Ronn Torossian is a CEO and founder of New York-based 5W Public Relations (5WPR) and he is one of the most well respected Public Relations professionals in the U.S. He is a native New Yorker and living with his children in Manhattan and is active in numerous charities.
The Strategy That Helped Torossian Grow His Business And Failure As An Entrepreneur
At the company, 5WPR learned to cut the losses. If there are many aspects of the business that no longer serves the mission, the company let go of it. The company had to resign clients when they no longer fit for the business. It is unfortunate but a necessity for the business in the long run while it is a strategy that continues to help the company grow and flourish. The 80/20 old rule remains very true. Hiring is one of the most important things you do as a CEO but aside from that, you also need to grow your team as you grow a business. Torossian thinks that there were times where the company hired someone who was a fit for the job on paper but he learned that having not only a team member of technical skills but are a cultural fit is critical to growing leaders and building the company. Finding good staff is one of the hardest things of success which few entrepreneurs think about it before they start.
Where Did The 5WPR Idea Come From?
Torossian realized before he started his own PR firm that the PR industry was ripe for disruption and felt there was a lot of room for change, innovation, and growth. It was a one-man operation when he was started it over 15 years ago, but today, 175 people later, still he feels there’s a lot of room for change, innovation, and growth. The 5WPR name stands for the 5 W’s of marketing – who, what, when, where, and why. At the core, the company is storytellers. Torossian wanted to build a PR firm that focuses on results and working in real time and not just to stand on strategy for strategy’s sake in order to assess the innovating constantly, the approach and changing with the pace of the media landscape. Torossian was so happy that he started his own company and still treat every single day like it’s day one.
One Habit That Makes Torossian More Productive As An Entrepreneur
He is proud to give back 10% of his annual earnings to charity every year. Giving back makes him feel good and it’s one of his priorities. He believes that the more he gives, the more he gets because of him giving is a blessing and the desire to help others comes full circle back to working harder, being productive, and making a difference as an entrepreneur.