Reuben Yonatan is the founder of GetVoIP, a trusted resource for helping businesses find a VoIP solution. As an entrepreneur and tech enthusiast, Reuben brings a 10-year track record in strategically building and growing all his ventures. Follow him @reubenyonatan.
Who’s your hero? (In business, life, or both.)
My wife. I know it may sound cheesy, but her support gives me the bandwidth I need at GetVoIP. I’m able to give 100 percent devotion to my business every day because of Milana and the way she supports me.
What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?
A friend once shared this tidbit with me: “Your biggest strength is also your biggest weakness.” It took me a little while to really understand what he meant, but this couldn’t be more true for me. I use this advice in my personal and business life every day.
What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?
I hired too many employees too quickly. I thought expanding human resources would help our company execute projects and grow faster. But I realized that hiring and investing in people is a challenge in itself that I wasn’t prepared for.
I learned that I couldn’t expect a new employee to immediately share the same vision for the company I do, and to hustle the same way that I do. To get 100 percent in sync with new/any employees is something that takes time, patience, hard work and trust.
What do you do during the first hour of your business day and why?
I spend about 10 minutes reading the latest headlines from publications like Inc. and WSJ. This helps me stay in the loop with current events and industry-specific matters that could have an impact in our daily operations.
After that, I spend about 30 quality minutes with my wife and our two sons. As a startup owner, I’ve had to sacrifice many family dinners and weekends to countless hours at the office. Blocking out 30 minutes each morning ensures I get to spend some time with my family every day before the craziness of the day kicks in.
What’s your best financial/cash-flow related tip for entrepreneurs just getting started?
If you can do it yourself, then do it. Consider outsourcing and using freelancers as much as possible in the early stages of your company for whatever you can’t do on your own. You want to avoid/minimize costly learning curves (and yes, there will be some). Spend your capital wisely and avoid any and all long-term investments. Spend it on things that will produce ROI as soon as possible. You need cash to grow and continue reinvesting in your company. That’s just how it works. Investing in something that produces results in over a year is just a really bad idea (especially in the technology world).
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
Know if/when it’s time to delegate. Focus on doubling down on your strengths. Let more qualified teammates handle what you know you’re not so good at.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
Success comes in so many shapes and forms. As Steve Jobs once said, “If today were the last day of my life, would I want to do what I am about to do today?” For me, success is being able to answer yes to that question every single day.
BusinessCollective, launched in partnership with Citi, is a virtual mentorship program powered by North America’s most ambitious young thought leaders, entrepreneurs, executives and small business owners.