In a recent interview on “The Rundown with Ramon,” Regine Fiddler, Chief Marketing Officer and Head of Direct for Hiscox USA, shared insights about small business success. She spoke with host Ramon Ray about how entrepreneurs can thrive amid uncertainty.
Key Points:
- Small business ownership inherently involves risk and uncertainty
- Resilience is essential for navigating economic and political challenges
- The passion that drives small business owners can sometimes hinder growth
- Knowing when to delegate and bring in help is crucial for scaling
- Personal experiences often shape entrepreneurial journeys
- Hiscox provides affordable insurance tailored to small businesses
- Small businesses are the heart of America’s economy
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The Nature of Small Business: Embracing Risk
Fiddler began with a powerful reminder. “Part of being a small business is taking a risk and having a level of uncertainty,” she explained. Unlike corporate jobs with predictable paychecks, entrepreneurship demands comfort with the unknown.
This reality isn’t a bug. It’s a feature.
The nature of small business ownership requires resilience. It demands a certain mindset. Fiddler encouraged owners to ground themselves in their original mission when facing challenges.
“Why did I start this business? What did I want to achieve?” These questions serve as anchors during turbulent times.
Finding Opportunity in Challenging Times
Economic uncertainty doesn’t have to derail your business. Fiddler suggested creative approaches to stand out from competition when times get tough.
“What can I do creatively to mitigate that? Do I introduce new value-added services for my customers?” she asked.
She offered a concrete example. “If you have a coffee shop, do you introduce poetry nights?” Such innovations help customers see beyond price tags to the unique value you provide.
Personal Journeys Behind Business Success
Some of the most powerful insights came from discussing the personal stories behind small businesses. Fiddler shared an example of “Sweat Equity,” founded by someone who struggled with body image as a child.
“Sometimes it’s a personal journey of battling with something or just wanting to prove yourself,” she noted.
These personal missions often become the guiding light for entrepreneurs. Many founders stay true to their original purpose years into their business journey. Their passion for serving communities becomes their defining characteristic.
The Double-Edged Sword of Passion
However, Fiddler cautioned that the same passion driving small business owners can sometimes hinder growth.
“You want to do everything,” she explained. “You’re trying to say, ‘I don’t need someone to handle my books’ or ‘I don’t need someone to do this because I’ve done it for all these years.'”
This mindset becomes problematic as businesses scale. More locations, complicated supply chains, and expanding operations require additional expertise.
“There is a point in that journey where you have to bring in people who can help you run that business,” Fiddler advised.
Many entrepreneurs struggle with delegating because of their deep pride in their business. They believe they must control everything. But growth often requires letting go.
Vulnerability as a Path to Growth
Ramon Ray resonated deeply with this insight. He shared his own experience of self-doubt despite speaking on stages worldwide.
Fiddler emphasized that bringing in help doesn’t mean losing control. “It actually means that you’re empowering yourself to grow too,” she said. “Allowing yourself that vulnerability will allow your business to grow.”
Hiscox: Supporting the Small Business Journey
As CMO of Hiscox, Fiddler’s company specializes in small business insurance. She dispelled common misconceptions about insurance costs. “The average insurance for small businesses costs between 30 to 40 dollars a month,” she noted.
Hiscox offers various types of coverage, from general liability to professional liability. They guide business owners through selecting appropriate protection through their website.
“We want to protect that business so if something does happen, you don’t have to worry about it,” Fiddler explained. This allows entrepreneurs to focus on running their businesses rather than worrying about risks.
With over 600,000 small business customers in the US and a 200-year history, Hiscox brings specialized expertise to entrepreneurial protection.
The Heart of America
Fiddler closed the interview with a powerful message. “Small businesses are the heart of America,” she declared. They employ more Americans than large corporations and add immeasurable value to communities.
Her advice to business owners seeking improvement was focused: identify your area of opportunity, whether it’s marketing, growth strategies, or technology integration.
But amid these improvements, she urged entrepreneurs not to lose their driving passion. “If you are a photographer, be the best photographer that you can be,” she encouraged.
In a world of uncertainty, Hiscox’s message rings clear: embrace risk, stay true to your mission, know when to seek help, and protect what you’ve built. That’s the path to small business success.
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