Lessons I Learned as a Small Business Owner

Jun 29

Small business owners are the backbone of America. They are the risk takers and individuals who learn best through trial and error. One of the benefits new small business owners can take advantage of is learning from other small business owners. Here are some of the lessons that Travis Voice & Data’s owner, Greg Mantia, has learned since taking over the Local Oklahoma business in 1990.

1) Don’t be afraid to use your past jobs

I started out as an outside business to business (B2B) office furniture salesman during college in St. Louis in 1978. I made a rule for myself that I couldn’t get lunch until I made one sale. I made sure to apply this mindset later in my career, especially as a business owner. The business couldn’t move to a new goal until we achieved our first one. Set specific, measurable goals that you can achieve.

2) Surround yourself with people who inspire you

I was surrounded by small business owners and entrepreneurs growing up. My grandpa immigrated from Sicily and my father was a first generation American. I was always told the Italian way was to work for yourself, which was very apparent through the two generations of businesses that came before me.

My grandfather’s produce business spawned from when he would first sell apples as a 12 year old boy on the street to afford to eat, and his business, Mantia Fruit Company, is still a strong standing business in St. Louis today. I focused on continuing to surround myself with people who built up their business from the ground up so I could always have inspiration in-front of me to push myself as well.

3) Your biggest obstacle can sometimes be your own confidence

I was offered an opportunity to own my own business when I was offered a position with Travis Voice & Data in 1990. The position required me to move 500 miles away from my family to Oklahoma City. I ended up taking that first leap and uprooted my family to come here, where I happily still remain now as the CEO.

My biggest obstacle was funding and kick starting a new conference bridge branch specific to the State agencies. The branch became so successful that it ended up breaking off to be its own company. I had to have faith in myself to not only buy and manage one company, but now a second one as well

4) Show up to work on time!

Like I said, a boss should always lead by example. You can’t expect your employees to put in 100% if you don’t put in 110%. Especially when first getting started, the business owner should be the one who is the first to arrive and last to leave. This sets the standard for the company and lets your employees know that timeliness is important.

5) Find a GOOD mentor!

Two of my greatest mentors were my former boss John Moldthan, my boss of 10 years in St. Louis, and Larry Travis, the founder of Travis Voice & Data. Your mentor should have the same goals that you want. They should demonstrate hard work, being a go-getter in areas other people wouldn’t be, and be competitive mainly with their own set of goals. John was very much a people person and allowed myself and his employees to think outside the box. Larry was more of the competitive aspect where he trusted his employees but was sure they knew his expectations and goals for them.

6) Learn to pivot quickly when faced with a challenge

One year after acquiring Travis, the largest division of the company was being shut down as Lanier Dictation/Word Processing announced they were going out of business. I had a ten year note payable on the company and had to find revenue stream to replace what was then 75% of Travis revenue. We were also in the middle of co-developing a conference bridge product that ended up costing several hundred thousand dollars.

7) Be willing to admit when your goals need shifting

Goals are great, but when your goals aren’t working, you need to have the ability to swallow your pride and admit you need to try something else. This can be hard, especially if it is a project you are passionate about.

One of my favorite entrepreneurs on Shark Tank, Kevin O’Leary says “If you’re a few years into your business and it’s STILL not making money ... it’s a HOBBY not a business.” This is true from the smallest set of goals to looking at your business as a whole

8) The importance of employee confidence

If you cannot trust your employee, either they are not the right fit for you or you are not the right fit for a leader. Sometimes it might be a little of both. You should have faith in your employees to deliver a task. If you have hired the right person, they will be able to be independent and know when to ask for help. It is your job as the boss to set specific, measurable goals for your employees and to let them know that you are a good reference when they need help. If you set your employees up for success and hire the right person, there is no reason you should have to micromanage.

9) Don’t ask anyone to do anything that you have not already experienced

The best boss is the one who leads by example. Employees will have more trust in you if they know you have already walked in their shoes. This will give you two very important qualities: empathy and credibility.

You should be able to know the struggles your employees face so you can empathize with them and continue to encourage them. By facing these struggles, your employees will know you have an understanding for the challenges they face and trust your advice.

Want to Partner with a Small Business?

One of the best things Greg has instilled in our office is continuing to partner with other small businesses and business owners. Travis V&D is passionate about our small business customers and would love to work with you so you know you will have a telecommunications and office security partner who knows and understand your business.

Contact the Travis V&D Office