1 Timeless Lesson From CEO About Millennials, Bankruptcy

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Montgomery Fitch + Associates

Truth be told, when it comes to work ethics, millennials are often infamously labelled as narcissist, lazy, and entitled.

But Chief Executive Officer Luis Arcangel of Montgomery Fitch + Associates (CBN-PH000000281)  defied this kind of stereotype and proved that millennials can be a great asset in the company.

Six years ago, his vision of creating a true blue grassroot Filipino-owned multinational company has emerged from a small young team consisting of his four former students who are fresh from college.

“That’s pretty much how we started in the business. We have a very small office around 15 square meters. We don’t really know what we’re doing at the beginning and it’s a very young team. They were like 20 years old at that time,” he narrated.

Arcangel did not shy away to share how he was bombarded by several adversities in the early stage of his company. “We made a lot of mistakes. We nuke a lot of accounts. For a while we we’re on the verge of functional bankruptcy because we keep on messing up the work. That time we accumulated a lot of debts. There’s even a time that our office was locked up because we can no longer pay the rent.”

Despite the rough beginning, Arcangel did not give in to the challenges and managed to overcome all the hurdles they had to face. 

Montgomery Fitch + Associates

“We really put a lot of work on this company. Failure was never an option for me.  People call me crazy but even on my darkest moment, I’m still planning for the future (of the company). (I believe) if you have a dream, you will really fight for it.

If you want to be on the top 1% of society, you have to have a different mindset. You have to be willing to do what other people are not willing to do. As an entrepreneur, you have to be crazy because if I was sane before, I could have just quit when we faced a lot of debts. I should just call it a day from that moment. But if we quit before, we would have not gotten this far.

True enough, it was an evolution to be where they are now. Arcangel continues to work with millennials.  “I have been working with millennials for more than ten years already. There’s no people here who are above 30 years old except me. We have adopted our company culture for them – in a sense it evolves with them. (We believe on) No rules, just result.”

From a small young team, Montgomery has now expanded to Brisbane, Sydney, and Melbourne, Australia.   

“I guess we just didn’t want to be part of the 99% startups that failed. If you get into business, your mindset should be an iron clad, you have to be strong.”

When asked for his advice to aspiring entrepreneurs, he shared:

 Start with a dream. Learn how to dream. Because if you have a dream, you know that you are worth so much more and you know that there’s something better for you.  And when you have a dream, turn it to a vision. Once you have that, do what it takes to make it a reality. Learn how to dream for yourself. The rest will take care of itself if you know how to do hard work.

If you have a clear vision, it will keep you going.  This is how Arcangel withstand the labyrinth of challenges in running his advertising agency, Montgomery Fitch + Associates.

 
CBN-PHOOOOOO281
 
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