👋 Hi Friends... Just days after marking 80 years since the attack on Pearl Harbor, here's a story about an entrepreneur who appreciates the freedoms that our American service members fought to preserve.
He's a Latino who knew he had to leave everything behind in Venezuela for the United States.
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Our Tip Jar today provides an incredibly valuable (and free) resource for those of you wanting to start a business and the mindset needed to make things happen! Here's Carmine Colarusso's story:
DECISION TIME
There’s a life-changing moment when a drastic decision has to be made.
For Carmine Colarusso, the choice was clear: Keep his children in their native homeland, Venezuela, or send them to the United States.
“Having been in a country [Venezuela] that was cutting my liberty, we decided to send our daughters to the U.S.”
Carmine with his daughters when they were much younger in Venezuela
Carmine Colarusso hoped the political situation in Venezuela would get better. “As we moved forward, we saw that it wasn’t going to change. It was actually getting more radical.”
The writing was on the wall.
It was especially difficult because Colarusso had a well-established motor oil products business in Venezuela. But the time had come to start getting the wheels in motion and pursue a new start in the U.S.
INDUSTRY: Oil (by-products)
STARTED BUSINESS:
In Venezuela: 1997
In the U.S.: 2017
LATINO/HISPANIC CONNECTION: Born in Venezuela
EDUCATION:
Harvard University – Graduate of Owner/President Management Executive Education Program
University of Miami – Bachelor’s degree in Industrial Engineering
DREAM JOB AS A KID: “To become President of Venezuela.” (He says it was one of his biggest secrets, and only his wife knew about it)
Carmine as a Roman Emperor (Not exactly "President" but, nevertheless, a leader)
BIGGEST GOAL YET: “Right now, it would be to install my own manufacturing facility here in South Florida.”
Carmine's warehouse in Miami
MAKE IT BIG
When Colarusso arrived in the United States, he admitted that, even though he had spent eight years in the country previously and had graduated from the University of Miami, he didn’t fully understand how the system worked.
So he went back to school and enrolled in Harvard’s Executive Education program for business owners, presidents and managers.
That’s when things started looking different to him.
“Everything that I built, everything that I had in my hands was a prerequisite to make it big.”
But could he really make it big?
THE DRY RUN
“I decided to dry test the market. And I brought some products made in Venezuela to the U.S. and started learning all the ins and outs [of] … e-commerce. And those products were not successful. So that was a big failure for us.”
But then someone suggested he sell lubricants for industrial use. So Colarusso got a co-packer in Houston, Texas and got his first lubricant products in December 2018.
His company, Ultra1Plus, struck gold.
“We went out into the market. And the first customers bought all the inventory.”
He believes the clear bottle, aluminum label and color-coding made the difference.
HUMILITY FIRST
Finding out about the SBDC at FIU (Small Business Development Center at Florida International University) also made a huge difference.
But his pride had to take a backseat. Colarusso had to accept help and re-learn things.
Keep in mind, Colarusso had previously run a company with more than one thousand employees in Venezuela.
At a strategy meeting for Carmine's company in Venezuela
“It made me realize that it was a completely different way of doing business and not to force what I’ve learned or what I knew at that moment.”
HELP IN DOSES
He says the SBDC mentored him in finances, marketing and e-commerce. But the biggest difference came from the help the agency provided, not in one fell swoop, but doled out in carefully measured doses.
“They understood clearly where we were at each moment and only gave us the tools needed to succeed in that moment.”
A STRANGE TWIST
First distribution center for Carmine's company in Venezuela
In a strange twist, one aspect of the way Colarusso had done business in Venezuela ended up working out for him here in the U.S.
He had been used to keeping high levels of inventory in Venezuela as a precautionary measure as he saw Venezuela change from a democracy to a socialist system.
“So even though banks, even though financially-savvy people did not understand our ways, we always carry at least three to six months' worth of inventory. And it has proven to be our success story.”
Miami Warehouse for Ultra1Plus
THE STOCKPILE
Then, Colarusso says news broke of a big fire at a critical additive manufacturing facility. Many businesses relied on it. Because the fire destroyed the entire complex, he believes it will create shortages of diesel additive in his industry in 2022.
But not for him. That’s because he had a stockpile available.
“We have one year of additive for the diesel market.”
Even when the pandemic hit and businesses were trying to figure out how to plan ahead, Colarusso’s experiences in Venezuela provided the guidance.
“We were prepared because we have already navigated through those storms before.”
Second warehouse for Carmine's company in Venezuela
SUPPLY CHAIN HEADACHES
But his business, along with others in the downstream part of the petroleum industry, isn't out of the woods yet. (Note: Downstream refers to the sector that furnishes oil by-products)
In June of 2020, he says, “everybody started running out of inventory” of by-products used for things like motor oil transmission fluid.
The culprit? Supply chain problems involving empty containers worldwide and a shortage of drivers.
Colarusso says he believes it will remain a challenge in 2022, especially since exports represent more than 70% of his business.
But he’s optimistic about where he can take Ultra1Plus in the U.S.
