Interview with Larry A. Cochran, MBA [skollarrock] on Whohub

Larry A. Cochran, MBA [skollarrock]

BUSINESS

What business are you in and what is your position? Are you an owner or an executive?

I am in Managing, Marketing, Training consultancy. I am a Senior Managing Partner. I am a principle.

Can you provide a link to a site where we can get to know more about you or your business.

http://www.cochranentperprise.com

What is your story? How did you come to run a business?

Back in college, I saw needs that had to be met, starting with my own need for extra income. I began with a delivery service for students who were to busy to run errands on their own. I branched into taxi service and then eventually started giving advice to others about starting, running, and funding other business ventures. The problem is that I was an education major and did not know enough about business myself. I decided to go all the way in business. I obtain professional certificates in Financial Planning and Small Business Management. I went on to be certified in cost accounting and payroll accounting. Eventually I obtained my BSBA and then my MBA. During the time of pursuiung my higher education I also began developing the consultancy to a more professional degree and looking to go from private to public enterprise within the next five to ten years.

What are the most recent changes being carried out in your business, and why?

The most recent change is coming out of beta testing for the concepts of our business model and going to market. We are formulating new partnerships and new strategies to move into the field with major players worldwide like the Andersons, Deloitte, Spherions, and others. We are looking to move into a more global venture.

A business is based on creating relations of trust with clients, suppliers, employees... How do you create and maintain yours?

We are very creative in this area. We use a lot of the traditional methods like meetings, conferences, and tradeshows, but we take it a step further and invite our vendors and partners into our world as colleagues. We are very concerned for our vendor and partner’s survival as well as our own at every point in the relationship. At CECS we understand first and foremost that these companies are made up people, and those people have real lives and real concerns.

How do you attract and retain the best talent?

We are still a small firm and we deal directly with those who are enthusiastic, creative, energetic, and professional. Talent, experience, and education is a dime a dozen. We don't just want credentials, we want passion and perseverance. How we chose our talent is by a long evaluative method and through careful observation of character and skills.

What techniques do you use to obtain customer loyalty?

Being genuine will be the only way to maintain customer loyalty. Once you have met the criteria for talent, skill, and experience, the only thing left is to be full of a genuine desire to bring success.

How does one develop the instinct to detect business opportunities?

Since business opportunities are everywhere, there just needs to be a good nose to sniff out the reality of it. Everyone has an idea, a product, or a service to sell. The question that has to be answered is: to who, when, and where is this going to be possible? When we smell opportunity, it is not just for us, but also from our client perspective. We are also building strong bonds that will eventually forge new opportunities in the future with our existing clients. The best advice, keep your eyes and ears open at all times. Keep your pen and paper handy for jotting down these ideas and opportunities during brainstorms.

Do you have a well defined future plan, or is it in your head rather than on paper?

Our company has a well-defined plan, as do all of the executives of the firm. We all believe in entrance and exit strategies throughout life and business cycles. We keep these ideas fresh, and in the proper perspective of the times in which we are in. Our plans may change, but the vision and mission always remain constant.

At times it is necessary to take on debt to get ahead. How do you distinguish between good and bad debt?

Good debt adds to the overall equity and profitability of the organization and is used to secure ideas and capital projects that will project this idea into reality. Bad debt is anything that waivers, off-beat, off-vision, off-purpose, and far-fetched. The debt should somewhat add more long term value than it takes in the short term.

If you wrote a book about everything you have learned doing business, what would the title be?

The title of any book that I write about business would be called "From Start to Finish: The Idea of Pursuing True Greatness"

What is your advice for surviving the economic crisis?

Persistence and ever increasing employee, client, and self motivation is the first step. Don't look just at the current crisis, but be ahead of the game during times of economic calm. These are cycles that come and go, they never last forever, but the overall trend is always up. If you have been hit hard, maybe this is the time to recall your executives and evaluate the old plans. Stick to the overall mission and vision. Don't let this part of the cycle cause too much concern. If your business fails, it is not personal; some businesses need a crisis to make them realize that they are no longer valued in the state that they are in. Play it safe and stay ahead of the cycles that will and do come.