Institute for Entrepreneurship Entrepreneurial Education Partner
On September 3rd, Jerry Torres spoke with the Daviess County CEO Cohort, offering valuable insights from his experience as the owner of multiple businesses, including MiPueblo, Reid's, Champion Lanes, and Ginger Ales.
In discussing the pros and cons of managing multiple businesses, Jerry highlighted key aspects like trust, time commitment, and the importance of being present. He also shared several guiding principles that are essential for success. Below is an elaboration on each of the key rules Jerry shared:
1. Hire trustworthy people - Jerry emphasized that the people you bring into your business can make or break it. Having a team you can trust is essential, as it allows you to delegate with confidence and focus on the bigger picture. Trustworthy employees help maintain the integrity of the business, reduce stress, and foster a positive working environment. When you know your team has your back, you can grow more efficiently.
2. Be prepared for the time commitment - Owning multiple businesses requires a significant investment of time and energy. Jerry noted that it often feels like you’re "married to the business," and that’s a reality entrepreneurs must accept. Success doesn't happen overnight, and you have to be willing to put in the work consistently, sometimes at the expense of personal time. The more time and effort you invest, the more you set up your businesses for success.
3. Maintain a strong presence - Being present in your businesses is crucial—not only to manage day-to-day operations but also to build relationships with employees and customers. Jerry pointed out that people want to see you involved, as it fosters trust and loyalty.
4. Patience is key—nothing comes fast - Jerry reminded the cohort that success is not an instant reward. It requires persistence, patience, and long-term vision. There will be setbacks and challenges along the way, but the key is to stay the course and avoid expecting immediate results. With patience and steady effort, growth will come in time.
5. Don’t chase, attract - Rather than chasing opportunities or customers, focus on creating a business that naturally draws people in. Jerry believes that if you build something of value and cultivate a positive culture, people will be attracted to your product or service. This principle encourages entrepreneurs to focus on their brand, reputation, and core values rather than scrambling for quick wins.
6. Be valuable, not always available - While being present is important, Jerry also advised against being overly accessible. The idea is to focus on delivering value rather than spreading yourself too thin. By guarding your time and making selective appearances, you emphasize the importance of your contributions and ensure that your time is spent where it has the most impact.
7. Discipline makes today hard but tomorrow easy - Discipline in business can be challenging in the short term but pays off in the long run. Jerry highlighted how staying disciplined with your routines, habits, and business practices might feel difficult now, but it sets the stage for smoother operations and long-term success. The more disciplined you are today, the more prepared you are to handle future challenges.
8. Reflect on your daily habits - Success is often a product of consistent habits. Jerry encouraged the cohort to regularly reflect on their daily habits and routines, as these small actions add up over time.
9. Choose your circle carefully - The people you surround yourself with, both in business and in life, play a huge role in your success. Jerry advised choosing your circle carefully—whether it’s mentors, business partners, or employees. Surround yourself with people who support, challenge, and elevate you.
These principles form a solid foundation for aspiring entrepreneurs, helping them navigate the challenges of owning and managing multiple businesses while fostering personal and professional growth. Thank you Jerry for coming in and sharing with the cohort
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