Megan Peterson is the CEO of LaborExchange, located in Denver, Colorado. Follow her @kissmyabs32.
Who’s your hero? (In business, life, or both.)
My hero is my father.
What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?
“If I can’t do it naked, it ain’t worth doing.” I always took this to mean if you can’t be yourself, don’t do it. I always wanted to make everything I did my own. I dress the way I want to for meetings, I say what I want (political correctness be damned) and I come across as genuine. This has paid off for me in a business world where everyone is afraid of offending somebody. Whether you are a CEO or a minimum wage worker, no one likes a fake. If you are truthful about who you are and what you want, it will serve you better than if you simply say what you think people want to hear.
What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?
I allowed things I could not control to stress me out. I finally learned to only worry about the things that are in my control. There are plenty of both, but stressing over one will get you nowhere and probably start affecting your personal life. If you spend your valuable time worrying about things you cannot change, you are wasting time that could be used to better other aspects of your business. Your business will either work or it won’t. Giving yourself an ulcer will not change anything.
What do you do during the first hour of your business day and why?
I receive emails while I’m sleeping, early in the morning and late at night. I constantly receive emails, so it is easy to let one or two slip through the cracks. I like to take my time and really sift through my emails as to not miss anything important. This also allows my brain to focus on other things throughout the day instead of trying to remember if I replied to someone.
What’s your best financial/cash-flow related tip for entrepreneurs just getting started?
Have a backup financial plan. Whether it be a spouse to invest more or a larger loan than you need, you will probably need more cash than you think you do. You need a plan in place for that day you just need $2,000 to get through the month. You will feel bad asking for the money, but you will feel good knowing you have it in your back pocket should you need it.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
Go on a business lunch. It’s called networking, and you cannot do it enough. It is not about what you know, it’s about who you know. You might be speaking to someone who can take your business in a direction you never thought about. If someone offers to take you to lunch, go. It does not matter whether or not they personally can use your business. They might know someone who can. Either way, you got a free meal and an hour to get your mind off of emails.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
When I have nationwide staffing agencies trying to purchase my company, I will know I have succeeded. In my business, there are a few huge corporations that don’t like competition. Any time they find a competitor in one of their markets, they purchase the smaller company to avoid it. When I start getting the offers, I will know I have made a big enough mark for the corporate office to know my name. I am not actually interested in selling, but knowing they cannot stand me taking anymore companies from them will be a satisfying feeling.
