Reggie Aggarwal is the CEO and founder of Cvent, a provider of event-management technology. He led the company from a two-person startup to an 850-person company that has helped manage 350,000 events in 50 countries.
Describe your leadership philosophy.
I’m a passionate leader and am always ready to roll up my sleeves and work in the trenches to get the job done.
It’s not enough to have a strong vision for your company — you also have to communicate it clearly and often to your employees and instill in them a genuine sense that they are a substantial part of executing that vision. I believe strongly in the people I hire, so I expect a lot from them. I push them to their fullest potential because I know what they’re capable of.
Cvent went from a startup nearing bankruptcy to a successful company of 800-plus employees. What was the key component in your strategy to keeping the business alive, and how could other entrepreneurs learn from your story?
One of the key things that pulled Cvent through those hard times was our management team. When the dot-com bubble burst, Cvent felt it hard. We were forced to cut 80% of our staff, and I was facing corporate and personal bankruptcy. We were at a fork in the road: Either quit and cut our losses or fight for our success. I asked my management team if they’d stand by me, and they did. With a strong, committed team, you can accomplish anything.
During the next three years, we barely slept. I was making sales calls, and my chief financial officer, a Harvard Business School graduate, was our bill collector. We focused on delivering a strong product and exceptional customer service. During challenging times, it’s best to get back to the basics, and everything else will follow. We created a culture of customer obsession by listening to and translating client feedback into our products. We received customer loyalty in return and have been able to continuously turn clients into long-term customers.
Lastly, and I can’t say this enough, we hired great people. Building a quality team is one of the most important things an entrepreneur can do. Make sure you select bright people whose career goals align with your vision for the company, then give them in-depth training on your products and services.
You mentioned recently at the Digital East conference that you actively participate in hiring for your company. How do you handle the demands of hiring staff members with your other duties?
I believe the basis of a successful company is good DNA. I spend about 50% of my time interviewing prospective employees, mentoring current ones and grooming my leadership team, and I’ve worked to build a culture of intrapreneurship — encouraging my employees to bring their ideas to life in the safety of our already-established environment.
I pursue top talent like my success depends on it — because it does. I find super-bright people, tell them what I want and then get out of the way. Then, I can have the confidence to know that tasks are being handled expertly when I’m not around, which allows me to focus my time on other duties and strategic initiatives. As Cvent continues to grow, I’ve found it’s important to empower my senior executives to continue crafting a culture of innovation, because creativity is one leadership competency that any company cannot go without.
If a recent college graduate came to you and said that one day he wanted your job, what advice would you give him?
First, I wouldn’t recommend starting a company out of college. For every Mark Zuckerberg, there are millions of failed entrepreneurs.
Second, you might think that as an entrepreneur, you’ll have several chances at success, but the reality is that most entrepreneurs end up trying only once because they’ve put all of their time, money and energy into that first opportunity. I’m a man of statistics, and statistically, 80% of small businesses go under within their first five years. So, you really need to optimize that one chance at success. For the first five years of your career, learn on someone else’s dime. Make your mistakes at an established company, find out its best practices and take note of its management styles. Once you’ve seen what it takes to run a successful company, you’ll be much better prepared to start your own.
Lastly, becoming an entrepreneur is not a decision to be taken lightly. It’s a grind. The road to success can be a lengthy one, so if you’re jumping in, make sure it’s for the long haul. All too often, we underestimate the amount of time things will take, so make sure you have a 15-year plan. If you’re successful before that, it’s a bonus.
Twitter
Facebook
Linkedin
RSS
I completely agree with creating an environment for talented people to grow their own ideas. In age where bonuses and raises are scarce providing a safe, flexible environment for staff to pursue personal ventures is a win win set up. I have seen so many great people leave companies because leadership does not recognize the needs of the new economy we are dealing with. I believe more education is needed for companies to make this transition. They are still leading from a perspective that is no longer relevant. The culture you create in your workplace not only influences the perception of your brand but also directly influences everyone's success.
Great questions. Great answers.Based on the answers, Mr. Aggarwal has really got it together and would be a great person to work with/for.
Love these kind of stories, way to roll up your sleeves Reggie and GET IT DONE. Your company's success is well deserved.
Mr. Aggarwal, How do you compensate employee's for the value they bring your company for entrapreneurial business plans that bring profit to your core work? If an employee see's a niche in the market outside of your core business, creates a product or service and then manages that new product channel within the framework of your business to profitability do you motivate them to succeed with equity or increased percentages of profit sharing or … ? Second, how do you build the loyalty in your employee's that they trust you to compensate them for their innovative ideas and not take advantage of them and push them out when it's best for you?
Hi Gerry,
Bringing creative ideas and innovation to the table is something we look for when hiring, and is part of each employee’s job. When someone goes above and beyond in this area, we reward them in various ways—including promotions, which in turn lead to more stock options, leadership opportunities, etc. Thanks again.
Reggie
I had the pleasure to work at Cvent for almost 5 years and everything that Reggie said is 100% accurate. He is an excellent motivator and each employee is given substantial responsibility and is expected to perform at the highest level. Teamwork and putting the customer first are the hallmarks of Cvent. These mottos are preached to employees on a regular basis. In an era where a corporation's success is looked at with suspicion, just know that there are companies out there like Cvent who just do the right thing and serve their customers very well.
I've chosen not to share my real name for various reasons but make no mistake about it, when someone asked me where I worked I was very proud to say the name Cvent.
Wooww…its very nice interesting story content.
It is a very good story and it could be a great paradigm for executives or managers. Mr Aggarwal did all the "dirty" job and finally wins. EVERY leader have to communicate the Vision clearly to all of his employees and he must give them a strong sense that they are a substantial part of executing that great Vision.
In my opinion this article includes all the theory of leadership in one page.
Working at Cvent is like doing an MBA while getting paid. I am a former employee and I can tell you one thing, Reggie has built a dream company for any competitive professional. What you learn in 10 years at a blue chip company, you can gain the same insight in couple of years at Cvent.
Reggie’s strength lies in his ability to channel his vision and expectation to the grass root levels of the company. Starting from the VP all the way down to an associate. However, its not that he merely makes colones of himself, he encourages everyone to present their own thoughts. Even when I was working at just an entry level position, I was able to communicate with Reggie 101, and the best part. If you have a point, he would implement it right away.
The amount of time this CEO spends with his employees is simply phenomenal.