Peter Yeh is the COO of Qualified Billing and Collections – RCM and co-founder of MedBilliQ.
Who is your hero? (In business, life, or both.)
My heroes are my parents, who moved from Taiwan to pursue a better life for their families. They started their own business at swap meets and built it to a multimillion dollar sporting goods importer and exporter. My parents are the hardest working people I know.
What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?
Leave your ego at the door and surround yourself with people who are smarter than you. You will be amazed at how much these two things can contribute to your personal and professional growth.
What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?
We were too focused on growth and were unable to scale with the same quality of service. It’s OK to stop taking new customers until you are ready so you can provide the same level of service that made you successful in the first place. Scale responsibly.
What do you do during the first hour of your business day and why?
I love getting in early to read The Wall Street Journal, look at what the markets are doing, and catch up on industry news. Having a couple of extra minutes during the morning before things get hectic can have a big impact on your day.
What’s your best financial/cash-flow related tip for entrepreneurs just getting started?
Make sure you prove your model before investing tons of money into the business. Start with the minimum viable product (MVP) before adding bells and whistles.
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 forget to step back and take a breath. Whether it’s a vacation, taking time off to spend with family or doing something you love, taking time away from work can not only re-energize you, it can give you a fresh perspective.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
My definition of success is the ability to look myself in the mirror and be passionate about what I do and how I do it. I know I will have been successful in my business when the people I work with can say the same thing.
