Interested in starting your own entrepreneurial journey but unsure what to expect? Then read up on our interview with Haddon Fields, Founder of The PsyFIN Group, located in Sheridan, WY, USA.
What's your business, and who are your customers?
The PsyFIN Group provides intelligent and effective training on protective privacy, innovative investigation strategies, intelligence collection, and interview tactics. There are lots of fraud and financial crime-focused training organizations that do very good work, but we focus on combining tools and techniques from disparate disciplines to leverage tools that aren't otherwise known to leverage those tools for new insights and better investigations, audits, and reviews.
Many tools and techniques have dual uses for investigators, law enforcement, and auditors that professionals in those fields just aren't aware of or use. In practical terms, that puts the focus on digital privacy, open source intelligence collection, interviewing, and fraud investigation techniques which are ever-evolving. Our customer focus is on providing training and instruction for investigators, auditors, law enforcement, and any citizens concerned with digital privacy.
Tell us about yourself
I started The PsyFIN Group because I love teaching and providing instruction in subjects near and dear to me. Fraud affects everyone, costing households hundreds if not thousands of dollars every year. The general rule of thumb is that every organization is losing at minimum 5% of revenue due to fraud. Putting a stop to that - or at least trying to blunt those losses - is more than one person can do. However, providing the information that leads to actions that can prevent, detect or mitigate fraud can multiply our professional effectiveness at doing so.
We also care about digital privacy. So much of our digital lives - especially in fields involving fraud and illicit funds - is tracked and surveilled. We overshare on social media and the like. This puts professionals in fraud investigation and assurance fields at risk from the criminal element and bad actors perpetrating fraud against our organizations and communities. Helping professionals in those fields to be more digitally private and more secure online is also really important and a focus of what The PsyFIN Group does.
What's your biggest accomplishment as a business owner?
I think, for me, it's being able to help auditors and investigators become better at what they do. The fraud investigation concepts, tactics, and techniques we teach have real-world applications in preventing, detecting, and investigating fraud and providing assurance services in managing risk. Those things matter. Every year it seems we have bigger and bigger frauds that come out to the public, and those losses add up for organizations, communities, and people. Fraud isn't just dollars and cents; it's people's investments, their ability to get viable raises, and what we can spend our resources on that are drained away. Helping those on the front line of fraud is very satisfying.
What's one of the hardest things that come with being a business owner?
I find that it's juggling several roles to fit the needs is the hardest part. Everyone has strengths and weaknesses, and staying focused and streamlined is important. As a business owner, you can't do everything, but you have to do some things, even things that you aren't great at. The learning curve can be challenging, but being mission-driven and focused makes it possible to push through. When you're a small business owner, you succeed and fail largely on your own efforts and accord. This can be stressful or refreshing because it can cause growth personally and professionally. It all depends on the perspective one takes. Stay positive, keep learning and keep pushing.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
First, I would say fish blue waters. What is it that makes YOU stand out that everyone else ISN'T doing? Look for areas, places, and markets people aren't at and explore those areas.
Second, find your mission and purpose and stick to it. Not only will you be more focused, but it will help prevent mission drift, and that can keep you on course.
Three, enjoy what you're doing. Don't do it JUST for the money. Money is part of the equation, certainly. It doesn't matter if you're making billions if you're stone-cold miserable doing it. So unless it's an Avenger-level universe-saving business, find something you enjoy and do that.
Where can people find you and your business?
Website: https://www.psyfingroup.com/
Twitter: https://twitter.com/psyfingroup
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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