Tuesday, September 16, 2014
Interviewer: Elizabeth Shown
Interviewee: Matt Waissen
Bio:
Matt is a friend of mine and a fellow alumnus of UNC Asheville, where he majored in Economics. Matt was an international student from France. Since graduating from UNC Asheville, Matt received an extension for his visa to begin a business in the United States. His business is called Heathfield CLS LED (USA). Matt is the majority owner with four investors from the UK having an interest. The business sells energy efficient lighting along with lighting fixtures and traditional lighting solutions.
How did you get your start?
Because I am an international student, I had to worry about my visa expiring after graduating, which made things a bit complicated. When my initial plans fell through, I got a job in Asheville and saved money for as long as possible. I knew a guy from England who had a lighting company. I called him and introduced to him my idea to expand his business into the U.S. and he agreed it was a feasible idea. It was a great time in the market for expansion into the U.S. and it made sense strategically. He brought additional investors to the table for the new venture. From there I worked with my lawyers to develop a five-year business plan with forecasts, budgets, personnel plans, etc. and I went to London and pitched my business plan, and the investors agreed to pitch in six figures (mid-to-low range).
Why did you decide to start a new business?
Initially I did not want to start my own business. I actually had intended to work in finance since day one, which is where I saw myself after graduation. I had several contacts with very promising offers, one in particular with a highly regarded financial firm in the United States. Unfortunately, my plans fell through when the company I had hoped to work for went through a massive lay-off and transition period, which weakened my chances for being hired. That’s when I was forced to switch gears, especially because my visa was soon expiring and I would be forced to return to France. Starting a business was my last resort. I never saw myself doing this. However, it has turned out well.
What exactly do you do?
I am currently running Heathfield CLS LED in the United States as a one-man team. I find potential clients in the area who I can target to pitch a plan to for a new lighting system. I meet with clients and draft up plans of their current lighting systems and fixtures and identify opportunities for potential cost-savings. For example, using simple financial calculations, I analyze the amount that could be saved by switching to our products (which are 90% more efficient) and do some additional research to see whether or not there are any rebates available for the project. All of this research eventually leads to the calculation of a total ROI. Usually if the ROI is under two years, the client is receptive to the idea and we can potentially move forward with the sale.
What is the most challenging aspect(s) of being an entrepreneur?
Staying motivated and passionate about what you’re doing. It’s easy to look at other people and say, “all they have to do is graduate,” or, “all they have to do is serve pizzas,” especially people at my age. And instead, I am loosing sleep over important business issues everyday. I wake up and go to sleep with business on my mind. You just never feel like you’re doing enough- you’re under constant pressure.
What would you say are the top characteristics of successful entrepreneurs?
I think it has to do a lot with personality. I am someone that’s easy to talk to. I think that has helped me build a big network. You have to be easily able to adapt to peoples’ different needs and interests and show them that you’re listening to them and that you care about their needs. Secondly, you have to be willing to make sacrifices for your time. And finally, you have to be able to handle losses.
Is there any advice or information you would like to share with new entrepreneurs or people thinking about starting his or her own business?
You’d be surprised what you can do with a couple of phone calls and the right research. For example, in my experiences a couple of phone calls can lead me to $45,000 in one sale. You wouldn’t believe the amount of people who try to ask for jobs without knowing anything about the business at all. Being prepared is key. If you go to someone having already done a little bit of research, chances are they will like you because they know that you’ve prepared. Lastly, take chances while you’re young. You have nothing to lose at this age.
