Gene Swank is a serial entrepreneur, engineer, innovator, investor, adviser and mentor. He built an educational technology company, Screen Time Solutions, that utilizes a patent pending captive portal (machine learning) algorithm to limit and monitor a child’s “screen time” while improving their test stores. He also built a multi-million dollar printing company out of his garage. Now they have locations in nine countries after he started the company with very little investment while working as a full-time senior software engineer.
An experienced software engineer, real estate investor, children’s boutique owner, income generating authority websites owner, and board level position holder across a wide domain of companies, Gene also provides management counseling, investing and more to several entrepreneurs and small businesses around the country. You can email him at [email protected].
Who is your hero? (In business, life, or both.)
Elon Musk is definitely my hero in business. He came from such humble beginnings, is absolutely fearless and just makes things happen. It seems like every few months he has a new innovation that can seriously change the world for the better.
What’s the single best piece of business advice (unorthodox tips welcome!) that helped shape who you are as an entrepreneur today, and why?
Surround yourself with team members who are always hungry (but not starving). I know that may sound strange, but it is imperative that you surround yourself with team members who are always wanting more. You want teammates who feel like they are part of the company and not just working a job. You don’t want teammates who are just looking for a paycheck and get complacent.
While you want people on your team who are hungry, they can’t be starving. What I mean by that is you want individuals who are motivated to put in the time and reap the rewards of their hard work, but not so desperate to get paid that they lose focus or cut corners.
Be as humble as possible and keep in mind that your company’s success will not be earned solely by your own merit. Regardless of your title, you should never be too proud to pick up a broom. It keeps you grounded and reminds you that every single person is essential to the success of your company.
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 have made several mistakes as an entrepreneur, but perhaps the biggest mistake was not knowing my limitations. As a very green entrepreneur, I would literally try to take on everything and never wanted to pay for something that I could do on my own. While it is extremely important to be frugal, you must also know the value of your own time. Sometimes hiring an offshore development team or a graphic artist can free you up to work on growing the business. I also learned over the years that people buy with their eyes, so spending the money to make a product or website look more attractive is well worth the money. Learning to let go of my ego and delegating some of the work was perhaps one of my most important lessons in business.
Don’t work 100 hours a week, do delegate more and do take time off to spend with your family; they should be the most important thing in your life.
What do you do during the first hour of your business day and why?
I check my calendar, prioritize action items and answer emails. If my staff has arrived, I normally like to spend at least 15 minutes catching up with them. Sometimes we talk about priorities for the day, but most of the time we just casually chat. It is amazing how much you can learn by just listening. Keeping the company culture positive makes everyone more productive. While it is normally a good practice to leave the drama at the door, sometimes a colleague may have something important going on at home and just spending a few minutes listening can make a world of difference.
What’s your best financial/cash-flow related tip for entrepreneurs just getting started?
Bootstrap for as long as possible. The financial landscape has changed immensely over the last few years and the days of raising money with no more than an idea on a napkin (or a PowerPoint presentation) are pretty much gone. It is normally a lot easier to be frugal when you are spending your own money and the more traction you have, the more influence you will have when it comes time to negotiate a term sheet.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
This may seem a bit strange, but eat healthier and take time off to spend with your family. Starting a company can be extremely stressful and sometimes lonely, and there are never enough hours in the day. Taking the time to eat healthily and spend time with your family and friends will ensure that both your body and mind are prepared for these hard times. My days are much more productive when I chose to eat a lighter and healthy lunch.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
I will let you know when I feel like I have “succeeded” in business. Don’t get me wrong, I am definitely proud of my accomplishments and it was not an easy path to get to where I am today. I know that not everyone can build a multi-million dollar company from the ground up, but at the same time, I am always hungry for more and I know that I did not do it alone. I think that if I ever had the attitude of “I finally made it,” then I may become complacent and stop striving for more. I am happy with my life and where it is today, so I guess in that regard, I am successful. But overall, I know there is still a lot of work to do.
