Interview with an Entrepreneur

       Recently, I conducted an email interview with a entrepreneur from my hometown in Matthews, NC named Harry Stokes. He is the owner and founder of Contemporary Benefits Design, Inc. Founded in 1990, Contemporary Benefits Design, Inc. is one of the areas largest full service benefits brokerage firms. They provide expertise and superior creativity in all areas of benefits and insurance, but the firm specializes in group health, life, dental, disability, executive/key man plans, and retirement services. This business has proven to be very successful, with over 600 client companies. In addition to his insurance benefits company, Harry also has several other small ventures, including a frozen ice business that caters to local school sporting events. I sat down with Harry and asked him a few questions about his career as an entrepreneur. I first asked what made him want to create his own venture, and he claimed that he witnessed upper management taking too large of a cut from the amount of his insurance sales, and so he decided to leave his first firm to keep all the profits from his work. As we continued talking, Harry began to explain to me that the most challenging aspect of starting Contemporary Benefits Design, Inc. was his cash flow. Because the business is commission based, it can take a great deal of time before money starts to come into the company. Furthermore, Harry said that it was challenging to learn how to maintain personal and business income, while still investing back into the company. In addition to cash flows, he says that the most challenging aspect of operating his business is managing his staff.
        I asked Mr. Stokes how many hours per week he devotes to his business, and he told me that, at a minimum, he spends 50 hours per week in his office and devotes at least 65 hours per week to his business overall. I then preceded to discuss what separates his business from other competitors in his market. He said, "We stay competitive in our market by providing excellent service to our clients. We go the extra mile." After that, I questioned him about his marketing and advertising strategies for attracting and retaining clients. Harry began explaining to me that Contemporary Benefits Design, Inc. primarily marketed and advertised their business by word of mouth ad roughly 75% of new clients came from recommendations, however, they still use social media and telemarketing to attract new business. As our conversation came to an end, I asked him what was the most satisfying thing about being an entrepreneur, to which he answered, "The most rewarding things of owning a business are flexibility, income, and the satisfaction of creating something successful." My final question was if you could start all over again, what would you do differently? He explained that his business grew too large, too fast, and that if he could do it again he would grow the business at a slower and steadier pace.
       My interview with Harry Stokes provided a great deal of insight into the life of an entrepreneur. Devoting long hours, time, and personal money into the business, the satisfaction of being your own boss, and how there are always mistakes that you learn to never make again. If you are interested in viewing his business website, you can find it at www.contemporarybenefits.com