Viatek Founder Santiago Toro on his Leap of Entrepreneur"ing"
Viatek Corporation specializes in providing solutions for waste water collection and treatment, storm water management, soil stabilization, canalization and bridges. Viatek manufactures the VIAVAC Vacuflow Vacuum sewer system and is an alternative to traditional gravity, vacuum or low pressure systems, to provide communities that have limited or no sewer service. They have offices in Puerto Rico, Mexico, Dominican Republic and Panama.
Welcome to the second of a blog series we've been putting together to feature entrepreneurs of all ages, industries, "success levels," and stages. This series is called Leap of Entrepreneur"ing" which is a play on leap of faith and adds a little progressive verb twist because, well, trying to start and run a business is always a work in progress. We ask questions about how they prepared financially, what advice they would give, how they measure success and more.
The goal of this series is to motivate anyone who's been thinking about potentially starting something of their own and doesn't know where to start or what to do. I hope hearing the realities and stories of others who have been there before or are there now will help to inspire you. This is also for those of you who currently own a business to find some comradery and create an open dialogue and community. Lastly, this is also for anyone who just wants a more transparent and "real" peak into the mindset, struggles and experiences of someone who identifies as an entrepreneur.
When did you first get the idea of the kind of business you wanted to start and how long was it until you felt confident enough to take the leap of faith?
I first got the idea for my business by reading the newspaper and seeing how we are contaminating and wasting water as well as government resources with patching solutions instead of implementing economically and environmentally friendly permanent solutions. Every business I start is based on solving a problem by thinking out of the box. This means that my business plan is always based on opening market niches that tend to take longer and are more difficult, but the rewards are much larger. It usually takes me very little time to make a decision when an idea “hits” me….5 minutes…I then go into research mode on how to solve the problem but always by thinking outside the box, usually in reverse…like reverse engineer solutions. The key is to execute and not to leave good ideas just sitting…
How did you prepare financially for starting your own business and what was were the best and worst choices you made when planning?
I prepared at the very beginning by paying off 100% of my personal debt so I could operate with very little cash flow. I started at home, in a bedroom with a tiny desk, a notebook and an outdated computer and grew from there. I was able to always negotiate partial payments upfront with orders that gave me that instant cash flow needed to acquire, hire and just operate the business but the key to it was to look forward to growth (investing) rather than not spending money (saving) but there has to be a balance between them. Saving is absolutely necessary but saving too much may limit the investment you need to put on the table to make your business grow. Forecasting is important to make preemptive changes ahead of market shifts or problems on the horizon.
What does your business do and offer?
We offer solutions for sanitary, storm water and road/bridge infrastructure. We started the company by representing manufacturers of products to solve infrastructure problems in cities that lacked sanitary systems to collect and process sewage water, or floodings caused by deficient or non-existent storm-water infrastructure. We now also accelerate bridge construction by implementing materials and construction methodologies that cut tie and costs by 50% which also applies to storm water and sewage systems. Now we manufacture our own products and systems and have offices in 4 different countries.
How do you measure success today?
#1 By the pleasure I feel by doing what I do
#2 Successfully implemented projects that have a direct positive impact on the environment and society
#3 International reach, …and
#4 Income. I do not work to make money...WTF???!!!! I work to solve problems that affect the environment and our quality of life…and money happens. The larger the problem I solve, the more pleasure...and of course the bigger the income. I am madly in love with what I do and the results I see and that is what drives me every single day. Income is a by-product of this activity that I love to do every day.
What advice would you give to anyone whose been thinking about starting their own business?
I follow and live by several simple rules:
a. You can achieve anything you want.
b. Be positive and never listen to negative people.
c. Welcome positive criticism and don’t be on the defensive, shut up and listen, be humble.
d. Set the next goal higher as you reach them (within reason).
e. In life, you do not get what you think you deserve, you get what you negotiate so get on it and don’t wait for your ship to come to you, go and get it!
f. Focus on making money rather than saving money
g. BE CREATIVE AND THINK OUTSIDE THE BOX. “Do not start a sandwich shop next to three other sandwich shops” Be different and creative on all aspects.
h. KARMA is real and rules. Be a good person with everyone and be honest and say the truth. If you screw up, call your customer and tell them that you screwed up and you have a solution. This is a very obvious thing that no one does but we do as a standard procedure. Calling a customer first, to tell him/her that there is a problem but you have a solution will leave you customer with a tremendous confidence in your word and character. He/she will not want to work with anyone else, but you because they feel protected. Think of it as “every single problem is an opportunity.”