Carrie Rich is the co-founder and CEO of The Global Good Fund. She’s also an adjunct faculty member at the George Washington University School of Nursing and the author of Sustainability for Healthcare Management. Follow her @mscarrierich.
Who is your hero? (In business, life, or both.)
Knox Singleton is my hero. He is also my co-founder of The Global Good Fund. Knox embodies a value that is often missing in business and cannot be understated: the importance of giving back and the positive cycle that an act of kindness can start.
What’s the single best piece of business advice (unorthodox tips welcome!) that helped shape who you are as an entrepreneur today, and why?
Giving back is timeless and powerful.
What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?
I keep a running list of my mistakes throughout the year and publish my top three mistakes annually. My biggest mistake was taking a while to come around to being transparent about my failures. Speaking openly about my mistakes has been the most effective model for building honest relationships and embodying humility.
What do you do during the first hour of your business day and why?
My days intentionally vary. My favorite way to kick off each week is to tell my colleagues why I am grateful to work with them. The exercise takes minutes and lasts days in terms of impact.
What’s your best financial/cash-flow related tip for entrepreneurs just getting started?
Build a business on nights and weekends that is financially viable before working for the business full-time.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
Invest in building your LinkedIn network intentionally and explicitly to fully leverage social media for your company’s benefit.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
I feel successful when I pursue my work because the work is the reward. I will know I am successful when I am fulfilling my potential and enabling others to do the same. The success of the business needs to start with making a difference in society. All the money in the world does not matter if the mission of the company does not matter. By the same token, a business needs to be financially viable. Having the financial means to create jobs for other people to support their families matters to me immensely, especially women, minorities and underserved populations.