I recently interviewed Steven Holmes, President, ICL Management Inc., Toronto, Canada, a private holding company and the primary tool for investing in venture opportunities. Steven’s primary role is providing leadership to a number of different operating companies as well as looking at new ideas in capital investments where necessary.

 He currently focuses a majority of my time on two specific businesses; Springfree Trampoline and VerifEye Technologies. Springfree Trampoline is the world’s safest trampoline as a result of its revolutionary design which has removed the springs and frame from the jumping surface and has a soft flexible enclosure which surrounds the trampoline to prevent you from falling off. These design changes have eliminated a significant amount of injuries caused by the trampoline. VerifEye Technologies is the world leader in mobile workplace safety and security and has been providing driver and passenger video based surveillance technology globally since 1997.

 In addition to oversight of these two businesses, Holmes primary business is to look for opportunities and capitalize on them and bring them into the fold and try and add some value from a leadership perspective. He primarily provides the necessary courage, imagination and urgency to move the businesses from where they are to where they need to be.

 Here’s some of the questions I asked Steven Holmes about his businesses.

 What are ways in which you have developed your own entrepreneurial skills in order to be more effective as an entrepreneur?

 I am an avid reader and listener and watcher. I like to read, hear and see other people's insights and most of all I like to talk to people. I walk into any business and I want to know the decisions that they are making in their business and why they are making them. I recently walked into a UPS store on the way to work to pick up a parcel. I walked in and asked the fellow whether it was a franchise. He said yes it is. That led to a 25 minute conversation on the health of his business and how he is managing his business. I walked out and he must have thought, ‘what just happened to me?’ For me, from the standpoint of developing my own skills, I am just trying to learn as much as everyone else knows. The conversation at the UPS store helped to shape my thinking on the importance of location within the franchise decision making cycle. That may seem obvious but I now have first-hand insights that are based on direct experience…this is invaluable.

 What are the ways in which you have dealt with others who have disappointed you in business?

 This is an interesting question. I had a General Manager who ultimately stole from us. I absolutely learned a long time ago in business that if you operate by trying to be vindictive or if you have regret or harbour anger or resentment, then it is you that suffers, not the other people. My response typically in those cases where there has been a loss or a breach of trust is to just walk away and the relationship is terminated. I never take this approach from the standpoint of trying to be vindictive or maintaining hatred. For example, I could walk into a room and see some of those people now and shake their hands and ask them how their kids are and stuff like that. But typically I have just separated myself from people who have disappointed me and pray for them and trust that in the midst of this disappointment there is still grace and forgiveness.

 What do you think are the most important personal traits (up to 3) for an entrepreneur and why?

 Number one; be realistic.

 Number two; be able to seek counsel from other people.

 And number three, and maybe the most important, hire people smarter than you and figure out how to trust them.

 As a second set of 3, I reiterate some of Malcolm Gladwell’s insights. I recently heard him speak about 3 characteristics that he believed lead to transformation, whether in life or in business, and these were courage, imagination and urgency. These resonated with me and as I look back on my early years of business, I reflect fondly on knocking on doors, imagining what was possible and trying to do things better and quicker every time. I think it was in these moments that I knew that I was not cut out to just follow the traditional path to business.

What are the most important lessons you have learned with respect to starting and running a business that you pass on to an aspiring entrepreneur?

 It is always the same: never stop asking questions. I always say that to young people that I have helped start businesses. It doesn't matter if you think the question is stupid or you are going to look stupid, never stop asking.

 Never forget that Cash is King

 Never neglect sales

 Never pass up the opportunity to get rid a marginal or poor performing employee

 Never think that the boss is infallible