Andrew Schrage is CEO of Money Crashers. Follow them @moneycrashers.
Who is your hero? (In business, life, or both.)
There are a lot of people I’ve looked up to over the years. But if I had to choose one, I would say that my father is my hero, both from a personal and business standpoint. He’s been there to celebrate my successes with me and has gotten me through a few rough patches as well.
What’s the single best piece of business advice (unorthodox tips welcome!) that helped shape who you are as an entrepreneur today, and why?
One of the best pieces of business advice that has helped shape me as an entrepreneur was given to me by a business associate. He told me that success rarely comes to you in the very beginning and you’ll be unlikely to see it at all without surrounding yourself with great employees and partners. That advice made me realize that building a successful small business is usually a long haul and that I’m not going to be able to do it alone.
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 bigger mistakes I’ve made in business is not getting involved with social media as a means to advertise our company sooner. We hopped on board that bandwagon rather late, and I wished that didn’t happen. New small business owners should understand that it is an excellent way to get the word out about your business, especially in the beginning. It is very budget-friendly.
What do you do during the first hour of your business day and why?
During the first hour of my business, I usually write out a daily to-do list so I know what I need to get to and what needs to get done. I’ll also check in on my business email account and tie up any loose ends there. I feel that those two strategies help me start off each and every day on the right foot and I’m set up for some solid productivity.
What’s your best financial/cash-flow related tip for entrepreneurs just getting started?
Save as much money as possible. Do as much of the work yourself that you can effectively handle, so hiring is limited. Use freelancers when appropriate instead of hiring full-time employees. There are plenty of ways to save on business supplies as well. Mind the pennies as they say, and the dollars will take care of themselves.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
Focus on customer service. It’s the crux of any successful or even budding small business. Get that right and everything else should be rather easy. We put the experience of our readers as a top priority day in and day out.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
My definition of success is doing something you love and being able to make a decent living at it. If you can combine those two and make them work, you’ll be a happy and potentially wealthy individual.
