Want more powerful tips on how to succeed as an entrepreneur?
Check out my interview with David Faye. He’s been an entrepreneur for 18 years and is currently the Founder and CEO of a multi-million dollar software company.
Yes, David is hanging his hat in Southern California. Specializing in the resale, development, and implementation of financial and CRM software for mid-market companies. Wow, that’s a mouthful.
But here’s the cool thing; he’s got great wisdom to share with entrepreneurs like you and me. So see if you can pick out the best stuff to help you today!
Trigger: The “aha” Moment.
Eric: So David, how did you first come up with the idea for your software business? What was the trigger or the “aha” moment?
David: You gotta do what you love. I had another business before this drifting in a lot of different directions; because “that’s where the money was”. However, a lot of it wasn’t fun or comfortable for me. After a lot of soul searching, I figured out I loved software. Developing software; selling software; customizing software; and doing cool things with software. So, that’s what we do.
Tipping Point in Business
Eric: Yes, great point on doing what you love. So what was the tipping point toward success? The key to help you turn the corner?
David: It’s funny because I’ve never felt like I’ve turned the corner. Maybe that’s the tipping point for true entrepreneurs? You never feel like you’ve truly made it or you’re truly successful. Knowing you can’t do it all yourself and you have to rely on other people is a big one, though. Then, realizing you can’t change people who work for you. And then realizing you have to surround yourself with the right people. Those are all key moments.
Biggest Blunder: Something to Avoid
Eric: Okay, so what is the biggest mistake you’ve made in your business life? How did you feel at the time?
David: I make mistakes all the time. I don’t view them as big or small. I just view them as opportunities to learn. I couldn’t even tell you my biggest mistake, because I don’t classify things that way. If I had to come up with one thing, I’d say it’s early in my career when I stayed away from new ideas. New technologies, younger people, and cutting edge ideas seemed too risky. This was a big mistake. I’ve since learned it’s all about taking risks, making mistakes, learning a ton, hanging out with similar-minded people, and having fun.
Key Piece of Wisdom
Eric: Right. So if I were a 20 year old starting my first business, what is the most important piece of advice you would give me?
David: I can’t stop at just one. :-) First, hire other young people. Listen to them. Realize you can’t do it all yourself. And realize with employees, you can teach, train, or terminate. Nagging and hoping generally don’t work. Trust your gut. A lot. Second, do what you love. Third, surround yourself with great people inside the business and out. Have your own personal dream team – an accountant, lawyer, banker, and some general business guys. Oh…and 50/50 partnerships are generally a very bad idea.
Most Impactful Book or Author
Eric: Okay, last question: What book or author has had the most impact on your business life?
David: The all-time most impactful book for me is “The Discipline of Market Leaders” by Michael Treacy. Classic on strategy. However, I’ve got a dozen more that mean a lot: Bounce, The Business of Happiness, Ignore Everybody, Outliers, and anything by Michael Lewis. I can’t stress enough the importance of reading everything you can.
Eric: Wow. This is such great stuff. Thank you David. Seriously, this kind of information is so very helpful for entrepreneurs.
David: My pleasure. Thank you and good luck!
So did you find some key nuggets of wisdom?
Here are 3 takeaways to help you today:
1.) You gotta do what you love. Period. Otherwise, you’re gonna be miserable. Seriously, life is way too short to be stuck doing things we don’t love.
2.) Taking risks and making mistakes is just part of it. Don’t be afraid to make mistakes. Most guys and gals will tell you they’ve learned more from their failures than their successes.
3.) Stop doing everything yourself and get some help! This is a big one. And you hear it all the time from seasoned entrepreneurs. Just stick to what you’re best at and delegate, delegate, delegate.
What did you learn from David? Give me your feedback below… :-)
Oops, one more thing. Are you and I connected yet?
I’m Eric. Husband, father & entrepreneur… (oh, and a writer on Forbes too.)
If you’re an entrepreneur, let’s hook up. Seriously. Here’s a killer formula:
Your Wisdom + My Wisdom = More Success.
My email is: eric at mightywisemedia dot com. Shoot me yours right here and let’s connect, okay? Together we can really nail this thing. :-)
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