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Richard Lorenzen is a one of the top millennial entrepreneurs and investors in America. He’s the founder and CEO of Fifth Avenue Brands, a public relations firm in New York City. He was ranked by both Inc. and Entrepreneur Magazine as one of the top 50 most inspiring entrepreneurs. Richard is also the author of Surge: Supercharge Your Life, Business & Legacy.
What experiences growing up shaped you into the entrepreneur that you are today?
As a kid I was always an avid reader which was instilled by my parents. When I became interested in entrepreneurship as a teenager, I read every book about business and investing that I could get my hands. By the time I graduated high school, I probably already had the equivalent of an undergraduate degree because of the self-education I had given myself. So if you want to build a successful company and you want to stay ahead of the pack, you need to read voraciously.
What are you cooking up with Fifth Avenue Brands?
My firm Fifth Avenue Brands is one of the largest public relations firms for online influencers and thought leaders. We work with clients ranging from tech and media to finance and real estate. But we’ve carved out a space for ourselves as the leader for representing business thought leaders and influencers. That space continues to grow significantly for us. We also have a secret project going on in the form of a podcast that is going to be announced very soon.
What triggered this company?
I’ve had a passion for entrepreneurship since I was a teenager. I love building something from the ground up and all of the strategy and work that goes into that. I also love the freedom that entrepreneurship provides and the ability to make a difference.
What makes your company unique?
We only seek to separate ourselves through results. We’re not looking to have a catchier tagline or a fancier website. Almost all of our new business these days comes from referrals and word of mouth. That’s because we’ve always put a strong emphasis on putting client results above all else. Over time, in an industry like this, that’s not always easy to find in a company and so word spread fast.
Who are your customers?
In the digital media space, we represent some of the largest entrepreneur thought leaders and influencers that are currently out there. If you follow any highly successful entrepreneurship influencers on social media, chances are we are the ones representing them 🙂
In a nutshell, what’s your best entrepreneurship advice?
Stop overcomplicating your business. The best way to successfully launch a company is to stick to one strategy at a time. Once it becomes successful, you can implement the next one. Don’t worry about trying to implement 40 marketing strategies at the same time. It just isn’t going to work unless you have the resources of an established company.
Do you use any software tools? How do you stay productive?
Gmail, Slack and Skype are my three most used tools. The majority of my day is spent communicating.
Teach us something about internet marketing or social media
There’s an overwhelming amount of information online trying to teach somebody a new skill or help them start a new business. What’s lacking is implementation and staying power. So take one new strategy or tactic that you want to apply to your business. Break it down into 1-2 small daily actions you could take to execute it. And hold yourself accountable to following through on those 1-2 small actions every single day of the week for 90 straight days. Don’t miss even one day. That’s when you’ll see results.
Who has influenced you the most?
One of the biggest influences for me was studying the biographies and autobiographies of the biggest entrepreneurs not just of our time but also the past. Whether it was reading books about Rockefeller or more recently reading books about everybody from Steve Jobs to Boone Pickens, I learned a tremendous amount from their lives which has shaped my own.
Where do you see yourself and Fifth Avenue Brands in a couple years?
It’s too hard to predict. We’re in an industry that changes very rapidly. What I do know is that we adapt even faster. Our focus continues to be on serving clients at the highest level possible.
What is the end goal?
To put a dent in the universe.