A modern renaissance man, consummate multitasker and entrepreneur, Michael Mogill has been relentless in tackling new challenges and ventures, turning his passion for media into a diverse portfolio of businesses. His company Crisp Video Group has produced video content for major international brands (e.g. Coca-Cola, Verizon, RedBull) and has carved out a successful niche in the medical and dental industries. Follow him @MMogill.
What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?
There will be things that you can control and things that you can't. The one thing that you can control is your effort -- push through with persistence and perserverance and have a good attitude. There will be ups and downs without a doubt, and you are going to fail a lot. It's OK to be wrong as long as you are putting forth an active approach, and you learn from your mistakes. Be willing to fail a thousand times.
What's the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?
The biggest mistake that I have made is believing that I can do it all on my own. To have any scalability to be able to grow and leverage your business, you do need a great team. That extends to hiring the right people and spending the time to build a solid foundation. While I believe in an active approach towards business, there is a value in spending the time to create and cultivate your employees -- you are only as strong as the team around you.
What do you do during the first hour of your business day and why?
During the first hour of each day, I spend time organizing and prioritizing the things that need to get done. I decide specifically what I am NOT going to do today. This helps me to avoid things that are not the best use of my time.
Then, I organize things into two lists: urgent and important (I think everything is important), but what is urgent as far as what needs to get done before I go to sleep that day. I usually set three urgent things -- the most important things -- that 20 percent that constitutes 80 percent of the return in everything that I do. As long as those things get done, I am happy.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
What's your definition of success? How will you know when you've finally "succeeded" in your business?
My definition of success is not monetary. I believe that successful entrepreneurs start their businesses because they want to take control of their lives and futures. When you have success, you are able to choose how you spend your day and your time. Having control over your time is the most valuable thing; time is more valuable than money. I don't think there's a final destination where I will know I've succeeded; it's always been about the process and the journey. I think you know you have reach success when you are able to achieve a life balance: family, friends, health and work.
The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.