Dollars and “Sense” with Vern Hamm! 💵

Y’all may remember Vern Hamm from Monday’s post—he surprised our photographer, Hunter Fridley, during our class photo shoot! Vern was Hunter’s business mentor at the Gateway CEO program.

Vern retired (right around that unmentionable word…COVID 😅) after running a successful global consulting firm he founded back in the 70s. Even with offices worldwide, he has always proudly called O’Fallon home.

Today, Vern shared the basics of business with us—straight-shooter style. He reminded us that owning a business is more than a full-time job, and there are THREE people responsible for your business: Me, Myself, and I! He shared that 70% of businesses fail within the first five years due to lack of experience, competition, poor product acceptance, weak marketing, or not understanding costs.

A few key takeaways that stood out to our group of future entrepreneurs:

• Know your target audience & market to them effectively
• Provide excellent customer service
• Maintain strong working capital
• Understand fixed vs. variable costs
• Protect your profit margins

Our CEO presentations are always interactive and filled with student engagement. When one of our young entrepreneurs asked, “How are you enjoying the freedom of retirement?”
In true Vern fashion, he replied, I’m still working…..I’ll stop when they carry me out with my boots pointed to the sky!” Only Vern!! 😂😂

We are appreciative of the committment he’s made as a volunteer board member for the Silver Creek Area CEO,
and an inspiration to our students. Thank you Vernon Hamm!