Agi Lurtz spoke at the Oklahoma Entrepreneurs Conference. She is the founder of Online MedSource. Due to last minute changes at the conference, Agi didn’t get to use this presentation she outlined. I talked her into sharing it here. I’m so honored she said yes!
My name is Agi Lurtz…
I am what is known as a serial entrepreneur.
The first time I heard this term, I immediately connected it with being a serial killer, and then quickly realized that this was not a negative term, nor was I out killing businesses… so it was a good thing.
Besides starting several new business ventures, a serial entrepreneur for me just means my mind is always thinking, cooking up new ideas, new business strategies and new possibilities. It truly never stops.
I have started 7 businesses over the last 18 or so years. Some ran concurrent with other businesses I owned and a few even coexisted. One or two were just a natural fit for what I was doing at the time, most ran their course, served their purpose and I either close them or sold them. Of all of entities I began, almost half are still going strong today.
My current and most passionate business endeavor is OnlineMedsource.
- The idea came to me during the many years I served as a caregiver for my parents until they died.
- My mother was diagnosed and died within only 5 months. But I had just given birth to my now 21 year old daughter, so caring for a newborn and my 67 year old mother was a challenge. However it was also a labor of love.
- My father was a different story… My care giving years for him spanned 10 years in all. After my mother passed, my father, who did NOTHING for himself before she died, literally had to learn how to boil water. This coming from a man who is listed in every Who’s who in the world as the world’s leading authority on Saint Thomas Aquinas. The situations was so serious that my youngest brother had to move back home to help him through these times.
- In any case, my father had a series of strokes in 1999 and 2000. So driving was out for him. This meant I would take a ½ day off work each week to take him to the doctor. Each time carrying his meds and taking notes to share with my siblings (I am the second youngest in a family of 7 children) it was through this process that I felt there had to be a better way for patients and their physicians to communicate.
- When I realized the tens of millions of people who were also serving in the role of caregiver, I set out to find something that could help. When I found there to be nothing available, I decided to roll up my sleeves and do it myself.
- That thought started in 1999 and became an official entity in the state of Oklahoma in 2001 and has been growing ever since.
The reason I tell you my story is this… here are the lessons I learned while creating and building the last 7 businesses.
- You must love your idea,
- Be passionate about it,
- Know you are the ONLY one that should carry this idea through,
- Believe you can do the very best job possible, second to none and
- Know in your heart that it is the right thing to do,
- It should makes a positive difference in the world and
- Should never, never be done solely for the sake of money.
- If you are passionate enough, it MIGHT make up for the fact that you cannot do what is required to make this happen,
- best scenario – you to be able to handle the primary function of the business yourself, otherwise you are always at the mercy of the expert you will need to take care of that for you. I.e. If you are a technology company, can you build or program what is needed to create this product or service?
- Nothing beats a GREAT, no make that spectacular business plan.
- Learn from past mistakes and get help!
- I chose to take on a business coach this time
- Best move I’ve ever made in my entire business career.
- A true business coach will help you to see the necessary steps to build a solid foundation,
- Grow the business
- Allow you to work on the business instead of in the business.
- It is an investment worth 10 times what it may actually cost you.
- Here are a few more things I now know to recommend…
- If at all possible, find a business incubator and start your business there…
- The rent is less
- It’s month to month
- Everything but phones are included-
- You have access to all the equipment you’ll need
- FAX
- Copier
- Shredder
- Binding machines, etc.
- You have access to the help and advice you’ll need
- The tax benefit is tremendous, both now and up to the next 10 years, even after you move out.
- Investors…
- Investors will be
- Family
- Friends
- Angel Investors
- Venture Capitalists
- YOU
- No matter what type of investment money you might receive, take this advice from someone who now wishes they had been given the same advice…
- Do your research; be sure your idea is not only a good one, but a viable business with true marketing capabilities. Don’t just think that a good idea will be enough. Besides the more effort you put into research and documentation, the more likely you will have investors interested in working with you.
- Get a business coach
- Put together a true team of business people, whether it is a board of directors, advisory committee, or just smart business friends, this is one of the most important steps you can take.
- Follow your business plan
- Check your plan every 6 months or MORE and adjust it accordingly.
- Remember, a business plan is a road map of sorts, but it is also a living document. It must grow and change with all the variables that can happen in business, even the ones you have no control over. Especially the ones you have no control over…
- Always look for ways to improve…
- Your product or service
- Delivery of your product or service
- Pricing
- Cost cutting without diminishing quality
- Quality control
- Marketing
- Public relations
- YOURSELF
- Then document every step…
- As you grow, daily, weekly monthly and annually, document every step, every process, so anyone coming aboard can step right into the position. This is also helpful when you when you have to do something you have not done in a long time or don’t have to do very often. Nice to have a step by step manual of sorts. Do these as you go, it takes very little extra time and saves your countless hours, dollars, headaches and heartaches.
If I truly followed the steps above, then bankers, investors, family and friends would be more likely to throw money down on this or any venture.
Other Money Sources-
Banks
Grant Money
Matching funds, such as Oklahoma’s TBFP fund
If I knew then what I know now, here is what I would do differently…
- If I keep up the process, constantly strive to be better and rewrite my business plan often, then I’m far more likely to succeed and exceed even my own expectations.
- I would be more careful in who I hire and how I hire.
- I would be more diligent about making every effort to grow and market my business.
And last, but should actually be first, ask yourself: What is my goal with this business?
- Is it to make a living, or even a good living?
- Make a difference in the world or at least my little corner of the world?
- Is it to someday sell this business or leave it for my heirs?
If “C” is to possibly someday sell the business, then everything you do now should be with that ultimate goal in mind.
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