Michael Cammarata invested in a consumer electronics company that was re-selling high-end electronics. Little did he know at the time, this company did not have the right licenses to sell the sought-after electronics that consumers were looking for. In, what seemed like the blink of an eye, the company took a turn for the worst and started losing millions of dollars.
He invested in a company, create a brand and wanted every team member to feel like they have ownership; that they feel involved. Cammarata was not the type of entrepreneur to just give money and walk away, hoping for returns. He gives guidance, apply strategy and work with employees on best practices. His believe rest on the philosophy that when the company succeeds… everybody involved succeeds. So, in the case of the electronics company, the “drive to keep going” was automatic. You don’t just shy away from problems. You face them head on and come up with solutions through trial and error. Make it work for your company.
How he Overcame?
He believes a lot of first-time entrepreneurs and executives can fall into the “deer in the headlights” reaction. Stuck, frozen, motionless when confronted with adversity. DO NOT DO THIS. Keep your mind in motion, consider out-of-the-box alternatives and don’t be afraid to take advice. When the electronics company which he co-founded was on the fast track to losing millions, He stepped in and took control of the company. Was it scary? Absolutely. But, by stepping in he realized that he was meant to be a leader. He learned how to break the channel system, and in turn how to protect the channel system when launching brands. He turned the company around to generate a 100-million-dollar diversion.