Interview with an Entrepreneur

At The Next Step Magazine, I get to interview some cool people. Here is a recent interview I did with Paychex founder, Tom Golisano that shares some advice for young people thinking about getting into business.

Who: Tom Golisano, founder of Paychex
What he’s done: Golisano founded Paychex, which provides payroll and human resource services to small businesses. He ran for New York state governor, and he owns the Buffalo Sabres hockey team.

Next Step Magazine: Why did you decide to become an entrepreneur?
Tom Golisano: One, I thought I was capable of running my own business. I thought I could do it better than a lot of other people.

Second, I thought it was a much more secure situation than working for a large company. You work for a large company, and you could do a really good job, and your boss could do a lousy job, and you suffer the negatives of that.

Plus, the other thing about having your own business versus working for somebody is you can sell your business or you can pass it on to an heir. You can’t do that with a job. Or if you become physically or mentally disabled, you’re probably better off owning the business than working for somebody. So in many ways, it’s much more of a secure situation.

NSM: What are some traits of successful people?
Golisano: They look for people that have a problem or an issue, and a way to solve it and make money at the same time. That’s what entrepreneurs are: problem solvers.

NSM: What advice would you give to teens looking to pursue a career as an entrepreneur?
Golisano: Get a good foundation academically. Be an accountant. You’ve got to be able to read and understand financial stats. Get a good understanding of the world of sales and marketing. And I hesitate to say this, but sooner or later you’re going to need a lawyer. So find a decent one, one that knows what they’re doing and will charge you reasonable rates.

Most successful entrepreneurs come out of an industry that they’re in, and find a better way to do something within that industry. I think you have a far better chance of being successful if you are in an industry you know something about and have some experience in.

NSM: What are the pros and cons of owning your own business?
Golisano: For the pros, it’s probably the obvious: self-destiny, unlimited earnings, tremendous satisfaction and gratification that comes with doing it successfully.

The cons are you could lose perspective on your family, you work too hard and you run the risk of not being successful. You also run the risk of having a financial disaster, and that’s definitely a negative. It’s a little bit of a high-stakes game. Do I think it’s worth it? If you’ve got a good idea and you’ve got the gumption and the perseverance to make it work, go for it.