Manage episode 286159485 series 2775668
Bill interviews Corey Veverka to learn more about his entrepreneurial journey and how he started his company, Total Validation Services.
Corey grew up without a lot of money, but through sports and his competitive edge, he worked himself into an elite-level competitive rower and used his mechanical engineering degree to create a patent on a rowing shell accessory. He worked in consulting as an engineer and 20 years later, he decided to dip his toes into entrepreneurial life.
Corey’s biggest challenge so far with transitioning from an operations role into an ownership role is understanding the difference between leadership and ownership. Your highs are higher and your lows are lower as an owner.
Corey’s biggest lesson he’s learned is the importance of keeping good records and keeping track of the expenses. The little things added up into big things and the company ended up spending way more than it should. It took a couple of years to get into a good financial rhythm.
Another mistake Corey learned, unfortunately, came from losing a long-term business relationship due to Corey being a bit too cocky in his new ownership shoes. He took the relationship for granted and assumed the client would just “do what he said” based on their long-standing relationship. It was a big, and costly, lesson that you have to earn/cultivate your relationships, even long after trust has been built.
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