Entrepreneur insights on successful growth strategies from leading CEO's
It takes a passionate and driven individual to be an entrepreneur, but what happens after the company is launched? How does an entrepreneur go from an idea to building a long-term successful company? As part of our Scaling Q&A Series, we dive into growth strategies and successes from our rising stars.
Describe Axcient in one sentence?
JM: Axcient puts an end to down time and data loss by enabling businesses to store, protect and access all information and systems in the cloud.
What inspired you to start the company?
JM: I actually experienced data loss at my last company. It was very painful and I realized many businesses struggle with this problem. A company has two things: its people and its systems. If you take one of those away and you don't have a company. I decided I wanted to start a company that solved the problem I experienced.
What is the biggest lesson you've learned through the process of starting a company?
JM: Always think bigger. Take Axcient for example, when we started we were thinking about helping companies that were 100 employees and 500 GB, now we are helping companies with thousands of employees and 50 TB of data.
You have to challenge yourself to always think bigger than your initial expectations - it will impact decisions you make regarding positioning, operations, product architecture, etc. My recommendation is to set your expectations and then scale it by 10X and apply it across all of your planning.
What advice would you give other entrepreneurs looking to start a company?
JM: Ask yourself why you want to start a company in the first place. I actually try to deter people from starting a company if they can't truly answer that question. A lot of folks come out of business school and can be intrigued by the "glitz and glamour" of the valley. This mentality often causes first-time entrepreneurs to fail. Successful entrepreneurs are driven by a burning desire, obsession even, to solve a problem. If you don't have that, don't start a company. Building a company can be rewarding if you have that drive and obsession, but it isn't glamorous and it is anything but easy.
Axcient has experienced a tremendous amount of growth? What's your secret?
JM: Overall, it comes down to a lot of hard work, passion and focus, but three things do stand out. First, we have been diligent on hiring exceptional people and never compromising on talent. Second, we are very metrics driven. Whether it's sales, operations or marketing, we make our decisions based on metrics. It forces us to be really ruthless with our priorities and keeps us on path to drive aggressively towards our goals, continuously monitoring as we go. Last, it has been the restraint to not chase every opportunity. We determine what we want to pursue and doggedly pursue it.
Who inspires you?
JM: I have always been a big fan of Richard Branson. I admire the culture he has built around him; one that is open, fair and fosters innovation. Too often, people associate the ability to build a large company with being a megalomaniac and I don't think that is true. Branson is a good example of a true creative entrepreneur who has built innovative, market dominating companies while promoting a positive culture and a great place to work. I aspire to that with Axcient.
What was the best/most useful business book?
JM: Drive by Daniel Pink is a great book about understanding what motivates people. Understanding your employees and what motivates them makes you a better manager and better for your overall business.
What do you do for fun?
JM: I love to fly fish. You can be out for days and not catch anything, but it challenges me to enjoy the journey and learn from it.
Has it impacted how you run your company?
JM: Yes, I think the basic principles impact my approach to running a business. Fly-fishing is a test in patience, determination and focus. But more importantly, it gives me time to reflect. As I mentioned earlier, a committed entrepreneur is often obsessed with their company or project (and I am guilty) but it is just as important to step back once and awhile. We make critical business decisions every day and if you are too deep in the weeds all of the time it is hard to have the clarity and perspective to make the right decisions.
I have found it invaluable to have activities outside of work, where I don't think about work and that separation gives me perspective.
Justin Moore is CEO and Founder of Axcient. Follow him at @justinrmoore