Tarun Wadhwa is an aspiring entrepreneur and the son of serial entrepreneurVivek Wadhwa.
My dream was always to become a lawyer. I used to believe that law was the most direct way to impact the world around me. I thought entrepreneurs were only concerned with small issues, while lawyers worked on solving the big problems in the world.
I’ve learned that the life of entrepreneur isn’t what I used to think it was about –ruthlessly exploiting opportunities and constantly seeking out new ventures. It’s about being bold, creative, and mindful in your everyday actions.
These are lessons I’ve learned from my father, Vivek Wadhwa, who founded two technology companies. As a kid, I used to watch him working long hours, dealing with constant uncertainty, worrying about his employees, and selling to customers. It just wasn’t something I thought I would ever want to put myself through. Even though I deeply admired and looked up to him, I never quite understood why he had chosen that path.
Now, as an adult with a startup in the privacy and cyber-security space, I am incredibly grateful that I was learning from him the entire time. The lessons themselves had little to do with business. It was the outlook on life that he instilled in me that has really taught me the skills I’ve needed to know. He showed me that entrepreneurship is not a profession; it is a mindset that shapes the way you interact with the world around you.
While convincing others to help you achieve your ends is great, it is far more important that you are treating people in an empathetic and respectful way. My father has always gone out of his way to mentor other entrepreneurs, even to a fault. He always cherished these experiences though. He’s told me many times that in life we’ll have people who lend a hand to us without expecting anything in return, it’s important that we do the same for others. I’ve benefitted enormously from others who’ve given me a break by taking a chance on me – and I hope to pass that generosity on later in life.
He taught me to step into the shoes of others, not to market to them, but to understand them. As a child, I have vivid memories of the times near the holiday season when my mom would take me to a local toy store and let me pick out all kinds of different gifts. But the toys weren’t for me — we were buying presents for all of the company employees’ children. Its simple act, but having me decide what other children would want forced me to step out of my own world, and into theirs – even if it was for just a few moments.
However, not every lesson he taught me was in a positive way. When I was in eighth grade my father suffered a massive heart attack, partially due to the fact that he was working constantly. Thankfully, he has recovered, but it was a process that took a large toll. I saw firsthand that one of the most important things you must do as an entrepreneur is to remember to invest in yourself. You can’t sacrifice your health for the sake of business. It’s not worth it.
The really important lesson here is that like running a business, living a life with an entrepreneurial outlook is all about balance and priorities.
Tarun Wadhwa is a writer, researcher, and entrepreneur working at the intersection between technology and public policy. He is currently a research fellow at Singularity University and his book Identified about the global rise of digital identification systems will be out Summer2013.
BrittanyHodak is co-founder of ‘ZinePak (alongside co-founder Kim Kaupe), a company that creates custom publications for entertainers, brands, and celebrities, called ‘ZinePaks. The ‘ZinePak configuration combines a small-format magazine with one or more CDs and exclusive merchandise items together into one engaging, exclusive package. Follow her @zinepak.
Who is your hero?
My heroes are all the men and women who enlist in the Armed Forces. People tell me all the time that it takes courage to start a business; while that is probably true on some level, it doesn’t even begin to compare to the courage it takes to fight for one’s country.
What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?
“It’s easier to get forgiveness than permission.” This is something my dad said to me for the first time when I was about 13. I remember thinking how profound it was, and how it could work as a “free pass” for just about anything. More than 15 years later, I still live by this mantra every day.
When you’re an entrepreneur, it often means writing your own rules and getting creative in the ways you go about getting things done. Sometimes this means ignoring a chain of command, moving forward on a project without formal sign-off, or any number of other “violations” of the training of otherwise well-meaning soldiers of Corporate America. When given the choice between trying to get something approved the “right” way (e.g. submitting a formal proposal and spending six weeks pitching the same idea to successively senior team members) or the “wrong” way (e.g. happening to bump into the CEO at Starbucks and pitching her the idea over a latte), we always choose the latter.
