Today, i did a quick interview with brian pedone, Founder abpsoftware, to just see how he is doing and the latest on his company.
Remember Brian Pedone was recognized by BusinessWeek as the Top 25 Entrepreneurs 25 Years and Under in America
Enjoy the interview.
Hey Brian, how are you doing today? Can you quickly give us some background information yourself, what you do?
I just finished work with my first company out of College, Grad Techs, and I really wanted to do something on my own with no partners. I started working on a project, NeedMyPassword.com, and needed to put it under a company.
How did you know it was the right idea?
My parents were a huge help in terms of making sure that I took every opportunity to do my own thing while I am still young. I had a good job, but knew that I could do work on my own.
Did you write a formal business plan?
For Grad Techs I did, but for ABP Software I did not. I just wanted to get a product out there and see the response from the public. When BusinessWeek recognized it in 2008, it was tremendous exposure.
What are the biggest challenges you faced starting up and how did you overcome them?
Steady income, people putting your products down, and getting overwhelmed with tasks. I took a step back and really mapped out all of my goals for my future and knew that these would all be things that had to be overcome.
What has been the most valuable lesson you’ve learnt so far as an entrepreneur?
Never ever give up! Money is not everything, and that with the right passion and drive the money will come.
How did you raise cash to start abpsoftware?
From my previous full-time job I had some money and I got a big consulting project that really funded everything.
How many employees do you have?
It is still just me! I have had a lot of interns from East Stroudsburg University, but still just me.
What are the most crucial things you have done to grow your business?
Using all of my networking and just telling everybody what I am working on. Plus doing great work and keeping customers happy.
What systems have you used to automate your business to give you more time for business planning and development?
I developed www.KeyNextSteps.com to manage my projects and created www.BuzzyBook.com to promote my events and promotions.
What are the biggest challenges you face now?
In the process of locking down a few larger clients so that the business can start to flow easier and give me more time to really plan for the future of the business.
What is the worst experience you’ve had as an entrepreneur and how did you bounce back from it?
Going through a few weeks with absolutely no money. Hustled to get more consulting projects and doing programming outside of our regular scope of business.
Are you guys profitable yet?
We are currently in the break even point and see this year as we will start to become profitable.
Any latest update regarding NeedMyPassword.com, How are you looking to improve the services it offers and also create awareness for it?
We actually sold the product to developer in Canada and changed the model to really go more mobile with www.MobileSafeBox.com
I read the article of you in businessweek that you’re looking to turn your boxing gym into a nonprofit area for youths, what made you decide to do that?
We have over 220 kids in the gym and have seen great improvements in terms of keeping kids out of trouble, etc. We really want to get more involvement from the community so that we can do bigger and better things.
How long do you plan to keep operating this business?
For at least another 5 years.
What are your plans for the future?
Getting a few software products off the ground and start generating consistent revenue. With the profit from that we will expand the boxing gym and reach out to other areas.
What advices can you give to aspiring entrepreneurs looking to start their business?
Think of what you want to do, set a goal, and go for it!! There are a ton of people who will doubt you, but that is because they are afraid to do what you are doing.
Thanks for your time
Check out his company's website: www.abpsoftware.com