Dave Lukas, The Misfit Entrepreneur_Breakthrough Entrepreneurship

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The weekly podcast with serial entrepreneur, Dave M. Lukas, devoted to giving you incredibly useful and unique insight from the world's top entrepreneurs with a focus on their non-traditional methods for achieving success, their Misfit side. Misfit was created to give YOU the best, actionable advic…

Dave M. Lukas, Entrepreneur, Author, Investor


    • Jun 29, 2022 LATEST EPISODE
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    Latest episodes from Dave Lukas, The Misfit Entrepreneur_Breakthrough Entrepreneurship

    308: From $100 to over $50 Million, How Successful Businesses Think with Craig Swanson

    Play Episode Listen Later Jun 29, 2022 53:57

    This week's Misfit Entrepreneur is Craig Swanson. Craig Swanson is an entrepreneur, business coach, and co-founder of the online learning platform CreativeLive. Creative live went from a $100 startup to raising over $50 Million in VC funding becoming a massive success. After leaving CreativeLive, Craig has become the secret weapon behind course creators and business owners such as Sue Bryce, Susan Stripling, and Kaisa Keranen by helping them into the multi-million-dollar mark and even acquisition! Craig is also the board chair of the Seattle Entrepreneurs Organization Accelerator. I've always loved digital assets as a business model. An entrepreneur can take their expertise in an area and have the ultimately scalability with a digital product, course, etc. And Craig has perfected the model. I am excited to get into all of this with him and to share all of his wisdom and experience from his incredible entrepreneur journey. www.CraigSwanson.org ​ Follow Craig on LinkedIn Craig started his first business after dropping out of college providing IT services to graphic design companies in Seattle. He did this for 25 years. And then he spun off an internal project which was Creative Live and built it up to massive success. He left there in 2016 and started what he does now - a small investment and incubator company with a fund that invests in and partners with a select few online creators per year to build niche platforms. He also serves his role in EO and is part of their accelerator program. Talk to us about building a digital business. What should we know? People hold their ideas so precious that they don't get them out in the market. What drives the success of a digital product is the market that has area need that your solution addresses. It's not about how good you look or how well you present it. It's about the market first. How does someone identify the market and see if there is a fit? How do you test the market? Create a digital version of something that someone is teaching in person to groups of 10-200+ and has a track record of success. If it works for small groups of people, then you can create a digital version to scale. At the 9 min mark, Craig gives an example of how they test a market with a client. It's best to just listen. Which type of product makes the best digital business? It is something that you create once and can continue to sell. A recorded video training program is the classic digital good and a good product. Additionally, digital downloads specific to industries, etc. What is the process you go through to build the business around the product? The first step is a prototype with a core test audience. (1-10 people that will buy) With your first batch, you are relying on your existing relationships/contacts. After success with the protype, you then build a strategy to get your first 100 sales using success stories from you first group and partnering to get in front of other audiences. Once you serve more than 100 people and prove the product, then you can get to paid advertising and scale. Craig will give out free content to get people into the funnel and fold. What are the best ways to market and sell a digital business? It is different for each product and different for different stages. Mediums will vary and you probably already have a medium where you get the most engagement and community. If you are starting from scratch, it is tougher. You must create an awareness and some sort of following before creating a digital product. What are some ways to build an audience from scratch? A niche email newsletter that goes out as broadly as possible. How do you grow an email list? Find a small community that you can really serve. Once you get some subscribers, ask for them to share it. Go where your market is (Facebook groups, communities, etc. that you can serve and help). Stick to a narrow niche. How do you build a personal brand the right way? The first step is to become clear who you are servicing and audience and speak to that audience. Don't approach your brand from a self-centric stance. The purpose of a personal brand is to connect with and draw in your ideal audience. Building a brand telling the stories and highlighting what those in your audience are doing to succeed is a great way to build it. There are 2 fundamental ways to build a brand: Either a student or an expert. You can position yourself as an expert learner and share what you are learning as you grow in the topic. People can follow and gain from your experience. As an expert, you can focus on delivering expertise to a community. 4 elements to scale any business? Scaling a business is when it starts to grow exponentially and can sustain that growth. The first step is to take something that is already successful with an audience and finding out why it has been so successful. Then you use the stories of success and their words to share why something is working. Next is to create a 2-step purchase process in which you have an entry level product from $10-$99 that covers the cost to acquire customers. The 4th step is to convert the customers into the larger more expensive product. Any tips on how to create the value ladder? A lot of work goes into finding the right combination of offering and price that will scale. At the 36 min mark, Craig gives an example of how they do this… “A lot of people in business become so fixated on the thing they have built that they want to sell that they stop listening to what the market is telling them that the market really wants.” You need an awareness to this. What are the traits of good, high performing businesses vs. those that underperform? The difference is in the way they think. A lot of less seasoned businesses entirely fixated on how to make the existing business model more profitable. They are looking for the magic secret that lets them grow. More mature businesses have found that they have to let go of their original offering or change it to make it the best to grow and scale per what the market wants. Smaller businesses “swell” their business instead of scaling their business. Scaling businesses tend to be simpler with a clear focus on just 1-2 products/solutions and build the machine around them to infinitely scale. At the 42 min mark, Craig and I talk about how businesses are much like life as they grow and gain experience. Don't be afraid to kill ideas and let go of legacy things in your business. ​ From your journey, what do you feel are you most important and impactful lessons you've learned? Letting go of control and learning to trust partners. Build partnerships that work and commit to them to make them go. Have a clear mission. Co-build and co-create.   Best Quote: A lot of people in business become so fixated on the thing they have built that they want to sell that they stop listening to what the market is telling them that the market really wants   Craig's Misfit 3: Be clear on what is negotiable and non-negotiable about your brand. L et go of negotiable elements and stand firm on non-negotiable. If something is worth doing, it is worth doing poorly. You get better as you go. Fail sooner and learn faster.   Show Sponsors NordPass Get 70% off a 2-Year Premium Plan and 1 month Free! Go to www.Nordpass.com/Misfit or use the Promo Code: Misfit at check out. Shopify Shopify is giving a 14-day FREE trial. Got to www.Shopify.com/misfit

    307: Go Where Others Can't or Won't, How to Maximize a Niche with Microcap Millionaire, Mariusz Skonieczny

    Play Episode Listen Later Jun 22, 2022 44:57

    This week's Misfit Entrepreneur is Mariusz Skonieczny. Mariusz is the founder of MicroCap Explosions and the author of 11 books on the subject of investing. Mariusz has carved out a unique niche investing in microcap companies where the institutions don't play, and the retail investors don't focus. And it's very lucrative. Over the course of a decade Mariusz personally turned $10k into over $7 million investing in Microcaps and now he teaches others to do what he does. I've always loved exploring unique niches with the entrepreneurs that find and maximize them, and I'm excited for Mariusz to share his journey and more about the Microcap niche with you in this episode. Mariusz Skonieczny on YouTube Mariusz philosophy is to go where others can't go or don't want to go. You have to be very picky about where you are going to be competitive and look for the best place where you can have an edge. Mariusz was born in Poland and grew up there focused on sports. He came to the US in his late teens and wanted to play basketball. He was not good enough and it broke his heart. He was not competitive enough…not to mention he could hardly speak English. This experience led him to discover and look for unique niches that don't have a lot of competition. He gravitated toward investing. At first, he did what most people do and invested in blue chip stocks. As he found, if you do what everyone else does, it doesn't pay that well. He then heard an interview with Warren Buffett where Warren talked about how investors need to look for unique opportunities that other investors don't or won't invest in and that set him on the path to do what he does now in the microcap space. What is a microcap investment? Companies that have market capitalization of less than $200 million. These are companies in which all the shares outstanding multiplied by the price are less than $200 million. Most of the time, these companies' stocks trade less than $5. Some of them get a negative connotation of being “penny stocks.” What matters is the business behind them and that is the key – if there is a good business behind that has a path to grow, then it can offer a good opportunity. These companies are publicly traded, but usually on secondary exchanges such as Toronto or OTC. There is less competition there as well. A lot of the companies “grow up” on these exchanges and then move over to the larger ones like the Nasdaq, etc. How do you find a microcap opportunity? You can find them on stock screeners, but Mariusz goes to an exchange like the Canadian Stock exchange that has 700 companies and spends the time to evaluate each one to find the best. 80-90% are not great companies. He will whittle it down to the top 50 or so, then find the top 10% out of those and then do full diligence to decide the best one. He's willing to do the work where others don't. What are the criteria you look for in a microcap? Don't invest in trash companies! Find the diamond with high quality revenue. Recurring revenue is critical. The business model offering should have high switching costs meaning it is hard for a client to drop the offering. The business should have high margin revenues with gross profit margins above 50%. The business should also have a long runway and growth trajectory. How do you predict the success and growth rate of an opportunity? Each business will be different. An example is Voxster which focuses on the real estate industry. At the 17 min mark, Mariusz discussed Voxster's business model and how he evaluated the company to invest in it. How do you manage risk? The best thing you can do to manage risk is to invest quality companies with proven business models and profitability. You must also not overpay for them. Most companies are too expensive. You must have patience and be selective. How do you determine value, so you don't overpay? You can look at multiples of revenue or income. With smaller companies, net income is not the best way because they grow faster and sacrifice profitability by investing it back into the company for the growth. 1-3x revenue is a good rule of thumb when it comes to the stock price and how it is trading. How do you stay in an investment? Years – typically 5-6 If you are a businessperson or entrepreneur, you know it takes time to grow. Play the long game. Anything else we should know about microcaps? You must have patience. You must have tolerance for volatility. You can get homeruns if you don't overpay. ​ What other lessons have you learned on your entrepreneur journey? If you see a problem, don't wait for others to solve – see if you can be the one to do it. Or look for companies that solve problems and become part of the journey by investing in them. Best Quote: If you see a problem, don't wait for others to solve it – see if you can be the one to do it. Mariusz's Misfit 3: Think independently. You don't need others' approval to do what it is you want to do in business or investing. Do not worry about what others think. Show Sponsors Feedback Loop (Get 3 FREE Full Tests) Go.FeedbackLoop.com/Misfit 5 Minute Journal www.MisfitEntrepreneur.com/Journal

