Starting a new business can be tough! Larry Gaynor, Entrepreneur, Author, and Founder and CEO of TNG Worldwide, understands and shares his own experiences and lessons learned in his new book titled Take A Chance! 101 Entrepreneurial Lessons for Making It Big. Larry joins us on today’s episode of The Small Business Show to tell us more.
Key Takeaways
1. Gaynor emphasizes the importance of focusing on achieving rapid results. His ability to write a book in just two months showcases how intense focus and dedication can lead to impressive outcomes, highlighting the need for entrepreneurs to channel their energy efficiently to drive their projects forward.
2. Innovation is crucial for long-term success. Gaynor advises entrepreneurs to continually update their products and services to match current market demands. He draws on examples from the tech industry, such as the decline of Atari and Motorola, to illustrate how quickly businesses can become obsolete if they don’t adapt.
3. One of Gaynor’s key lessons is the importance of cutting losses early when a product or service isn’t performing as expected. Entrepreneurs should be prepared to pivot and try new ideas instead of pouring more resources into failed ventures.
4. Moreover, Gaynor discusses the importance of perseverance, stating that success isn’t about avoiding failure but about how quickly you recover from setbacks. This resilience is crucial for navigating the ups and downs of entrepreneurship and maintaining momentum.
5. With over 40 years in business, Gaynor has seen the rise of e-commerce and its impact on small businesses. He stresses the importance of utilizing platforms like Amazon to reach a broader audience and the benefits of maintaining a dynamic approach to product introduction and market presence.
“Never stop playing the game. It’s not how many times you fall down that count; it’s how many times you stand back up. Persevere for that extra minute when no one else can, which will set you apart.” — Larry Gaynor.
