Don’t Be Scared to Fail: Interview with Nicholas Focil, CEO of Fomat Medical Research
I recently went one on one with Nicholas Focil. Nicholas is the CEO of Fomat Medical Research and the founder and Chairman of Febo.
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?
Nick: I found the entrepreneur bug at an early age. I remember going to elementary school and my classmates really liked a game I had built. So, obviously I sold it, made more, and sold those as well. That was my very first business!
My father is an evidence-based physician. During my summer breaks in middle school and high school I would work at the clinic running different research protocols for an extra buck.
I guess it was always natural to mix my two passions for healthcare and business.
Regarding setbacks, I would say many small ones that in those moments felt unsurmountable. One very recent example that comes to mind is navigating through a Pandemic. The silver lining is that all setbacks have been instrumental in my understanding of problem solving and in my growth as an entrepreneur.
Adam: How did you come up with your business idea? What advice do you have for others on how to come up with great ideas?
Nick: I have been in the healthcare space for over 20 years now (considering I started in middle school!). My advice for others is to tackle the elephant in the room. What problem are many people trying to solve, but have been royally unsuccessful. There are so many things out there right now. For me it was chronic condition management. The solutions our there were very fragmented and it has to change.
Adam: How did you know your business idea was worth pursuing? What advice do you have on how to best test a business idea?
Nick: At Febo, we have developed an app which is a Health Toolbox that contains reliable condition management tools, all in one app. I felt it was worth pursuing as there was not an app to offer several condition management tools as well as the most current news and findings surrounding a patient's condition or conditions.
To best test a business idea I suggest that you always do a very basic test of your thesis. Whatever your idea is, try to find the best way to test it out while spending the least amount of money. Like filming a trailer for a movie on your phone with your friends as actors and testing it out with a few people walking down the street. The quality of the video, acting (presumably), and everything in between will probably not be the best, but the underlying story line will be there. They will either be interested or not. If they are, go out and do it. If they are not, you just saved yourself a lot of time and money. If you are convinced they are wrong, do it again. Increase the amount of people you ask. But you shouldn’t move on without some buy-in to the concept from people who will be your customers at the end of the day.
Adam: What are the key steps you have taken to grow your business? What advice do you have for others on how to take their businesses to the next level?
Nick: Never take money or a Steam member because you are desperate. Be very strategic when hiring and raising money. Building a great team is also important when it comes to taking your business to the next level. I have always said “never be the smartest person in the room”. Surround yourself with people smarter than you that will question and challenge you.
Adam: What are your best sales and marketing tips?
Nick: Not because something is working now will it work tomorrow. Always keep your ear to the ground because change is the only constant. I also believe in being personal and human. The human touch is important when trying to make a connection with your audience and sell your idea or product.
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?
Nick: If you know the answer to this question, please let me know! But if I have to take a stab at it, an effective leader is someone that has the capability to listen to their team, digest the information and make a decision (that many times is different than they originally planned) and lead by example by implementing it first.
Adam: What is your best advice on building, leading and managing teams?
Nick: Don’t forget the human element behind it all. At the end of the day your team consists of people not robots. Be human, lead by example, empower people and the rest will follow.
Adam: What are your three best tips applicable to entrepreneurs, executives and civic leaders?
Nick: Don’t bite off more than you can chew. The idea that the founder or CEO is the only entrepreneur is beyond false. And if you and your team row in the same direction, you will be unstoppable.
Adam: What is the single best piece of advice you have ever received?
Nick: Don’t be scared to fail. Mathematically, the odds are better if you try than if you don’t because if you don’t, you have failed by default.
You are going to get rejected all throughout your life. If you think of it as a math game, then you do it once then you know you need 10 rejections before you hit then every time you are getting closer to a yes. Don’t obsess over the idea of getting a yes, but move on to the next. You’re more successful if you try, rather than if you are sitting down.
Adam Mendler is the CEO of The Veloz Group, where he co-founded and oversees ventures across a wide variety of industries. Adam is also the creator and host of the business and leadership podcast Thirty Minute Mentors, where he goes one on one with America's most successful people - Fortune 500 CEOs, founders of household name companies, Hall of Fame and Olympic gold medal winning athletes, political and military leaders - for intimate half-hour conversations each week. Adam has written extensively on leadership, management, entrepreneurship, marketing and sales, having authored over 70 articles published in major media outlets including Forbes, Inc. and HuffPost, and has conducted more than 500 one on one interviews with America’s top leaders through his collective media projects. A top leadership speaker, Adam draws upon his insights building and leading businesses and interviewing hundreds of America's top leaders as a top keynote speaker to businesses, universities and non-profit organizations.
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