In 1997 Michael Pascucci sold the car leasing business he founded in the 1970s for $US650 million.
The business, Oxford Resources, was one of the first of its kind and helped to make Pascucci a millionaire. Since then, he’s started more than 20 businesses — he admits he chucks them when they’re not working — including the Sebonack Golf Club, a top-100 golf course in Long Island, New York.
In a recent interview with finance career site OneWire, Pascucci shares some invaluable advice for entrepreneurs.
To start a successful business, he says, “I can tell you three things: One is find a need — one that exists or one you think may exist. Then get a very good solution to fill that need. Then once you have that solution, you need people to implement it, so now hire the very best people you can possibly buy. Have a standard to hire to. Never break your standard.”
Pascucci says that his standard is mostly driven by track record, but interviews and your own intuition factor in as well.
He also believes certain character traits are relevant: “The intangible is their integrity, their honesty, their candor, their willingness to want to help people and to want to provide the best product to their customer that they can possibly provide.”
Watch the full interview below or check out the complete Open Door interview series on YouTube.
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