-hats/
What's one of the hardest things that comes with being a business owner?
Knowing when to turn it off. There's always so much to do—enough that you could work seven days a week and 24 hours a day and still have a to-do list. But of course, you have to find some balance. The hours are going to be long, but they can't be all-consuming. Easier said than done, of course.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Find a peer group of owners that you can share your experience with. There will be lots of people in your life who do not understand what you are trying to do. Find some people who do.
- Don't rush to raise money. Prove your concept first. Look for alternatives to selling equity. If you must sell equity, try to wait until you can demonstrate a business model that works and that generates profits.
Where can people find you and your business?
Website: https://www.21hats.com/
LinkedIn: https://www.linkedin.com/in/feldmanloren/
Twitter:
https://www.twitter.com/21_hats
https://www.twitter.com/lfeldman
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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