Thursday, February 16, 2017
Tips for Young Entrepreneurs on Building a Company
Born in Brownsville, Texas, Mike Hernandez III moved away from the area to complete his studies at Texas A&M University. Following his studies, he pursued a number of opportunities before taking a role at D & M Leasing in the early 1980s. Now the CEO and owner of the company, Mike Hernandez III has overseen its growth into one of the largest car leasing firms in the United States, managing $1.2 billion in leases. Growing a company to this extent is no easy task and budding entrepreneurs should take note of the following useful tips that will help them achieve results.
1. Know what you don’t do, as this is just as important as the services you offer. Identify your target markets and how best to appeal to them, as moving too far outside of your area of expertise can lead to taking on more risk than your business can handle.
2. Understand that while risk is a part of business, there are a number of ways to limit it. Be prepared for the issues that many business owners gloss over, such as implementing policies that determine how you will react in cases of data theft and cyber security issues, which are becoming increasingly common in the modern business environment. Search for relevant insurance policies that will protect the business should these problems occur.
3. Remember that your employees consider your leadership as a key component in their decision to work for your business. A Gallup poll found that management quality affected 70% of employee engagement scores across all industries. Unengaged employees will not be as productive as they could be, plus your business will experience a higher turnover rate if management doesn’t make employee engagement a key component of planning.