The son of a preacher man, jazz musician and BE 100s CEO, Quintin E. Primo III helped kick off Day 2 of the 2016 Black Enterprise Entrepreneurs Summit at the Loews Miami Beach Hotel. During a one-on-one conversation with Black Enterprise CEO Earl “Butchâ€ Graves Jr., Primo shared with a captive audience his passion for innovation, taste for competition, and never-quit mindset when it comes to entrepreneurship.
As the chairman and CEO of Chicago-based Capri Investment Group, Primo, 61, is the quintessential success story, having come back from a failed startup to give rise to one of the nation’s most successful global real estate investment management firms. Capri (formerly Capri Capital Partners L.L.C.), holds the No. 7 spot on the BE Asset Managers list, with $3.7 billion in assets under management for 2014. Still in all, he is quick to note that having $4.5 billion in assets under management (at the end of 2015) pales in comparison to multinational investment firm Blackstone’s $100 billion.
According to Primo, here are five things you need to know about entrepreneurship:
- “Success is stumbling from failure to failure without the loss of enthusiasm,â€ (per the late British Prime Minister Sir Winston Churchill) as an entrepreneur will face challenges and failures along the way. You can comeback from a setback in your business, even if that means starting over with a new enterprise.
- Necessity if the mother of invention. A failure in business teaches life lessons like how to find creative solutions in operating your business, especially when you are short on capital and have limited resources.
- Don’t limit yourself to being the largest black-owned entity; limit yourself to being the largest entity in your line of business. Also, diversify your workforce–it’s a competitive advantage.
- Think global. If you are a recent graduate, get a degree, get a passport, and travel. For entrepreneurs, get a passport or renew it and seek out rising market opportunities beyond the U.S.
- In entrepreneurship, to be successful you need to be creative, innovative, open to constant learning, and able to improvise–or pivot on a dime–in tough situations. And take risks.