Amplifying stories from the Rochester, MN entrepreneurial ecosystem.
Collider Foundation to Host Grassroots Growth: Exploring Rochester’s Entrepreneurial Landscape Event
Collider Foundation is pleased to announce that it will host Grassroots Growth: Exploring Rochester’s Entrepreneurial Landscape event on Tuesday, October 1st to discuss key economic and community insights from local leaders and engage in brainstorming activities around the strengths and gaps in the local business ecosystem.
This event will take place at Collider’s offices in the Minnesota BioBusiness Center from 5-7PM and include a keynote address from Neela Mollgaard, Executive Director of the Minnesota Department of Employment and Economic Development’s Office of Small Business and Innovation, remarks from Patrick Seeb, Executive Director of Destination Medical Center and Collider Foundation board member, a chance to hear from local business owners about specific topics related to entrepreneurs and ecosystem building at engagement stations, opportunities for networking with local community leaders, an award presentation, and light refreshments.
Collider is committed to activating, connecting, and inspiring Rochester based entrepreneurs. Over the past five years of being a community-driven nonprofit, we have had the unique opportunity to listen to and learn from the struggles and successes of local starters. As we have gathered knowledge and feedback to better understand and serve our entrepreneurial community, we have gained insights on what motivates individuals to start businesses, what factors are necessary for them to thrive, the biggest challenges they are facing, and how to best contribute to their success in the earliest stages of growth and development. We look forward to sharing these insights with the community through this event.
Thank you to our Premier Event partner Destination Medical Center, Engagement Station Sponsors Merchants Bank, Minnesota Energy Resources and the Southern Minnesota Initiative Foundation, and our food sponsor People's Food Coop for helping to make this event happen.
This is an evening you won't want to miss to engage with your community and have the chance to make an impact on the future of entrepreneurship. Individuals interested in attending this event can register here.
If you have any questions about Collider or our work within the community, please contact Amanda Leightner at amanda@collider.mn or call (507) 722-0306.
Collider Foundation Releases 300th Episode of the Rochester Rising Podcast
Collider Foundation is excited to share that this week we have released the 300th episode of the Rochester Rising Podcast, which was established in 2016 to share the stories of local entrepreneurs and to take the time to truly understand what their experiences have been like in the Rochester community.
Collider Foundation’s mission is to serve our community’s early stage entrepreneurs and make entrepreneurship more approachable and accessible, particularly for those who face the greatest barriers to business ownership. Collider’s mission is fulfilled through 1:1 startup support, a framework for business development through low-cost education, a supportive community work environment, and a platform for the stories of local entrepreneurs. In sharing the experiences of a wide variety of business owners through storytelling, we hope to provide inspiration and vision to our community. We also hope to show that there is a richly diverse variety of business owners from all backgrounds in Rochester and that entrepreneurship truly is for everyone.
So far in 2024, Collider Foundation has shared the stories of 25 local entrepreneurs, 15 of which were featured in the Rochester Rising Podcast through series such as a CO.STARTERS Series featuring graduates of the program through Collider’s facilitation, a Women in Food Business Series, a Downtown Businesses Series, and an Active Lifestyle Series. 76% percent of stories shared this year were of women or BIPOC entrepreneurs.
“It has truly been an honor to carry forward the work of storytelling at Collider Foundation since joining the team, and to build upon the framework of trust and support that has been established with the entrepreneurial community since 2016. Storytelling has proven to be a strong way to help our local small business owners feel seen and supported by the entrepreneurial community. Each of their unique stories and businesses contribute to making Rochester a more vibrant city,” says Corrie Strommen, Director of Communications at Collider Foundation.
Business owners who are interested in sharing their stories should connect with the Collider team by email at hello@collider.mn.
If you have any questions about Collider or our work within the community, please contact Amanda Leightner at amanda@collider.mn or call (507) 722-0306.
8 Common Mistakes Entrepreneurs Make
Are you an entrepreneur that's feeling overwhelmed? You're not alone! In this blog post, we'll explore eight common mistakes that entrepreneurs make, offering insights and practical tips to help you navigate these challenges and steer your business towards long-term success. Whether you're launching your first startup or looking to refine your existing business strategy, understanding these missteps can be the key to unlocking your full potential and achieving your goals.
Mistake #1: Ignoring Your Target Audience.
One major error is neglecting your target audience. Knowing who your potential customers are and what they want is essential. Ignoring this means missing out on crucial customers and wasting marketing efforts.
Understanding your audience lets you create effective marketing strategies and develop products that meet their needs, boosting your long-term success.
Pro Tip: Not every target audience fits your business. Sometimes, you need to let go of an audience that no longer aligns with your goals. While tough, it's necessary for growth.
Mistake 2: Putting Your Product First
Prioritizing your product over your clients can be detrimental. Your clients are what drive your revenue, not the product itself. You could have the greatest product or service, but if no one is buying it, what’s the point?
Always maintain a customer-first mentality. Don’t let the pursuit of profit overshadow the importance of satisfying and retaining your clients. The key to a sustainable business is having satisfied, loyal customers who will buy from you over and over again.
Pro Tip: Focus on understanding and addressing your customers' needs. Their satisfaction is the foundation for a successful and sustainable business.
Mistake #3: The Perfectionism Trap
Perfection is an illusion. No matter how much time and effort you invest in your business, it will never be flawless. There will always be minor improvements to make or bugs to fix. Instead of spending years polishing your product, set a firm launch date and commit to it. Conduct thorough user testing to ensure your offerings are ready and embrace the fact that post-launch tweaks are part of the journey.
