Ruth Ellen Miller,
Co-Founder and President of NoUVIR Research based in Delaware,
saw her business grow out of her living room to become a million
dollar enterprise. A manufacturer of fiber optic lighting for
museums, she has cultivated a booming business that embodies her
passion and creativity. As a testament to her contribution in
the community and her business success, Ruth Ellen was named the
Small Business Person of the Year for the State of Delaware in
May 2000.
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Here are her tips to
would-be entrepreneurs, particularly small business
manufacturers:
1.
Plan Big. "Entrepreneurs need to plan the
manufacturing and marketing of profitable, proprietary products;
not generic, me-too, low-bid business. Plan how you will market,
how you will grow, how you will advertise and where you will be
a year from now, three years and five years from now. Keep your
goal worthy and in sight." "NoUVIR has 16 U.S. Patents
protecting its proprietary products. Our fiber optic lighting
has unmatched performance and is superior in technology. We win
any head-to-head contest with any competitor no matter how big a
conglomerate we face. They cannot imitate or copy us, because we
planned big. The cash for the new computers was planned. We
added a new building to make NoUVIR more responsive to
customers; produce better products, and create a better quality
of life. The cost of the new building was planned, and it was
completed right on budget."
2.
Start Small. "Live tactically on rabbits, while
planning strategically to hunt elephants. Small sales build a
company. Tiny offices, obsolete equipment, used furniture;
temporary employees, small production spaces, etc. let you put
dollars towards more important things like R&D that help you
grow." "Those small sales of one fiber optic lighting
system have grown into lighting whole galleries and floors. The
tiny single ad is now a modest ad campaign. We continue to work
on a small scale, prove it, keep the process efficient and then
grow according to the plan into bigger things."
3.
Don't Borrow. "Monitor cash flow so your profits
build your new building, not your bank's." "There is
no trouble in spending extra if there is a need to correct
something. I have the financial freedom to give a customer
little extra something extra as a customer service. Many big
companies can't say that."
About the Author:
Lyve Alexis Pleshette is a staff
writer of Power Homebiz Guides.
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