Source Consulting’s CEO, Luke Kupersmith, Explains His Success
CEO and co-founder of Source Consulting, Luke Kupersmith, has demonstrated strong leadership skills for the past eight years to establish a successful business. Source Consulting, a privately owned logistics consulting and solution provider, has become one of the leading transportation and logistics companies in the USA. Kupersmith has led the formation and development of two now-successful companies. Previous to his entrepreneurial ventures he gained experience working as a financial advisor for small businesses and wealthy individuals.
In this interview Kupersmith explains why he started Source Consulting, what he has learnt on the way, how he has gained such great leadership qualities and gives advice to other entrepreneurs who have a big idea. I was particularly interested to hear about the Greater Good Initiative he has set up in the company.
How did you start Source Consulting and what gave you the inspiration?
As an entrepreneur, I find it fun to take a good idea and make something of it into something real. Source Consulting began in 2004 while working on my first business venture, Blankstyle, a clothing line of blank tees and screen printing services. I saw the need for shipping cost reduction solutions and the idea for Source Consulting was born.
How did you gain your strong leadership skills and how do you apply them in your business to achieve such great results?
Just like any business leader, I am a work in progress. What I know now, I have learned along the way by “sponging” from others’ experience and applying them to my business. I feel it’s important to be a continued student of leadership in order to continuously apply what I have learned along the way.
Has your previous experience as a Financial Advisor helped you to face problems as they arise in your company?
My previous experience in teaching other’s what is good to do or not to do has provided me with the opportunity to enhance my knowledge of my own company’s finances, as well as selling and being a teacher. As challenges arise in the business and with customers, I am able to address them myself and coach my team in how to address them as well.
Do you have any role models in business?
I have learned so many things from many different people; I’m a sponge absorbing information wherever, and from whomever, I can get it. I can’t say that I’ve had any one role model or mentor in business, but I did work with my papa in construction before college and learned my work ethic from him.
Your business seems to have grown successful very quickly – did you have rapid learning curves on the way and what were they?
I had a number of different ventures I was working on in the early years of Source, all which took time, effort, and a lot of money. I finally learned that I needed to focus on one idea and spend time to help grow that idea and make it into something meaningful. I look back now and wish I had found that learning curve a lot quicker – to focus and put funding into what really mattered.
Has your business been affected by the downturn in the economy globally?
Yes, Source Consulting has been affected by the economy but not negatively— it has actually been a boost. In a good economy, companies ship more and are typically more concerned with sales and less concerned with cost-savings. In a downturn economy, cost-savings becomes more of a priority and there’s more need for efficiency—it’s survival mode.
What is the biggest lesson you have learned in setting up and running your business?
This may not be the biggest lesson, but I have learned that a large portion of time needs to be spent on figuring out and anticipating challenges to your business idea. It’s easy as an entrepreneur – and I include myself – to have an idea and run with it. A lot of business ideas don’t survive because the person focuses mainly on the beauty of the idea and is not prepared for any realistic challenges to that idea.
As a successful entrepreneur what advice would you give to someone starting off with a business idea that they think could become the next big thing?
I would advise new entrepreneurs to be prepared for criticism to your idea and to anticipate business challenges – if you think it’s all rosy, you’ll fail. Spend about 80% of time figuring out challenges you expect to encounter in the business. If you can create a solid foundation you can carry the idea to fruition and be prepared to combat challenges.
Tell me about your Greater Good Initiative?
My vision for future growth is to incorporate a philanthropic concept into Source Consulting’s business model to inspire employees, customers and business leaders in community responsibility. The first step is our recently developed Greater Good Initiative where we dedicate a business day for employees to volunteer and help out at a chosen charitable organization.
Philanthropy and helping people in any capacity is a part of who I am and something I care a lot for. With the Greater Good Initiative, I saw the opportunity to ingrain these concepts into the business so it’s natural to be a part of it; I want to bring non-profit work into the day to day and company life as part of a daily routine. This is a platform for not just me to do something on my own, but to inspire and benefit the company as a whole.
Thank you to Luke Kupersmith for this interview and insight into how to run a successful company. Wouldn’t it be great if more companies followed his example and give back to the community too?