March 16, 2017
“Without margin, there is no mission."
That's the motto of Luke Wyckoff, chief visionary officer of Social Media Energy, who explained to the audience of the AMA's International Collegiate Conference that life and business will be risky, but worth it.
He provided advice to attendees by way of his own business story. He started in one career, and another appeared before him.
Social Media Energy is a social media management team that grew quickly as Wyckoff doubled its prices as each new company, he says, accepted his pitch “too quickly.” The company's client list grew from a hospital system to TW Telecom to RE/MAX.
“If you’re going to work for or start your own company you have to have something people want to buy,” he says.
Making money seems easy, Wyckoff says, except you have to have a product people want to buy. Customers have to want to pay, and it has to be a premium so the company can make money. Many people, he says, have great ideas but don’t price them appropriately.
While his company’s product was priced appropriately, Wyckoff says he quickly learned he hadn’t paid enough attention to detail, as his company went broke when some of its employees were found to have taken money and run. Rather than give up and find a new job, Wyckoff chose to sell off his expensive lifestyle, downsize the company and essentially restart.
“When you are in a situation when things aren’t going well, that is the true test of your stamina, tenacity and resilience. You won’t be taught them this weekend,” he says. “You will have them.”
Wyckoff says his company has rebounded, but he cautioned the way his ego took over the first time his business was successful.
“I shared this story so you don’t need to think you need to be perfect,” he says. “When you do fall down, you need to have tenacity and resilience to get back up to not just be great, but better than ever.”
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