WeVenture: It takes a lot of guts to push that button

It takes a lot of guts to push that button – A conversation with Elaine Larsen

By Robert Green

“It takes a lot of guts to push that button”, says two time International Hot Rod Association World Champion racer and president of Larsen Motorsports, Elaine Larsen.

Elaine is no stranger to going fast, even when starting up a new business.  On the morning I met with her at Larsen Motorsports in Palm Bay, she had just incorporated a new venture.

Elaine thinks clearly and strategically, moves fast and reduces drag from every facet of her life just like she does on the track in the FIT jet dragster at over 280 miles per hour.  

Starting a business is one of the most empowering and intimidating thing anyone might do, but many people successfully start and run their own business.  So can you.

How many?  As of 2016, there were 28.8 million small businesses, which accounted for 99.7 percent of US businesses. (Source: SBA Gov 2016).

According to the latest Census.gov data from 2016, Brevard county had 13,927 registered businesses which is up from 12,983 businesses in 2010.  https://factfinder.census.gov.   

When asked about how do you know when to “push that button”, meaning when someone should start a business, Elaine has some practical advice.  She says, “First, you have to know if there is a market for what you want to sell and if there is already too much competition”; but when she sees an opportunity, she doesn’t hesitate to push the button because she knows what to expect and knows how to address any obstacles.

Experience is a great teacher.  In school, we get the lesson first, and then the test.  In life, we get the test first and then we learn.  It’s a process that turns experience into wisdom.  We learn from studying the successes and failures of our own experiences as well as those from others.  

I asked Elaine about her concept of process in her business and she described how her team uses a checklist to inspect her car, bumper to bumper, for proper function, fit and safety of every piece, part, thread and tread of the car and the checklist is signed off by her crew chief, mechanical engineer and operations director before any driver gets in any of the Larsen Motorsports cars.

Her faith in her team, equipment and process is unwavering. Everyone performs at their highest level of performance, professionalism and quality.

“Every item on the checklist is there as a response to something that was or potentially could affect the integrity of the car, it's performance, or the safety of the driver and crew.”  said Elaine.

The same things holds for startup checklists for entrepreneurs so they can start quickly, run at peak performance, and finish strong.

Likewise, these checklists and business plans help us think through all the considerations we need to be prepared to deal with in starting, funding, and running a business.  

Coaches, advisors, mentors, partners and teammates can help us prepare for every situation and avoid pitfalls.  In my experience, the greatest risk leading to failure is trying to do everything by yourself, but you have to be willing and able to ask for help or advice.

Having trusted advisors and keeping an open mind to their advice will greatly improve your chances of success in starting your business or growing an existing one.

Fortunately, there are ways to reduce risks, avoid mistakes and accelerate the startup and growth process thanks to programs offered by FIT’s weVenture, the SBA Small Business Development Center, SCORE, or business incubators including Ground Swell.  Starting a business is not without risk, so knowing what is acceptable risk and what you can do to mitigate risks are important skills to develop prior to starting a business.  

You have all the courage it takes to push that button, and there are people and programs available to help you start a business zero to help your existing business reach new goals. Test your assumptions, fail fast, pivot and keep your eyes on the finish line.

Robert Green is a volunteer mentor for weVENTURE’s Ignite 360 program.

Columnist series sponsored by weVENTURE at the Florida Institute of Technology College of Business. weVENTURE has locations in Melbourne and Rockledge. The Center is funded in part through a cooperative agreement with the U.S. Small Business Administration. For more information, visit weventure.org or call 321-674- 7007.