There is very little that can’t be smoothed over with a heartfelt “oops” email or a nice Edible Arrangement when someone’s corporate feathers have been ruffled!
What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?
One of the biggest mistakes Kim and I made with ‘ZinePak was not hiring enough staff quickly enough to support the company’s growth. In a startup where there isn’t a huge amount of funding, founders are often faced with “the chicken or the egg” scenario of when to expand the full-time employee count. Is it better to hire help in anticipation of new work materializing, or secure the business first and then worry about the man (or woman!) power?
For our first big experience with growth, we chose the latter. The decision led us to experience several weeks in a row where everyone was working 18-hour days just to keep our heads above the water.
Luckily, we were able to learn from the experience. We made the strategic decision to take about eight weeks off from actively working on projects and hire two more full-time team members. This break gave us plenty of time to find amazing support staff and get them totally up to speed before the next wave of projects began.
What do you do during the first hour of your business day and why?
As an entrepreneur, every day is different and often unpredictable. I try to spend the first hour of each day catching up on entertainment trades and news, and sending quick notes to anyone whose names come up during that reading. For example, I’ve found that early mornings are a great time to send someone a quick note congratulating them on a recent promotion or campaign that’s been covered in the press. I also try to drink at least 16 ounces of water in the first hour of the day, because if I don’t set the pace early I won’t stay hydrated throughout the day.
What’s your best financial/cash-flow related tip for entrepreneurs just getting started?
Hire an accountant right away! We tried to manage our own books online when we started ‘ZinePak, and we quickly got in over our heads. There are so many things to worry about when starting a business, from product development to lead generation to sales to marking to contracts, etc. — the list goes on and on. Time is a very precious commodity, and it is wise to spend your time on things can’t be easily outsourced to someone else.
Even if you have an accounting background, take the time to find a great CPA or bookkeeper to help you keep tabs on your business. He or she can offer strategic advice about cash flow, growth, and spending, and, most importantly, free up your time to work on closing deals instead of itemizing credit card statements.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
Email three interesting people from your past who you haven’t seen in at least two years and ask them to get together for lunch or coffee dates. Some of the best business connections can come from the sources you least expect. Plus, reconnecting with old acquaintances is almost always a good time.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
My definition of success is being happy, confident, and secure in my own venture. When Kim and I started ‘ZinePak, our paramount goal was to not have to report into bosses who treated us poorly. We set a definition of success as, “let’s quit our jobs, start a company, and try not to make significantly less money this year than we would if we kept our jobs.”
Two years later, we’ve passed the $ 3 million revenue mark and sold almost $ 15 million of product in the United States and 17 other countries. The feeling of success comes from knowing that we’ve built an awesome company and no longer have to answer to anyone other than ourselves.
The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.
AndrewNguyen is president and founder of Honor Courage Commitment, a nonprofit organization that recruits, educates, mentors, and guides transitioning military veterans into becoming socially responsible entrepreneurs and community leaders. Follow Andrew@SGTentrepreneur.
Who is your hero?
Chesty Puller.
What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?
Confidence and commitment go a long way in entrepreneurship. If you don’t believe in yourself, you probably are in the wrong business.
The challenge is that confidence cannot be taught. It’s earned. Everyone earns confidence differently in life. It could be earned in many things, like competitive sports, debates, or education.
For me, it was serving in the Marines. Once someone experiences combat — getting shot at by rockets, mortars, machine guns, and rolling over IEDs — they tend to be pretty confident in civilian life. Your perspective on life changes and for me, I see every day I live now as being a bonus. This confidence has helped me excel in the Marines as well as in entrepreneurship. People want to work with people who have confidence in themselves and in their work.
Commitment – do what you say you are going to do. Don’t make excuses and if you make mistakes, take accountability for them.
Being both committed and having confidence will elevate your business to the nextlevel. People will see it in you and you will not have to talk about it when you are there. Semper fi.
What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?
Clients need face time.
