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A millennial left his job to start a consulting business and booked $400k in revenue in the first year. He shares his advice on launching a startup.
- Mario Vasquez Zuniga, a 29-year-old entrepreneur, founded a consulting agency Collective that books $400,000 in revenue in a year after leaving his salaried Lucas Public Affairs job. He found it daunting but sought mentors, did thorough research, and leveraged publicly available resources for his firm focused on creative and strategic communications for business groups, advocacy groups, and nonprofits in Sacramento. Vasquez Zuniga insists entrepreneurship is a calculated risk, and one must set their ducks in a row before executing; otherwise, it could lead to business failure.
- His mother and stepfather's brick-and-mortar business, Petals Florist Shop, was not profitable, and they had to shut it down nearly three years after launching it.
- In a chat with Business Insider, Vasquez Zuniga said aspiring entrepreneurs should talk to friends, advisors, and trusted colleagues about their business ideas. Adding in-person meetups or lunches help establish credibility and create one's business network to find clients.
- Vasquez Zuniga also values mentorship and is part of an entrepreneurial program through Sacramento Valley Small Business Development Center and Immigrants Rising. His advice to new entrepreneurs includes diligently researching product-market fit, setting milestones, and attaining success incrementally.
- Vasquez Zuniga is fluent in Spanish, which has been a significant advantage as most of his clients are bilingual, and his firm can communicate and work with the clients in Spanish.
- Over 19 million business applications have been registered since 2020, indicating an entrepreneurship boom, as per the Treasury Department. However, according to the Bureau of Labor Statistics, about 25% of US businesses fail within the first year.
- Leaning on others negatively affects the pride, but in business, there should be no humility. If one feels lost pretending to be smart is not as important as actually being smart. Over time you will only win if you are good at something and don’t sidestep entrepreneurship as much possible.
- An entrepreneur must have direction and vision amid the thought goal setting may seem like a tedious activity. Vasquez Zuniga said that entrepreneurs must make a plan with clear goals; otherwise, that can leave them feeling stagnant and unhappy with their work.
- Entrepreneurship is not solely about making a profit, but it should reside in the freedom to control what one does and live their life on their terms. Vasquez Zuniga said the financial orientation of starting his business was scary, but the prospect of having flexibility later on pushed him forward.
- Being able to find prospective clients and trusted resources helped Vasquez Zuniga's business. From an 8(a) business development program to a one-stop start-up toolkit, the Small Business Administration remains important.
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