Mallory Factor
Chairman, Mallory Factor, Inc.
“Ultimately, the success of your venture rests on you.”
Name: Mallory Factor
First Job: Selling custom imprinted pens and calendars to small businesses
Location: Bridgeport, CT
Age: 14
Current Job: Chairman, Mallory Factor, Inc.
Formerly: Former Chairman, Free Enterprise Fund
What was your first job?
Selling custom imprinted pens and calendars to small business, commonly known as “ad specialities”. I got this job by answering an ad on the back of a matchbook.
How much were you paid?
I was paid straight commission only, so I learned very quickly that I only got paid for results--not process. Only sales counted. For people starting their own businesses, earning doesn’t directly relate to your skills, the time you put into the enterprise, your desire, your experience, or your age. Your success depends on your ability to produce. Those skills and qualities may help you produce--but in the final analysis, it is all about your ability to achieve results.
How was your job different than you thought it would be?
I thought people would buy from me because I was young and friendly. What it came down to was that they wanted the best price for the best item. Frequently, I had to give up part of my commissions to compete with other sellers. I did well because while other people had infrastructures to pay for, I could operate on thin profit margins.
What important lessons or skills did you learn in your first job that have been instrumental in your success?
I learned to ask everyone I met for help but I also tried to repay them for their help. If you ask someone for something, you need to give them
something back. It could be as simple as making them feel good about themselves or it could be doing something for them or making their life easier in some way. I also learned if you are grateful to people for their help and advice, they will give it to you.
I also learned that if you can get together with someone face to face, you have a reasonable chance of selling them something. You could understand what they want and meet their needs. I came to conclusion that what you needed to do was set a meeting with someone and not try to sell them right off over the phone.
How do you use those skills in your position today?
I am still not afraid to ask anyone for help on anything, and I try to reciprocate and give them something for their help. I do this not because I have to, but because I want them to feel good about helping me achieve
my goals.
Have you seen how lacking those first job skills had negative effects on others?
Many people think they should be paid for effort rather than results – but this does not lead to success. Also, people tend to think that they have unique skills which will help them achieve their success. In reality, they are competing against a bunch of other people who have similar skills.
Is there a specific event in your first job where you learned something that you still use today?
Once, the company screwed up an order and I thought they would handle fixing it. I had a very irate customer that I had to cajole. Of course, I had to do the fixing in order to retain the customer. I learned to depend on myself and take responsibility for my sales. Ultimately, the success of your venture rests on you.
What obstacles that you faced had the greatest impact on your career path?
I had a very poor education, no parental guidance, and I was poor. But I had fire in my belly to succeed, and this led to my success.
What people or outside factors affected your work ethic or motivated you the most to succeed?
I always reached out for mentors who could teach me something or give me an opportunity. I listened to them and made them feel critical to my success, and I still keep up with a number of them to this day.
What advice would you give to someone starting his or her first job?
I would tell them that if they join an organization, their job is to contribute to the success of the organization. It is not just putting your time and getting paid for it – even in a stockroom. They need to understand the goals of the organization and work to achieve them.
What do find most rewarding about your position today?
The freedom it gives me to do a variety of things and give back to the community.