| |
| Q. |
During
the times that weren’t as good… what motivates you to
keep going, or to change direction and begin again? |
| A. |
The
way I see it, "they" can't eat you. It's true - I seem to be at my best
when challenges arise. One of the main ingredients of being a successful
entrepreneur is TENACITY. You must be able to zig when everyone else
zags. When things are going rough (and they will), you really have
to put everything in perspective... You’re still alive, you
have your health, faith, family and your talent... "they" can never
take that from you. "I never quit either." I refer to the water balloon
theory often: as when you squeeze a water balloon on one end, the water simply
goes to the other. In other words, where there’s an action...
there’s always a reaction, and reactions usually give you relief
to resolve every challenge. |
| |
|
| Q. |
What keeps you "up at night"? |
| |
Not much, but I find that when I wake up at odd times, I immediately go into "microwave prayers". Microwave prayers are peaceful moments when I thank god for all the blessings he has bestowed upon me. I try not to worry, but when my mind starts to wander, I "change the channel into "microwave prayers" |
| |
|
| Q. |
As
an entrepreneur, when you’re in one venture – when do
you allow yourself to think about the next big idea? |
| A. |
Opportunity
is always knocking. As hard as it is for me, I prefer to stay focused on the current project
– as, if you've done your homework, you'll find that there are
so many opportunities on that project that there’s really
not much time to look at other projects. Thus, I’m satisfied
and I keep from getting "de-focused". My biggest challenge
is to know when to let someone else have the realms in order for
it to grow past my ability. I really do fall in love with the businesses
I build and the staff I assemble; however, the older I get, the better
at letting go I am becoming. For example the last company I built,
I had over 100 employees and many of these people are genuine friends of
mine, but that’s the environment I like to create. I get a great deal of satisfaction in seeing how happy and content
another human being can be under my stewardship and of course everything that comes with that kind of environment. |
| |
|
| Q. |
How
soon do you act on an idea, and how do you keep your ideas from overwhelming
you? |
| A. |
I've never been overwhelmed by the complexity of an idea. One
business I was in (software), I had committed to it and realized one
weekend that I didn't know how to turn a computer on. To this day,
all I can do is email; forget cutting and pasting. I analyze an idea
very quickly and act on it even quicker. Likewise, I've never worried
about the capital to run or start the business as it always seems
to be available (never from traditional banks, either). I remember
one time when I had no idea how I was going to meet a 35 person payroll
on Friday and then I decided I would sell my way out of the capital
jam... meaning sell merchandise so I could meet the need... mission
accomplished. I also found that honesty with your staff helps to eliminate the weight of the world on your shoulders. I like to share bad news first and good news second. People always rally to the cause...it makes us stronger. |
| |
|
| Q. |
When
you review a business plan or an idea submitted from a young want-to-be
entrepreneur, what is it that catches your eye or makes you open yourself
to the potential of developing? |
| A. |
It’s
not always about money; however, at the end of the day, it IS all
about monetizing the idea. Monetization... I always think about how
long it will take to break even and to create positive cash flow, what's the cash burn rate per month
and what is the size of the buying universe? For example, if you were
selling nuclear power plants, your buying universe is pretty darn
small; however, if you’re selling razor blades, your buying universe
is enormous. Basically, you have to quickly identify the risk/reward
ratio and then factor in the "effort" to get it to market.
It’s amazing how fast this can be done in one’s head.