GRATITUDE
This past March, he became a permanent resident of the United States. He doesn’t take that for granted for one minute.
He also doesn’t take for granted the opportunities this country gave him. His company now carries more than 2,600 products and ships to 29 countries around the world.
“I’m just overwhelmed by the gratitude that I’m feeling about the U.S.”
Colarusso says he’s now looking at how he can pay back the newly-adopted country that’s given him and his family so much.
Carmine Colarusso and his family
THE WARNING
But when I ask him what Americans don’t realize about the country he left behind, Venezuela, he says it’s a cautionary tale of how quickly things can change.
“It’s just amazing that, when society becomes aware of what they’ve been driven to, it’s too late.”
THE TIP JAR (tips passed out courtesy of Carmine Colarusso)
STARTING OUT: “They need to go to the Small Business Administration and get involved in all of the programs that they have.”
“[From] setting up to creating a business plan to a marketing strategy. I mean, they have it all. And getting involved with them will allow you not to fall behind or make errors as you’re growing…”
STEEPED IN SKILLS (mid career): “Make sure that your dream is really big.”
“And once you start with that big dream, create small objectives and always check [to see] if those small objectives are being achieved… because the small ones are the ones that are going to create that… opportunity to fully develop your big dream.”
The vision thing: Carmine wrote this goal down in 2012 - To be a transnational company
STARTING OVER: “It happened to me…. For somebody that is starting over, don’t think that you are starting over. Just think that you are going to learn something new, but with an advantage that you already have an experience that has brought you to that point. So you are… wiser. You are more capable. You might be… physically more tired or, you know, with… little pains and aches. But, at the end, you have a bigger chance of success because you bring with you your experience. So always challenge yourself.”
“And something I do every morning. I always ask myself, 'Okay, what’s next?’”
PRACTICAL APPLICATION: “Last weekend, I went to a mountain bike jump clinic… And here comes this lady in her own car with her own bike – and she registered… at 69 years old… She said, ‘If I don’t learn something new, I feel that I’m dying inside.”
I’LL NEVER DO THAT AGAIN: “I’ll never compromise again being around my family for work. There was a point in my life where work was more important than family. And I think that I got that wrong.”
BEST ADVICE FROM “LA CASA”/BEST “HOUSE” ADVICE: This piece of wisdom comes from Colarusso’s father. His dad always told him the following:
“Just remember that, at the end, who’s going to take care of you is your family.”
NO NEED TO GO IT ALONE
HELP ON THE OUTSIDE...because we can all use a helping hand:
MARKETING MUST-HAVES FOR 2022
Do you know what the big changes, challenges and opportunities are when it comes to marketing your business in 2022? Are you ready for them? This SCORE (Service Corps of Retired Executives) webinar will not only inform you of the strategies to employ, but also best practices and social-media related factors you need to know about that will affect your marketing plan. Here’s more info:
SCORE (Service Corps of Retired Executives)
The New Must-Have Marketing Strategy for 2022
Virtual Webinar
Tuesday, December 14, 2021
1:00 p.m. – 2: 30 p.m.
FREE
https://www.score.org/event/new-must-have-marketing-strategy-2022
WORKING ON THE INSIDE...because we know our culture has a hard time asking for help:
MEDICAL ADVANCES TO PUT ON YOUR RADAR
With so much COVID-19 news (rightly so), you may have missed some important advances made regarding other medical diseases or technologies. Not to worry. The AAMC (Association of American Medical Colleges) has compiled a list and brief description of eight of those breakthroughs. The list includes advances involving sickle cell disease, which strikes minorities, particularly African-Americans, in larger numbers, as well as portable MRIs - which should make getting those images in emergencies faster and more convenient. Check out the article: https://www.aamc.org/news-insights/8-medical-advances-you-may-have-missed-during-covid-19
INSPIRATION BEHIND THIS ISSUE:
It’s one thing to hear about problems in other countries. It’s another to experience them yourself.
Unless you’ve actually lived in another country where the government has been toppled, civil liberties have been taken from you, and you’ve had to drop everything and start over anew, it’s hard to appreciate the freedoms and stability the U.S. offers.
And it’s not just the instability in other countries. There’s also inefficiency and lack of infrastructure in other places that create barriers to the dreams and goals of entrepreneurs.
Unfortunately, the upheaval of unstable governments has been the reality for many families in other countries. And, as cliché as it sounds, the U.S. has provided refuge and an opportunity to start again for so many of these people.
Carmine Colarusso was one of the lucky ones.
He and his family made it out of Venezuela.
There was something else Colarusso says Americans take for granted that should be of particular interest to aspiring entrepreneurs: the Made in the U.S.A. brand.
He told me that, if he had one message to deliver, it’s that the reputation and high value that other countries place on the quality of American-made goods cannot be overstated.
I think Carmine Colarusso’s story is an important one to share, particularly for those of us who have lived here for many years or our entire lives.
His story is a good reminder that the U.S. still offers opportunities that cannot be fully appreciated from the inside - but should be.
Celebrating graduation from the Harvard Owner/President Management Executive Education program
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