Nick Braun is a seasoned entrepreneur and licensed insurance agent who has been involved in the pet health insurance industry since 2005. Nick is the founder of PetInsuranceQuotes.com and has invested in or operated several other successful startups including Newco Insurance, InsuranceReview.com, SportsBore and Furry Friends Media. Follow him @PetInsQuotes.
Who’s your hero? (In business, life, or both.)
My parents. I know it sounds clichéd, but it’s the truth. They are both successful small business owners who work harder than anybody I know. They’ve taught me a lot about business, but the most important lesson I learned from them is that you can be a successful entrepreneur and still be a great parent. They always put family first and rarely missed a dinner or little league game.
What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?
“Twenty years from now, you will be more disappointed by the things that you didn’t do than by the ones you did do.” – Mark Twain
Those are the words I live by. Nothing drives me more than the fear of looking back on my life with regret. This philosophy has shaped who I am as a person and how I operate on a daily basis as an entrepreneur.
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 acting before thinking. Entrepreneurs are doers by nature, but too often I’ve moved forward with a project or deal without taking the time to evaluate whether it was a good decision or not. I’ve been burned and bruised in the past but luckily survived any terminal mistakes. Now I take a more thoughtful, measured approach when making big decisions that impact the company.
What do you do during the first hour of your business day and why?
I make coffee and then review and update my to-do list. I’m a scatterbrain, so I keep a master list that prioritizes all my tasks. I ignore emails until at least 10 a.m. to ensure that I get two to three hours of actual work done before tackling my inbox.
What’s your best financial/cash-flow related tip for entrepreneurs just getting started?
Bootstrap as long as possible for two reasons. First, as Plato eloquently stated, “Necessity is the mother of invention.” In the beginning you should use creativity and hustle to build and define your business model, not money. Secondly, the further you can define and prove your business model, the more options you will have when it’s time to grow. When you have a defined, working business model with real customers, then you’ll have leverage if you need growth capital.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
Create an advisory board. I recommend you have three to five people on your advisory board who can help open doors and offer guidance. Make a list of 20 potential advisors and start reaching out. The best advisory board members are successful entrepreneurs who have ties to your industry. I’ve always found that advisors who will invest at least $50,000 are more responsive because they have skin in the game. It’s also a good way to weed out pretenders from the real McCoy. If they’re willing to write a check, it’s a good sign they’re serious about your success.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
I will know I’m successful when my business has its own Wikipedia page. I’m not sure what their criteria is to create a Wikipedia page for a business, but I imagine that once you’re memorialized on the Web you’ve had a pretty good run!
