Karen Kerrigan is the president & CEO of the Small Business & Entrepreneurship Council and a board member and former chair of CIPE. For more than twenty years Kerrigan’s leadership, advocacy and training work has helped foster U.S. entrepreneurship and global small business growth.She regularly testifies before the U.S. Congress on the key issues impacting entrepreneurs and the economy, and has been appointed to numerous federal advisory boards including the National Women’s Business Council, the U.S.-Iraq Business Dialog, the U.S. Treasury’s Taxpayer Advisory Panel, and the National Advisory Committee for Labor Provisions of U.S. Free Trade Agreements. Kerrigan regularly engages with the President’s cabinet and key advisors, and has participated in several White House economic summits, scores of events hosted by the U.S. SBA, U.S. Treasury Department and other federal government agencies and departments. She has written hundreds of Op-Eds and newspaper columns, and regularly appears on national television and talk radio programs.
Medhwai Giri interviewed Kerrigan for CIPE.
How did you get started in the path to entrepreneurship and what motivated you initially?
My path to entrepreneurship was a journey. Before starting out on my own, I had a variety of career experiences that helped me build critical skills that are necessary for successful entrepreneurship. These skills and experiences provided me with confidence and know-how. The motivation to start my own business came about when several factors aligned. I saw a need in the marketplace. I had a desire to work on my own terms and innovate and create with fewer restrictions. In addition, I wanted financial independence. Of course, I was passionate about my idea and business opportunity and felt confident in my ability to execute. The bottom line is I wanted more freedom, and entrepreneurship allowed for that.
When you were getting started, how difficult was it to bring your idea to life and to make a business out of it?
Fortunately, I put into place many of the components prior to my launch that allowed for me to succeed and scale without initial difficulty. But it was hard work – finding the capital, building the infrastructure and getting off the ground. I sought out and listened to other successful entrepreneurs before I launched, which I would recommend to any entrepreneur. Also, I built a solid network of mentors who I could turn to along the way. This was indispensible to my success. Over the course of twenty years I have had my ups and downs, but the secret to longevity is staying close to your customers or clients, investing in training and technology to stay up-to-date and relevant and always finding ways to stay relevant in the market and to differentiate your business from the rest. It is a never-ending, but fulfilling challenge.
CEO World Magazine named you the Top Power Woman in Crowdfunding in November 2013. What is the secret to highly successful crowdfunding campaigns?
The secret to success is preparing for success before the crowdfunding campaign goes live. You can’t just launch a campaign overnight and expect to succeed. Your idea should have early backers and you need to have a compelling story about why your idea will succeed in the marketplace. Ideally, you will have demonstrated traction in the marketplace and validators will speak to your potential for success on your campaign website. You will want these early supporters and validators to tap into their networks – through social media and other channels – to support you. It is especially important that you organize your networks and contacts via email lists and social media channels. Ideally, you will have already raised 10 to 20 percent of your fundraising goal from these contacts before the campaign goes live. Launching with a percentage raised helps build momentum for your fundraising goal. Using media and social media will be important to your effort. Remember to post daily updates on the campaign platform, and if it is a non-equity crowdfunding effort, offer creative incentives for support.
What do you think is more important, “professional skills” or “entrepreneurial spirit”?
Ideally both, but both can be acquired. Many people are unaware of their entrepreneurial spirit until they are exposed to entrepreneurship. They may know for example, that they are passionate, creative, and a have knack for finding solutions but they may not equate this with entrepreneurial spirit. While skills can be honed along the way (or bought with expert employees), the entrepreneur will have a better shot at success if they have financial, marketing and other key skills that will be needed to operate and grow a business. Still, it is not impossible to have a successful business if key skills are not yet developed. But, successful entrepreneurs always understand their shortcomings and will work to acquire these skills or fill those gaps with the right employees once they can afford to hire them.
What business tools, apps, or mottos help you run your business/life efficiently?
My smart phone is my lifeline. It connects me to all my apps and everything else I need to keep my life and business humming. My iPad is also an essential. I have many favorite mottos, and every day is different as to where I turn for inspiration. But if I had to choose one it would be this C.S. Lewis quote: “You are never too old to set another goal or to dream a new dream.” When I think back over the years, this applied to when I was 25, 35, 45 and now as I enter my mid-50s.
If you had one piece of advice for an aspiring entrepreneur, what would it be?
Believe in yourself and follow your dreams. That may sound corny, but if you set goals and envision success and the life you want to live, you will find a way to get there. Also, surround yourself with people who will affirm and encourage you along the way. Maintain a grateful attitude, even in adversity – a positive and thankful spirit attracts the type of people and circumstances that will help you on your road to entrepreneurial success.
Medhawi Giri is a Program Assistant for South Asia at CIPE.
