Marjorie Perry had to lose a million dollars before she could make 10 million.<\/p>\n
<\/p>\n
Perry told Montclair State students March 5 how she failed, nearly losing her home and all her assets, before becoming what she is today: one of the top women in New Jersey’s construction industry and owner of a Newark-based company, MZM Construction<\/a>, which has enjoyed more than 20 years of profitable performance. Perry is also on the board<\/a> of the state Economic Development Authority.<\/p>\n In an hour-long talk to students in the “Entrepreneurial Mindset and Innovation” class, Perry spent about two-thirds of the time talking about failures and difficulties overcome, while weaving in lessons about what she had learned along the way.<\/p>\n Perry spoke about struggling as a young student, quipping she wouldn’t reveal her SAT scores. Perry recalled encountering racism, whether it was being denied a spot on an elite gymnastics team because she was black or being chased home from mostly-white Barringer High School because of the color of her skin.<\/p>\n “I was not designed to succeed,” Perry said, but added, “The things that bother you the most are the things you can grow from the most.”<\/p>\n One student asked Perry, who had been a teacher, how she was able to land a job early in her career at one of New Jersey’s top companies. Perry, with her trademark directness, answered it was because she was a black candidate. Perry became one of the top salespeople at that company.<\/p>\n Students appreciated Perry’s honesty, saying they learned a lot from her journey as an entrepreneur. Verolisa Ogando, a junior psychology major in the class, said she learned from Perry the importance of looking at the whole picture. “Think about everything\u2014the top, the bottom,” said Ogando, who sells hair extensions as part of her Lady Locks business.<\/p>\n Perry, who hinted at a love of fashion while confiding\u2014aghast\u2014that she had to shop at Kmart instead of Bamberger’s (now Macy’s) during her financial troubles, became an entrepreneur in part because of Ralph Lauren. Perry was working for United Airlines and ended up chatting with Lauren on a flight. The fashion magnate of Polo told Perry she’d never get rich working for someone else.”<\/p>\n Perry’s first company focused on helping people become entrepreneurs in Newark. Then two men approached her about starting a construction company. She bought out her two partners in 1994.<\/p>\n The early days of her construction company were difficult.<\/p>\n “I was dumb, stupid and blind, and didn’t have a clue,” said Perry. “I went in like a greenhorn.”<\/p>\n She lost $1 million in the first 18 months. Then she lost another $200,000.<\/p>\n “I was now going to find out what I was made of, because I had failed miserably,” Perry said.<\/p>\n Perry figured out she was acting like a manager, not an entrepreneur. She said she had the mindset of an idea, not an entrepreneur.<\/p>\n “The idea was bigger than my understanding of the game,” she said. “No one told me there was a mindset to being an entrepreneur.”<\/p>\n Changing her mindset was one major thing that led Perry on the path to success. Realizing she couldn’t read a financial statement, she went to NJIT to get her MBA with a minor in engineer studies. A lover of learning, she continues to participate in leadership programs at Harvard and Dartmouth, and reads books by her favorite authors, such as Stephen Covey and Warren Buffet, and “anything on small business.” Perry also learned to stay one step ahead of clients and what they need, and expanded her business by scaling wisely. She also recognized opportunities, such as getting licensed as a waste hauler after realizing there were few women in that line of work. Perry also realized the importance of hiring the right team and setting a culture to manage it well.<\/p>\n Today, MZM works on projects all over New Jersey, including federal beach replenishment projects, work related to the Super Bowl at MetLife Stadium, and even projects on Montclair State’s campus. The company is expected to break $17 million in revenue this year.<\/p>\n “I went from victim to courage,” Perry said. Asked by a student why she stuck with construction after losing $1.2 million, Perry said she operated under her father’s philosophy, “If you start it, finish it.” Perry also said, “I didn’t want to look like a failure.”<\/p>\n Even if failure is what got Perry where she is today.<\/p>\n To hear more speakers like Marjorie Perry, sign up for our course, “Entrepreneurial Mindset and Innovation,” ENTR 201 for fall 2014.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Marjorie Perry delivers valuable lessons to students while highlighting her early failures <\/p>\n","protected":false},"author":21,"featured_media":112519,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-12519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-262_feliciano-center-news"],"_links":{"self":[{"href":"https:\/\/www.montclair.edu\/entrepreneur\/wp-json\/wp\/v2\/posts\/12519","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.montclair.edu\/entrepreneur\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.montclair.edu\/entrepreneur\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/entrepreneur\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/entrepreneur\/wp-json\/wp\/v2\/comments?post=12519"}],"version-history":[{"count":1,"href":"https:\/\/www.montclair.edu\/entrepreneur\/wp-json\/wp\/v2\/posts\/12519\/revisions"}],"predecessor-version":[{"id":206772,"href":"https:\/\/www.montclair.edu\/entrepreneur\/wp-json\/wp\/v2\/posts\/12519\/revisions\/206772"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.montclair.edu\/entrepreneur\/wp-json\/wp\/v2\/media\/112519"}],"wp:attachment":[{"href":"https:\/\/www.montclair.edu\/entrepreneur\/wp-json\/wp\/v2\/media?parent=12519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.montclair.edu\/entrepreneur\/wp-json\/wp\/v2\/categories?post=12519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.montclair.edu\/entrepreneur\/wp-json\/wp\/v2\/tags?post=12519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}