Andrew Herr is the principal and founder of Retikal, a consulting company with a proven record of innovation and high performance in the office of finance. Follow them @rtklsolutions.
Who is your hero? (In business, life, or both.)
My wife and I just had a baby boy, and while we tried to prepare and anticipate the love and challenges that this new life would bring, he still turned our lives upside down. I always knew I was extremely fortunate to have such an amazing father, but this experience put my relationship with him into a completely different perspective. He has always been an incredible dad, as well as a smart, successful, driven business owner. I have a new appreciation for his generosity, compassion and love and the role those qualities have played in all aspects of his life. I hope to emulate those in my own life, personal and business.
What’s the single best piece of business advice (unorthodox tips welcome!) that helped shape who you are as an entrepreneur today, and why?
Run your business in such a way that you have no regrets, and spend no time dwelling on past failures. Risk, learn and grow.
What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?
Fear of failure is powerful and paralyzing. As an entrepreneur, you are inherently proud and invested in your business. Be careful not to put your individual identity and self-worth into your business as well. I’m not saying you should distance yourself from your business, as you are clearly the driving force behind it, but rather you should be confident in who you are whether or not your decisions succeed or fail. This will enable you to take risks and seize opportunities without becoming paralyzed by your fear.
What do you do during the first hour of your business day and why?
I start early before my team gets in, as this is my most productive and creative time and allows me to start the day with the most energy and efficiency and the least amount of distractions. It also allows me to plan our strategy and goals before the rest of the team arrives.
I then begin with a quick, almost easy, task. I do this in order to build momentum for the next task, which is deliberately the most challenging of my day.
What’s your best financial/cash-flow related tip for entrepreneurs just getting started?
It can be a divisive term, but outsourcing administrative tasks that distract from your goals as a business owner can be essential to continue to grow your business. While these services come with a cost, the long-term value of allowing you to focus on your strengths will pay dividends in the growth of your business.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
Surround yourself with good people who view the world differently than you and expand your network, skills and comfort level. New opportunities will follow.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
I like what John Wooden said: “Success is peace of mind, which is a direct result of self-satisfaction in knowing you did your best to become the best you are capable of becoming.”
