Entrepreneurs need to be creative, energetic and willing to make change.
Doug MacFaddin is a seasoned professional in the real estate industry with over 30 years of experience. His vast expertise in finance, real estate and business, dedication to his work and professionalism have allowed him to become one of the leading members in his industry.
Currently, Doug MacFaddin is director of the Meier team at the Corcoran Group. As director, Doug MacFaddin is heavily involved in all aspects of the business, with a focus on client communications.
A graduate of Union College, Doug MacFaddin earned his BS in industrial economics in 1983. After graduating, Doug MacFaddin immediately got to work in the financial sector as an analyst for Salomon Brothers’ Public Finance department.
After working for Salomon Brothers for four years, Doug utilized his years of experience in order to secure a series of executive positions at a variety of large, reputable companies, such as Prudential Securities, Dean Witter Reynolds (now Morgan Stanley), and J.P. Morgan, where he served as managing director for 14 years.
Then, in 2008, Doug MacFaddin began pursuing his first of several entrepreneurial endeavors by becoming CEO of PhotoOne Software, a specialized software for photographers. The software was eventually sold to StudioPlus Software.
Doug MacFaddin was not finished with entrepreneurism just yet. After his time at PhotoOne, Doug took his newfound knowledge and experience, combined it with a fierce passion for technology and media and became the director of business development at Pando Networks, a peer-to-peer media distribution company.
Afterwards, Doug utilized his previous experience of website development, strategic partnerships, marketing, and finance as the vice president of corporate development at Reloaded Games. Reloaded Games, which later became K2 Network, was a video game developer responsible for such popular titles as APB: Reloaded and Fallen Earth: Welcome to the Apocalypse.
Doug MacFaddin’s success can be owed to the sheer enthusiasm for his career and devotion to each and every project that he undertakes and oversees. Whether he is analyzing finances for a listing, communicating directly with clients or ensuring the wellbeing of his team, Doug MacFaddin always gives his best.
When not working, Doug can be found spending time with his family, practicing a healthy lifestyle or surrounding himself in the world of technology and media.
Where did the idea for Fintech come from?
Fintech is a more recent approach to banking since the recession in 2008. Consumers and small businesses are looking for alternative sources of capital since the traditional lending institutions significantly reduced their appetite around lending to the marginal borrower.
What does your typical day look like and how do you make it productive?
Most days are centered around business development and sales. Our business is all about finding qualified candidates or solutions for the marginal borrower to qualify for a loan. Many of the borrowers are entrepreneurs looking to secure capital to move their business forward.
How do you bring ideas to life?
There is a group of senior professionals who work together to solve problems or generate new opportunities when we see something in the marketplace. Reverse engineering is usually the most efficient manner to bring ideas to life and achieve a positive return on investment.
What’s one trend that excites you?
Online loan applications and response times that are real-time. Given the growth and evolution of credit algorithms in the marketplace, it allows consumers and small businesses to know very quickly whether they will be able to access capital.
What is one habit of yours that makes you more productive as an entrepreneur?
Keeping your hands out of your pockets. In other words, when a task is completed look for the next one so that you can push the agenda along as quickly as possible.
What advice would you give your younger self?
I wish I had started my career as an entrepreneur earlier in my life. Your risk is small when you have nothing. Once you have a family to support and associated expenses, risk of failure becomes magnified.
Tell us something that’s true that almost nobody agrees with you on?
I have little tolerance for personal lives in business. The associated discussion and energy placed on it results in a lower efficiency around the business. I must be in the minority since many, if not all, of my colleagues spend considerable time discussing their personal lives.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
Always be analyzing a situation even after the decision is made. Almost all entrepreneurial start-ups end up pivoting, and often times more than once. If you are constantly analyzing you should be better informed when it comes time to pivot.
What is one strategy that has helped you grow your business? Please explain how.
Don’t be afraid to pick up the phone when you want something. Sourcing talent, negotiating new business relationships or smoothing over an upset client, I find the human connection over the phone far more effective versus an email or text.
What is the best $100 you recently spent? What and why?
I just bought new shoes. I think it’s the best money because it’s important to protect your feet and they are an important insight into the man.
What is one piece of software or a web service that helps you be productive? How do you use it?
I am a big CRM person given my sales background. I have always used Salesforce.
What is the one book that you recommend our community should read and why?
My recommendation would be A VC blog by Fred Wilson of Union Square Ventures. He is a clear thinker with tremendous experience.
What is your favorite quote?
Think big. Move quickly.
Key learnings:
- There is a certain type of person that is attracted to being an entrepreneur.
- Entrepreneurs need to be creative, energetic and willing to make change.
- Entrepreneurs are usually younger because the risk is usually more tolerable. Also, you have that sense of immortality which is a good quality when trying to build a business.
Connect:
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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.