Can you be an entrepreneur and still keep your ethics? Binghamton grad has five rules to make it happen

David Mirsky '76 calls them his "rules of the road," five guidelines for becoming an entrepreneur and maintaining a good reputation within some of the most competitive business arenas. In a career spanning more than 40 years, he's realized the fifth rule on that list is the most important: don't mix ego and business decisions.

"Entrepreneurship is often romanticized as a journey of innovation, risk-taking and balance of opportunities, and it is if you have the right personality for it," Mirsky said. "You are judged by your results. You're your own worst critic. You're tested in the most severe way. It's important to win, but not at the expense of your ethics."

Mirsky, CEO and founder of Wolf Creek Consulting, LLC, and CEO emeritus of Pacific Rim Capital, delivered this message to Binghamton University School of Management students who filled the Anderson Center's Osterhout Concert Theater Sept. 18, during the 35th Abraham J. Briloff Lecture Series on Accountability and Society.

The Briloff Lecture series, sponsored by the School of Management, brings together accounting and business professionals with campus communities to discuss topics of business ethics. Initiated in 1985, it's named in honor of the late Abraham Briloff, LHD '84, the Emanuel Saxe distinguished professor emeritus at Baruch College and presidential professor of accounting and ethics at Binghamton. Briloff was recognized as the ethical conscience of the business and accounting professions.

Mirsky's speech, "Ethics and Survival for the Entrepreneur: Navigating Moral Dilemmas," drew upon the personal experiences and sometimes challenging lessons learned over the course of his career. He offered his five rules of the road as a means for students to maintain that philosophy and still be successful:

1. The first purpose of a business is to make money
   
2. It's important to win, but not at the expense of your ethics.
   
3. Money is a tool, not an end.
   
4. Make your business a meritocracy.
   
5. Don't mix ego and business decisions.

"Your own company will take on a character that is similar to yours; if you have an ethical approach to life, if you're honest and respectful of the effort of your clients, employees, lenders and suppliers, your company will have that same feel," Mirsky said. "If you are interested in winning at all costs, you will eventually do things that will harm you, your staff and the world."

David Mirsky '76 tells School of Management students that ethical dilemmas will arise more often than they think, especially when trying to become a successful entrepreneur. Image Credit: Jonathan Cohen.

After graduating from Binghamton and moving to California, Mirsky quickly recognized the emerging dominance of computers and new technology in business. He began his career by seizing on that emerging frontier and eventually became CEO and co-founder of Pacific Rim Capital Inc. (PRC), a lessor of material-handling equipment.

In the late 1990s, PRC pivoted to materials handling, and in the mid-2000s, it shifted its sales strategy to focus on multinational enterprises, resulting in significant growth during the 2008 recession.

When Mirsky sold PRC to a Japanese firm in 2019, his company controlled about a billion dollars in equipment. He also helped ensure the retention of his company's 80 employees in the sale to provide a strong foundation for future growth.

In his speech, Mirsky told SOM students ethical dilemmas, or "gray areas," will arise more quickly and often than they might think. Being an ethical entrepreneur plays a crucial role in establishing trust among those you do business with, he said, and it fosters a positive reputation that creates real value.

Mirsky started his company by depositing $400,000 in cash into a bank account, establishing a line of credit and building a reputation for honoring his client commitments. He learned how to strike a balance between not only his business' survival and his own best instincts but also profit with social responsibility.

"The 'American Dream' is alive and well," Mirsky said. "If you have a good idea, you're willing to devote pretty much your entire life to it and you're going to put in the work, you're going to have success."

Public link

Please use the above public link if you want to share this noodl on another website.