Laura Mignott is the co-founder and managing partner of DigitalFlash. Follow her @lmigno.
Who is your hero? (In business, life, or both.)
My mom.
What’s the single best piece of business advice (unorthodox tips welcome!) that helped shape who you are as an entrepreneur today, and why?
Take your medicine first. Do all the annoying, boring tasks, projects that are essential to the business before you move on. Once you do that, it frees you up to be more creative and focus on the tasks you really enjoy.
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 too fast. We made the mistake of scaling up too quickly with more junior people, who we hoped to train. We learned to be more strategic about hiring consultants specifically rather than full-time staff. This keeps your costs down and makes for a more efficient workforce.
What do you do during the first hour of your business day and why?
During the first hour of the day, I check my calendar, emails, read the news and then go to my Evernote to look at my to-dos. One of my mentors taught me the importance of structure in the midst of chaos. Using that first hour to see what’s happening in my world and the outside world is super important and helps me focus and maintain some perspective.
What’s your best financial/cash-flow related tip for entrepreneurs just getting started?
Never be reactive to financial matters. Vendors will complain and clients will pay late, but you have to take a step back and ask for outside advice from people you trust. Rash decisions will often put you in a far worse situation than had you taken a day to seek some advice.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
Network with people you don’t know. Go to events outside of your bubble. Go to that dinner hosted by your friend the artist or finance guy. When building our company, we made a commitment to network at least twice a week, once at a place we hadn’t been before. As a result, we built a massive network of connections.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
An Aston Martin in a parking spot in my apartment building. It’s a car I’ve always wanted, so if I have one, it means I’ve made it enough to buy one.
