Entrepreneurship

I run into this mostly in students or young entrepreneurs, who feel like starting and running a business is outside of their skill set. They worry about handling the business organization aspects, legal issues, and accounting challenges. While these are real concerns, they are also the most solvable. Today, dozens of services can help you with business formation, taxes, bookkeeping, and legal issues. Imposter syndrome is one of the main reasons people hesitate to start a business, but entrepreneurship is often about jumping in and solving problems as they arise. There is no perfect time to start a business except right now.

One of the most important elements of a successful business is setting clear, actionable goals within a timeline. I recommend using the “SMART” framework: Specific, Measurable, Achievable, Relevant, and Time-bound. Think of your goals as a map. Where do you want to be in 6 months, 12 months, or 24 months? Entrepreneurs often have lofty, pie-in-the-sky goals, but it’s essential to break these down into manageable steps. For example, focus on testing an MVP, gaining a certain level of sales, securing funding, or entering a new market—and set a realistic deadline. Then, work backward to build a timeline. This approach creates both structure and accountability.

If I had a dollar for every time someone pitched me an idea they thought was unique, but I had seen before, I’d be rich. This is why market research is critical. Dedicate time to understanding the global, domestic, and local market sizes, competitors (not just the big ones), and any existing patents or trademarks. Patents can easily be researched using Google Patent or the USPTO website—you don’t need a lawyer for this initial step. Nothing can kill a business quicker than misunderstanding how it fits into the marketplace. Before investing massive effort into development, dive deep into your intended market.

But maybe your customers can become your friends. Lean startup principles emphasize the importance of testing your value proposition: “This idea helps [blank] with [blank] and is better than [blank] because [blank].” Test as soon and as often as possible. Build customer personas, find people who fit them, and see how they react. Remember, all marketing is storytelling. Your goal is for customers to understand your story and see themselves in it.

Every project and business has unique challenges, but one universal rule is to build the simplest, cheapest version of your idea and test it with your identified potential customers. Avoid investing heavily in development before putting your MVP in customers’ hands. Follow the design cycle of Build > Test > Repeat. Proof of concept is essential before you seek funding or start to scale. For example, Pratt alumni-founded OneRoof app and used cut-out paper questionnaires, a Slack channel, and Google Docs to test whether their idea for an apartment- building a community app would work. Simple tools and direct interaction can validate your concept quickly and cheaply.

If you haven’t watched Simon Sinek’s TED Talk “Start with Why,” go watch it now. A strong brand evokes emotions and builds loyalty. Apple doesn’t sell computers; it sells a lifestyle and perceived value. A brand isn’t just a logo or colorway—it’s a feeling, mission, and all- encompassing experience. I ask my students to think of a brand they hate and one they love, and then discuss why. This exercise reveals the emotional power of branding. Try it yourself and consider how your brand can connect with your audience on this level.

One of the biggest mistakes entrepreneurs make is thinking, “If I build it, they will come.” Building excitement and community around your idea from the early stages is critical. Creative entrepreneurs can excel here. For example, Liquid Death’s founders created a humorous video for their canned water, launched a crowdfunding campaign that failed, but generated over 70k views on Facebook. People kept reaching out to buy the product—proving demand with the cost of a single video. Unique go-to-market strategies tailored to your target customer can save time and money while building buzz. I generally suggest coming up with at least 5-10 of these then considering the effort and cost to launch them.

I am not sure how or why these became dirty words for creatives, maybe it feels like selling out. Many creatives struggle when ideas require price tags and revenue forecasting, but failing to plan is planning to fail. Understand your estimated costs, including capital expenses and operational expenses, which determine your “runway” (how long you can operate before running out of funds). Decide whether you can grow organically or need loans, grants, or investments. If you can grow organically, do it—investors bring additional challenges, such as shared decision-making and accountability. At a minimum, plan your budget for 2-3 years and identify when you expect to break even and become profitable.

A close friend once told me growth only comes from planning, but like sailing, you need to tack in the direction of the wind. While your goals and plans may focus on the next 2-3 years, you should always think ahead to the next phase or market expansion. Keep some plans to yourself, but always have them in your back pocket. A growth mindset is essential for navigating and adapting to new challenges.

Business is no different than show-and-tell at school. Every boardroom or business lunch is like sitting around a fire telling stories. Success depends on how well you communicate what you’re doing, why you’re doing it, and who it’s for. Storytelling ties everything together: your goals, brand, market strategy, and vision. Make it compelling and authentic, and people will want to join you on your mission.

I believe that creative-led businesses are some of the best businesses I have seen built. Many of them are not just built for profit but are born from a passion that the founder has—the need to create or express something, to drive a force for good or change. By using creative thinking, these businesses often build something with a profound and lasting impact on society.