Don’t Believe in a Downturn, Believe in Opportunity
Hi Everyone,
Today we have a wonderful interview with Cheni Yerushalmi, the founder of Sunshineny.com, a truly unique business that rents out office space to entrepreneurs in New York City. Cheni’s clients include Gary Vaynerchuk. Indeed it was at Cheni’s Lafayette Street location that I met Gary Vaynerchuk last year.
What an amazing location – what a BUZZ and what a Great Place to do business.
Gary Vaynerchuk puts it best:
I am unable to wrap my head around the fact as to why any entrepreneur in NYC would not be in this building considering the price and networking opportunities.
Cheni Yerushalmi founded Sunshine Realty Management in 2001, with his childhood friend and business partner Joseph Raby. Both serial entrepreneurs, together they created Sunshine Suites after personally experiencing the challenges entrepreneurs and start-up companies face when renting office space. Today, Sunshine Suites is the leader in providing start-up companies and entrepreneurs with a community of support and services needed to launch, grow and sustain a small business. Growing from 3600 sq. ft. to more than 57,000 in downtown Manhattan, more than 500 companies and more than 1000 people currently rent office space from Sunshine Suites and participate in the amenities, networking events and seminars offered.
My favorite quote from Cheni?
I don’t believe in a downturn, I believe in opportunity. When you experience hardships, you have to look at your product and ask what isn’t attractive.
Awesome advice – bang on Target. Thank you Cheni.
Enjoy the interview. As always I look forward to your comments.
Michael
Cheni Yerushalmi Interview
1) You are founder of Sunshineny.com – tell us how the company formed and how you came up with the idea. You used to be in the gaming industry, so it seems like quite a jump…..?
Sunshine suites, based in NY, was an idea as such: in 2000, the NY market was going through the internet boom, real estate prices were high-landlords wanted high rent for spaces, office space was high-cost and nothing was flexible, at the end of the day you could come and go and no one would know you were there. It dawned on myself and my business partner that there was a need for affordable office space with a network, a community that supported small biz owners.
2) Sunshineny attracts very high profile clients like Gary Vaynerchuk. What was/is your marketing strategy? Any tips you can give you young entreprenuers looking to get noticed in their own niches?
It’s a matter of being very clear in your message-what are your objectives, an entrepreneur who is too low-key will fall under the radar. You have to constantly push forward your ideas and beliefs and create strategic relationships with companies and other markets and brands that work with your message.
3) Can you share some of the biggest lessons you have learned personally and as a business as sunshineny.com has grown? If you were to start again, what might you do differently?
Differently; would never take an investor, would never borrow money. I feel certain businesses operate well organically, others need startup capital. I believe the Sunshine model is something that can develop revenue relatively quickly if you know how to execute it efficiently and responsibly.
4) You have been named one of the fastest growing companies by Inc Magazine. To what do you attribute this speedy growth?
Referrals, referrals, referrals. Sunshine offers a service people appreciate and talk about. Going back to success-it all comes back to customer service. You have to care so much about your customers that they care about you.
5) Do you have any recommended strategies for getting customers who use your service once and come back and use your service again – other than of course good results?
Customer service! Care to the point where it hurts.
6) Do you have any suggestions for coping with set-backs, negative experiences?
Too many of them to list, you have to evaluate ever bad decision. Repeat in your head why you followed this path and what other paths you could have taken. Always surround yourself with other entrepreneurs to get honest feedback and discuss failed strategies.
7) How do you keep your business focus – Do you have any suggestions for entrepreneurs who are experiencing challenging times?
This is the best time to start a business-in the upstart economy. I don’t believe in a downturn, I believe in opportunity. When you experience hardships, you have to look at your product and ask what isn’t attractive.
8 ) Is there anyone that you look up to and model yourself on?
Richard Branson-I feel he is an entrepreneur of the ages. He lives his life, creates, and above all makes a difference. He doesn’t settle for being in the mix.
9) There’s a lot of talk right now that we are in an ‘age of authenticity.’ Do you agree that it’s a good marketing strategy to ‘be yourself’ in your business? How do you put your own unique stamp on your business?
I believe honesty is the best policy, but hype and dreams and creating a vision is also very important. You have to sell your dream and stay as close to that dream as possible. Models change, models evolve, but you as a brand evolve as well.
10) What is the best advice you have ever been given?
Be the customer-create a product based on your own bad experience. Never go and live someone else’s dream.
11) What advice would you give to a Young Entrepreneur starting their first business today?
Be the customer! If you feel day to day you can create a product better, you should do it! You should understand what you need to do to make it better.
12) Do you believe entrepreneurial skills are something you are born with, or is it something that can be learned?
Learned. It may be true that old dogs can’t learn new tricks, but I think that entrepreneurs have to have an itch that constantly needs scratching.
13) Have you any plans (personal or business) that you can share with us about your future plans / goals / lifetime goals?
Objective has always been in helping others, maybe a future in politics. I feel the steps I’ve taken to this point are ones that will help me down the road via connections, experiences, and financial security.
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