Speaking to High School Students
This coming Thursday I am going back to my old high school to speak to a group of seniors.
My mind goes back to when I was in my early teens sitting behind a desk. It's so crazy, because when I was a senior, there was no internet - we had just gotten "The Computer Room" which was filled with brand new Apple 2E's. Can you imagine? Now, kids have the entire world in the palm of their hands. I can't even begin to imagine what I would have done with that kind of power.
So the question I ask myself is, "What would I want to hear when I was sitting behind that desk?" What is the key points they can take with them on their journey - and one day remember those few words many years later. It's very challenging because I am competing with a brain that isn't so much thinking of what's going to happen in five years, more like what is going on the upcoming week-end.
LIST
The teacher of the class was kind enough to send me a list, he told me to pick a handful and talk about it to the students, I looked over the list and thought I would share and answer them with you:
My mind goes back to when I was in my early teens sitting behind a desk. It's so crazy, because when I was a senior, there was no internet - we had just gotten "The Computer Room" which was filled with brand new Apple 2E's. Can you imagine? Now, kids have the entire world in the palm of their hands. I can't even begin to imagine what I would have done with that kind of power.
So the question I ask myself is, "What would I want to hear when I was sitting behind that desk?" What is the key points they can take with them on their journey - and one day remember those few words many years later. It's very challenging because I am competing with a brain that isn't so much thinking of what's going to happen in five years, more like what is going on the upcoming week-end.
LIST
The teacher of the class was kind enough to send me a list, he told me to pick a handful and talk about it to the students, I looked over the list and thought I would share and answer them with you:
1. Your original business idea and others you've considered.
I always wanted to do what I am doing now. Since I was a child I wanted to be a fashion designer. The movement of people and goods always excited me. Fashion is an international business, like music; it transcends global markets. Italian fabric being sent to the United States to be made into a suit which is sent to Japan. How cool is that?
I always wanted to do what I am doing now. Since I was a child I wanted to be a fashion designer. The movement of people and goods always excited me. Fashion is an international business, like music; it transcends global markets. Italian fabric being sent to the United States to be made into a suit which is sent to Japan. How cool is that?
2. Tell the story of your actual business ventures. The students
love to hear these stories, including the ups and downs along the way.
This is long and drawn out and I have to figure out if I am going to discuss this part. Failure is part of the path, it's a character builder of course, but I would have rather not gone through some of the hardships.
This is long and drawn out and I have to figure out if I am going to discuss this part. Failure is part of the path, it's a character builder of course, but I would have rather not gone through some of the hardships.
3. How does a young entrepreneur know what's a 'good idea' for them?
The market tells you so - the market is very fickle. The old saying about building a better mousetrap holds so true. You can have a great idea, but that's just one of the three parts that goes into any business model regardless of what type of product or service.
Product, Marketing and Finance are the key ingredients to being in business, any business, and it has to be balanced. So, building the better mousetrap is one thing, but you have to make sure you can make it, sell it and make money as well. That is where quality, service and price come into play.
If one of them is off, the market is ruthless, it will eat you up and spit you out and not blink an eye. But if you find a niche, just a little bit with a point of difference and you do it right, you can have tremendous opportunities. I'm not even talking about inventing a brand new widget, you can do something that's already being done. Just do it a little differently, for example, the way I cut my suit jacket.
The market tells you so - the market is very fickle. The old saying about building a better mousetrap holds so true. You can have a great idea, but that's just one of the three parts that goes into any business model regardless of what type of product or service.
Product, Marketing and Finance are the key ingredients to being in business, any business, and it has to be balanced. So, building the better mousetrap is one thing, but you have to make sure you can make it, sell it and make money as well. That is where quality, service and price come into play.
If one of them is off, the market is ruthless, it will eat you up and spit you out and not blink an eye. But if you find a niche, just a little bit with a point of difference and you do it right, you can have tremendous opportunities. I'm not even talking about inventing a brand new widget, you can do something that's already being done. Just do it a little differently, for example, the way I cut my suit jacket.