    306: Startups Fail, But Entrepreneurs Don't, How Bryan Clayton Built Multiple 8-Figure Businesses from the Ground Up

    Play Episode Listen Later Jun 15, 2022 49:01

    This week's Misfit Entrepreneur is Bryan Clayton. Bryan created the “Uber of Lawncare,” GreenPal. It is a company that makes it easy to connect homeowners with lawn care professionals with the touch of a button. Bryan and his team built the company from scratch to over $20 million in revenue, serving 300,000+ customers in just a few years and their story has been featured everywhere from entrepreneur magazine to INC and Harvard Business Review. Prior to GreenPal, Bryan founded Peachtree Inc, and grew it to $10 million before it was acquired. For anyone out there who has had a good idea for a business, but didn't act on it because they weren't sure how to make it a reality or didn't have the experience needed to do it, Bryan is proof that it is absolutely possible. In fact, it is probably easier than you think. And that is why I brought Bryan on – to share how it is possible and what he learned in making GreenPal a reality. www.GreenPal.com @BryanMClayton on Instagram Bryan wants you to know that if he can do it, you can do it. He's spent 22 years as an entrepreneur in one industry, lawn care. He started a lawnmowing business in high school and continued to build it through college and then over the period of 15 years built it to over $10 million in revenue. He sold it in 2013. He took some time off and after a while started to look at what to do next. He thought there should be an app to make it easier for people find lawn care professionals. He didn't know what he didn't know and over the last 10 years has built GreenPal. Talk to us about how you did it and figure things out… Startups and entrepreneurship are less like chess and more like poker. Chess is more of a logical series of moves that lead to a result vs. a smart bet and playing risk vs. reward in poker. In the early days, they tried to outsource the coding and it failed. They had spent almost $200k getting the company going and had nothing to show for it, so they bit the bullet and decided to learn to code themselves. They went to a coding bootcamp and learned the basics which helped them create the second version. Biggest lessons from building your businesses? Startups fail, but entrepreneurs don't. As a founder, you will need to have flexible persistence going from one failure to the next without a loss of enthusiasm. Think of it like an old school video game where you have to figure how to get through one level at a time. It's the same in business. Small incremental wins add up over time to a big business. What did you do to help you grow in your business that other could use? First time founders worry about product and second time founders worry about distribution. The most important strategy is how to get people in the door. He learned quickly with GreenPal that if you build it, they will NOT come. He had to create a customer acquisition and development strategy. First, he went old school like he did in his previous business putting flyers on doors. This got them a couple hundred users. Second, you have to get out of the building and go talk to your users. Delight them. They went on a mission to meet people at coffee shops, etc. and ask them how they find lawn care services. Google search was most prevalent, so that is where they put their efforts to gain visibility. They had to learn SEO and organic search and put the bulk of their resources into it. It started to work, and signups began to grow. Talk to us about how you did your SEO and organic search strategy vs. buying ads… Google AdWords and Google Search get conflated. They are different. It is one thing to pay, another for Google to rank you as #1 organically. It is tough. There is competition everywhere. You have to build it from the bottom up. Start small. They focused on local communities and ranking #1 in those areas – the small little towns that were suburbs around the main city and eventually, they began to be ranked for the larger city itself. Launching a market is launching all the little towns around it. What did you do that got you noticed? SEO 101: On page (content). They created guides on the best lawn care services in each township. The best content possible. Technical: Page load and URL structure, key words, indexable, etc. Backlinks: Who talking about this website or page? They would reach out to local reporters of the small-town magazines and give them stories as they launched in their area. Test, then invest. You need to do it yourself before you build out the processes and teach others. How do you start a business with no money? Even with no money, you have asset and resources you can put to work. Many times, they are in your mind. As you start to get money into the business, the key is to be a good capital allocator to invest back into the business. The least you can live on, the greater your options in a startup gutting it out with no outside capital. You are your business as a founder and the business needs to come first when it comes to money. The first couple of years will be tough. Talk to us about playing the long game? Genius gets mistaken for consistency. There are very, very few overnight successes. People don't see all of the work that happened, many time for years, before the success is known. Success is a cumulation of work over years. Thoughts from your experience selling and exiting a business? It's the dream and it's hard to do well. Work a 5-year exit strategy plan. Things like EBITA growth and systems are key to selling. Read the book Built to Sell. Many times, the time business owners try to sell are when they or the business is in its worst shape. Face and fix the things you don't want to deal with. You want to sell when things are at their best and you've optimized. Sell your business when you are in love with and would hate to see it go. What should people know about the lawn and landscape industry? You can learn so much running a small service-based business in a couple years than in a year of classes. It is also a great place to get your first exit under your belt. You can start a little service business, built it up to $500k or $1 mil and sell it. At the 40 min mark, Bryan shares his message to people who think they can't do it…   Best Quote: Genius gets mistaken for consistency. There are very, very few overnight successes.   Bryan's Misfit 3: Spend less time on things that don't matter. Know when to delegate and when not to delegate. Delegate from a standpoint of stewardship. Are you going to be a fox or a hedgehog from Good to Great? The fox is flashier in style and the hedgehog just keeps it head down and works one to two things really well. Pick which one you are.   Show Sponsors Feedback Loop (Get 3 FREE Full Tests) Go.FeedbackLoop.com/Misfit Goldmining Inc. Ticker symbol: GLDG. Learn more at www.GLDGNews.com

    305 : Lessons for Hannah - Choice

    Play Episode Listen Later Jun 8, 2022 7:32

    Many years ago, I introduced a new format that alongside our regular episodes called “Lessons for Hannah.” Hannah is my daughter and one of the main inspirations for the Misfit Entrepreneur. I wanted to have a place where she could go and learn from her daddy and his Misfit friends throughout her life….even after I am gone. If you haven't listened to the first episode of "Lessons for Hannah," I urge you to as it gives some more background and tells the amazing story of how Hannah came to be in our lives. Lessons for Hannah are short, very useful, and sometimes comical lessons, that I want to share with you and give to Hannah to help in your lives. Because I want Hannah to have these for her life, I'm going to speak as though I am talking directly to her. These episodes are a lot of fun and if you think there is a lesson that we should include in these episodes, please don't hesitate to send it over to us at support@misfitentrepreneur.com. We'd love to share it. This week's Lesson for Hannah Hannah, In this episode, I want to speak to you about choice. Not a lot of thought is put into choice in our lives, yet every day we make many choices. In fact, our lives consist of making choices over and over again. Most of the time, these choices are automatic. We don't think about them. Our subconscious mind just reacts with the stored programming it has built up over the years. I've talked many times about our conditioning and how the subconscious mind is the most powerful part of our brain that runs us without us even knowing, or at least thinking about it. It is important to understand how the subconscious works and how it is programmed because it directly affects our choices. Everyone is born with a clean slate when it comes to their minds. It is the influences and experiences we have in our lives, as well as some primal instinct, that shape how we think and act – effectively conditioning our minds. Sources of this conditioning come from all different areas: Parents, family, friends, culture, school, media, and many of the life experiences we have. For example, the first time you touch a hot stove and get burned, your subconscious registers that and the next time you are near a hot stove, you know not to touch it. Think about things you say or your thoughts – where do they come from? Have you ever noticed yourself saying things that your parents said to you repeatedly as child? Chance are you do. It is an automatic conditioned response, and your subconscious has them for pretty much everything in your life. Most of the conditioning we get is positive, but we can pick up some things along the way that can hold us back or keep us from reaching out true potential. That is where choice comes in, in a big way. The biggest realization that changed my life and set me on path to reach potential people previously thought was impossible for me was when I learned that I could choose my thoughts. That I had a choice. I did not have to be run by programming built up over the years. And just as important was the understanding that the choices Imake every day, directly affect my path in all areas of my life. We are the sum of the choices we make. First, I had to learn to recognize my programming and the responses (choices) that I was making throughout each day and start to ask myself if I truly agreed with those responses. Were those something I put in my mind or were they put there by another influence or experience I have had? I then had to ask myself if that was something I wanted to keep or get rid of. And, if I wanted to get rid of it, what was most important to replace it with. I admit this is not easy to do and is absolutely a lifelong commitment and journey. If you commit to it, it will be very awkward at first because you literally have to learn to do what I call “Stop, Ask, and Choose. You have to stop yourself when you recognize a thought or reaction that doesn't seem to be in line with what you believe or what you want for yourself. You then have to ask yourself if you want to keep it as part of your life or not. And then, you have to choose whether to keep it or what you will replace it with. The first few times you do this, it will be very awkward stopping mid-sentence or mid-thought to ask these things of yourself, but the subconscious picks up things fast. After a few times, it will start to happen quickly and soon be just as normal as brushing your teeth or throwing a ball. Once you understand how to live from true choice in your life, then the fun begins. Each day, you get to control your choices. Remember, you are the sum of the choices you make. You gain the ability to be intentional in the choices you make and find almost a hidden superpower inside of yourself. In fact, in some ways, it is not fair to those that haven't figured this secret in their lives. Gaining control over your choices essentially allows you to level up any time you want. After all, it is a choice to do so. Of course, you have to do the work alongside the commitment you have made with the choice, but if you were not aware to the fact you even could choose this for yourself, it would not be possible. Hannah, I hope you can see how important this lesson is for all areas of your life. And I hope that you can also see how growing yourself in the ability to control and choose your thoughts can give you such an advantage in your life. Like I said, the choice is the first step – you still have to do the work, but that is the exciting part as you make your way to your next level. Here's to living from true choice in our lives. I love you, Dad   Best Quote: Gaining control over your choices essentially allows you to level up any time you want.   Misfit 3: We are the sum of the choices we make. It is important to understand how the subconscious works and how it is programmed because it directly affects our choices. The ability to choose and be intentional in the choices you make ais almost a hidden superpower inside of yourself. Show Sponsors Kearny's Inside the Mind Podcast You can listen to the latest episodes of “Inside the Mind” on Apple Podcasts, Spotify, Stitcher or wherever you get your podcasts. Check out Inside the Mind today! 5 Minute Journal www.MisfitEntrepreneur/Journal  

