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 (Antioch College) 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.