4. In your opinion what are the keys to your success?
For me, the number one most important key to success is prayer. Regardless of sex, race, creed, or colour, prayer or meditation is a major factor in being successful. I have spent a good fifteen years worrying about everything under the sun and looking back it has gotten me no where. It hasn't enhanced anything, added value, or changed the way things were done. If anything, all it did was take energy away where I could have been using it for more positive things.
It's all about the brand. The brand, whatever industry, even if it is you (as in the case of a Paris Hilton), is the single most important thing. A brand has no room for egos - decisions have to be made as to what is best for the brand.
Surround yourself with the right people. The wrong manager can destroy an organization - this is something I learned the hard way. One negative person can infect an entire company like a cancer and bring it down.
Listen to your gut. If something does not feel right, or if something does, go with it.
Handle your finances - Oprah says it all the time. Know where your money is being spent.
For me, the number one most important key to success is prayer. Regardless of sex, race, creed, or colour, prayer or meditation is a major factor in being successful. I have spent a good fifteen years worrying about everything under the sun and looking back it has gotten me no where. It hasn't enhanced anything, added value, or changed the way things were done. If anything, all it did was take energy away where I could have been using it for more positive things.
It's all about the brand. The brand, whatever industry, even if it is you (as in the case of a Paris Hilton), is the single most important thing. A brand has no room for egos - decisions have to be made as to what is best for the brand.
Surround yourself with the right people. The wrong manager can destroy an organization - this is something I learned the hard way. One negative person can infect an entire company like a cancer and bring it down.
Listen to your gut. If something does not feel right, or if something does, go with it.
Handle your finances - Oprah says it all the time. Know where your money is being spent.
5. What's the biggest challenge to becoming a successful entrepreneur?
FEAR: The single biggest challenge to becoming a successful entrepreneur is overcoming one single word - fear. Fear can be debilitating, fear can make you do things you wouldn't normally do, fear will cause you to make the wrong decisions. It is the root of anger, greed, cynicism, jealousy, regret, guilt and envy.
PERCEPTION: How you see things makes a huge difference and will topple any kind of adversity. Anyone from relatives to friends will have their own comments to make about your dreams, most negative. Never cast your pearls to the swine. In other words, tell people who deserve to know about your dreams and aspirations.
FEAR: The single biggest challenge to becoming a successful entrepreneur is overcoming one single word - fear. Fear can be debilitating, fear can make you do things you wouldn't normally do, fear will cause you to make the wrong decisions. It is the root of anger, greed, cynicism, jealousy, regret, guilt and envy.
PERCEPTION: How you see things makes a huge difference and will topple any kind of adversity. Anyone from relatives to friends will have their own comments to make about your dreams, most negative. Never cast your pearls to the swine. In other words, tell people who deserve to know about your dreams and aspirations.
6. How should an entrepreneur get started?
People don't realize that everything around them started from a thought. The house the live in, the airplane that takes them across the world, the car they drive - all started with an idea. Many have ideas but few actually decide to do something with them.
I always ask people to think, "How do you eat an elephant?" to which the answer is, "start with the tail". The key is to get started and see how things begin to take form. The laws of action/reaction and cause/effect are very powerful.
People don't realize that everything around them started from a thought. The house the live in, the airplane that takes them across the world, the car they drive - all started with an idea. Many have ideas but few actually decide to do something with them.
I always ask people to think, "How do you eat an elephant?" to which the answer is, "start with the tail". The key is to get started and see how things begin to take form. The laws of action/reaction and cause/effect are very powerful.
7. How did you get your products marketed?
The number one ambassador for your product or service is the person who came up with the idea or business. No one is going to have more passion than the entrepreneur. They will create the excitement and enthusiasm for the product/service they are providing. In the case of Zaharoff, initially I was able to market the product by going out there and talking to those most important to me - the buyers and sales associates at the specialty stores, and most importantly, the actual consumer.
The number one ambassador for your product or service is the person who came up with the idea or business. No one is going to have more passion than the entrepreneur. They will create the excitement and enthusiasm for the product/service they are providing. In the case of Zaharoff, initially I was able to market the product by going out there and talking to those most important to me - the buyers and sales associates at the specialty stores, and most importantly, the actual consumer.
