Invoicing serviceFreshBooksis part of the software canon for freelancers and entrepreneurs.
We talked to FreshBooks co-founder and CEO Mike McDerment about building his own companys biggest competitor.
I grew up in Toronto as the youngest of four kids.
My mom was a nurse who developed the first program in the country for helping kids cope with stress.
I think I get my entrepreneurial streak from her.
I hit my breaking point one day when I accidentally saved over an important client invoiceI just kinda snapped.
The first few years trying to get FreshBooks off the ground were tough.
For the first two years, we had only a handful of customers paying us $10 a month.
I was close to calling it quits a couple times.
But FreshBooks did catch and a decade later, weve helped more than 10 million people in 160 countries.
Take us through a recent workday.
No two days are the same for me.
I spend time with the teams that will most benefit from having me in the room that day.
A meeting without questions, that terrifies me.
You recently oversaw an extensive rebuilding of FreshBooks software.
Tell us about that process.
This was one of the main reasons for the rebuild.
The other reason was much bigger than spaghetti code.
Things that should be simple are far too complicated.
They followed a lean design process focused on a speedy feedback cycle from real users.
What came out the other side of the process was beautiful and exciting, but also very scary.
There was a lot of uncertainty and sleepless nights for the team.
Would the new platform flop?
Would it introduce bugs that would erode customer trust and happiness?
Would it fail to meet our expectations?
There are many examples in our industry of companies that have tried to re-platform and failed.
The whole company rallied behind this vision and we set about to make it happen.
Im really proud of everyone involved.
What apps, gadgets, or tools cant you live without?
Whats your workspace setup like?
I dont have an office in the traditional sense.
Instead, I move around during the day working with different teams solving different problems.
If someone heads to the toilet or grabs a coffee, odds are well see each other.
That helps me stay connected, and helps create more fruitful hallway conversations.
Whats your best time-saving shortcut or life hack?
When someone asks a question, confirm you understandwhytheyre asking it.
Not enough people do this, and its a powerful way to get to the root.
What everyday thing are you better at than everyone else?
I like to peel the layers back and get to the fundamental assumptions being made.
As a leader, there are only a handful of things that scare me.
A meeting without questions, that terrifies me.
How do you keep track of what you have to do?
Ive got a little notebook I carry around with me and I write everything down.
How do you recharge?
What do you do when you want to forget about work?
I spend time outdoors when I need a break.
I have two kids under two years old, and already, theyve spent a lot of time outdoors.
A love for the outdoors and an appetite for adventure is something I hope to pass on to them.
Whats your favorite side project?
Helping other entrepreneurs solve all the problems that go with building a business.
Its a small way for me to pay it forward, and its funI love creating things.
What are you currently reading, or whats something youd recommend?
An oldie but goodie isBuilt to Last: Successful Habits of Visionary Companiesby Jim Collins.
Having this vision helped us persevere through the rough patches.
Fill in the blank: Id love to see _______ answer these same questions.
Jayson Gaignard, founder of Mastermind Talks and Community Made.
Whats the best advice youve ever received?
Focus is a four-letter word.
I got that advice from an early mentor, my best friends dad.
If you dont focus, you cant execute, and its all about execution.
If you dont execute, youll be stepping in a lot of four-letter words.
So yes, focus is a four-letter word.
Is there anything else youd like to add that might be interesting to readers and fans?
Ive got an appetite for adventure that most dont.
Said another way, I love going on the adventure and not packing the map.
Road trips, wrong turns and running companies are things I love because you never know whats next.