I've done it during a sentence from the would-be entrepreneur on many
occasions. Also, one should realize that it usually takes twice as long to get to market and twice the capital you think it will take...a lesson learned many times. |
| |
|
| Q. |
Are
there any businesses that you haven’t yet built, but are on
your radar? What’s your dream project? |
| A. |
Yes,
however, you'll have to wait and see. |
| |
|
| Q. |
As an entrepreneur, why do people want to work for you? |
| |
It's really very simple. First, I'm the first to take out the garbage. Meaning I will not ask someone to do something I wouldn't do. I rarely ask, I simply do it myself. After a while everyone knows the boss isn't afraid to get his hands dirty. Secondly, I try to treat people better than I treat myself. People are very complex creatures and we all need appreciation. Thirdly, I praise in public and repremand in private. I never raise my voice or embarass anyone. Fourth...we work hard and have fun...another great stress reliever. |
| |
|
| Q. |
What
do you do to start your day? How do you get in gear for all you have
to do? |
| A. |
I'm
an extremely self-motivated person to start with; the third day of a three day weekend drives me crazy, it's often too much time away. I start
my day each morning reading about 15 minutes worth of my favorite, faith-filled scriptures. I also end my day doing the same, before I go to bed. I find a great deal of peace in my faith in God. In the mornings, sometimes I'll do what
I call a "wake up" work out... it’s just 20 minutes
on the treadmill reading the newspaper (I like USA TODAY) and watching
the news, and then I hit the showers. That’s not my daily work out...
just my "wake up" routine. I find that people count on the
entrepreneur to be an aggressive leader and if you’re half asleep
when you get to the office, you’re no good to anyone. |
| |
|
| Q. |
What
do you use to keep yourself organized and on-target? |
| A. |
One
thing I do that most people don't do, is make a weekly plan every
Sunday for the next week. In fact, I've done this since 1977. I've tried every single organizational system there is
and found my system to be the best for me. I simply write Monday, Tuesday,
etc. on a legal pad, separating each with about 4 inches. Then I fill
in the TO DO list on each day. I never save the lists; I’ve
found no need to keep them. I just clean the slate and do it again
and again. I also add "goals" that I want to accomplish
for that week (not the year, the week) and then, each morning, I make
up a new (focused) one, "A goal without a deadline is only a dream." First thing, before I open my emails, I make a list
of To Dos. It gets me focused. Likewise, the last week of each year,
I make a Goal list for the year. I draw a line down the center; one
side is for my personal goals, the other for my business goals. I
find if I write it down, I get it done, without fail. |
| |
|
| Q. |
What
characteristics do you feel are most harmful for an entrepreneur to
have – either to himself or to the project? |
| A. |
If
an entrepreneur is abusing any kind of substance or his staff, he/she can just
forget it. There’s no time or place for abusing alcohol, drugs or people.
It’s impossible to stay focused, and you'll burn out in a matter
of a few months. The other main harmful attribute is an unusually
large ego. We all have an ego; however, I’ve found that large
egos don't listen. Without listening; how can you learn what your
customers want? And without discipline, you’re toast. I remember,
I didn't have 2 nickels to rub together but I would get up each morning,
put a tie on and go to my office in my apartment. Many days, I wouldn’t
see a soul, but I had total discipline ...which of course spilled over
into everything I’ve done and continue to do. |
| |
|
| Q. |
Have
you worked on something that never got off the ground? |
| A. |
Not
personally. If I'm in it, I'm ALL IN. I believe that FOCUS is the
key. You can get derailed every day by just LIFE, let alone too many
business ventures or directions. Staying focused has worked for me.
When I’m all in, everything else is just a distraction. |
| |
|
| Q. |
What
kind of businesses do you most like to invest in? |
| A. |
That’s
easy... I love the B to C model – that is Business to Consumer.
My theory is that I'd rather fish in a big pond than a little pond.
In other words, there are a lot more people out there (bigger pond
to fish in) that I'd rather sell to, than a few stodgy old business
customers. I would much rather sell my products to the masses. If you haven't noticed, Warren Buffett, too, has this "B to C" model preference (Berkshire Hathaway) i.e. Coca Cola, Gilette, Nebraska Furniture Mart, See's Candies, Geico Auto Insurance, etc. I'd much rather have to sell millions of one dollar items than one, million dollar items. When times are tough, everyone still consumes sodas, razor blades, furniture, candy and auto insurance. |
| |
|
|
