Entrepreneurship is the process of identifying opportunities, taking risks and creating businesses or innovations that solve problems or fulfill needs. Entrepreneurs are driven by vision, creativity and the desire to make an impact. They navigate uncertainty, overcome challenges and adapt to changing markets. Successful entrepreneurship requires resilience, strategic thinking and the ability to balance risk with reward. Entrepreneurs must be proactive in networking, seeking mentors and continuously learning. Our two favorite entrepreneurs discuss their path to business success as Breakfast with Herb and Mike continues...
Mike: When we were planning this issue of Strictly Business, featuring 100+ year old companies, I got to thinking about what it must have been like to start a business back then. They probably hadn’t even come up with the term “entrepreneur” but that’s what they were. There would have been few or no regulations. Money would likely have been available from a few small local banks or people known to have wealth. No complicated legal contracts then. Maybe a short, signed agreement or just a handshake.
Herb: Times sure have changed. Let’s talk about our experiences in the business world. I believe my entrepreneurial spirit came from my father. He grew up in hard times in Boston, served in the Pacific during World War II and then came home and tried his hand at a series of small companies. None really took off, but he worked hard.
Mike: Watching him struggle didn’t scare you off?
Herb: No. I started my career as a low paid police officer and I needed to find additional sources of income. Over the years I started and sold companies that provided commercial cleaning, environmental cleanup and swimming pool sales and installation. And then I started one I called Econoprint. Then as it grew, I changed the name to Northeast Printing and now it’s The Northeast Group.
Mike: You were a role model for me when I was growing up, but I was always more risk-averse than you were. My first experience as an “almost entrepreneur” was when I was a truck driver working in Connecticut. The company I worked for was a furniture delivery contractor and their model was to hire and train drivers and then convince them to lease a truck and become an independent contractor, much like the USPS does for their line haul today. I looked into it, ran the numbers and decided that the reward was not worth the risk, but it did open my eyes to possibilities that were out there.
Herb: Caution made sense then and it makes sense now.
Mike: My next venture was a small residential cleaning company, but then a full-time job offer came along and I got out of the cleaning business. In those days I was better at ideas than I was at long-range planning.
Herb: It’s funny you say that because now you are a master at looking ahead and knowing just what to do to make things happen.
Mike: Why did you sell off some of the companies you founded?
Herb: In the cleaning business, I was competing with a much larger company from central New York. I was really good at estimating jobs, and they finally got sick of losing work to me and offered to buy me out. It was an offer that was too good to pass up.
Mike: And the pool company?
Herb: I started the pool company with a fellow police officer and we had a fantastic first year in business, installing 25 in-ground pools. Then the position of Chief of Police became available and I wanted that job. I ranked first on the competitive Civil Service exam, but I knew the Common Council wouldn’t appoint me if I was in business with someone who would report to me. Selling was the way to achieve my goal.
Mike: You had a great run of successful companies, but I remember one that wasn’t.
Herb: Oh, yea! One in particular started strong, but then ran into serious problems. That venture was painful, but I learned a lot from it.
Mike: One of the most important things I’ve learned in the years we’ve worked together is that times change and a business needs to change with the times. Social media, global trade, online shopping, regulations, the pace of the world — are all reasons why being an entrepreneur is very different today.
You started this business as a quick print and office supply company, moved into commercial printing and then added a direct mail component. I came along and added the fulfillment department and together we created MHAB – all in less than 50 years. I’d say we exemplify the term ”entrepreneur.”