    304: The Art of the Startup and Growth Hacking with Andrew Lee Miller

    Play Episode Listen Later Jun 1, 2022 54:51

    This week's Misfit Entrepreneur is Andrew Lee Miller. Andrew is a startup expert; in fact, he's known as @AndrewStartups around the world and has been bootstrapping companies for over 15 years. He is a marketing expert and founder of the award-winning marketing agency, Growth Expertz. He has driven growth for 3 VC backed startup exits to the tune of $450 million and dozens of other funded startups, including raising over $25 million in seed rounds in the last 5 years. Andrew speaks and trains entrepreneurs throughout the world on paid advertising, growth hacking, public relations, search marketing and more. He is also the author of the best-selling book, The Startup Growth Book. What I love most about Andrew is that he is scrappy and finds a way to make it happen no matter thecircumstances and I've brought him on to share his best with you in this episode. www.AndrewStartups.com Andrew was born and raised outside Columbus, Ohio. His whole family were entrepreneurs, but he never grew up wanting to be one. He ended up having his own business at 16 detailing cars and had a problem with authority which made him want to stay independent. He went to college for general business and switched to international business. He started a virtual resume startup in his senior year. He and his partner got investment and the business took off – it actually scared him because he didn't want to be stuck in this one business through his 20's, so he decided to travel. He moved the Mexico when he was 21, then after a few years moved to Dubai. Dubai was much different and didn't have much of a startup culture. He joined a company that was a sort of Craig's List type service as head of marketing. He growth hacked the company from 800k page view a month to over 25 million and the company was acquired for a large amount. Andrew realized there was a niche in growth hacking. He had a few more successful projects in Dubai and then went to Silicon Valley and had another successful exit. He then started coaching people and became a digital nomad helping startups and traveling to over 40 countries. You mentioned a formula for growth hacking that you put into practice and now teach others, take us through it. First, when he starts with companies, the product is never ready to be marketed. Are people sharing or referring the product? If not, then a focus is put there to better market it. Product optimization. Once you've optimized the product, then you are ready to grow. Do not rush to paid advertising. It's never too early to start marketing. Marketing is different than advertising. Advertising is something you do to scale up your marketing. Marketing can happen at any time. You can start building a list, basic SEO, organic social media marketing/following, etc. You can then launch with a waiting set of customers and some recognition in the marketplace. What is the difference between advertising and marketing? You do not have to do paid advertising to succeed. Paid advertising isn't necessary for every business. We are shown ads that you need to run ads to grow your business, and that is just not true. Marketing is the actions you take to grow your visibility, your brand, and awareness for who you are. Advertising is paid ads and spots to drive traffic to your business. Focus on organic channels for the first 12 mos in your business. Talk a little more about organic. What do you advise? What's the best place to get traction? List building and e-mail marketing is the best thing to do. Next is social media and off-channel marketing such as Reddit or Facebook groups. Using incentives for first adopters is a great strategy whether it is free services/product or a very low cost, etc. For B2C focusing on long-term things such as app store automation for apps, social media, and off page. B2C is harder than B2B. There are a lot more moving pieces to create an eye-catching brand. What are your thoughts on social media? Where should people be to get the most bang for the buck? B2B – the place to spend money is Google Search because the intent is so high. You also have a higher conversion rate on Google Search if you are using the right key words. For B2C – it depends on the product and service. Google's UAC campaigns are good for things like apps. TikTok needs really good video creatives to do well, but there is less competition there. In the end, it all about the content on social media and video is the most important. YouTube ads are another inexpensive way to drive traffic and revenue. At the 22 min mark, Andrew talks about using influencers and micro-influencers to help grow your brand and visibility. Other PR hacks entrepreneurs can use? Local PR in your local markets is a great place to get visibility and media. Getting on podcasts is a great way to refine your pitch and gain visibility/credibility. You should do PR from early stages of your business. 3 Things: Craft the story – your title is important and having a unique angle Building a list of those that might be interested in telling your story (Podcast hosts, reporters/writers, etc. found on Google Alerts) Distribute your story and your PR effectively to the sources. At the 30 min mark, Andrew talks SEO… Andrew is big on doing “on-page” SEO correctly. Use Link Building. You can use Free SEO audit tools online. Google Free SEO Audit. You can even do Craig's List and University Job boards as SEO hacks. Thoughts on raising money and exiting companies? We are sold that we need to raise money and that is wrong. You can bootstrap and do great. Fundraising is a second job and will take almost 100% of your time over 6-12 months taking you away from your business. You need to really think through and decide if you need to raise money and you need to have the business in the best position to do so. What is it that you think most entrepreneurs miss that holds them back the most? They go too much with their gut and hunch instead of compiling and working from the data. ​ Any other lessons from your entrepreneur journey that have made a huge difference? Let passion drive you – not making money.   Best Quote: It's never too early to start marketing. Marketing is different than advertising. Advertising is something you do to scale up your marketing. Marketing can happen at any time.   Andrew's Misfit 3: Just go. Stop finding reasons not to do things and do them. Don't be afraid to break stuff. Don't succumb to worry and overthinking. If you love what you do, you never work a day in your life.   Show Sponsors Feedback Loop (Get 3 FREE Full Tests) Go.FeedbackLoop.com/Misfit Five Minute Journal www.MisfitEntrepreneur.com/Journal  

    303: Secrets of a Successful Lifestyle Entrepreneur with Todd Randall

    Play Episode Listen Later May 25, 2022 48:11

    This week's Misfit Entrepreneur is Todd Randall. Todd is a serial entrepreneur. He is an 8-time CEO and business coach from rural Florida who has built businesses in in everything from gyms and spas, to construction and wholesaling. Todd still owns 4 businesses running all of them remotely doing over $6 million a year in revenue. He is the founder of Beachview Coaching and uses his experience to train business owners how to create sustainable businesses. His specialty is helping small business owners create the lifestyle they desire from the success of their business instead of creating a 100 hour/week job for themselves. Oh, if that is not enough, Todd owns a horse farm in Florida and flies around the world playing polo in different countries. It's rare to find an entrepreneur with the diverse experience of Todd and I'm excited for him to share his lessons with you. www.Beachview.biz Search Real Business Coaching in Facebook Todd is a classic example of an entrepreneur who didn't fit the mold. He started out as a pharmacist and worked for 10 years at McKesson throughout the world. But, after a decade he wanted to have a bigger impact and ended up buying a franchise. He used his hobbies as an excuse to create his lifestyle. He's a grinder and has worked himself into his diversity of businesses, but has kept his focus on having the lifestyle he wants. Talk to us about your businesses. What are they? He started with massage therapy franchises. He then branched into gym franchises. He owns a wholesale business for construction supplies – it came out of left field that he acquired because he enjoys home projects. He also has a fence business. He's sold several businesses, one for about $8 million. How does someone build their business to support their lifestyle instead of being beholden to their business? Making sure you want to have a business is the first thing. You must understand the skill sets needed to run each business and hire and promote high performers to run the day to day. It is like being a conductor in an orchestra. But, you have think that way from the beginning. Know the lifestyle you want ahead of building the business to create it. Do you have any businesses where you've outsources to VA's? The coaching business because it is virtual. It is harder to do with brick and mortar. Todd uses tools like Upwork, Freelance and others. Any best practices on scaling and running a business a well? Scaling is all about delegation. Coming from being an employee, you are trained to work employee hours and many entrepreneurs that come from being an employee just work like that as an entrepreneur. An entrepreneur needs to learn to empower and get out of the way. Don't be a bottleneck for decisions. One example Todd gives is when he had an employee come to him frustrated because the employee was always waiting on Todd for decisions. When they talked, Todd found that the employee was capable of making the decisions – maybe even better ones that Todd, so they put together a process to allow the employee to do so. You don't need to make all the decisions in your business – in fact, you cannot scale if you have to. Find great people and let them be their best. At the 12 min mark, Todd talks about his 5 pts for empowerment. Trust - It is important to spend a lot of time interviews selecting for character and trust (good judgement) Patience – You must set reasonable expectations and allow time for people to grow. Use mistakes to teach. Escalation Pathways – List out the situations or events that trigger the owner to be involved. Transfer to Coach – You must foster a culture of learning and growth through imperfection. Build Redundancies – You must do everything possible not to be a bottleneck. Processes and systems must be created. You also need to have trained backups for key positions. What challenges come up with multiple businesses? What have you learned to do that well? Running a business is a set of skills that can be learned like playing a sport or other things. Necessity is the mother of invention – as a business owner, you will learn by trial and error and needs that must be fulfilled. Dive in and tackle your biggest challenges, but you must delegate to have the bandwidth to do this. Businesses have to be run with heart – at their core, businesses are people. Help people thrive. And don't worry if you suck at those skills! Most entrepreneurs do to start! Get help earlier and often. Advice for those that want to follow a path like yours in leadership? Lead with compassion. It all comes down to people. At the 29 min mark, Todd talks about how he had imposter syndrome when it came to entrepreneurship because he prefers to do it for having the lifestyle he wants vs. striving for more in some cases. His business is exactly the right size for what he wants to do. How did you come to know exactly what you wanted? Todd can think of a couple instances. The first was when he was still at corporate working overseas. It was right before the collapse in 2008. He has worked on a billion-dollar business plan with a company in an engagement that he led. When done, his company wanted him to come back home. He decided to take a month off and hang in the south of France. It was one of the best months he ever had in his life and it didn't cost a lot to do it. It made him realize how easily he could have a great life and changed his direction. The second was 5 years into his businesses when he had 3 locations. He had an opportunity for adding a 4th. He invested in the 4th business and got caught. It had issues and ended costing him most of his money and cashflow at the time. He decided he was going to make it out – and it took getting rid of his fancy beachfront condo and nice car. He sold it all and rented a trailer. He figured out what was important and focused there. This helped get out of being capital constrained and get out of trouble and after about a year, things were back to normal and thriving for all 4 businesses. He then sold two taking some money off the table. Best advice on how to exit a business? Some cliches hold up. Think about and prepare for it years before you are ready. Plan in advance. Plan, plan, plan. Know your business value and when it is at its best. What has traveling around the world playing polo taught you about how to succeed and run a better business? It really accentuates that business is a set of skills. People come from extremely different walks of life and figure out how to do it. It's the same as entrepreneurship. People everywhere are curious by nature and they dig in and figure things out and create opportunities. You can too.   Best Quote: Running a business is a set of skills that can be learned like playing a sport or other things.   Todd's Misfit 3: Nobody cares what your goals are in comparison to them. Make your goals yours. Take time to sit down and be very honest about what is important to you. The world is full of people. Study them and appreciate them. The minute you release yourself from being the center of the universe, the more you will learn and grow. Exercise your body and mind. Physically tax yourself each and every day. It is great for your mindset. Show Sponsors Goldmining Inc. Ticker symbol: GLDG. Learn more at www.GLDGNews.com Shopify Shopify is giving Misfit Listeners a 14-day FREE trial. Just go to www.Shopify.com/misfit (ALL LOWERCASE)

