Spine device company K2M has grown significantly over the past few years, from a spine start-up focused on minimally invasive deformity techniques to a public company competing in multiple spinal technology spaces.
CEO Eric Major built two businesses in his garage, according to a report in the Leesburg Today, and he recently shared how he became successful with a group at the Loudoun Small Business Development Center at the George Washington University Science and Technology Campus.
Here are seven key points he shared:
1. Its important to support a good business idea with talented people and a strong, well-vetted business plan.
2. Timing is critically important. K2M was set to go public in 2008, but then a banker suggested the market was changing and the leaders decided instead to turn to private equity investors in 2010 before going public a few years later — a decision Mr. Major is grateful for, as the nation went into a deep recession in 2008.
3. A strong business plan is critical, but it will take more time and money than projected to accomplish your goals.
4. Don't be afraid to speak with successful business leaders and ask for help, especially when hitting roadblocks.
5. Key the customer in mind and deliver "five-star" customer service. It's especially important to nurture personal customer connections.
6. Passion is a key element to driving the business plan and execution.
7. When taking on investors, research who gives you money and speak with other customers to learn how they do business.