YEC Member Spotlight: Justin Bailie, Founder, FR8nex
Justin Bailie is the CEO and Founder of FR8nex.com, a web-based transportation platform designed to liberate small to midsize businesses from the dark ages of manual freight management tasks. Justin is also the owner of Jellyfish Freight Management (a third party logistics firm), an avid traveler, a father of 3 and a Toronto Blue Jays fan. You can learn more and connect with Justin on LinkedIn or follow him on Twitter @thisjustin1980.
Who is your hero?
Tony Robbins is my personal hero. He may be a little mainstream, but I so admire his ability to succeed on every level by helping the world become a better place. I am not sure of a more worthy cause.
What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?
“Thoughts become things.” In this phrase written by Napolean Hill, I find courage and peace. Stephen Covey says, “Start with the end in mind.” This statement allows me to stay focused and to be more concerned with the “what” than the “how.”
What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?
I personally took too much money from the business. This was a critical error. I was not prepared to go from the lifestyle I was living while in a successful sales role to that of a business owner. I learned that you must be very clear with yourself and your family about what you are willing to give back in order to have your business succeed. Your resolve will be tested. I would highly recommend starting to live at the level of wages you will earn in the early days of the business well before you start it. This seems so obvious now.
What do you do during the first hour of your business day and why?
Each day is different:
- Monday: Reach out to team members
- Tuesday: Reach out to customers
- Wednesday: Marketing material reviews
- Thursday: Pre-arranged meetings with vendors, VCs, etc.
- Friday: Review financials and sales reports
This ensures I am spending, at a minimum, one hour a day on the core areas of my job.
What’s your best financial or cash-flow related tip for entrepreneurs just getting started?
As a typical Type A entrepreneur, you are already aggressive in nature. Do your best to act conservatively in regards to the financial side of your business. It is so much easier to spend money than it is to earn it. Your aggressive nature blended with a conservative approach to money will create a perfect balance — and balance sheet.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
Fire everyone you don’t trust.
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
My definition of success is an exit. I have a lot of milestones that when hit will determine that we are on the right track to success. The track ends at an exit.