Interested in starting your own entrepreneurial journey in business development but unsure what to expect? Then read up on our interview with Marco Kornegay, founder of The Kornegay Group, located in Glenn Dale, MD, USA.
What's your business, and who are your customers?
The Kornegay Group (TKG) is a for-profit business consulting company that provides business assessment for efficacy, organizational development, process improvement, project management, and soft executive and leadership coaching. We serve for-profit, non-profit, and government entities.
Tell us about yourself
My mother was a small business owner and my first inspiration. In 1992, while working a full-time job in healthcare, I was asked and accepted a contract to help greeting cards start up. In concept, TKG was born. I have always had an affinity for small businesses, having watched several struggles through the basics of core business functions. As my career expanded, presenting me with many opportunities to learn from high-level and knowledgeable professionals, I made the determination to start a business after reaching senior management and take that knowledge to those businesses I could help navigate “grey areas.”
I am truly driven to serve those in need of something I have, which I believe is our human responsibility. I get energized and feel elated to see the “light bulb” glow on a business owner’s face when they experience the peace of overcoming a challenge or accomplishing their goals. Even if I don’t see the glow, my natural mindset is one of resilience to find it.
What's your biggest accomplishment as a business owner?
First, my ability to motivate, encourage, and empower my customers with something I have experienced. Second, being a good steward of my business finances while maintaining low overhead costs.
What's one of the hardest things that comes with being a business owner?
One of the hardest things for me “was” giving customers a discount because they did not have the budget to pay for what they needed. This is no longer the case because I established an extended pay structure that allows me to recoup revenue based on my client’s future earnings.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Never sell yourself short with your fees or price. If necessary, be creative and establish contract language that guarantees your payment or recouping of discounted price under specified terms.
- Learn the power of “No”. Not all money is good money. A bad contract could cost you more than you realize.
- Always remember you’re working with people and not just goods and services. Be respectful, responsible, and professional.
Where can people find you and your business?
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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