Ricky Sherrill
ENTREPRENEUR PROFILE
Owner : Ricky Sherrill Regional Vice-President
Business Name: Primerica Financial Services
Industry Business: Financial Services, Insurance & Investments
Education: BS in Textile Management, NCSU 1983
Professional Background: Department Manager and Supervisor Spindale Mills Corporation
ENTREPRENEUR INTERVIEW
(Interview conducted by Scott Hutchins)
My interview with Ricky Sherrill was somewhat different from my first entrepreneur. Ricky got involved with the financial services industry on a part-time basis while still employed with his textile management position. At first, his focus was making additional income to supplement his salary. However once he lost his job it became a career.
Primerica Financial Services allows individuals to become independent business owners under their system once you have meet a certain amount of business and completed various levels based on sales and performance. In 1990, his part-time job becomes his main source of income, so he focused on meeting those requirements in order to become an independent business owner. In the first year, it was a struggle due to revenue flow. Once he was able to establish his office and clients, things improved. Ricky has owned and operated his financial services for 20 years now.
Ricky continuously referred to the amount of flexibility and freedom he had due to owning his business. He said that freedom has allowed him many opportunities to attend various events while his kids were growing up that a regular job would not have allowed. The business allows him the freedom of setting his on schedule throughout the week. In addition, he is in control of his pay. If he works hard and smart then it pays off in revenue but the reverse is true. He also realizes that if he does not work then he is not paid. Ricky pointed out that this business has an unlimited income potential based on your performance.
Again, in every interview I conducted, I tried to ask some of the same questions to each business owner. I asked several questions relating to advice they could give to others and one question very specific; what do you think should be the top five issues that individuals should consider when starting their own business. My goal as the interviewer is to determine a greater understanding of what one must consider and avoid when starting a business.
Mr. Sherrill had the following response to the first question, “what advice would you give to someone thinking of starting their own business?” The second question, “what would be the top five issues or obstacles that should be considered when starting your own business?”
Response to question one:
1) You must be passionate about what you do, not in for the money
2) Set goals both personal and business to keep focused
Response to question two:
1) Determine the start up cost then add more
2) Must determine if the business will work long term
3) Ask yourself is this what you want to do
4) Determine how it will take before you make a profit
5) Set goals and plans
This interview mirrors that of Ms. Alexander on a couple of points. Make sure that you are passionate about whatever type of business you start. Consider the cost involved in starting your business. You must have a plan in place as a roadmap on how to be successful in your venture. Even though this business is different than horse breeding some of the same basic principles apply to running a business.
Note: Copy of Interview Questions posted on our cohort site.
