Today’s entrepreneur makes a living by bridging the gap between industry expertise and management capability and he has some definite expertise to share with us! From the importance of having a firm grasp on the financial health of your business to the impact of targeted marketing, Corey Keith, President of Keith & Associates, has heaps of wisdom that you can use to scale your business sustainably.
What are three things every Entrepreneur should know?
The three things that Corey believes every entrepreneur should know are as follows:
- Understand Financial Statements:
Corey emphasizes the importance of having a grasp of the financial health of your business, including aspects like revenue, expenses, profits, and cash flow. In doing so, you can make informed decisions about resource allocation, investment opportunities, as well as overall business strategy.
2. Understand the Market and Revenue Generation:
Secondly, Corey mentioned the significance of understanding your target market as well as how to generate revenue within said market. This involves conducting thorough market assessments beyond just internet research.
Corey used an analogy, whereby your market is a target that you’re shooting arrows at. Any market research will help you hit near the target, whereas thorough market research will help you hit the bull’s eye. Engage with your customers to develop an effective, targeted marketing strategy that resonates with your customer base.
3. Have a Vision:
Know where you’re trying to take your business. Entrepreneurship goes beyond understanding your present circumstances; it’s about having a long-term perspective and direction for your company. A strong vision will guide decision-making, goal goal-setting, and create a roadmap for success and scalability.
What problem does your business solve and who are its customers?
Corey’s business, Keith & Associates, is a consultancy that addresses the problem of bridging the gap between industry expertise and management capability, particularly in the context of startups and early-stage companies, although his consultancy is “industry agnostic” as it offers insights that are adaptable to various sectors.
The customers of Corey’s business would be entrepreneurs, startups, and early-stage companies seeking guidance and support in managing their ventures, securing funding, and navigating the complex landscape of grants and investments.
What we love is that Corey’s business provides a holistic approach that combines industry-agnostic management expertise with insights into securing grant funding and private investments. This approach aims to help companies achieve growth by finding the optimal mix of funding sources and strategic direction for them and their business – regardless of the specific industry they operate in.
What inspired you to become an Entrepreneur?
Corey’s inspiration to become an entrepreneur was fueled by his desire for greater freedom from the structured environment he experienced while working in a senior position in the banking industry.
Corey’s decision to journey towards entrepreneurship gained momentum when he was managing large accounts that were primarily focused on knowledge-based industries. Essentially, these are industries where intellectual property holds greater value than traditional assets like land and equipment.
These knowledge-based industries ignited his passion and interest. During Corey’s tenure managing a team focused on life science and healthcare companies, Corey was exposed to cutting-edge technologies and innovative solutions. This experience deepened his connection to the entrepreneurial world, as he actively engaged with emerging technologies and business opportunities.
Additionally, Corey’s entrepreneurial path was solidified when he had the chance to invest in a company, providing him with firsthand insights into the challenges and rewards of entrepreneurship and motivating him to explore this path further.
If someone had given you a million dollars when you first started your business, what would you have spent it on?
Naturally, Corey would be cautious when deciding how to allocate a million-dollar injection into his business. As a consultant, he understands that his business isn’t capital-intensive. He would prioritize using the money wisely. He mentioned that he may have avoided immediately hiring a full management team – a decision that could quickly drain the funds.
Instead, he would focus on accessing the right expertise as needed on a contract basis. Corey believes in being mindful of the allocation of each penny in his business as judicious spending is key to ensure long-term sustainability and growth.
What is your proudest accomplishment as an Entrepreneur?
When asked about his proudest accomplishment as an entrepreneur, Corey mentioned that many of the companies he works for leave testimonials that speak to his integrity. Naturally, this positive feedback encourages a feeling of pride for him as he works to maintain an ethical and trustworthy approach.
Another thing Corey mentioned taking pride in is his ability to maintain a harmonious work-life balance throughout his entrepreneurial journey. He expressed happiness about successfully navigating his career while nurturing solid relationships with his family, including his children and grandchildren.
Corey’s emphasis on maintaining these relationships shows the significance of his ability to manage entrepreneurial pressures while upholding his personal values.
He went on to advise against the notion of persistently pushing forward and giving 100% effort, even when you’re not on the right path. While dedication and perseverance are important virtues, they must be channeled toward endeavors that align with your true aspirations and values.
Recognizing when you need to correct your course is a sign of wisdom, not weakness. Traveling too far down the wrong path could lead to psychological, emotional, and financial strains that aren’t worth it.
What big goals are you looking to achieve?
In the upcoming year, Corey aims to achieve several significant goals:
He is dedicated to aiding a logistics company in realizing a groundbreaking technology that could significantly reduce the environmental impact of their industry.
Corey is also actively involved in training a granting agency on how to conduct due diligence for grant applications. This role allows him to contribute to community and regional economic development efforts, providing a structured framework for assessing opportunities and promoting informed decision-making.
Lastly, Corey is progressing with a website that connects capital-seeking companies with private investors, further expanding opportunities for business growth.
We love noticing the recurring themes and ideas as we go along with these Entrepreneur Stories just as much as we love hearing fresh perspectives and new pieces of insight. The more diversity we have throughout this series: the better.
If you’re an entrepreneur pioneering your industry, contact us today. We’d love the opportunity to dive into your perspectives and insights as we discuss your own Entrepreneur Story!
