Moe Kittaneh is the CFO and co-founder of One Mall Group and the founder of Svelta Skincare, both based in Scottsdale, AZ. He is passionate about entrepreneurship, and making health and fitness a priority. Follow him @moekittaneh.

Who’s your hero? (In business, life, or both.)

My hero in life is my father. He taught me the value of entrepreneurship and hard work, about overcoming adversity and the importance of being independent and ethical, both in business and life in general. He came from a modest background, moved to a new country, and worked his way into successful positions in government, real estate and other ventures.

In business, I think Richard Branson is one of the most inspirational entrepreneurs. He owns over 400 different companies across many industries, has a strong sense of ethics, and isn’t afraid to take risks. I’m a dreamer who believes in diversity in business as well, and I enjoy gaining knowledge and experience in different fields so his path is very compelling to me.

What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?

I’ve received and read an infinite amount of business advice over the years, but I would say the biggest influence on my path as an entrepreneur comes from my father.

One of his most powerful bits of wisdom was to not be afraid of taking risks and clearing your own path, because ultimately, failure doesn’t matter — what matters is that you get up and try again. It’s something I regularly watched him put into practice, and I saw first hand the ups and downs, and the results.

Having this ingrained from an early age served me well in business because being able to accept risk and move past challenges is crucial for long-term success. It gave me the courage to start my first business at 19 when others saw it as too precarious or implausible. This advice also kept what some might perceive as “failures” from discouraging me to take on future projects and find my niche.

What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?

The most significant mistake I made was going into a business without having clear goals, or being unprepared in terms of strategy. In my first business, a salon, I had an idea of what I wanted to accomplish but didn’t have a clear path for managing its growth or moving forward.

Without a plan or goals in mind, it’s easy to lose focus on your purpose, get sidetracked, let things fall by the wayside, miss opportunities, and perhaps most importantly, waste your time and money.

Now, I’ve learned a valuable lesson, and I make sure to take time out to develop a clear strategy, set specific goals, and monitor my progress toward them. I find that doing so really helps things fall into place easier, and supports long-term growth.

Having an idea of where you want your business to be and by when, what you want to accomplish, how you want to do it and why, are all important things to think through and to have answers for.

What do you do during the first hour of your business day and why?

The first thing I like to do at the start of each day is to go over my goals and to-dos, which I usually write down at night. Spending time alone focusing on what I need to do helps me reflect, plan out my day efficiently, and create the right mindset.

Once I’m in the zone, I then like to check in with and motivate both management and employees, lay out the priorities and see what they might need for the day. After that, I then check emails and start taking on the day’s tasks.

What’s your best financial/cash-flow related tip for entrepreneurs just getting started?

As the CFO and co-founder of a successful startup, Amerisleep, I am a big proponent of operating as lean as possible in the beginning. I get asked this question from time to time by friends, and my two best pieces of advice are:

Avoid loans. Don’t take out any money you don’t need and don’t count on loans for income. Not only do they drain your capital with payments, they can also be a quick way to ruin during inevitable dips in income. Instead, focus on budgeting your money carefully, planning for ups and downs and carefully assessing expenditures.

Don’t sink money into unnecessary things. Putting money into things, like excess office supplies, brand new office equipment (when used or current items are fine), bloated payroll, extravagant parties or a high-priced office, when you’re just getting started all strain limited cash flow and don’t do much for most businesses in the long run.

Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?

Don’t be shy or let your ego get in the way of asking for advice from people more experienced in your industry or a field you want to be in. Almost every successful business person has had a mentor at some point, and I’ve found most people are genuinely happy to help another individual on their path to success as well.

From reading their books and social media feeds to sending a thoughtful question on LinkedIn, or shaking hands at conferences, making time to network and being open to hearing others’ wisdom can make a powerful difference in business.

What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?

My definition of success entails being both financially independent and happy with what I do, and achieving these goals without compromising my principles. I have a restless spirit and I am always setting new goals and finding new passions, but I would say achieving my own personal benchmarks, continuing to grow each year, and rising to the top of my industries are how I envision success.