David Herzka is the Founder and CEO of David Fin Ties, a luxury fashion neckwear company, where every tie purchase helps support the hiring of a veteran through a special partnership with Hiring Our Heroes. Follow him @davidfinties.
Who is your hero? (In business, life, or both.)
Without question, my father is my hero. He has built a very successful business based on three main principles: hard work, honesty, and never letting go of a good deal.
What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?
Don’t be “penny-wise and dollar-foolish.” It is so important to look at the big picture; in other words, always invest in your customers and partners to the fullest extent — even if it may hurt your wallet in the beginning.
What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?
My biggest mistake was rushing into partnerships. Take your time and do the proper diligence. If the partnership or collaboration is truly right for you, you’ll be able to take the time and opportunity to feel comfortable — without being pressured into reaching a decision quickly.
What do you do during the first hour of your business day and why?
I always summarize what happened the previous day in my mind, then plan for the day ahead. In order to do so, I devise a strategy to tackle the most pressing tasks first.
What’s your best financial/cash-flow related tip for entrepreneurs just getting started?
Always think of selling product via promotions, not discounts. This makes marketing your merchandise look more appealing than if you were unloading your wares at a cheap price to get rid of them as quickly as possible.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
Network, network and network some more. Let other people you look up to help you shape your vision. Your own ideas and motivation will get that much better by getting a team of visionaries involved in your entrepreneurial pursuits.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
I measure success by how my team hits long-term, realistic goals that are set internally. No one knows your business better than you do.
