Hawke's Bay Today is running a series of questions and answers from leading Hawke's Bay business leaders. Business editor Patrick O' Sullivan talks to Hal Josephson, founder of MediaSense, an international business development firm.
Where did it all start for you?
In 1970, I attended one of three universities (AntiochCollege) in America that operated a year-round work/study programme. At the time, it was called experiential education. Students alternated study semesters with "work" semesters (co-op jobs or internships) throughout a four-year BA programme. After eight 11-week real-world job roles, the idea of starting my own company, rather than taking a "job", came quite naturally. In the early 1970s I bought the first small-format prosumer video equipment and started a production company. I moved to Aspen, Colorado, and became a contract video producer for the local TV station. Plus, I had a side-business documenting events like conferences and festivals as well as personal "magic moments" like Jimmy Buffett's first wedding. A year later, I met my first business partner. Together we raised our first $50,000 investment. This evolved into one of the early business to business (B2B) video-conferencing companies. One year later, we sealed a deal for a $750,000 micro-IPO. It was my first significant money-raise, at 28.
What is the best advice you ever received?
The hardest thing to know is when to stop. And it's even harder to do. Changing course as an entrepreneur can be extremely difficult. It means that some aspect of your business idea is not working. Persistence can be a great attribute when one is passionate, but "blind" persistence is dangerous.
Being an early adopter of new ideas, tools and technologies was always a gateway to new and next breakthroughs. Feeling like one is in the right place at the right time doing the right thing is magical, and you want to maximise these moments when possible. Paying attention to customers and clients as much as or more than to one's product or service is mission critical.
What goals have you for your business or yourself for 2016?
I will start writing my second book. It is actually, a blog series and an inspirational speaker presentation about an integrated personal and professional life and the business lessons over a 40-year period.
What needs to change in Hawke's Bay for better growth?
Hawke's Bay is currently on the cusp of a next wave of change. It will seem gradual to some; it will appear hugely impactful to others. It would be most helpful if we as a region, a province of differing communities, could learn to collaborate more to optimise and/or leverage our combined strengths.
