MilliOnAir Magazine August 2017 | Page 121

MilliOnAir

In that case, it was in my partner’s pocket.  That relationship didn’t last long.  Two more obvious elements to look for are expertise and passion – together.  So often, when watching “Shark Tank,” I’ve seen the entrepreneurs plead their passion to the Sharks as if that’s all that matters; and I cringe when I see that because passion, without the ability to execute or a realistic assessment of the business is useless. 

 

What is the single most influential factor in a business’ success? 

There are so many different elements that it’s hard to point to one, but if you look at many successful businesses and the factors that contributed to their respective successes, I think the element that you will find in almost all is “being in the right place at the right time.”  Some would call that “good analysis and planning” while others would call that “luck.” You call it what you will.

We talk success, but what about mistakes? Can you share with us one of your business mistakes in the past and what you learnt from it? 

 Actually, I referred to one of my mistakes when answering the question about “must-do’s” for an entrepreneur before starting a business: resisting the temptation to start underfunded.  Here’s what happened:  I was starting a new company and had budgeted the amount of money needed. The investors said “Ok, but we’ll give it to you in stages.”  Keep in mind I said that businesses run on cash, not profits.  The problem is that when you do a cash plan, if you don’t specifically plan for delayed investments, you will run short.  My mistake was that I trusted that my investors would provide the cash on the schedule agreed; but when they didn’t, everything was screwed up and I didn’t have a back-up plan.

How important is it for an Entrepreneur to recharge when feeling drained or taking time off to rethink what the next steps are? 

I think the idea of working working working, then taking a 2 week vacation, then working working working is not the best idea.  

 

The reason is that when you return from vacation you may be recharged and ready to go, but the longer you keep working without a break, your stress level goes up and performance often goes down… maybe in ways you can’t tell, but it does.  That’s natural.  It creates a cycle with high peaks and low valleys.  For me, a healthier way is to build time into your day or week to recharge, to allow yourself and your staff time each day to think and dream and imagine.  Now, that may not happen every day, but plan it and include that time in your regular schedule and you won’t get so burnt out.

 

How do you think technology is impacting the way we do business now and in the future?  

 Technology does two major things:  It gives us more and better information and it enables us to communicate with more people quickly.  Having more information sounds great, but we have to process more information in order to be able to prioritize it and use it efficiently.  Being able to communicate with millions of people quickly is also great, but it means that our target audience is being inundated with information that THEY now have to prioritize and process.  The challenge, today, is how to use technology in a way that WE (whoever “we” is) stands out among that barrage of information.

What productivity tips can you give us for those new to Entrepreneurship?

 This is a suggestion lots of people make, and I’m one of them:  There is always a LOT to do.  Make lists, prioritize and do as many things as you feel comfortable doing.  Don’t look at the whole list and freeze from being overwhelmed or feel you must do them all at the same time.  Also, learn how to delegate the tasks other people can handle.

What do you know today that you wish you would have known when you first got started as an entrepreneur? 

When I started my first experience as an entrepreneur, I believed that hard work and talent were the only important things.   I wish I would have known the importance of networking before I started a business.