    302: How to Exit Rich with Venture Capitalist and M&A Maven, Michelle Seiler Tucker

    Play Episode Listen Later May 18, 2022 59:02

    This week's Misfit Entrepreneur is Michelle Seiler Tucker. Michelle is the founder of Seiler Tucker Incorporated, a pre-imminent company for fixing, growing, buying, and selling businesses. Over 20 years, Michelle and her team have assisted in the buying and selling of over a thousand businesses. She is also a venture capitalist and two-time #1 best-selling author, speaker, TV, and radio host. Her latest book is called, Exit Rich and it's being hailed by everyone from Steve Forbes to Brian Tracy, Les Brown, Jack Canfield, and many others. Michelle has been featured everywhere from INC to Forbes to Entrepreneur and holds just about every certification possible in the M&A space. It's safe to say she is an expert in how to grow, sell, and buy businesses. And I've asked her to come on the show to go in depth in all those areas. www.SeilerTucker.com Get the book Exit Rich Michelle has always been an entrepreneur going back to when she was a kid. She did work at Xerox and climbed the ranks quickly, but she could not stay and had to pursue her entrepreneurial spirit. She went into franchise space. She had a lot of buyers that would ask to buy existing businesses instead of starting from scratch. She saw an opportunity and began providing these services. Nowadays, her firm specializes in selling, buying, fixing, and growing businesses. She also invests in businesses and helps guide them to maximize their value. What are the characteristics of a great business? It is an actual business and not a job. 80% of businesses will never sell – Steve Forbes. Most business owners don't build the proper infrastructure that allows the business to grow and scale without them. A great business maximizes the 6 P's: People, Processes, Product, Proprietary, Patrons, and Profits. A business is sellable when it has a sustainable, scalable, and predictable structure in place. Go in depth on the 6 P's. What do we need to know? 80% of businesses will never sell. Most business owners don't build their business to be sold and most are emotionally attached to it having created a glorified job for themselves. The business must work for the owner, not the owner for the business. The #1 reason businesses don't sell is because the business is completely dependent on the owner. People: You build people and people build the business. The right people in the right seats. As the who question? Who does what? What are the characteristics of that person? Product: Your product, industry, and service. A business must always innovate and market. You must constantly ask, “I am on the way up or the way out?” A business must have multiple revenue streams. What is your business best at? What business should you be in? Processes: This is where most businesses fail. You have to identify your processes, but most business owners do this wrong. They design their business processes around their own agenda – it needs to be around the customer agenda. Michelle gives a great example of this with medical clinics. Your process must be concrete and tested and wow your customers. Proprietary: This is the highest value P. Business that are under $1 million in EBITA will trade between 1-3x EBITA. If the EBITA is over $1 million, it starts at 5x and up. Proprietary is a number of things. Part of this is branding – the more value your brand has, the more your company is worth. Trademarks are valuable as well. They need to be registered Federally, not just in the state of the business. Trademark your products as well. Patents are important as well. Contracts are another value driver. Data is valuable. Patrons: Your customers. Customer concentration is something that does happen, but a business must be careful not to have the bulk of the revenue highly concentrated in a small number of clients. It is a risk. Diversify your client base and offerings to grow clients. Profits: Most companies are not making a profit. Lack of profits are not the problem, it is a symptom of not having the rest of the 6 P's. How does an entrepreneur plan their exit strategy from day 1? The worst time to sell your business is during a catastrophe or risk event. You want to sell your business at its height. You must have a realistic value of what your business is worth – not what you think it is worth. Follow the GPS exit model: Start with the end in mind. Plan your exit from the beginning. Know the destination before you begin the journey. (what is the goal to exit or sell the business for) Know where you are starting from. (what is the business worth today) Know who your buyers are. Build the company to sell from the beginning. What are the big mistakes entrepreneurs make in the sales process? Not hiring the right professionals to help you or trying to sell the business on your own. Get an experienced M&A advisor. Get the proper disclosures signed. Be careful selling to customers or employees. Go back to the 6 P's to maximize value. Make sure contracts, employee contracts/non-competes all buttoned up. Beware telling your employees and clients you are in a process. Don't negotiate outside of your M&A advisor. Anything else we should know? Don't ever divulge your customer list. Make sure you have a non-compete if a competitor is buying you. It's not what you know that gets you into trouble, its what you don't know. Many deals fall apart because of taxes. You have to pay taxes – don't not sell your business because of taxes. There are ways you can defer capital gains.   Best Quote: 80% of businesses will never sell.  The #1 reason businesses don't sell is because the business is completely dependent on the owner.   Michelle's Misfit 3: Build your exit from the beginning. Use the 6 P's. People, Processes, Product, Proprietary, Patrons, and Profits It is hard to read the label from the inside of the bottle. You need an outsider's perspective. Get a mentor who has been down the road you want to travel. Do your best to have a balanced life of God, family, and work. Keep a 30-day journal and document things. 3 buckets. Bucket A are the things only you can do. Bucket B are the things that you are good at but should be delegated. Bucket C are the things you can outsource entirely. Show Sponsors Goldmining Inc. Ticker symbol: GLDG. Learn more at www.GLDGNews.com Kearny's Inside the Mind Podcast You can listen to the latest episodes of “Inside the Mind” on Apple Podcasts, Spotify, Stitcher or wherever you get your podcasts. Check out Inside the Mind today!

    301: Secrets of a Million-Dollar Blogger and Serial Entrepreneur with Yaro Starak

    Play Episode Listen Later May 11, 2022 56:45

    This week's Misfit Entrepreneur is Yaro Starak. Yaro has an awesome entrepreneur story. From growing up sleeping in an old van parked in the backyard of his small home in Australia to working multiple jobs trying to make ends meet, putting himself through college – Yaro learned he wasn't an employee. His first breakthrough came in the form a website where he gained following and traction making money with banner ads. I won't spoil his story, as I want him to tell it, but he went on to create more online businesses, especially in the blogging space making millions, and created his financial independence. Today he invests in companies – making over 30+ investments to date, continues to build others and coach entrepreneurs. He's been featured everything from Forbes to Entrepreneur and Business Insider. His latest project is called Inbox Done, an email management company. I asked him to come on the show to share what he's learned on his journey and how you can use it in your life. www.Yaro.blog www.InboxDone.com Yaro shares his story and his experience during this time having business and property in Ukraine. His father was born in Ukraine and escaped after WWII and immigrated to Australia where Yaro was born. When Yaro turned 18, it was 1998 during the Dotcom boom. He started a card game business, a media site where it had commentary, e-commerce store, and he sold advertising. When he went to college, he started an essay editing business to offer editing/proofreading that became a full-time business. In 2005, he got into blogging and found a lot of success and still does it today. He was an early adopter. He sold off the essay company and card business and focused on blogging full time. He turned the blogging into creating courses, e-books, a membership site, etc. It was the first business that did over a million dollars. He traveled the world living in over 26 cities running the business. He did it up until 5 years ago. He then started his current company Inbox Done to help provide outsourced professional assistants. What are some of the principles you have applied to your different businesses that have allowed you to be consistently successful? Compounding a skill set. For example, with the card business, content helped build a community, this gave an audience that could be monetized. Content was used to drive sales in the essay company through SEO. Content is also a driver for Inbox Done. Using the written/spoken word to build an audience and build trust has been the common principle used to build the businesses. Best advice on how to write good content and sell with it? First is the delivery mechanism. It is all about technology and it is constantly changing. Email has been tried and true alongside a blog/website. What you put into the content will follow the same strategy. Look at what kind of content you will produce and how it relates to your goal of building the business. Storytelling is powerful which is intimate and grows trust. Step 1 is always telling a story. But, your story telling must turn into the strategic goal you have for the business. Each business will require different content and stories focused for it. What does your business do and what are the rejection points from people purchasing – use story to discuss these and show why people should buy. Email newsletters are most important. Email is the only true platform you have 100% control of, so building your list is critical. Can you layout the components of your business models that you have duplicated? It is different depending on the product or service. It starts with what you are excited about building what need you can meet in the marketplace. Next, you must understand the right business model to capitalize on the need that must be met. Then it is all about execution. If you choose one model to work with, which one is best? Yaro at different times in his life would answer this differently. Blogging was very simple, but it required consistency and constant creation of content – you're on a treadmill. It is harder to scale. A business that is more SAAS or marketplace oriented, it can scale easier. If he had to choose, it would be to build a company that can scale without him. Talk to us about blogging. How does someone create a million-dollar business blogging? It's changed a lot. Things are way more crowded and there are way more platforms. Niching down is important for blogging today. Story telling about real results will always work. How content and stories are important. Stay specialized and differentiate yourself in every way you can to help you stand out. Double down on everything that is different. The content will help you stand out in search engines. At the 28 min, Yaro gives an example. When you go narrow, you still have a large enough audience in today's world to have a really good audience. Thoughts on driving traffic? It continues to be very dynamic. Google ads and SEO can work well for niche. Podcasts are a great medium. A solid referral program for clients to refer. Branding to drive a sense of awareness in your niche – what is the message you need to state that stands out and makes you different? Build an email list! Get published – go in front of audiences that are interested in what you are doing. Whatever platforms those are – get in front of people on them. Things do not work straightaway or at all sometimes, so you must be ready to pivot and try others. Keep trying and testing mediums. ​ How do you keep up with everything and stay successful across your businesses? Genuine interest and passion for what he does which drives intent. Intent drives focus. Researching and learning to stay on top and be a leader in his space. Most important is to make sure you structure your life and business for the free time you need and the time you need to keep on top of things. 80/20 Rule. Focus on the most important things and delegate or eliminate the rest. It's not so much about “working hard and the time you put in,” its about working hard on the right things that move the needle and it's ok if takes just a few hours a day. Focus on getting the results. Use technological automation. Build teams by hiring or outsourcing.   Best Quote: It's not so much about “working hard and the time you put in.” It's about working hard on the right things that move the needle and it's ok if takes just a few hours a day. Focus on getting the results.   Yaro's Misfit 3: There will be ups and downs, but neither will last forever. Rest is the foundation for performance. Focus on where your creativity can add value for others.   Show Sponsors Ecom Automation Gurus (Save 15%) www.EcomAutomationGurus.com   Five Minute Journal www.MisfitEntrepreneur.com/Journal  

