Since 2009, Marc Nager has helped create and build a global community and series of programs that have supported hundreds of thousands of early-stage entrepreneurs that have resulted in tens of thousands of jobs, and thousands of startups. Formerly the CEO of Startup Weekend and UP Global, Marc is now the Chief Community Officer at Techstars, where they have a truly long-term vision of advancing human welfare by creating better access and support for entrepreneurs along their entire journey. Follow him @MarcNager.
Who is your hero? (In business, life, or both.)
I have an antihero mentality. Everyone has the capacity to do remarkable things, but we are all still just humans. Our society loves to put people on a pedestal, which can be both inspiring and limiting. The people I respect the most are the ones who are deeply in touch with what drives them, what makes them happy, and how to turn that into a force of good for others. My philosophy is that I hope to meet someone I could learn from and be inspired by every day.
What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?
Business is easy, people are hard. It’s so easy to forget that as a leader, your primary job is about people. If you don’t take the time to listen, communicate, and manage the human sides of your business, it doesn’t matter what you’re selling or how hot it is — you won’t be able to build something that will last.
What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?
Being convinced that I had to bring in “more experienced” people to help run the company as we grew. Especially for what we were doing, the heart and soul that built the company is just too valuable to lose. Smart and determined people can always learn, so it’s more about finding ways to complement any areas where a lack of experience is obvious. Of course, this might also include bringing in some really experienced individuals, but it should be a complementary strategy versus an either/or scenario.
What do you do during the first hour of your business day and why?
Given full control, I take the time to enjoy the morning. I find it incredibly distracting to wake up and get directly on a call or rush out the door frantically to make a meeting. Similar to yoga, it’s an effort of mine to always start with a clear intention every day.
What’s your best financial/cash-flow related tip for entrepreneurs just getting started?
The founder and CEO should keep all of the books themselves for as long as possible. You may not have a ton of control of revenue, but you do control every penny going out. It’s easy to get distracted as a startup, but the numbers will never lie. Knowing where every dollar goes, what changes get made, and being able to be thoughtful about a budget is critical. It also ensures that spending is kept within the appropriate means.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
Clearly define what “the next level” is with a timeline and tangible metrics and then ensure someone is holding you accountable regularly. It’s incredible to me how many co-founders don’t actually hold each other accountable or seek out advisors that will do the same. Be honest with yourself and others and expect the same in return. It comes down to execution. When you really dig deep, so many founders are not 110% committed to what they are doing. Having someone to force you to own that and be accountable for your goals and progress against them can be the best prescription to ensure positive momentum.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
Success is a subjective and moving target. I’m both driven and self-deprecating enough that I’m not sure that I’ll ever let myself acknowledge anything as “finally succeeding.” I suppose this forces me to just acknowledge that it’s more about the journey than the destination. As long as I’m learning, creating value for others, and having fun on that journey, I have faith that it will lead to some form of success.
