Tony Poston is a young entrepreneur with a passion for economic development in small towns, international travel and college football. He is President of College Hill Custom Threads. Follow him @tonyposton.
Who’s your hero? (In business, life, or both.)
My grandfather is definitely my hero. I was raised by both grandparents and he always pushed me to my best. He set a great example of how to be a gentleman. He is a retired Navy officer, businessman and small business counselor — and one of the smartest people I have ever met.
What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?
Transparency trumps secrecy in any organization. Don’t keep things from your team. They are the most important asset your company has. A lot of business owners will tell you that cash is your most important asset, but I firmly believe it’s the people in your organization who matter most. If they trust you to lead them, your organization will always remain healthy because they’ll work towards your vision that much harder. It’s a lot easier to come by money than good people.
What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?
Hiring for a skill set rather than fit within the company. I learned to look first and foremost at what each candidate can bring to elevate the team. They could be the best at their job, but if they don’t fit with our culture, they could be toxic for the rest of the organization.
What do you do during the first hour of your business day and why?
I write down my goals and a to-do list after briefly scanning my inbox and queue.
What’s your best financial/cash-flow related tip for entrepreneurs just getting started?
Live like you have no money for the first six months. Seriously, eat ramen. Put everything back into the business.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
Find a great board of directors — people who you can lean on and who have experience in fields you do not. Look for people who will tell you when you’re out of line: an accountant, an attorney, a bookkeeper, another business owner, etc.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
You’re successful if you wake up every day and can’t wait to get to the office — if it doesn’t feel like work anymore. You’re successful if it feels like you get to hang out with your friends 10 hours a day and build something amazing. I feel I have achieved that.
