Tony Vlastelica is the Founder and Principal of Contemporary Energy Solutions, an ESCO that focuses primarily on commercial and industrial clients. Follow him on LinkedIn.
Who is your hero? (In business, life, or both.)
Jesus Christ is my personal hero, as well as my Lord and Savior. As far as business, I am a big fan of Kevin O’Leary from ABC’s Shark Tank. His no-nonsense approach and financial discipline are not only entertaining to watch but also prudent.
What’s the single best piece of business advice (unorthodox tips welcome!) that helped shape who you are as an entrepreneur today, and why?
Try not to be a Jack of all trades — you can’t be everything to everyone. Every company is dealing with a finite amount of resources, especially startups. Focus on what you do best, and do it better than anyone else. Narrowing our focus to industry verticals that we are dominant in really helped bring clarity to how we could capitalize on our areas of strength. You don’t always need to reinvent the wheel to move forward and have sustained success. Learn to say “no” to opportunities that are outside of your wheelhouse.
What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?
Not learning the right way to hire people. Hiring the wrong people will set you back big time and cost you time and money. Hiring the right people is a skill that can be learned. I highly recommend reading the book Who by Geoff Smart and Randy Street. It really changed my perspective and brought clarity to what had been a very disorganized process for us.
What do you do during the first hour of your business day and why?
I will usually read Bible scriptures to start my day to get me in the right frame of mind for what the rest of the day may bring.
What’s your best financial/cash-flow related tip for entrepreneurs just getting started?
Plan for worst-case scenarios and work like your business depends on it (it does!). Don’t be too optimistic in projections and make sure you have enough cash reserves to realistically bridge the gap between startup and realizing revenues. Do your research and be realistic.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
Read the book Who and develop internal procedures to recruit and hire A players throughout your organization.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
Building this business so that it is “exit-able.” And then being able to repeat the process with other ventures.
