Elijah Norton, the founder of Veritas Global Protection, is a familiar name in the U.S. Vehicle Service Contracts industry. In addition to being a hugely successful entrepreneur, Elijah is also regarded by many as a visionary leader and a significant influencer.
That is a little surprise because, in the space of little more than a decade, Elijah has already created a vast empire in the global automotive finance and insurance sector that consists of three different companies.
So, what exactly is the secret of such a meteoric success? In a recent interview with a business magazine, Elijah opened up about his business philosophy, how he achieved such astounding success in such a short time, and what he believes budding entrepreneurs need to do to find success.
However, before summing up Elijah’s views and comments in the interview, let’s briefly look at Elijah Norton’s journey as an entrepreneur. This will give aspiring entrepreneurs a good idea of how to do their job and find success.
Elijah Norton: An Exemplary Journey as an Entrepreneur Starting from Scratch
And starting from scratch, he did. While still in college, Elijah started his first business venture, a telemarketing company selling auto service contracts. Many will be startled to find that this first company, employing only two people, was set up on the strength of a meager capital of $1,000 that Elijah was able to save up during college.
However, Elijah’s sound business acumen meant that the company, although small, still grew steadily over the next three years. By then, it was already generating profit year over year.
And then, Elijah Norton decided to start his independent administrator Veritas Global Protection. During his time selling auto contracts from other administrators, Elijah found that the vehicle service contract industry in the U.S. was stagnant, which meant an immense scope to innovate and disrupt the industry.
As Veritas continued to grow in leaps and bounds (it had already become the leading vehicle service contract provider in the U.S. by the third year of its operation), Elijah Norton eventually sold his telemarketing business in 2017 to focus solely on auto finance and insurance sector.
And having been the industry leader in the U.S. for a few years, Elijah, in 2019, decided to make Veritas a truly global company and started a well-planned expansion campaign to serve other underserved markets in Canada, Central America, and Latin America.
Currently, Veritas Global Protection has its presence, directly or through its partners WAGAS and Guarantec, in as many as 80 countries in North, Central, South America, and Europe.
Entrepreneurship: Elijah Norton on What Makes a Successful Entrepreneur
Elijah Norton’s first advice to budding entrepreneurs is that one should always put customers first and build the company values around this customer-centric approach. Relating his own experience, he commented that one primary reason that Veritas found success as fast as it did was that it was working in a niche where virtually nobody cared for good customer service.
In stark contrast, Veritas was—from its very beginning—accessible, honest, transparent, and responsive. And this helped it earn the trust and the goodwill of its customers, clients, and partners.
Elijah’s following advice is that all business owners make innovation a priority. He remarks that this is all the more necessary in today’s fast-changing business landscape. Companies that can constantly provide novel and innovative solutions to their customers stand the most excellent chance at success.
And towards that goal, one ought to closely monitor the market and the competition and keep ahead of current trends in technology and business practices.
For example, Elijah reveals that his company has recently been vigilant about all their sustainable and actuarially sound products. He remarks that it is not enough to come up with marketable solutions. But one should also ensure that the products/solutions in question are sustainable so as not to put the company or its partners in any embarrassing position in the future.
But what about setbacks, rejections, or coping with challenging times? Elijah answers that hard times or temporary setbacks are part and parcel of any business endeavor. This is why all starting entrepreneurs need to be patient above and all.
In connection, he states what one of his mentors told him–that one should not expect testing success before toiling for five years at least. Talking about himself, Elijah mentioned that he had to wait no less than three years before he found any considerable success and gained the confidence that he could continue his journey as an entrepreneur.
People Skills and Building a Healthy Work Atmosphere
Elijah also stresses the importance of good people skills and maintains that all great leaders should be able to read and manage people.
In a business, there is not much scope to be excellent. Of course, you ought to commend your employees’ good deeds and achievements. Similarly, when someone underperforms, you must be tough and ready to make unpleasant decisions.
Elijah states that this is why he is very particular when hiring someone for an important position and about building an excellent core workforce. A great workforce and a healthy work environment translate to higher productivity and help relieve the stress almost integral to running any business venture today.