Advice to Beginning Entrepreneurs with Elizabeth (Beth) O’Brien, CEO of Encore Finance

Back in March 2020, I was interviewed by the Originate Report Team at Geraci Law Firm about my experience as an entrepreneur. Specifically, what lessons I had learned and what I would pass along to other entrepreneurs at the beginning of their journey.

I recently came across the original article posted on the Geraci website, and I was musing about how I would answer the same questions today. While there would be a few tweaks here and there, for the most part my answers would be very similar.

Here are the Cliff’s Notes from that interview. The original article is linked at the bottom.

How I knew I had the right idea with my first business:

I knew because I interacted with my market face to face. My first lending business was AuctionFinance.com. I went to the live auctions and checked in the bidders at the registration table. After just a few days of counting the cashier’s checks as people came in, I knew exactly how much cash was in the room and exactly what I could do to help the bidders.

The best and worst pieces of advice I’ve ever received:

Best: Don’t be afraid to fail.

Worst: Try not to fail.

What I’ve learned from failure:

That failure is fine, but you need to have the ability to pivot quickly when things don’t work out as planned (and they never really work out exactly as planned).

How I built the customer base for my early ventures:

Going to where the customers are and talking to them. There is no substitute for being a great listener. Really engage with them and think critically about how you can address their problems.

The most difficult part of my startup journey and how I worked through it:

I’m pretty methodical and conservative about building a business sustainably. I never want to get too far out over my skis. This was hardest when I watched some of my aggressive competitors building much faster than I was. But I was able to stick to my guns, and in the end it worked out much better for me – I never went through the pain those competitors did of closing doors and laying people off.

My favorite aspect of being an entrepreneur:

Making decisions and watching them play out. There is so much pleasure in setting destiny!

My advice to someone starting their first business:

Make sure you are addressing a real need and listening to your clients along the way.

My typical day:

I don’t have one! That’s the best part.

Original interview is available here.