Every Challenge

This is the fourth edition of the Fitz on Life series, in which I relay questions I've answered from business students.

Ask Fitz

Hello!

My name is Harry, one of the students who attended your guest lecture last week in the Intro to Business class at Rutgers. I wanted to thank you for coming to speak with us as I found your story very fascinating, especially your experience with business at a young age.

So, I had a question regarding your business journey. What is a challenge that you had to face in your career to get to your position now, and how do you think that it has shaped you as a successful businessman?

Once again, thank you for sharing your insights, and I look forward to hearing your thoughts on the question.

Best Regards,

Harry*

Fitz Answers

Hello Harry,

Great question: What is a challenge that you had to face in your career to get to your position now, and how do you think that it has shaped you as a successful businessman?

Answer: Every challenge I've faced in my career has brought me to where I am today. One of the biggest hurdles early on was convincing investors of my ability lead a business, demonstrating that I had a viable plan for success.

Specifically, In my first software venture as a CEO, I was brought in by two founders who were struggling with their business. They were on the brink of failure and couldn't finalize an effective go-to-market strategy and were failing to scale revenue. Their investors, holding put options, were ready to withdraw their investments, which would have bankrupted the company and the founders immediately. I had to persuade both the founders and investors that I had a solid plan to relaunch the company. I was so confident in this plan that I offered to invest my own money if the investors would cancel their put options, retain their investment, and even invest more.

I successfully convinced three out of four investors to support this strategy, which saved the company. As a result, I was immediately appointed CEO, and my plan proved successful. This venture established a strong track record for me as a CEO and gained credibility with investors. We eventually sold the company three years later for a highly successful exit.

The primary investor in that enterprise invested in my next 2 companies and has introduced me to even more investors.

Hope this helps!

Wishing you all the best!

Brian

*Student name has been changed for anonymitys been changed for anonymity