I recently went one-on-one with Ed Mitzen. Ed is the founder and CEO of Fingerpaint, the co-founder of Business for Good, and the author of Wealthy and White.
Adam: Thanks again for taking the time to share your advice. First things first, though, I am sure readers would love to learn more about you. How did you get here? What experiences, failures, setbacks, or challenges have been most instrumental to your growth?
Ed: I grew up in a small rural town in upstate NY. I was that kid that had multiple jobs since he was 14: mowing lawns, shoveling driveways, popping popcorn for the local movie theatres, working as a farm hand, etc. My parents instilled a strong work ethic in me. And if I wanted a new pair of basketball sneakers, I had to go earn the money to buy them.
Two weeks after graduating high school, my father who was my best friend, passed away suddenly. For the next few years, I really struggled in college and to find my way. Finally, in my mid-twenties, I found my bearings again and began a career in sales and marketing.
Having grown up with very modest means, I was determined to be successful in business. I met many folks that started their own companies, and I thought, “why not me?”
Fast forward 30 years, and I started three businesses. I made a bunch of money, but I wasn’t satisfied. I wanted to make a bigger impact and used my influence for good – so my wife and I established Business for Good, a non-profit aimed at bridging the wealth gap in America.
Adam: How did you come up with your business ideas? What advice do you have for others on how to come up with great ideas?
Ed: In graduate school, they hammered into us the belief that you can’t start a sports bar just because you like to go to sports bars. You must know the industry. Learn from the bottom and work your way up. And meet as many people as you possibly can. Networks and personal relationships are vitally important to growing most successful companies.
When I started my marketing firms, I always started by looking at where the existing firms were failing. How could I build a better version? What could be a huge competitive advantage? Who do I know that can help me launch a firm, either as a potential customer or employee?
Adam: How did you know your business ideas were worth pursuing? What advice do you have on how to best test a business idea?
Ed: I have found that before you launch a company, it’s a great idea to reality test it with potential customers. Ask them what they think of your idea, without asking them for business. This way, they feel free to give you honest feedback. And by showing them you respect their views, it puts you in a great place to come back to them once you launch and see if they will give you a small starter project.
Adam: What are the key steps you have taken to grow your businesses? What advice do you have for others on how to take their businesses to the next level?
Ed: I have always believed that the key to business success is to surround yourself with people smarter than you. I had a 2.8 GPA in college, so if I am the smartest person at the table, we would be in trouble.
I’ve also lived my life leading with empathy: for my staff, my customers, my vendors, and my partners. People will work much harder for you if they believe in their hearts that you are an honest, ethical person that has their best interests at heart. It can’t be just about making money. The money will come if you build a great product/service, team, and company culture.
Adam: What are your best sales and marketing tips?
Ed: Build solid relationships with your customers. Read the Harvey Mackay books, which teach about differentiating yourself from your competitors by truly knowing your customers as people.
And find ways to stand out creatively. Most marketing is a sea of sameness. Be authentic in your communications. Hire the best creative mind you can find to help build your brand from the get-go. And always remember marketing is a marathon, not a sprint. You must stay with your message and stand for one main thing that will resonate with your customers.
Adam: In your experience, what are the defining qualities of an effective leader? How can leaders and aspiring leaders take their leadership skills to the next level?
Ed: America operates on an unspoken caste system. If you’re not convinced of that fact, just watch the news on any given day. There’s no question about it- white people have a clear advantage. In my second book, “Wealthy and White,” my message was simple – to inspire other entrepreneurs to take the tools they used to build their wealth and invest it in people – and using their privilege for good.
Today, I am committed to challenging other leaders to join me and to do their part. I believe it’s so important for those [like me] who are in a position of privilege to use their position for good.
Adam: What is your best advice on building, leading, and managing teams?
Ed: First and foremost, lead by example. Lead with empathy and strength. Care for your staff as if they were part of your own family. Put others in management positions that share your core values. Mine have always centered around collaboration, empathy, philanthropy, hard work, and mutual respect.
In my business career, I have had to fire some extremely smart people because they were bullies to their direct reports. I don’t have any tolerance for that behavior.
As a philanthropist and co-founder of Business for Good, a non-profit philanthropy committed to bridging the wealth gap in America, I’ve embodied the same core values and built a team of like-minded people who are just as passionate about our mission as my wife Lisa and I are.
Adam: What are your three best tips applicable to entrepreneurs, executives, and civic leaders?
Ed: First, surround yourself with great people, give them the tools to succeed, and celebrate their achievements. Second, treat your customer’s CEO the same way you treat the person answering your phones. Showing kindness to others helps you build a reputation for being a good person that people want to hire and work for. And finally, be a good listener. This is something I have had to learn over the years. You don’t have all the answers despite your ambition and drive. Listen to other points of view.
At this time in our nation’s history, it’s on us – all of us – to do our part. And I am challenging my fellow business leaders and organizations to do their part – one person, one neighborhood, and one community at a time. We need more Business for Goods across the country. We need to replicate the pilot that we established in Albany/New York Capital to support entrepreneurs that don’t have the same opportunities that I had.
Adam: What is the single best piece of advice you have ever received?
Ed: Be nice to everyone you meet. People ultimately want to work with people they like, respect, and can have a beer without it feeling like a root canal.