8. Is college necessary for an entrepreneur?
I majored in operations management, manufacturing and purchasing. This gave me a huge understanding as to how goods are made and sold. They say a human's brain isn't fully developed until the late twenties, I believe this. If I were to take out the cost of college, I would say, absolutely. College is necessary - because with education you can never go wrong.
We all hear stories about people like Mark Zuckerberg or Bill Gates who left college and went on to make fortunes. We don't hear about all the people, whose numbers are much greater, that have failed because they did not have the know-how.
I majored in operations management, manufacturing and purchasing. This gave me a huge understanding as to how goods are made and sold. They say a human's brain isn't fully developed until the late twenties, I believe this. If I were to take out the cost of college, I would say, absolutely. College is necessary - because with education you can never go wrong.
We all hear stories about people like Mark Zuckerberg or Bill Gates who left college and went on to make fortunes. We don't hear about all the people, whose numbers are much greater, that have failed because they did not have the know-how.
9. The most satisfying part of your job? ...the most unpleasant?
The single most satisfying part of what I do is touching people's lives for the better. I have no regrets. There is nothing else I wish I would be doing.
The most unpleasant for me is something I have learned to deal with more and more, the finance part of the business has always been a challenge for me. But finance is so important to an organization - money has to be respected.
The single most satisfying part of what I do is touching people's lives for the better. I have no regrets. There is nothing else I wish I would be doing.
The most unpleasant for me is something I have learned to deal with more and more, the finance part of the business has always been a challenge for me. But finance is so important to an organization - money has to be respected.
10. Your best business decision?
The best business decision I have ever made was partnering up with a management group to help build the company and address its needs. Growing up, I was constantly told by my father not to bring in partners, but if you are able to find the right team, you can build and grow.
The best business decision I have ever made was partnering up with a management group to help build the company and address its needs. Growing up, I was constantly told by my father not to bring in partners, but if you are able to find the right team, you can build and grow.
11. Do you need a business plan?
Absolutely positively YES. You should be able to address your competition, what your products are, what finances you are going to need and do a SWOT analysis (STRENGTHS, WEAKNESSES, OPPORTUNITIES and THREATS). It is your blueprint for the present and the future.
Absolutely positively YES. You should be able to address your competition, what your products are, what finances you are going to need and do a SWOT analysis (STRENGTHS, WEAKNESSES, OPPORTUNITIES and THREATS). It is your blueprint for the present and the future.
12. Does your industry hold many opportunities for young people entering the field?
I wish I could be positive and say it was easy, but nothing is easy. Hard work, persistence, vision and passion are so important to succeed as an entrepreneur.
I wish I could be positive and say it was easy, but nothing is easy. Hard work, persistence, vision and passion are so important to succeed as an entrepreneur.
13. Any advice you'd like to share?
Never burn any bridges. If you go through life being a gentleman no matter what happens people will love you for you. When adversities happen, people will want to help you get back on your feet, not kick you to the curb because you were an ass when things were good. Hard times will come, it's how you cope and act that will show your true nature. If you go through life as a gentleman then you will not have an issue.
Read. Knowledge is power. Read books on other successful people and try to learn from the mistakes others have made.
Look to yourself for the locus of control. In other words, use yourself as a reference point. The moment you start comparing yourself to others, you will be miserable. Someone will always be farther along on your path, richer, always have more, etc. Just look straight ahead and keep doing what you are doing.
Never burn any bridges. If you go through life being a gentleman no matter what happens people will love you for you. When adversities happen, people will want to help you get back on your feet, not kick you to the curb because you were an ass when things were good. Hard times will come, it's how you cope and act that will show your true nature. If you go through life as a gentleman then you will not have an issue.
Read. Knowledge is power. Read books on other successful people and try to learn from the mistakes others have made.
Look to yourself for the locus of control. In other words, use yourself as a reference point. The moment you start comparing yourself to others, you will be miserable. Someone will always be farther along on your path, richer, always have more, etc. Just look straight ahead and keep doing what you are doing.
Posted by George Zaharoff at 21 February 2011, 11:50 AM 
Categories: My Thoughts
Tags: entrepreneur students business decisions perception fear
Categories: My Thoughts
Tags: entrepreneur students business decisions perception fear
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