I believe in motivating my team with bonuses and recognition. The more energized your sales reps are, the better they will perform.
Eddie Hamid sits at the helm of the iAdvance Now leadership as its CEO. Hamid formed the company to cater to the needs of entrepreneurs looking for alternative sources of capital. Together with a team of experts, Eddie Hamid has created financial products that satisfy different requirements from a multitude of businesses. In the short time that iAdvance Now has been operational, it has revolutionized the lending sector by simplifying the borrowing process for businesses of all sizes. Before iAdvance Now, Hamid was a senior account executive at Business Bounce and an insurance agent before that. Hamid attended Stony Brook University and is passionate about economic empowerment.
Where did the idea for iAdvanceNow come from?
My time as a business and insurance executive afforded me a glimpse into the world of business financing and how it can be unforgiving for startups and small businesses. I realized there was a huge need to offer new and existing businesses alternative ways of raising capital, and that is how iAdvance Now came to life. Getting the word out about funding for business growth isn’t always easy, but for the right business who is either looking for capital or doesn’t know the option is available, it’s often a win-win for all parties.
What does your typical day look like and how do you make it productive?
Most of it entails reviewing applications from companies that need financing and analyzing their viability as borrowers. Personally, I’m doing this on a much larger scale as I’m overseeing a team. A typical day consists of motivating my team to push forward, quickly answering underwriting questions, and working toward meeting personal and team goals.
How do you bring ideas to life?
After running a concept over in my head, I turn to people I trust to get their opinions. It’s really as simple as that. If it’s a bad idea, chances are I’m already feeling uncertainty and friends, family, or co-workers will share their opinion. It’s the same process for good ideas too.
What’s one trend that excites you?
I’m always looking forward to seeing how the finance sector will come up with new ways to support startup businesses. I’ve had my eye on blockchain technology for a bit and I’m curious to see how it will impact the lending sector and how much of a factor cryptocurrency will play in the future.
What is one habit of yours that makes you more productive as an entrepreneur?
I believe in motivating my team with bonuses and recognition. The more energized your sales reps are, the better they will perform. Also, I’m always looking for ways to share my ideas with the world so any interview opportunity that comes my way I’m happy to share my insights and ideas.
What advice would you give your younger self?
Things only get easier when you learn how to deal with them. For me now, I like to take a step back whenever I’m frustrated or stressed. When I was younger, I’d fly directly into a storm trying to tackle an issue head on. As a mature business professional, I prefer to take a more calm and calculated approach.
Tell us something that is true that almost nobody agrees with you on.
Your team determines how much you have to work and the type of work you do. There’s no such thing as a bad team, only bad leaders. Many people often point fingers when they should be pointing thumbs and looking at themselves first.
As an entrepreneur, what one thing do you do and recommend to everyone else?
Revaluating my goals. With time, you achieve small or large milestones that make it necessary to re-imagine the bottom-line. There’s nothing wrong with tweaking your goals from time to time as heading down a compromised path because it’s been defined as a goal isn’t smart.
What is one strategy that has helped you to grow your business?
I have surrounded myself with an excellent team of professionals who understand the vision I have for iAdvance Now and are willing to achieve it. It all comes down to seeing the power of the business model and being able to articulate it to prospects and clients.
What is your one failure as an entrepreneur, and how did you overcome it?
Starting out is always hard for any entrepreneur especially those first days when it doesn’t seem like anyone is interested in what you are selling, but patience and the right dose of motivation helps.
What is one business idea that you are willing to give away to our readers?
Disappointment is part of doing business, but it should not be the reason you stop trying to move forward, whatever the venture.
What is the best $100 you spent recently? What and why?
A networking event because you can never have too many business contacts. Beyond that I recently purchased a Sous Vide cooking device from Amazon and it’s been awesome. Cooking using controlled temperatures and water is not only efficient, it’s science.
What is one software or web service that helps you be productive? How do you use it?
I don’t think we can survive without our CRM software. We have many salespeople and prospects which means they all need a platform where they can manage interactions.
What is one book that you recommend to our community to read and why?
Napoleon Hill’s Think and Grow Rich is a classic that everyone should make time to read.
What is your favorite quote?
Just about every line from Sun Tzu’s Art of War because it relates to every situation, business or not.
Steve (Stefan) Junge hails from Germany and helps with the day-to-day publishing of interviews on IdeaMensch. While he and Mario don’t share a favorite soccer club, their enthusiasm to help entrepreneurs is a shared passion.