Finance PR

I read this post from a venture capitalist and found it to be true as an entrepreneur today at the age of 36, owning 1 of the 13 largest independent Public Relations firms in the US, and pondering what’s next:

I don’t think there’s ever a time an entrepreneur isn’t scared. I know that I am with 24,000 square feet in a prime NYC Class A building, a small office in LA, and a lot of employee salaries for which I am responsible. In the last 6 months, there have been more acquisitions of PR agencies than there were since I first founded the agency in 2003, and it has made me wonder: “Was I right to turn down the countless acquisition offers I’ve received since Day 1?” I think about this over the last 30 days as two of my professional mentors have had major financial shifts: one bought a huge company to further grow his already successful business, and another bought back his company from the publicly traded company he had sold to some years ago.

After reading the VC’s post, I realized its main points rang true for me and my business: “We have become a real business” and “as an entrepreneur… we have gone from hopes and dreams to the real thing. There is nothing as satisfying in entrepreneur land than having a profitable growing sustainable business that doesn’t need another dime of anyone else’s capital and feeling financially secure.

” Not having to use anyone else’s money is the ideal route to take when starting any business, whether it be a pr agency or a building company. Although, most people are unable to do this because they aren’t economically stable enough to launch a business themselves. This is why companies such as SummitFR exist, so they can offer these people loans to help them take their businesses to the next level.

We are profitable, successful and as we start our 9th full year in business, I realize that we simply need to get better and learn from mistakes, as we have. With a great team around me, I feel poised that my company will have huge success in 2011. We already have improved our invoice template excel amongst other things. Really, it’s confidence and maturity that we haven’t had before and reading the article made me realize it.

Fred Wilson, a VC and principal of Union Square Ventures whose blog post I referenced above, says, “I enjoy watching an entrepreneur and a team spend a decade or more building a real business that creates sustainable value for everyone. And that process is never pretty from start to finish. Don’t worry about that. Embrace it. It is just another challenge to be met. You can cross the chasm from hopes and dreams to the real thing if you have the tenacity, the team, the plan, and the right capital partners. And when you do, it is the greatest feeling.”

I agree with everything he said – and it’s really something which has defined our history. In many ways, we will be going full circle this month – and I will be doing the same, both personally and professionally for reasons that I won’t name. We are now in the big leagues and I feel confident saying big things abound at every level.

Ronn Torossian

5WPR

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Ronn Torossian is the founder and CEO of 5W Public Relations, one of the largest independently-owned PR firms in the United States. With over 20 years of experience crafting and executing powerful narratives, Torossian is one of America's most prolific and well-respected Public Relations professionals. Since founding 5WPR in 2003, he has led the company's growth, overseeing more than 175 professionals in the company's headquarters in midtown Manhattan. With clients spanning corporate, technology, consumer and crisis, in addition to digital marketing and public affairs capabilities, 5WPR is regularly recognized as an industry leader and has been named "PR Agency of the Year" by the American Business Awards on multiple occasions. Throughout his career, Torossian has worked with some of the world's most visible companies, brands and organizations. His strategic, resourceful approach has been recognized with numerous awards including being named the Stevie American Business Awards 2020 Entrepreneur of the Year, the American Business Awards PR Executive of the Year, twice over, an Ernst & Young Entrepreneur of the Year semi-finalist, Metropolitan Magazine's Most Influential New Yorker, and a 2020 Top Crisis Communications Professional by Business Insider. Torossian is known as one of the country's foremost experts on crisis communications, and is called on to counsel blue chip companies, top business executives and entrepreneurs both in the United States and worldwide. Torossian has lectured on crisis PR at Harvard Business School, appears regularly on CNN & CNBC, was named to PR Week's "40 under Forty" list, is a contributing columnist for Forbes and the New York Observer, and his book, "For Immediate Release: Shape Minds, Build Brands, and Deliver Results With Game-Changing Public Relations" is an industry best-seller. A NYC native, Torossian lives in Manhattan with his children. He is a member of Young Presidents Organization (YPO), and active in numerous charities.