Pro Tip: Embrace continuous improvement as a vital part of your growth.
Mistake #4: Not Mastering Your Finances
Financial management is the backbone of your business’s success. Whether you're just starting out or have years of experience, mastering your finances is always a work in progress.
Here’s how to get it right:
1. Create a Plan: Know where your money is going and how much you have at any given time. Set up a budget and stick to it to avoid financial stress and overextension.
2. Track Everything: Monitor your expenditures and revenue streams monthly. Identifying trends—both positive (like new clients) and negative (like rising costs)—helps you make informed spending decisions.
3. Maintain Accurate Records: Without clear records, you risk overspending and cash flow issues.
Pro Tip: Prioritize financial accuracy and planning to avoid pitfalls like overspending and tax issues. Clear financial data is key to making informed decisions and achieving your business goals.
Mistake #5: Doing Everything By Yourself
Even the most hard-working entrepreneur needs help getting their idea off the ground and as your business grows, it becomes impossible to manage everything alone. Hire experts in their fields to help you grow instead of doing your taxes every year or trying to learn the legal language yourself.
Pro Tip: Focus on your strengths and delegate the rest to professionals.
Mistake #6: Setting Profit Margins Too Low
Don't undercut your success! Setting too low of a profit margin now can lead to major headaches later. Start with a realistic margin to avoid price hikes that frustrate customers. Calculate your costs, set a fair price, and ensure a solid margin from the start.
Pro Tip: Set a realistic margin from the start. Calculate your costs and price your products to ensure a healthy profit.
Mistake #7: Waiting for the Perfect Product
Many entrepreneurs delay their launch because they want to have the perfect business name, logo, website or packaging. While all those aspects are vital, getting cash flow is even more important. We recommend starting with a focus on revenue-generating activities such as sales, marketing and product fulfillment.
Pro Tip: Prioritize tasks that drive immediate revenue—perfection can come later.
Mistake #8: Not Knowing How Much Money is Needed
Not knowing your startup capital needs can be a costly mistake. It's easy to overestimate, worrying about unexpected expenses like marketing. Be realistic about your upfront capital needs to avoid surprises during funding rounds or sales negotiations.
Pro Tip: Create a detailed budget and stick to it—focus on essential expenses and what is needed to "open doors".
Feeling overwhelmed as an entrepreneur is a common experience, but it doesn't have to derail your journey. By identifying and addressing these eight common mistakes, you can better navigate the challenges of starting and growing your business. From understanding your target audience to managing finances and avoiding perfectionism, each insight provided is a step toward a more successful and sustainable venture. The key to long-term success lies in continuous learning and adaptation. Keep these lessons in mind, stay focused on your goals, and don't hesitate to seek support where needed. With these strategies in place, you'll be well on your way to turning your entrepreneurial dreams into reality.
The Southern Minnesota Initiative Foundation Awards Grant to Collider Foundation through the Otto Bremer Trust Community Responsive Fund
Collider Foundation was recently awarded a grant by the Southern Minnesota Initiative Foundation (SMIF) through the Otto Bremer Trust and its Community Responsive Fund.
This grant support specifically will be used to fill gaps in support for the earliest stages of entrepreneurship within the Rochester community through free or low cost and accessible services to help get great business ideas off the ground. This includes supporting entrepreneurs through delivery of business education cohorts, including Collider’s longstanding CO.STARTERS programming and new community incubator program.
Key goals of the project include helping individuals with innovative ideas create a solid business model and allowing participants to test that business model through the development of a workable prototype or by demonstrating product/market fit through sales growth. Additionally, this project aims to create an increased number of sustainable businesses in our local ecosystem and help entrepreneurs, especially those most disconnected from networks of support, feel seen and heard.
Collider Foundation believes that entrepreneurship should be accessible to anyone with a great idea and a passion to see it grow, and that everyone should have access to high quality, accessible business education. Through our CO.STARTERS and incubator cohorts, entrepreneurs gain access to high quality education, business mentors, community resources, and a framework to grow and scale sustainable businesses in the Rochester community, at all low or no cost to the entrepreneur.
In the past six months, participants in these programs have accessed over $56,000 in capital, created 5.5 full time jobs within the community with an average wage of $40/hour, and launched 5 brand new companies in the Rochester community, including two brick and mortar spaces within the downtown area.
“Both SMIF and Otto Bremer Trust have been critical partners for Collider Foundation and believers in our mission since the early stages of our nonprofit journey. Their continued trust in our organization will continue to uplift and empower early stage entrepreneurs within Rochester and equip them with the knowledge, resources, and skills to create businesses with a lasting local impact,” said Amanda Leightner, Executive Director of Collider Founder.
Southern Minnesota Initiative Foundation is a regional development and philanthropic organization that fosters economic and community vitality in 20 counties of southern Minnesota through a culture of collaboration and partnership.The Otto Bremer Trust is a private charitable trust based in St. Paul, Minn. Created in 1944 by Otto Bremer, it is committed to supporting a better quality of life for residents of Minnesota, Montana, North Dakota, and Wisconsin. Since its founding, OBT has invested nearly $1 billion in people, places, and opportunities in its region. For additional information, visit ottobremer.org and smifoundation.org.
If you have any questions about Collider or our work within the community, please contact Amanda Leightner at amanda@collider.mn or call (507) 722-0306.
