Kate Monroe : Must-Have Skills for Entrepreneurs in 2024
Kate Monroe is CEO and Founder of VetComm, as well as a 100% rated disabled USMC veteran
Can you tell us a bit about yourself and what got you into entrepreneurship?
I have always been an entrepreneur. Even was I was a little girl. I babysat, then built a babysitting business. I delivered papers and was always good at fundraising for sports. Both my dad and grandma were very business savvy, so I picked up skills and learnings from them.
What are the top three skills you think are crucial for entrepreneurs today?
Being resilient, having resolve and being ready or prepared with a plan and funding.
How do you think the role of technology has impacted these skills in recent years?
Technology can’t impact these skills. While technology certainly can help certain aspects of your business, your human spirit, grit and determination will ultimately help you learn and overcome.
Could you share a story with us about how you used some of these skills to overcome a challenge in your journey?
I have used all these skills time and time again. But, in building my current company VetComm, I faced many challenges. Veterans are not easy to serve. Reaching them is very hard. We rebuilt our site and courses multiple times over 2 years. I was well funded as I had saved for this launch. But I didn’t think it would take almost 3 years to finally catch on. Now that we are public and becoming successful, we are launching a product line. I’m glad that I had enough resolve to help veterans -- the mission was bigger than the adversity.
In your opinion, how important is it for entrepreneurs to adapt to changing trends and what do you see as the biggest trend in 2024?
You have to adapt and overcome. I learned this in the Marine Corps. It’s actually something that’s said by Marines daily. For me, the ability to pivot is key in staying ahead of the curve. In 2024, a big trend is authentic advertising. We have seen a major uptick in business largely in part to utilizing testimonials. 3rd party praise and genuine stories in your pitch will be key to success.
What's one common mistake you often see new entrepreneurs make, and how can they avoid it?
New entrepreneurs tend to give up too soon and think too small. It’s good to get a mentor. Find a person you want to emulate and be of value to so you can learn what it takes to see an idea to its end.
How do you keep learning and growing as an entrepreneur?
I take 30 minutes a day to watch videos that inspire me or teach me a new skill. I never stop learning or seeking inspiration. You can never learn too much.
Finally, what advice would you give to someone just starting their entrepreneurial journey in 2024?
Go work in the industry you are trying to break in to. Learn how to do that business well while being paid to do it. Talk to your friends and family. Run the idea past them. You will need support from your circle. Make sure you make a business plan. Even if it’s a power point with a mission, direction and what you think the steps are that you’ll need to accomplish your goal. Ensure you have funds. You can’t start a business without some capital.
