Transcript #13 - Matt Britton, Founder of Mr. Youth

What is your background?
•	"In college, I started The Magma Group, which helped internet-based companies target the college market. We sold it in December of 2000."
How did you start your own company in college?
•	"It is not as hard as people think. People think there is a lot more boundaries."
•	"In a service industry there is very little barriers to entry. Get your first client and make them happy. Then tell the world about it and hope they do as well."
•	"The same rules apply in any service industry, and that is to keep the customer happy."
What is Mr. Youth?
•	"We provide custom-integrated marketing services targeted to the youth market."
•	"One example of a campaign was when we built a three story gift box for Victoria Secret in South Beach during spring break."
How did you know you wanted to sell The Magma Group?
•	"It was more of a bail out than an acquisition. The internet bubble burst and our clients went bankrupt. But it was a great learning experience."
•	"I learned how important it is to diversify clients and, today, no one client makes up more than 20% of Mr. Youth's business."
Did you need financing?
•	"We have a minority investor called The Mentor Fund really for the purpose of offering us strategic direction rather than a need for cash."
•	"The service industry doesn't need financing. It gives a false sense of security and takes away from the urgency and services that they deliver."
How stressful is it to manage your own business?
•	"Our number one stress is managing clients' expectations and keeping them happy."
How competitive is your industry?
•	"We have zillions of competitors. If you are not going to break your back for a client, they are probably going to find someone else that will."
How many employees do you have?
•	"Seventeen full-time employees. We hand pick all employees, and if they do not work out we quickly dismiss them."
•	"The first 30 or 40 employees of an organization are so important to its overall success."
What are some challenges you face?
•	"I can't be involved in everything."
•	"My biggest objective is building a company that is scalable and has enterprise value."
How important is passion?
•	"When you are a chef and you open a restaurant, the last thing you do is cook. The same holds true when you start any business."
•	"I deal with human resources issues, financial issues, growth issues, and customer service growth issues."
•	"It is stressful, but you have to limit stress. If you can't have fun at what you are doing, you might as well work for someone else."
What different resources would you recommend?
•	"Craigslist is a great way to find employees, contractors, really anything."
•	"QuickBooks' products are great for finance and automation."
•	"Google is the best for finding customers."
What's it like running a business in NYC?
•	"It presents great opportunities because there are so many advertising agencies and clients here."
Can you leave us with some last bit of advice?
•	"Have fun in what you are doing and be passionate about it."
•	"Have a plan so you have an idea what you are working towards. It doesn't matter if it changes day by day."
•	"It is very empowering because you realize you can do almost anything you set your mind to."