    300: Lessons For Hannah - Celebrating 300 Episodes with an Important Lesson!

    Play Episode Listen Later May 4, 2022 9:20

    Many years ago, I introduced a new format that alongside our regular episodes called “Lessons for Hannah.” Hannah is my daughter and one of the main inspirations for the Misfit Entrepreneur. I wanted to have a place where she could go and learn from her daddy and his Misfit friends throughout her life…. even after I am gone. If you haven't listened to the first episode of Lessons for Hannah, I urge you to as it gives some more background and tells the amazing story of how Hannah came to be in our lives. Lessons for Hannah are short, very useful, and sometimes comical lessons, that I want to share with you and give to Hannah to help in your lives. Because I want Hannah to have these for her life, I'm going to speak as though I am talking directly to her. These episodes are a lot of fun and if you think there is a lesson that we should include in these episodes, please don't hesitate to send it over to us at support@misfitentrepreneur.com. We'd love to share it. Ok, so here goes…this week's Lesson for Hannah. Hannah, In this episode, we celebrate the 300th episode of the Misfit Entrepreneur. And it's only fitting that it should be a Lessons for Hannah episode. Wow, 300 episodes – that is almost 6 years' worth of interviews from the top entrepreneur and minds in their areas of expertise. First, I want to give my sincerest thanks to all of you that support and listen to the show. You are the best audience anyone could ever ask for. Second, I can honestly say at this point that you can find an expert on pretty much any topic in business and entrepreneurship amongst the Misfit Entrepreneurs. And I would put the content produced by this show and these entrepreneurs up against any MBA program in the world. In fact, if I can be so bold, I would say that if someone listens to the Misfit Entrepreneur for 1 year and puts the wisdom and guidance shared by these amazing entrepreneurs into practice in their lives, they will be light years ahead of most MBA programs. Why do I say that and why is it important? Because it is part of the lesson I want to teach you today. As I write this, the world is in turmoil. Not that there isn't always something going in the world, but particularly this time in history, I think, will end up being significant. Why? Because when history looks back at this time period, it will have a lot to keep up with. We just came out of a pandemic after 2 years where unprecedented measures were taken – in many cases to unimaginable extremes. Coming out of the pandemic, the US and the world has had to contend with a generational economic upheaval that is still in progress and will be for some time. On top of that, we have a major war in Europe in which one side, Russia, more and more, is talking about the use of nuclear weapons. We are seeing supply shortages of many things, but especially food and energy throughout the world. And if that is not enough, we have had governments create massive amounts of debt printing money to no end and injecting it into economies alongside the supply shocks, causing Inflation to reach 40-year highs. So, what is the lesson I want you to learn in the midst of all of this. First, those that can understand, but separate themselves from all that is happening in the world, and see the “forest through the trees” will find massive opportunities. To do that, they will need to self-educate and take lessons from history. For example, we have been in this situation with inflation before from 1972-1983. If you study this period, it will give you some great insight into what to expect during these times and where opportunities are hidden. Second, you must think independently and not follow the herd. I amazed at how many things are upside down from even just a few years ago. People scream things like “follow the science” only to change what “the science” is 2 days later. We cannot even agree on how many genders there are anymore. The number seems to change by the week. We are told that down is up and up is down and that things we know to be true are no longer true – things that have held up since time has been recorded in some cases. This where history comes in again. Throughout our human history there have been many times where we did ridiculous things, and the herd, the majority went along with it. There was a time when the consensus of the world was that it was flat and anyone who said it wasn't, was shunned. We used to burn people at the stake because the herd somehow in a perverted way of thinking claimed them to be witches. In more recent times, we were told that wearing a mask from the time we enter a restaurant to the time we sat down, was needed to prevent getting a virus, but once sitting, we could take it off and breath openly, and everything would be fine – but we would have to put it back on again to leave the restaurant. Regardless of your view on masking, there is no science behind that – its just the herd mentality at work. The major point I want to make in this lesson is that there are going to be times of turmoil in your life where it seems like the world is on fire and the herd is going in a direction that defies the reality that we know to be true and that has proven to be true. Hannah, it is during these times that the most successful keep their wits about them and stay grounded finding amazing opportunities. But you must be prepared and that comes from self-education and independently thinking things through – not just going along with the herd. Be curious and don't be afraid to ask questions and challenge the herd mentality. In fact, one of my favorite quotes is from Thomas Jefferson where he said, “Question with boldness even the existence of a God; because, if there be one, he must more approve of the homage of reason, than that of blind-folded fear.” This quote sums it up. Question things with boldness for the truth will hold up in the end vs. following the herd out of fear and going along with things that are not true. Hannah, this may be one of the most important lessons I can ever give you and I hope that you take it to heart and use it throughout your life. This lesson has served me very well in life and in business, and as I think through over 300 episodes of speaking to some of the greatest minds of our time, I find that that they embody this mentality as well. Hannah, there are so many other lessons to share you and many new ones for me to learn and I look forward to sharing them over the next 300 episodes! I love you, Daddy   Best Quote: If I can be so bold, I would say that if someone listens to the Misfit Entrepreneur for 1 year and puts the wisdom and guidance shared by these amazing entrepreneurs into practice in their lives, they will be light years ahead of most MBA programs.   Misfit 3: You must learn to think independently of the herd and logically make decisions. There are going to be times of turmoil in your life where it seems like the world is on fire and the herd is going in a direction that defies the reality that we know to be true and that has proven to be true. It is during these times that the most successful keep their wits about them and stay grounded finding amazing opportunities. Question things with boldness for the truth will hold up in the end vs. following the herd out of fear and going along with things that are not true.   Show Sponsors: Shopify (Get a 14-day FREE trial) www.Shopify.com/misfit (all lowercase) Five Minute Journal www.MisfitEntrepreneur.com/Journal  

    299: Creating the Ultimate Time Freedom Through Outsourcing and Automation with Molly Rose Speed

