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Russ presents another BusinessMakers favorite: some of our very best advice from highly successful entrepreneurs. We offer words of wisdom from Janet Gurwitch, founder of Laura Mercier Cosmetics & Skincare; Doug Erwin, chairman and CEO of the largest privately-held hosting provider in North America; and Brett Hurt, the founder of social commerce website Bazaarvoice.com.
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Check out Herb's interview at TheBusinessMakers.com. And now back to The BusinessMakers Show with your host Russ Capper.
Russ: This is the Businessmakers Show heard here and online at thebusinessmakers.com. And now it's time for the Aflac Businessmakers flashback brought to you by Aflac. Ask about it at work. This morning we're gonna share more of our excerpts of notable entrepreneurs giving advice to aspiring entrepreneurs. Up first, Janet Gurwitch, founder and former CEO of Laura Mercier Cosmetics. Listen to what Janet said when we asked her what advice would you give to an aspiring entrepreneur.
Janet: Well I think first you have to believe in yourself and in your idea. For example, myself, when I told people that I was going to start a cosmetics company everyone raised their eyebrows. You have to believe in yourself and your idea and then you must persevere, persevere, persevere.
Russ: Believe in yourself and persevere, persevere, persevere. Okay; up next, the leader of the country's largest privately held web hosting provider, the chairman and CEO of the Planet, Doug Erwin. Check out Doug's advice to entrepreneurs.
Doug: I think I would say four things to them. The first is I see so many young entrepreneurs trying to build a better mouse trap. We've got mouse traps. What they need to build is something that is of value not because it's pretty to them and it's their baby, but that adds true value to their customer. There needs to be a market need for it. The second thing I would tell you is you must surround yourself with people who are going to have the same drive, the same work ethic and people that you want to be around 'cause you're gonna spend more time with them than you are your family. So, hiring people is absolutely critical. The third thing I would tell them is, just like I told my sons when they went off to run their own household and get married is the last thing you wanna worry about is money problems. There are so many challenges in a new start-up business, you don't wanna worry about money. So understanding how they're gonna be capitalized, understanding when they need to go out and get money, understanding how much they need to go get 'cause they don't need to worry about money. And the last thing I would recommend and plead to entrepreneurs is businesses go through cycles. It's a shame to see a great company go to a point where because the founder and entrepreneur refuses to let go, the business dies. There are very few guys who are true entrepreneurs that can take it all the way through the growth stage.
Russ: Okay; he's fairly specific about those four key points. Now for today's last entrepreneur giving advice to aspiring entrepreneurs, we're featuring Brett Hurt, the founder and CEO of Bizarre Voice. So check out Brett's suggestion.
Brett: I would say read constantly, learn from the wisdom of others, seek mentors much better than yourself, be humble, listen to advice, be honest with them, be honest about your weaknesses, get strength from them and I would say that it's very important that you constantly take on this persona and this task of learning. The most successful people I know in life, whether they're billionaires or worth hundreds of millions or worth tens of millions, the reality is that they're also the most humble people I know. Now maybe that's who I surround myself with, but they can be 60 and they're still constantly learning and constantly seeking advice from people better than themselves and I'm constantly asking them for help. The other thing I would say is that you can't do it alone. It's all about the team and you should be fanatical about who you hire, why you hire them and if you get the wrong person on the bus, you should get them off the bus really quickly. So I would encourage people to stress about that and stress about the development of their people and stress about getting those right people rowing in the boat with you more so than almost anything.
Russ: Okay; and that concludes this week's session of advice from entrepreneurs for entrepreneurs. That wraps up this morning's Aflac Businessmakers flashback brought to you by Aflac. Ask about it at work. Stay tuned in for our featured guess segment with our own Esther Steinfeld interviewing Jeffrey Hayzlett, the author of The Mirror Test and formerly CMO of Kodak. You're listening to the Businessmakers Show heard here and seen online at thebusinessmakers.com.
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