In 2008 I launched a small marketing firm and worked with a portfolio of clients. The business took off and as a Marine, it inspired me to start a nonprofit organization to help other veterans take a similar path into entrepreneurship. I saw that there was a direct correlation between military leadership and discipline along with entrepreneurship. In 2011, we officially launched HonorCourageCommitment, Inc. and this began to take my focus away from my marketing firm.
Over a period of almost two years my business was stagnant. Although I managed to maintain my projects with my existing clients, I was not actively marketing for new business. In 2013 when our nonprofit hired a new CEO, I was able to step back to the role of President of the board. I am now able to focus on HCC’s mission and vision while our CEO executes.
This has allowed me to meet with my clients at least once per week to gather content, updates, and introduce any new developments — ultimately, growing my business. I realized that “not reporting in” on a regular basis makes me very forgettable and loyalty can go out the window.
What do you do during the first hour of your business day and why?
Honestly, I really don’t have a routine. It just depends on the day.
What’s your best financial/cash-flow related tip for entrepreneurs just getting started?
Take care of your personal and business credit! Almost every entrepreneur at some point will have to get a loan. If your personal credit is not good, how can you expect someone to take your business seriously?
Get an accountant. I wore this hat for two years before realizing that my time is spent much more effective doing what I do best and not behind the books.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
It all depends on what level they are on, but I am a firm believer in education, which typically leads you into a network of other very successful and like-minded professionals.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
Success is making a positive impact on as many people’s lives as possible.
Success for me is quite possibly an unattainable goal. It’s not about the money or power, but about the people. As far as I know, people will exist for a long time. Most likely people will exist longer than I will live, and people will always need help with something. If you are good at something, help some else become good at it. If you are great at something, train others on how to help others to be great.
I’ll keep going until the wheels fall off.
The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, the YEC recently launched#StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.
YFS Magazine’s Headliner’s roundup delivers the best news bytes — reporting on the people, places and small business news that make the entrepreneurship ecosystem thrive. We’ll cut through the clutter and keep you connected with news-worthy people and highlights. If you’ve got news to share, get in touch.
The Latest SMB Research & Studies
Would Personal Illness Impact Your Business?
Cigna recently released a new study on entrepreneurs, sole-proprietors and other self-employed Americans, to examine how 42 million individuals tackle issues of work-life balance and personal health. According to the My Business, My Health study, more than a third of self-employed respondents said that if personal illness prevented them from working for one month, their business would either fail or lose customers. View full report.
Patient Protection and Affordable Care Act (PPACA) Changes Penalize SMBs
Low deductibles and cheap co-pays for routine doctor’s visits are examples of healthcare plan luxuries that employers add to provide greater incentives to employees. However, one of the upcoming Patient Protection and Affordable Care Act (PPACA) changes penalizes employers for offering high-end healthcare plans to employees.
According to Jay Jensen of Insight Benefits Group, a national employee benefits and risk management firm, your employees can say goodbye to the little luxuries they’ve grown accustomed to once the Cadillac tax sets in.To thwart the tax, which goes into effect in 2018, Jensen suggests SMBs take a proactive stance and closely examine their health care plans and plan ahead. Learn more about the Affordable Care Act here.
Millennial SMBs Optimistic About Future Growth
Bank of America Small Business Owner Report, finds that small business owners are optimistic when it comes to revenue and hiring expectations over the coming 12 months, but remain concerned about the health of the overall economy. “Millennials are the most optimistic across all age groups—over the next twelve months, nearly two-thirds (61%) say the national economy will improve and 70 percent expect their revenue to increase,” according to the new survey. Read the full Spring 2013 report here.
2014 Affordable Care Act Implications for SMBs
Beginning in 2014, the Affordable Care Act could impose penalties of up to $ 3000 per employee on businesses that fail to offer healthcare coverage to workers. Kevin Kuhlman, NFIB Manager of Legislative Affairs, explains that the number of full-time or full-time equivalent employees determines whether a business is subject to the mandate. Businesses with more than 50 full-time or full-time equivalent employees must provide healthcare coverage. Learn how the Affordable Care Act and other healthcare issues impact your small business via the web video series, NFIB Healthcare Minute.