    Play Episode Listen Later Apr 27, 2022 47:19

    This week's Misfit Entrepreneur is Molly Rose Speed. Molly has a great story. She is a military spouse who had enough of being a corporate accountant cubicle dweller and decided to create a business to help military spouses and others reach their own dreams through entrepreneurship. In fact, she was named 1st Special Operations Group Spouse of the Year. She is the creator of Virtual Assistant Academy which provides trusted Virtual Assistant solutions and flawless tech execution to busy entrepreneurs and business owners. Molly has become the go-to professional for some of the most successful entrepreneurs in the speaker/author and content creator industry. Even the former president of Chicken Soup of the Soul is her client. Molly has created the life she dreamed of and is helping others do the same. And I've asked her on the share her story and how to completely outsource your business. www.VirtualAssistantManagement.com Molly was a young, focused executive hustling in corporate America. She woke up one day and realized that there was more to life than just moving up the corporate ladder. Her husband was being deployed at a rapid speed. And when he was home, she was working and they hardly could see each other. So, she quit. Her husband came home to find out she did not have a job and said, “OK, you've got 4 months to figure this out.” She started doing freelance work and had success. It evolved into more clients and success in the personal development space. She was creating the life she wanted and other military spouses kept asking her how she did it. She saw an opportunity to help other military spouses do what she was doing in the virtual assistant space. Virtual Assistant Management was born. How did being a military spouse help prepare you for entrepreneurship? You're given this huge responsibility of running the ship when your spouse is gone. The house, the family, the finances, all the little things that couples would do, but on your own. There is a level independence that being a military spouse teaches you which helps to transfer to entrepreneurship . It also teaches you to be resilient and adaptable. What there a catalyst that spurred you to quit? And what is your advice for someone who is in the same place you were and wants to make the leap to entrepreneurship? She went to a conference for high-potential young professionals. The term entrepreneur, the ability to use your skills and talents to create and sell services was introduced to her. Learning this gave her the lightbulb moment that there was another way. She was getting completely drained every day in the corporate world and was in tears a lot of days. She had to trust in herself and created a plan and took action on it. She had the choice and the power – it just needed her to take action. She did. Talk about having a plan and taking action. How do you advise people in this area? First, you must figure out what you actually want. Define what you want your work to be. For example, Molly defined hers as a position that she can do virtually, on her own time, that pays her at least 75% of what she was making in the corporate space. When you envision what you want, the universe will open it up to you. But it takes an action plan. You should know what you are going to do every day. You should reach to others and let them know what you are doing. Your Power 100 list – the most influential people and those close to you that should know as they may be able to help you. “By doing nothing, you are not going to get anywhere.” Other lessons that you feel are most important from your journey? Being present in the interactions with people you are with every day. How you spend your day is how you spend your day – and it is your choice how to spend it. It is amazing how fast you can build a network. Pay attention to the people that show up and the opportunities – they can come out of nowhere and are so important. Be open to them. Talk to us about utilizing virtual assistants, the dos and don'ts, etc. Entrepreneurs have a passion for the solution they are providing, but as they grow, they find that they wear a lot of hats and have created a number of jobs for themselves. There is a big difference between running a company and creating a job for yourself. Entrepreneurs need a plan to outsource from the beginning. When it comes to hiring a virtual assistant, it should be the first person an entrepreneur hires as they can where several hats and take a number of things off the entrepreneur's plate.  They give you leverage at a lower cost. If you were coaching someone on how to hire their first VA, what would you have them do? First, recognizing all the things that are on your plate and then start cherry picking all of the things you want to offload. This serves as your initial job description. Start with 5 hours a week. Each week should have a weekly meeting with the VA and an action plan with roles and responsibility. You can use a project management tool like Monday to help. Communication throughout the week is important. VAs where a lot of hats and have a number of ways to communicate – pick the medium that works best for you. Make them part of the team, share your goals and how they can make a bigger impact. By knowing the bigger picture, VAs can find opportunities to make things even better. Clarity is very important for everyone in the process to maximize productivity and success. Tell us about hiring an outsourced, COO… This is the goal of a tenured VA in their career. They are the right-hand person for a business owner. They take your vision and run with the strategy, the how, and run and delegate a team to help execute the vision. A level below that is an OBM – outsourced business manager. This can be done at a fractional level, and you don't need a 40 hour/week employee. They can execute their duties in 10-20 hours per week. What are the major duties Outsourced COOs do and how can they do it in less than 40 hours per week? Technology and automation is a big part of things. Outsourced COOs are very good at building systems. They are good at taking projects and mapping everything out, hiring the needed contractors to help to do it. They can do payroll and book-keeping and interface with others in the business and even clients. They are the gate-keeper for the entrepreneur. Costs for COOs range from retainers of $5000 to paying a commission or a mix of both. Talk about automation and its importance… If you are doing any task that is repetitive, you need to automate it and automate it all the way down to things like email templates. Online schedulers are very important to maximize productivity. Your sales funnels, how you sell, and after-sales engagement, etc. should be automated. Every area of a business, if broken down, can have a lot of it automated. Other best practices to free time and be productive? Take some time and look at your calendar for the last couple weeks. How did you spend your time? Did you enjoy it? How many things would have made sense to avoid or eliminate? Pay attention to what you are saying “yes” to and decide if you should be saying “yes” to these things. Working in sprints of say 90 mins at a time and then having a little break is good to help. You can also work in 45-minute sprints with a short break to maximize productivity. You must be intentionally with your scheduling and plans. You must also create days off. Automation is very important to help make this a reality. ​ Any other advice for managing and hiring VAs? There is a big difference between overseas and local VAs. It takes more work for overseas, but there are great people. For overseas, you must be very specific and be willing to work across the different time zones. In fact, local VAs can even help hire and manage overseas VAs. There is a place both types in a business.   Best Quote: By doing nothing, you are not going to get anywhere.    Molly Rose Misfit 3: Time freedom – wherever you can create this in your life, look for it and enjoy it. There is great importance in human connection. Those your surround yourself with greatly affect all areas of your life. Choose wisely in your connections. We are here to support and engage with one-another. Give and have gratitude. In the end, it is about the impact and experience you had on this earth.   Show Sponsors: Five Minute Journal www.MisfitEntrepreneur.com/Journal Blue Lagoon Resources www.BlueLagoonResources.com   

    298: Redefining Sales and Unlocking the Sales Game with the World's #1 Authority on Trust-Based Selling, Ari Galper

    Play Episode Listen Later Apr 20, 2022 48:52

    This week's Misfit Entrepreneur is Ari Galper. Ari is the world's #1 authority on trust-based selling. He's the best-selling author of “Unlock the Sales Game,” a must read by the way, and “The One Call Sale.” He's been featured everywhere from Forbes to INC and CNN and is sought after by business owners, entrepreneurs, and major corporations like Citibank and GE to help them improve their sales organizations. But the thing I am most excited for Air to share is the journey he took to become who he is. In some ways, it parallels my own journey with the Misfit Entrepreneur as we both have a very special why. Of course, we are going to talk all things sales and selling too. ​​www.UnlocktheGame.com for a copy of Ari's book and other free resources. Ari met his wife over 20 years ago. She was from Sydney, Australia. He came to meet her family and fell in love with the country. They lived in LA for a while and moved to Australia after the birth of their son. He was in professional sales in tech and other industries prior to going out on his own. At the 6:30 mark, Ari tells the story of a major sale that would double the size of the tech company he was working. He did the demo and got awesome feedback. It went so well, he thought it was a done deal – until it wasn't. This was where he learned how important it was to use trust-based selling to succeed. Somewhere along the way, it has become socially acceptable not to tell the truth to people who sell. Instead, we hear things like “sounds good,” “Send me information,” “Send me a proposal,” etc. without the buyer having any intention to buy at all. Ari asked himself, “Why are people afraid to tell me the truth?” He realized that there is an invisible river of pressure that flows under every sales conversation, and you need to learn how to remove it, so you don't play the sales game. You must shift your mindset away from the goal of the sale and instead build deep trust with people where they feel vulnerable and comfortable enough to open up and tell you the truth. You credit learning to be your son's dad as a breakthrough for Trust-Based selling – what was the breakthrough? Toby has down syndrome which means he's open and honest, kind, and a joy to be around. He has no hidden agenda with people. He is honest and open and doesn't carry a shield. He lives in his authenticity and integrity. This is how it should be with a sale between the buyer and seller. We must detox from the old ways and behaviors of selling to a new way. A trust-based way. So, what is it that companies and salespeople doing wrong in selling? Most people live in myths such as “sales is a numbers game” It's not about that. It's about at how deep you go in each conversation. The sale is not lost at the end of the process but lost at the beginning of the process. Most sales calls are over at “Hello.” The other myth is that sales rejection is part of the game when in fact, it is triggered by old habits and ways of thinking. Define Trust-Based Selling… The redefinition of selling as you know it. It's not about making the sale for you. It's not focusing on your goal but focusing on their goal. 100% authentic going deep underneath their problem to a level where they feel you truly get them. Trust-Based selling is making the process all about them and not you. Take us through the process. How does an entrepreneur or salesperson get to the point where a prospect believes that they truly get them and understand them? Trust-Based language: Changing your words and language to show you are different. For example, always be diffusing pressure. Ari gives an example of a sales phone call at the 17 min mark and the moving forward conversation and how it should go. Instead of telling what they next steps are, ask “Where do you think we should go from here?” When you people feel you truly care about them and show it and back it up – it sets you apart. Why is the sale lost at “hello?” And what do people need to do differently in the beginning? We have been conditioned to start the relationship at hello, to build rapport. Relationship building and trust-building are mutually exclusive. The mistake is made where salespeople try to get people to like and know them. Buyers don't have to like you. Think of a doctor and patient. A doctor doesn't have the luxury of being liked as much as they are responsible for diagnosing solving a problem with a patient whether the patient likes them or not. Build relationships after the sale – not before the sale, so it's not fake at “hello.” Instead as entrepreneur or salesperson, you be the doctor. Peel back their issues and go to the place they don't even know about and help understand the real challenge to solve. At the 25 min mark, Ari gives examples of what to say on an initial call. It includes things like “asking for help” or asking if they “would be open” to a problem that you help clients solve. How is unlocking the sales game comparable to the Japanese art of Aikido? Aikido is all about no resistance. You deflect and diverge energy in Aikido. When you sense pressure or tension in the sales process, you are conditioned to two responses – fight or flight. Instead, don't try to fight resistance, but diffuse it and don't go to “fight the battle.” Diffuse and re-engage. For example, if someone tells you that your “fees are too high,” the natural response is to fight the battle for them. Instead, say something like, “You are absolutely right, it can be perceived as high if you haven't had a chance to actually the product or service to get the result you are looking for, to justify making this happen. Would you be open to looking at this from a different perspective to see how we can build a business case for this?” This is redirecting to a different path of thinking about things. How does someone develop themselves to be able to practice Trust-Based Selling? It is about unlearning. People typically put on sales armor, get ready for battle, and react in the moment because we are not centering ourselves. People have a pattern of moving things forward and the minute that is broken, we freak out and get defensive, we over-educate, give stuff away – we lose ourselves and the ability to be the “doctor.” We must be 100% present in the other person's world. It requires practice and coaching, a shift in mindset. Remove this phrase from your vocabulary – never ever again use the phrase “follow up.” Not in email or phone call, etc. The only profession in the world that uses that phrase is selling and sales. Stop being a “salesperson.” Get rid of the old language. Stop using “check in” or “touch base.” Instead use “I'm giving you call to see if you have any feedback from our last discussion or from our meeting.” Change you thinking and language and people will tell you the truth. Talk to us about the “One Call Sale.” Explain your philosophy. It is Ari's lifework in a book. It is a refined model that removes resistance at “hello.” It teaches you to be a “doctor” and have the right bedside manner to peel back the onion – like a therapist and patient. At the 37 min mark, Ari walks through some of the thought process. It is all about digging deeper and deeper below the iceberg. You job is not to move prospects forward, but to move them down the iceberg to where they say, “How can you help me?” Final thoughts? Let go of the idea that your job is to educate prospects of and in your sales process. They don't want work to do. They are not asking whether they want to buy a solution, but instead – is this person the one I can trust to solve my problem?   Best Quote: There is an invisible river of pressure that flows under every sales conversation, and you need to learn how to remove it, so you don't play the sales game.   Ari's Misfit 3: Stop selling. Build trust instead. Be the doctor and diagnose problems. Be present with people in their world so you don't slip out into your world.   Show Sponsors: Shopify (Get a 14-day FREE trial) www.Shopify.com/misfit (all lowercase) Blue Lagoon Resources www.BlueLagoonResources.com   

