Tufts alum Adam Glickman (LA '89) is founder and CEO of Condomania, America's first condom store and the leading specialty e-tailer of condoms and related products. Glickman started his venture during his Senior year at Tufts and introduced the first glow-in-the-dark condom in the marketplace. Condomania is also now the exclusive home of TheyFit condoms, the world's first line of sized-to-fit condoms in 55 custom-fit sizes. YET sat down with Glickman to discuss his thoughts on entrepreneurship:
Question: Why did you become interested in entrepreneurship?
Adam Glickman: I had an innate, driving, and compelling force to make or provide products or services that met a market need. I strongly believe that entrepreneurs are born, not made. It's not unusual for entrepreneurs to be the kids who sold lemonade on the street corner. It was never about the money, it was about providing a service that was needed and could improve people's lives.
Q: What were some of the pressures and crises during the start-up period?
AG: The set-up of process and procedure, managing cashflow and remote management presented the greatest problems. One of our biggest crises happened when we racked-up $49,000 in unpaid payroll taxes, plus an additional $49,000 in IRS penalties. This was mainly due to mismanagement issues. I was standing face to face with an IRS agent who was threatening to seize our assets, close our stores, and personally prosecute us if we did not comply. That was definitely a crisis moment. However, in Chinese the same character for crisis is the same character for opportunity. In your darkest moments you can find your best opportunities and solutions. My father was able to dig-up an aunt that could lend us $50,000. We were also able to hire a tax agent who used to work for the IRS, and he helped us negotiate an offer that made the $49,000 in penalties go away. We took three to four years to repay my aunt, but the discipline that this required gave us credibility, and later helped me raise $700,000 from friends and family for expansion. It also forced me to have the discipline to start managing things properly.
Q: What kind of financing did you have? Was cash a significant issue?
AG: Cash was always an issue, it was never not an issue. Initial funding came from my first business, Original Futon, which helped start the condom company. Additional funding came from winning the Tufts business plan competition. There was a lot of sweat equity. We weren't well financed until the late 90's. Eventually I put together a friends and family round and raised several thousand dollars for the company, which helped clean us up financially.
Q: Have you ever had any business failures? If so, what are they? What is your perspective on failure?
AG: Condomania is still here, in fact better than ever. I haven't had major failures, but small failures, such as wishing that I had executed some things more adequately, or taken advantage of some opportunities. It's a different type of failure. I don't fear failure, I fear regret. I don't fear not being able to do something, I fear not trying. I don't want to wake up one day and realize that two years ago there was an opportunity that I should have really taken advantage of. Failure can be a wonderful learning tool, but also a very expensive and difficult learning tool. There can be great benefit in experiencing failure. It's ok if it doesn't work out, it's ok if you make a mistake, because there's always a lesson that I guarantee you is going to make you more successful in the next company you set-up.
Q: What are some of the most demanding conflicts/tradeoffs that entrepreneurs face?
AG: The issue of self identity; who am I? Am I Adam? Am I common-man? Every entrepreneur becomes so absorbed by their company and brand that they have identity issues. Nine out of ten times it feels like someone died when an entrepreneur sells his company. If you are an entrepreneur, you aren't haunted by the insecurity of not having health options, stock options, retirement etc. You have to have calculated risk. I don't know any entrepreneurs who are ready to jump off a cliff, but if there's an analogy, we're all bungee jumpers.
Q: What are some of the most important concepts, skills, attitudes, and know-how that an aspiring entrepreneur needs to get a company started?
AG: Honesty about your capabilities, strengths and weaknesses. You have to come to terms with that. Some people say you should work on your weaknesses because your strengths will follow. But, why should you put your efforts into what you can't do well if you can hire someone to handle those things? Surround yourself with people who do things better than you do. That means hiring people who are more disciplined in management, more organized. Have great flexibility, be able to adapt, and finally make sure you have access to expert advisers.
Q: When do you think is the best time to start a business, right out of college or after some experience with the corporate ladder?
AG: Both. It depends on who you are, depends on your idea and inclinations. They are both great times. Right out of college you have nothing to lose, you don't have a mortgage, you're not married and you're used to eating pizza that's a day old. It gives you little to lose. Work experience, however, can be a tremendous asset.
Q: At the end of the day, what motivates you? Is it profits, financial freedom, being your own boss?
AG: The opportunity to make a difference, to lead and inspire others, and the freedom to pursue my vision. Most entrepreneurs will tell you they want to build wealth and take care of their family; but somehow that's not what gets them up every day.
Thomas Singer is a senior majoring in international relations with a minor in entrepreneurial leadership. He was President of Young Entrepreneurs at Tufts in 2003 and is currently Editor-in-Chief of Tufts Entrepreneur.