Noteworthy Entrepreneurship Events
NYC Girl Power Workshop
Author and speaker Gina Rudan, author of Practical Genius: The Real Smarts You Need to Get Your Talents and Passions Working for You, will host a half day workshop entitled “Genius Bar for Life and Business” on Tuesday, June 18 at the Renaissance New York in Times Square. The workshop will host professional women, and aims to share practical success tips for women in business. Learn more here.
Inaugural Southland Conference to Host Top Startups and Investors in Nashville, TN
Launch Tennessee (LaunchTN) will host their inaugural Southland conference June 12-13 at The Cannery in Nashville, TN. The new tech conference will bring together Southeastern entrepreneurs with thought leaders and innovators from across the nation. The conference will feature a keynote from tech journalist Sarah Lacy, founder and editor-in-chief of PandoDaily, an interview with Gary Swart, CEO of oDesk, the world’s largest online workplace and a keynote from Dan Pelino, general manager of IBM Healthcare and Life Sciences Industry. Learn more here.
Incubation Station to HostCPG Investors for 2nd Annual “Showcase Day” in Austin, TX
Incubation Station, an Austin-based Consumer Packaged Goods (CPG) accelerator that brings together an impressive group of experienced entrepreneurs, investors and advisors, will host its second annual “Showcase Day” event from 4:00 – 8:30 p.m. on Tuesday, June 11 at The Bullock Texas State History Museum in the Austin room in Austin, Texas.
In Other SMB News
Twitter’s New TV Ad Targeting Platform
Twitter recently launched a new TV ad targeting platform in which advertisers run TV ad campaigns and Twitter promoted tweets simultaneously, and then consumers on Twitter are targeted with promoted tweets. TV ad targeting enables marketers to engage directly with people on Twitter who have been exposed to their ads on TV. Synchronized Twitter and TV ad campaigns aim to make brand messages more engaging, interactive and measurable, while making it easy for marketers to run always-on Twitter campaigns that complement and amplify their TV creative.
Eco-Friendly Technology Accessories & National Distribution Deals
Ben Vanden Wymelenberg, a 23-year-old Architecture major with a minor in Landscape Architecture, develops a new, natural concept for iPhones, iPads, and MacBooks: wood cases. Vanden Wymelenberg and his business partner Kevin Groenjes, recently launched WOODCHUCKcase, to sell 100% real wood covers that serve as classy, eco-friendly and durable wooden accessories for iPhones and iPads. After striking a deal with Mall of America, Bestbuy.com soon followed.
Funding Gates Aims to Make Collecting Payments Easier
With nearly 20 percent of all accounts receivable debt in the U.S. past due, maintaining positive cash flow is vital to the success of small businesses. More than half of small businesses find that collecting payments is one of the most frustrating aspects of running their business. To address this challenge, Funding Gates, an accounts receivable (AR) software company for small businesses, recently announced its easy-to-use online AR management software, FG Receivables Manager. This software aims to give SMBs transparent control of their customer accounts throughout all stages of a credit sale and allows them to take appropriate actions in order to get paid faster. The app is currently available on the Intuit App Center.
Did you enjoy this article? If so, subscribe to YFS Magazine and never miss an update. Don’t forget to make our friendship official and join Young, Fabulous, and Self-Employed entrepreneurs on Facebook.
Rich ListerJamesPacker has partnered with a Sri Lankanentrepreneur for a $ 350 million hotel and entertainment complex to be built in the Sri Lankan capital of Colombo.
“The more you know, the more you wonder.” – Brittany Wenger Doesn’t that sound like the driving spirit behind every entrepreneur, ever? Most 17 year olds are interested in getting their first car. Brittany Wenger was more interested in developing a new way to diagnosebreastcancer. Brittany Wenger is now 18 years old. This More Info »
Tarun Wadhwa is an aspiring entrepreneur and the son of serial entrepreneur Vivek Wadhwa.
