Interested in starting your own entrepreneurial journey in business and development but unsure what to expect? Then read up on our interview with Rich Hall, Founder of Rich Hall Group, LLC., located in Houston, TX, USA.
What's your business, and who are your customers?
Small business owners and executives trying to grow their companies and achieve their vision of success reached out to me.
I am a business coach with experience in executive roles ranging from small businesses to Fortune 100, Vice President and President roles of multiple international family-owned businesses, and executive with businesses looking for a rapid exit.
Many of my clients are CEOs that have tried many different things that haven't worked and need someone with experience that can offer guidance to help them grow as a leader while assisting them in overcoming challenges in their business.
Other clients may be growing very fast and need someone that knows what the future looks like and helps them prepare rapidly to avoid pitfalls they're not even aware of.
Tell us about yourself
I was the first person in my family to attend college, obtain a master's degree, and hold executive positions with numerous companies. I've never been afraid to raise my hand and accept challenges that others avoided. I've personally led multiple business turnarounds and transformations that forced me to continually improve myself to succeed. I learned what it was like to succeed... and what it was like to fail.
I reached a point in my career where I searched deep inside my soul to decide what I really enjoyed doing in the business world. I determined that I enjoyed the challenge of helping others, and their business, succeed and wanted to share what I had learned.
Every day I get to help multiple clients achieve success in their journey of life, business, and growth. What better way to start each day?
What's your biggest accomplishment as a business owner?
Undoubtedly, seeing those employees, I've had the pleasure of leading them to grow and further develop themselves throughout their careers. I've always made an effort to care for them along the way and to provide wisdom and support in their journey through life. As they succeed, I take the pleasure of knowing I have a small part in it.
What's one of the hardest things that come with being a business owner?
Making tough decisions that may impact the lives of those employees in your care. It's easy when times are great, but it can be tough when times are not. I take it very personal any time an employee is impacted by one of my decisions. That's my motivation to succeed... for all of us.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Delve deep inside yourself and select a business that you have a strong passion for. When times get tough, and they will, this passion is what will drive you to continue when others fail. It needs to be realistic and achievable so start small with a larger vision in mind.
- Understand that it will take more cash and longer to succeed than you think. The number one reason companies fail is not a good business model but running out of cash. During the earlier days, focus on cash flow to ensure you have a long enough runway to succeed. If you don't understand business financials, take courses and learn the basics. Learn the difference between revenue and cash, the impact of taxes, capital vs. operating expenses, and more.
- Seek out and obtain a mentor and/or coach. You want someone that's been there and can guide you around the pitfalls you'll inevitably face. This can be in the form of a friend in the business, a coach (like myself), a peer group, or even a personal board of advisors. Leverage their experience and guidance, and don't be afraid to ask questions.
Is there anything else you'd like to share?
Always maintain a balance in life between your faith, money, and family. I've met too many people that chased money and were miserable in their personal lives. God first, family second, and everything else third.
Where can people find you and your business?
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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