Interested in starting your own entrepreneurial journey but unsure what to expect? Then read up on our interview with Malcolm Peace, Founder of Tsetserra Growth Partners, located in Austin, TX, USA.
What's your business, and who are your customers?
We buy and build blue-collar/industrial-type businesses headquartered in Texas with a long-term mindset in our approach. Building a culture of sales-first by finding new opportunities in the market, going back to the customers that previously purchased (low customer acquisition cost), and we follow up religiously. This is accomplished through implementing a set of software to track these important metrics, allowing the business to reach our goal of doubling revenue in 2 years.
Tell us about yourself
Initially, I was running our construction projects as a part of another firm, and this was I first realized there was an opportunity in the market. As we engaged with my different vendors in order to bring the project to life, the vast majority of these businesses were owned by retiring-age owners. These well-established businesses had the ability to attract and hire high-quality operators and employees to run their businesses. But what I found in many instances is the lack of sophistication in business practices and, further, the lack of standardization in their processes and tools used. The need became apparent, these owners looking to retire needed a secession plan, and the business needed the right framework to scale. Each opportunity I step into a meeting with an owner to discuss a potential sale of their business, I am reminded that we are filling a gap they have always had. Their desire to have someone in the family take over their business with care (like they did) and see it for the next decades to come brings all the motivation that I need.
What's your biggest accomplishment as a business owner?
The biggest accomplishment is not one set occurrence. It's the micro opportunity to see a team member grow in their capacity to add value. Most are seeking opportunities to add greater value to an organization, and when you give the right opportunity and resources mirrored with their desire, it can really be an awesome outcome. In turn, the biggest accomplishment is seeing the team get stronger through the development of the people.
What's one of the hardest things that comes with being a business owner?
By far, the hardest thing that comes with being a business owner is changing the mentality that the business owner is at the top of the organizational chart. This is a really tough mentality shift when the business has run this way for so long. The team has been trained to look for an authoritarian leader to give all the direction. Don't get me wrong, there are times when the business owner needs to step in to make sure the vision is being executed, but if the culture remains that the business owner needs to solve all the issues that come up, the team members never learn how to fish on their own. They will remain dependent, and the business will remain hampered. Ultimately never scaling.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Have a strong business plan. Go into detail on who will be your audience, how you are going to reach them, and how you are going to make sales. It is essential to have a clear roadmap of how you will run your company.
- Have strong and excellent customer service. This will greatly impact your business as consumers nowadays rely on businesses they can reach back to when they have any questions or issues. This way, you could gain new customers and retain the existing ones.
- Be adaptable. Do not be stagnant, and you must keep an eye on current trends so you will be able to improve from your old ways. This way, you will be able to change the things that aren't working out anymore.
Where can people find you and your business?
Website: https://tsetserra.com/
Twitter: https://twitter.com/peace_malcolm
LinkedIn: https://www.linkedin.com/in/malcolmpeace/
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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