Most people believe that ideas are the most important thing to a business owner, but I actually think they’re overrated- it’s the ability to put things in motion that’s more impressive to me. If you lack the capacity to execute an idea, what good is it doing you?
Ali Habib Mayar is the CEO of Platinum Rapid Funding Group, an alternative funding company based on Long Island, New York. It specializes in helping entrepreneurs and business owners access the capital they need to expand or support their businesses.
Small business loans are very difficult to qualify for and if you’re lucky enough to be approved, they often come with restrictive conditions. While many may not know or understand the benefits of a merchant cash advance, the difficulty that a business will face when applying for a small business loan is why Platinum Rapid Funding Group is a godsend for owners in a variety of industries.
Mr. Mayar began his career in finance, and in 2012, his focus shifted on alternative finance solutions. He did so after realizing how difficult it can be for business owners to establish financial comfort in a competitive marketplace; one that requires access to capital to ensure growth and sustainability.
Ali is driven by a sincere passion to help business owners succeed, ensuring that he and his team at Platinum Rapid Funding Group exhaust every possible option with top notch service for every client.
We recently had the chance to sit down with Ali Habib Mayar and discuss his plans for Platinum Rapid Funding and the merchant cash advance industry as a whole.
Where did the idea for your company come from?
While I was working in finance, I noticed that many business owners I knew lacked access to stable and trustworthy financing they needed to pursue their goals. In order to fulfill their business needs, they would most often turn to short-term funds to satisfy purchase orders.
I founded Platinum Rapid Funding Group to give entrepreneurs and business owners alternative financing opportunities that banks either cannot provide and were perhaps not willing to provide for certain business owners.
What does your typical day look like and how do you make it productive?
I like to give a motivational speech to my teams daily and highlight any big achievements in the group and give them recognition. I try to stay involved with every aspect of my company, even on a smaller level. Having that level of control feels good, and in the beginning it was necessary to help us stay on the right path.
How do you bring ideas to life?
I make goals for myself and then I am determined to reach them. On a broader level, the only reason I can bring my ideas to life is because of the team that I have the pleasure of working with every day at PRFG. Without their efforts, there’s no way that Platinum Rapid Funding Group could be as successful as it is today. Their ideas and input have shaped the path we have taken. I often stress this point with clients and everyone in my office: having the right team can determine the success or failure of a company.
What’s one trend that excites you?
The influence that businesses and individuals can have through their Instagram accounts alone is exciting, but when young people find their own brands and leadership in sales positions and then start promoting themselves- that’s even more exciting. I like any trend that leads to more people pursuing their dreams through hard work and I think Instagram has provided a really beneficial outlet for that trend.
There’s no doubt that sales professionals on Instagram motivates and opens people’s eyes toward the possibility of having a career in sales. What wasn’t so cool 10 years ago, because many people thought commission-based jobs were “risky”, is now a role that’s desirable and sought after because you can control your own destiny.
What is one habit of yours that makes you more productive as an entrepreneur?
I’m more productive when I set some time aside to recharge. I love to go boating with friends, and frequent great restaurants on Long Island’s south shore and just enjoy each other’s company. It allows my mind to decompress a little, leaving me recharged when I head back to work the next day.
What advice would you give your younger self?
Stay the course and remain patient. Some opportunities haven’t always looked great, but you never know where those opportunities could lead to. I wouldn’t want to change a thing after seeing how everything turned out. This is advice I constantly remind myself today.
Tell us something that’s true that almost nobody agrees with you on.
Most people believe that ideas are the most important thing to a business owner, but I actually think they’re overrated- it’s the ability to put things in motion that’s more impressive to me. If you lack the capacity to execute an idea, what good is it doing you?
In contrast, I didn’t invent alternative financing solutions, but I have still built a business around the concept because of mine and my team’s ability to execute and service the needs of clients better than other providers in the industry. Learn how to execute, then worry about “big ideas” later.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
An entrepreneur is the leader of his or her business, and it’s important they lead by example. I’m constantly putting the client first so my team can follow my example and do the same.
What is one strategy that has helped you grow your business?
We try to build a personal relationship with every client we work with because it allows us to better fit their needs and anticipate their future needs as best as possible. It has also made past clients more likely to refer us to others, allowing our company to grow through word of mouth.
What is one failure you had as an entrepreneur, and how did you overcome it?
Many times! I’ve had many failures and setbacks over the course of my career, but each of them taught me something I needed to be successful. Failure is fine as long as you treat it as an opportunity to learn, not an excuse to give up.
What is one business idea that you’re willing to give away to our readers?
I’ve noticed that many companies lack contingency plans for extreme weather conditions. A consulting service that helps companies prepare might be able to gain traction. Depending on the location of the business (i.e. located on the coast) there might revenue loss if the local area needs to rebuilt after the storm, so getting that kind of specialized guidance through a situation like that would be a great idea to put into motion.
What is the best $100 you recently spent? What and why?
Toys for my daughter who’s a few months old. Watching her discover the world around her is an incredible feeling and being able to spend time with her at this stage of her life is indescribable. Becoming a parent this year has forever changed me for the better.
What is one piece of software or a web service that helps you be productive? How do you use it?
The iMessage app. What I love most about it is that I no longer need to rely on my iPhone to respond via text. I can type faster and stay more organized with text messages than just using my phone. I communicate with many people each day so the iMessage interface keeps me organized and more productive with day-to-day communication.
What is the one book that you recommend our community should read and why?
I read a variety of business books, so I can’t pick just one. If you keep reading, you’re bound to find something that resonates with you and everyone is different. Eric Thomas is one of my favorite authors and speakers so I’d suggest anything by him.
What is your favorite quote?
“When you want to succeed as bad as you want to breathe, then you’ll be successful.”
– Eric Thomas
Key learnings:
- Ideas themselves do not create successful businesses, execution does.
- The people you hire will determine the ultimate success or failure of your business.
- Failure is inevitable as an entrepreneur. It can be a positive experience if treated the right way.
- There is nothing wrong with an entrepreneur taking a break to recharge, whether that means a day trip or just a mid-day break to decompress. Breaks should be earned through hard work and production and used to come back to your business stronger and with fresh perspectives.
Connect:
Mario Schulzke is the Founder of ideamensch, which he started a decade ago to learn from entrepreneurs and give them a platform for their ideas.