In this ongoing series, we're sharing tips, advice, and insights from real entrepreneurs who are out there doing business battle on a daily basis. (Responses have been edited and condensed for clarity.)
Please give us the elevator pitch for your business.
I am Brandon SawalichPresident and CEO of Starkeyone of the largest hearing technology companies in the world and the only one based in the US. We design innovative hearing technologies that improve people's lives far more than better hearing. Our hearing aids not only have the best sound quality available on the market, but they also include AI technology to mimic the way your brain automatically adapts to any listening situation; plus, they offer lots of extra features like step tracking, fall detection, balance assessment — even language translation!
Tell us about a key moment in the company's trajectory.
Seven years ago, I started looking at the company differently. Every hearing technology company seemed focused on incremental improvements. But I looked at the emerging global technology and knew we could do better. I saw so many options for multipurpose devices. Think of all the things your iPhone can do beyond making a phone call. What the iPhone did for phones, I wanted the Starkey to do for hearing aids. Your ear is the pathway to your brain – why wasn't anyone making hearing aids the desired technology? I was determined to make the ear the new joint. I saw an opportunity to disrupt the market and go to the moon. We were the first to start the process of integrating AI into hearing aids – years before anyone else. Now, seven years later, our newest product, Edge AI, is the industry leader.
What advice would you give to entrepreneurs and business leaders looking for funding?
Surround yourself with people who understand and believe in your vision. We are a privately held company which allows us to focus on the customer and the patient rather than the shareholders. So I can't talk specifically about fundraising, but I can talk about having an outside-the-box moon idea and the importance of having people around me who believe in it. So don't just look for investors with big wallets; look for people who believe in you. Entrepreneurs find success when they have an aligned and talented team.
What does the word “entrepreneur” mean to you?
I believe an entrepreneur is anyone who sees things differently. And it can be anyone anywhere within an organization – not just leadership. An entrepreneurial mindset is one of innovation. I often tell my teams not to settle for the status quo. You can't do something spectacular if you do it the same way it's always been done. Take that chance. Look outside the box at what has been done and how it can be done better. An entrepreneur is never complacent. They always think steps ahead of others. I always want Starkey to be at least five years ahead. That's what excites me!
What does being a business leader mean to you and how do you use your platform to influence others?
The most important thing for any business leader is to inspire and support their teams. Once your vision is clear, you need to lead from the front and lead by example. I can't ask someone to do something if I'm not already doing it myself. It's important to exemplify the behavior you want to see in your teams. You also need to be open to feedback and change. I follow many business leaders on social media who inspire me and who I aspire to be like. When people share leadership advice and wisdom, it helps me constantly reevaluate how I present myself to my team and the leader I want to be. Starkey has over 5,000 global employees and the way I see it, I work for them, not the other way around. I want to be the best leader I can be and inspire them to lead by the example I set.
What is something that many aspiring business leaders think they need that they really don't?
Often, business leaders mistakenly believe they have to be the smartest person in any room. They don't! I think of leadership more like an orchestra conductor. I look at the bigger picture of the organization to make sure we have the right leadership in every area of the company. I sure hope our CTO knows more about technology than I do and that our COO understands supply chain better than me If you're trying to be smarter than your teams, you're doing it wrong. It's okay to say, “I don't know,” and ask your leadership team for advice; you chose them for a reason! Your job is to put the right people in the right places and then get out of their way!
Is there a particular quote or saying that you use as personal motivation?
I've always loved the saying “Don't lose sleep over the competition. Make them lose sleep over you.” I think the competition is great, especially in our industry. The better the competition, the better the technology gets and the more people are helped. But I don't worry about what the competition is working on because I know what Starkey is working on. Science moves so fast and we aspire to stay a few steps ahead of it. It inspires me to know that to be the best, we just have to keep outdoing ourselves and commit to excellence along the way. Your focus should be on seeing what worked and what didn't, learn from failures, and improve upon your best efforts. If you constantly challenge yourself to do better than last time, you are set up for success.