Scott Sohr functions as an entrepreneur with over three decades of experience. By applying his expertise in multiple sectors including real estate investment, healthcare, administration, and engineering materials, Scott Sohr has been instrumental in setting up various new business ventures. Apart from his involvement in many organizations, he also serves as chairman of Built Technologies, Inc.
Incorporated about three years ago, Built Technologies serves as an information technology and service-oriented company based in Nashville, Tennessee. It is an enterprise technology company with the primary motive of facilitating effective and efficient online management of construction lending to minimize risk and ensure transparency in construction portfolios. The company produces collaboration and administrative software and applications targeted towards construction lenders, pledgers, builders, and auditors that have become the industry standard.
With the slogan of delivering immediate value to your operation, Built Technologies’ clients have on average about three to five base points (bps) additional interest income per loan and an average return of $2.00 to $2.50 per dollar invested in the company. In acknowledgment of its performance, the company has been awarded on many occasions, including its recent selection as one of the finalists of the FinXTech Awards.
Nashville-based professional Scott Sohr has established himself as an investor, entrepreneur, and start-up guru. Through his involvement in STS Venture, Scott Sohr has contributed to the development of over 13 start-ups in the healthcare, technology, real estate, and environment sectors.
Starting a business is a major step, hence, entrepreneurs should be aware of the challenges they may face when starting a new business. Below are some of the common start-up problems that one might encounter in the initial days of the venture:
1. Lack of funding – One of the biggest challenges for the start-up entrepreneur is financial. A past study shows that over 79 percent of small businesses failed because they had too little start-up capital. The lack of capital is attributed to entrepreneurs failing to look at the worst-case scenario and being too optimistic without provisioning adequate cash flow or the possibility of slow sales and poor market conditions.
2. Incompetent human capital – It is important to gather the right team to oversee the company’s management; a competent staff is a must for a successful future. A good team should be able to design a good business module and provision better financial management as well as understand market needs and help produce products accordingly. Nevertheless, finding the right team can be quite tricky, as the start-up may initially lack adequate funding.
3. Making connections – In business, networking and professional connections play an important role in building trust and broadening business opportunities. However, for small start-ups, it is a challenge to provide a service and simultaneously extend its network. Hence, it is necessary for start-ups to plan ways to meet their needs with minimal time and financial resources.