own way, he was a successful entrepreneur. The main thing I learned from my dad, well, two things, is, number one, always exercise character and integrity in everything you do, and to be honest. The other thing was for every negative situation in life, there’s a positive component to that. For every negative situation, you must look deep, look thoroughly, and find a positive outcome out of that negative situation. Always exhibit character and integrity and be honest.
Also, there was this lesson: be fair with other people. Don’t be greedy. When I started companies—I’ve been in the medical area since the mid-’80s—I always shared equity in my companies. With eCardio, my most recent company, I shared equity in my company with everyone senior, at the director level and even some managers. Several people became millionaires because of the equity. My theory is when other people are successful, they will make you successful. I’ve never hesitated in sharing equity in my companies, and it’s always paid off.
When people say, “I’m working for the man,” they feel separate and apart. When I [gave those employees equity], it made them feel like they were really part of the team. It brought that relationship closer together.
X: What career advice do you give to new college graduates?
LL: I advise them, find your niche, and immerse yourself in that. I immersed myself in my business. I wanted to know all I could know. I did tons of research and traveling. If you will do that, you will be miles ahead of any of your competition.
X: What’s your biggest failure as an entrepreneur?
LL: I guess it was being unprepared to be an entrepreneur. I remember when I first started, my first attempt to be an entrepreneur, I had the attitude, I know enough to go out there and start my own company and I can beat the big companies. But I had a lot to learn as part of the game of being an entrepreneur.
But failure is part of the business. Most fail before they ever make it big. You’re navigating new territory and you’ve got to be prepared. I guess I probably relied upon my attorneys and accountants probably more than I should have. I should have done more to surround myself with people who could steer me and guide me better as a young man, as an entrepreneur. As I look back over my 30 or so years [in business], I could have and should have surrounded myself with more astute people at times.