    297: Work Simply to Be more Productive with Carson Tate

    Play Episode Listen Later Apr 13, 2022 47:40

    This week's Misfit Entrepreneur is Carson Tate. Carson is the best-selling author of Work Simply: Embracing the Power of Your Personal Productivity and founder of the business with the same name which helps clients amplify team performance, better engage their workforce, and increase productivity. Carson and the principles of Working Simply have been featured everywhere from Fast Company to Forbes to the Harvard Business Review. And Working Simply has helped some of the largest organization including FEDEX, J&J, Chick-Fil-A, and Lowes, just to name a few, improve their performance. I bet you can guess why I asked her on the show. What entrepreneur wouldn't want to improve team performance, better engage, and increase productivity? ​ www.WorkingSimply.com https://www.workingsimply.com/work-style-assessment/ Carson started her career in corporate America in HR/Training. She then went into outside sales for Big Pharma and that is where the light bulb went off for her and where she realized she wanted to be an entrepreneur. It was like having her own business, until they changed her compensation which require her and her team to change how they did things. They had to become more productive, so Carson developed a system that got great results to a point where it became a model for the company. Carson saw that there was a good opportunity for a business to help companies in this area, so she left and launched her business. What does it mean to work simply? What are the principles? Can you re-orient from output to impact and results only work? What are the principles? It starts with identifying what is not working well Where are team members burned out? Do you have a communication or meeting issue? Depending on the root cause, that is where you go to work. For example, if there are too many meetings and they are ineffective – then the focus would be on optimizing meetings for results and time. You also have to look at how they team gets work done most effectively and make sure everyone understands it. Where do you see challenges in productivity consistently? Execution is one area that is consistent. It is also looking at conflicts between individuals and teams. People need to learn how their personal dynamics can work better together. Meetings and email management are two other areas where a lot of productivity and time are lost. Explain why email management is so important? It's the primary communication tool in most businesses. Most people don't know how to use platforms like Outlook most effectively. People are also connected to it 24/7 which means it makes it easier to get burned out. At the 14 min mark, Carson and I have a great conversation on being productive in training people to be respectful of your time. Thoughts on running a team to be most productive? Dedicate time to each of your direct reports to ask questions and get updates. A leader's focus should be on coaching and development during focused time. Leaders should stack 1 on 1's and do them in the same day if possible. This will help with focusing on the same activities which helps you to be more productive. The data on multi-tasking proves it does not work. Multi-tasking is an illusion and goes against your biological design of voluntary vs. involuntary focus. You are much less productive when you multi-task. Any other productivity tips that people should know about? The most important practice is the recognition that people don't think and process information the same way, so there is not a one-size fits all solution to productivity. Many companies think everyone can function the same way in the same structure for productivity. Some will do well, others will not. Ultimate productivity comes when you are able to personalize productivity based on work style. Carson developed an assessment to help people understand how they process information and how to maximize productivity around it. Just go to https://www.workingsimply.com/work-style-assessment/ What do you see as the most important thing a leader can do each day to help their team's success? Coach! Transform from manager to coach. A coach invites the individual team member to co-create and problem solve. It is asking questions vs. telling. What have you learned along your journey about how to consistently perform and succeed? It starts with you. Exercise, rest, and meditation are essential for your ability to navigate entrepreneurship thoughtfully and intentionally. Self-care is essential. Best advice to an entrepreneur just starting out? Radical self-awareness is needed to succeed. Get clarity around why and what your best way to contribute is. Once you start building a team – the self-awareness allows you to know where it is best for you to focus and work with your team. There is a difference between being a leader and a CEO. What are your thoughts on how to maximize your success as a CEO? Having an information and eventually more formal advisory board with diversity is helpful. It is important for leaders to engage an executive coach at different stages to help them. Your thoughts on how to select the right coaches? First, there are credentials for coached. There are processes, methods, etc. that coaches can be certified in. Another important thing is if they have experience in the area you are looking for help in. Above all, it needs to be a good fit. You have to be able to trust them and be open with them. ​ Anything else you feel is important for us to understand for success? Engagement and engaging your team. You must create and engaging environment for your team and your clients.   Best Quote: The most important practice is the recognition that people don't think and process information the same way, so there is not a one-size fits all solution to productivity   Carson's Misfit 3: Know thyself... Take care of thyself... Serve others...   Show Sponsors Ecom Automation Gurus (Save 15%) www.EcomAutomationGurus.com   Five Minute Journal www.MisfitEntrepreneur.com/Journal  

    296: From Startup to Grownup with The Top World's Top Rated Startup Coach, Alisa Cohn

    Play Episode Listen Later Apr 6, 2022 47:57

    This week's Misfit Entrepreneur is Alisa Cohn. Where to start with Alisa. She has been named the top startup coach in the world and has been coaching startup founders to help them grow into world class CEOs for almost 20 years. She is also an angel investor and advisor and has worked to help everyone from Venmo to Etsy to Draftkings in their sucess. She has coached CEOs and C-Suite Executives at many of the largest Fortune 500s such as IBM, Google, and Microsoft. And if that is not enough, she is a top leadership speaker and guest lecturer at Harvard, Cornell, and even the Naval War College. Alisa is the author of the best-seller, From Start Up to Grown Up and I've asked her to come on the show to talk everything startup and leadership. www.AlisaCohn.com Alisa was in the non-profit world and had a moment of truth when she was working at a university. A provost told her that “you could not manage faculty because the have tenure.” She thought that it could not be. She went to business school at Cornell and ended up focusing on finance and accounting. She ended up working at Price Waterhouse Coopers. She was fast-tracked. After working for some time, she knew it was not what she wanted to do. One Sunday she woke and thought to herself that she hoped to get the flu, so she didn't have to go to work the next day. 18 hours later, she was rushed to the emergency room with the flu! She was out for 2 weeks and during that time really thought about what she wanted. She went to a conference and there was speaker and coach. They were amazing. The next day, she followed the coach and watched her speak – she loved it and decided that she wanted to go that route. She took jobs during the dotcom boom and went through coach training. When the dotcom bubble burst, she decided it was time to go on her own and she's been doing it ever since. Define Leadership… A leader is like a conductor. They bring people together in service of something bigger and better, coordinated together – and then empowers the people to do the best work of their lives. It's knowing where you want to go and having the vision and then finding the people and unlocking their potential to help in fulfilling it. Qualities of great leaders? Great leaders come in all shapes and sizes. The greatest leaders care about people genuinely. They do what it takes to move the organization toward the mission. They make the hard the calls. They make sure everyone is on the same page. Sometimes it means getting in the trenches. Great leaders have situational awareness and do what it takes in the moment to be effective and powerful. How do you teach people to gain better situational awareness? It's first checking in with yourself. Second, it is recognizing that all others have their own bundle of emotions, priorities, dynamics, etc. Get curious and super observant as a leader and strive to understand these things in people in the context of what you are feeling. Leaders have blind spots. What are the ones you see most prevalent in leaders? Leaders do have very similar blind spots. The first one is that leaders sometimes forget they are the leader – the boss. Your suggestions are orders. As a leader, you have authority and need to remember that. Leaders don't realize how much they need to communicate. They need to repeat themselves over and over to make sure everyone has heard them and is aligned on the strategy and vision. Most important aspect for a startup leader to get right from the beginning? Most important aspect for a leader in a mature company? Starting up, leaders how to figure out who to even higher and need to be charismatic enough to get people on board and raise money, etc. It's working a miracle in some ways. Startup leaders must be adaptable and willing to persist against all odds. As a company matures, the leader has to be willing and able to rapidly grow. Alisa's book “From Startup to Grown Up,” deals with this. All leaders must have emotional self-control and be able to weather the ups and downs. Leaders in mature companies must be consistent and be excellent at delegating and making sure everyone is on mission. Talk to us about dealing with the internal politics of business…. Any time you have more than one person, you have politics. People have different opinions, agendas, ways of looking at things, etc. In large companies, status and power is part of politics and politics in companies is reality. Leaders need to have organizational awareness and be savvy to navigate for good and not for ill. Leaders need to build relationships and network with those have power and align in the right ways with the people making decisions. If you want good things for the company, you need to be savvy enough that your voice is being taken into account when decisions are made. For startups, it's about creating a great culture and hiring the right people aligned with it. For startups, it is also about being transparent and doing things in the light of day. Power and Influence – what role do they play in the development of a leader and what should leaders understand about them? You must gain power and influence as you get more senior, or you will be sidelined. This means you must be networking with and savvy with those that make decisions and the key stakeholders. You have to look and see what is being rewarded in the company and make sure that you participate in it. Observe your surroundings and the power/influence dynamic in the organization and what drives it. How does a leader and organization developer their guidepost and values? Spend a lot of time thinking through what you want the company and culture to be. It's worth it to slow down and get it as close to right as you can. Sit down and ask what things your really value? What kind of company do you want to work at? What culture do you want to ensure lasts? Key elements of a successful startup? You have to have a lot of magic. You have to have a strong view of what you can create and why it is significant in the market. You have to get the feedback and take the negative comments and keep going. You then must find the right team who are aligned and committed to the mission. As you grow, you will need to bring in more senior people who know how to grow a bigger organization – maybe even replacing yourself. Personal mastery – how does someone learn to live and work at their peak? You spend a lifetime doing it. It starts with intention. How are you going to be better tomorrow than today? It's about learning from the masters and what world class experts do to achieve peak performance. It's also figuring out which things make sense for you to take on and do with discipline and diligence that make the most difference. What have you learned that is most important for success as an entrepreneur? Resilience, resilience, resilience The longer you can stay in the game, the better chance of success. Keep putting one foot in front of the other and do the next right thing. ​ What is the most unexpected thing you found on your journey? A pivotal moment was in 2006 when she reached out to Marshall Goldsmith. She met with him personally and he took her under her wing and helped her get her start. She dared to say yes to working with him and it has made all the difference.   Best Quote: The longer you can stay in the game, the better chance of success.   Alisa's Misfit 3: Get out of your comfort zone and take more risk. Build your network early and often. Be someone who is known for helping other people and the rest will take care of itself. Believe in yourself.   Show Sponsors: Shopify (Get a 14-day FREE trial) www.Shopify.com/misfit (all lowercase) Blue Lagoon Resources www.BlueLagoonResources.com   

