Being Cheap Crippled My Business
Being Cheap Crippled My Business
How can business owners succeed by pioneering in unready markets?
Don’t be afraid to be the first. We’ve technically been in business for over 16 years, running two companies. The first led us to the second. My business partner and I reached a level of success we enjoyed with the first company, but we saw a new need that inspired us to take action. Instead of seeking investors, we decided to fund it ourselves to avoid the pressure and control of outside interests.
Five years ago, we wondered if the industry was ready. The answer was no, but we pushed forward anyway. This wasn’t our first experience with a new technology. In 2007, we launched our first company with GPS, and the market wasn’t ready then either—we got kicked out of offices. Still, we knew GPS would eventually be essential, and we were right. Today, GPS is standard in almost every device.
So, despite being comfortable, we put all our chips on the table for this second venture, knowing it could save thousands, if not millions, of lives.
What steps help business owners build a resilient mindset?
Take things in small steps—a mindset is like an art. You have to approach it with the discipline of a black belt. Start with small exercises to shift your mindset, even in everyday situations. For example, instead of saying, “I have to go to work,” try, “I get to go to work,” remembering that many people wish they had a job. Or if you’re up all night with a baby, think, “I get to care for my child,” since others may wish for that experience.
These small exercises build mental resilience. With practice, you train yourself to see opportunities instead of negativity. Over time, it becomes second nature to shift perspectives and focus on the positives. For me, being able to see opportunities as they arise is one of my greatest strengths.
Why is trusting gut instinct valuable for business decision-making?
It might sound crazy, but I’ve fine-tuned my gut instinct. My gut has often been spot-on, and I’ve developed a sense of evaluating people’s intentions. The biggest principle in our organization is service—we go into everything with the intention to serve. When I encounter someone who lacks that mindset, I can usually sense it. Fine-tuning this sense has become a major asset in making tough decisions.
Of course, decisions aren’t only based on gut feeling. We still analyze numbers, ROI forecasts, and other metrics. But ultimately, I trust my instinct when deciding if I want to go into business with someone. It’s no different from judging compatibility in a personal relationship.
How does giving back transform a business owner's mindset?
Exercise the art of giving back. It doesn’t have to be money; it can be your time. Practicing this develops a mindset of genuinely giving to others, and it’s one of the most transformative experiences.
I started a charity to give toys to kids in Mexico when I was flat-broke. My own family doubted me and even joked that I was the one needing charity. But even with so little, I felt a strong need to give back, even if it meant breaking my own bread to share. Giving back with genuine intent brings humility, gratitude, and fulfillment. When you give sincerely, not because you expect something in return, it changes everything.
*This interview has been edited and condensed for clarity.*