    295: Lessons for Hannah - Mental Toughness

    Play Episode Listen Later Mar 30, 2022 10:44

    Many years ago, I introduced a new format that alongside our regular episodes called “Lessons for Hannah.” Hannah is my daughter and one of the main inspirations for the Misfit Entrepreneur. I wanted to have a place where she could go and learn from her daddy and his Misfit friends throughout her life…. even after I am gone. If you haven't listened to the first episode of Lessons for Hannah, I urge you to as it gives some more background and tells the amazing story of how Hannah came to be in our lives. Lessons for Hannah are short, very useful, and sometimes comical lessons, that I want to share with you and give to Hannah to help in your lives. Because I want Hannah to have these for her life, I'm going to speak as though I am talking directly to her. These episodes are a lot of fun and if you think there is a lesson that we should include in these episodes, please don't hesitate to send it over to us at support@misfitentrepreneur.com. We'd love to share it. This Week's Lesson for Hannah Hannah, I am excited to speak to you about one of my favorite topics, mental toughness. There are many takes on this subject and tons of books written on it. It seems there is a new book out on the subject every week. And I can understand why, achieving true mental toughness is personal to each person. How you find yours will be personal to you. I can only speak from my experience and how I have achieved my levels of mental toughness in my life – and I hope it inspires you to level up in yours. First, what does it mean to be mentally tough? To me it is the ability to respond rather than react to hard circumstances in our lives. Notice I said respond. Most people react emotionally and let fear drive them when hard times come. They cede control of thought to the basic animal side of humanity and react in ways that are typically detrimental to themselves and their potential. Being mentally tough is being prepared for the hard times because they will inevitably come, and then having the fortitude to say no to the emotional reaction and instead think logically and work through the challenge to reach the best outcome. Being mentally tough is keeping perspective as hard times come, and they go, and life goes on. You must never lose faith in yourself, but you must see reality for what it is. To be mentally tough is to be able to endure and outlast. One of my favorite movie trilogies is the Batman Trilogy directed by Christopher Nolan. I like it for a lot of reasons. The series is a great set of lessons on good, evil, how fragile societies can be and of course, mental toughness. In one scene in the Dark Knight, Bruce Wayne and Alfred are talking about how in order to stop the Joker, he will have to turn himself in as the Joker has demanded it in order to stop his anarchy and crime spree. This was a moment of mental weakness for Bruce Wayne as he knew deep down that turning himself in would not stop the Joker and Batman was the only way. He asks Alfred what he should do, and Alfred says, “Endure, Master Wayne. Take it. They'll hate you for it, but that's the point of Batman, he can be the outcast. He can make the choice that no one else can make, the right choice.” I've learned that mental toughness is making the right choice even when it is the hardest choice, even when it may bring pain. It is making the right choice knowing others may not understand why at the time or be angry at you for it. It is enduring through all the things, including your own thoughts, that tell you to stop or quit, or give in because you know what is on the other side. You know the ultimate prize is waiting. I have found my mental toughness through sports and entrepreneurship. I played football from grade school through college and then after college started endurance racing and ultimately Ironman. Sports provide one of the ultimate battle fields for mental toughness. You will go through highs and lows. You will stretch yourself physically and mentally. You will experience fatigue, not just from the work you must do to compete, but also in the form of doing something for a long period of time. I played football for almost 15 years and there were times where I just got tired of it – after all, I had been doing it for so long. But something I realized is that I spent all this time getting to where I could be my best at the sport and to quit would be to waste all of that hard work and effort. It is the same with Ironman racing. There are a lot of days where my training plan calls for me to train for 5, 6, 7, hours or more. This means, I need to be starting at 4 or 5am in the morning to get everything in alongside all the other things I do and commitments to our family. I would be lying if I didn't state that there are days where I get up and just am not feeling it and don't want to do it. I question why I am even doing it – after all I don't have to…it is an elective sport for me at this point in my life. Those are all emotional reactions, and I have learned to respond logically. It is in these moments that I think of all the benefits of what I am doing and move forward. For example, I have done all the work to get into the best shape physically and mentally of my life and the training is the practice to keep it. After all, it is a lot easier to stay in shape than to get in shape. I also know that it helps me in my health and my ability to be able to do all the things I do with you and your mom. I also know that it helps me as an entrepreneur and in my life as it keeps me disciplined. It keeps me in a good routine and structure. Lastly, I am being rewarded for the work as I am now Top 10% for my age in the world in the sport. And I also know that I have not reached my full potential yet. So, this keeps me going. Entrepreneurship is similar to sports in that you have to take a long-term view and have the endurance to keep going through the challenges that present themselves on almost a daily basis. I have learned that the more problems you can handle and the bigger ones that you can handle, the larger your business can grow. And this capability allows you to develop others and help them reach their potential, because you can show them through your experience that they are capable of so much more. And ultimately, as an entrepreneur, you want to develop your systems and people so that the business can continue to grow and thrive without you having to be there for it to do so. The only way you can get there is by being mentally tough and sticking it out until it happens. Hannah, developing your mental toughness and learning to respond rather than react when challenges and hard times come is a lifelong journey. It is worth it. It is worth to push and stretch yourself. It is worth to live into your true potential and capabilities. It is worth it to endure and develop the fortitude needed to see things through. I'll leave you with a secret and probably the most important advice I will give you on this topic. You don't have to do it alone. In fact, you are not alone. While you can rely on others, like your mom and I, to help in tough times, there is something else that is always there for you and by your side and that is God. Knowing God and Jesus are walking with you on your journey will keep you going. In fact, one of the most important phrases I use late in Ironman races after swimming over 2 miles, biking over a hundred, and getting deep into my marathon is “God is with me.” When I am feeling like my muscles don't want to move any more or that I am too tired physically and mentally to go on, I just say that to myself, “God is with me. God will help me finish.” And it is in these moments that I truly understand what it means to be mentally tough and keep going, because that is what Jesus did for us. He endured more than any human being every could to sacrifice himself and take on the burdens of this world, and knowing this, knowing I have him by my side means I can see anything through. He is the greatest example of mental toughness there is. Hannah, develop your mental toughness and you will be amazed at how you can see anything through. I love you, Dad   Best Quote: Being mentally tough is being prepared for the hard times because they will inevitably come, and then having the fortitude to say no to the emotional reaction and instead think logically and work through the challenge to reach the best outcome.   Misfit 3 What does it mean to be mentally tough? To me it is the ability to respond rather than react to hard circumstances in our lives. To be mentally tough is to be able to endure and outlast. I've learned that mental toughness is making the right choice even when it is the hardest choice, even when it may bring pain. Knowing God and Jesus are walking with you on your journey will keep you going. Jesus is the greatest example of mental toughness there is. Show Sponsors: Athletic Greens (Free Year Supply of Vitamin D and 5 Travel Packs) AthleticGreens.com/Misfit Five Minute Journal www.MisfitEntrepreneur.com/Journal  

    294: People Don't See It Until They See It; How to Become Fail Proof with Alex Weber

    Play Episode Listen Later Mar 23, 2022 52:13

    This week's Misfit Entrepreneur is Alex Weber. Alex is a former American Ninja Warrior, Award-Winning Entertainer for NBC, and international keynote speaker on leadership and peak performance. If that is not enough, he's also a world record holder and best-selling author of Fail Proof, Become the Unstoppable You. Alex has proven that you can learn to consistently operate in a peak state and accomplish more than anyone thinks is possible. So, I've asked him on the show to teach you how to do it in your life and business. www.ImAlexWeber.com Alex was a bullied, insecure, awkward kid until a leader came into his life. It was a high school lacrosse coach. He told Alex he could be good at the sport. This small vote of confidence spurred Alex to work as hard as he could and commit to it. The more he poured himself into it, the more he grew. He gained, friends, confidence, respect, etc. Alex learned that when find an outlet to be successful, it can make all the difference in your life. He went on to play in college and started every game as a freshman, but then got benched every game as a sophomore. This affected him negatively – so he worked hard and came back and was a player his junior and senior year, but he never forgot the way he felt and was affected when he was sidelined. His path was like many other at U of Penn – get a business degree and go to Wall Street. It wasn't the path for him, but he followed the path “he was supposed to go down.” On evening, he was sitting around with friends talking and he asked the question, “What do you want for your moments on earth? He wrote down his answer. The next morning, he read what he wrote and started doing action and theatre. He did it quietly, but new it was right for him. “People don't see it until they see it.” Once those around him, saw him have success and be in commercials, etc. they can around and understood his path was to go that way. He moved to Los Angeles for his career and start acting and doing comedy. In fact, he's done stand up for many years. During this time, he was also coaching Lacrosse for a prestigious High School. Right before the season started, the head coach quit and he was names interim head coach, so he gave it everything he had. He fell in love with it. The team had never won a playoff game and in that year, they won the LA championship and Alex was named Lacrosse coach of the year. You have to notice when it is time for new chapters in your life. You have to move to next chapter with courage and grace. He wanted to fulfill his acting career and ended up getting hired as a host of American Ninja Warrior. Part of his job was also trying everything on the show, and he failed at it. But, after the end of the first season, his bosses said that he was crushing it at failing, but as a former athlete, he could be really good. They gave him the opportunity to be an athlete again. He ended up winning an award for hosting, but also pursued being a contestant on the show. He also pursued his speaking career by blending his experience as a host, pro-athlete, coach, and comedian. Define unstoppable… It's not that you will live a life without challenge or fear. It is knowing you want something and are committed to it. No matter what comes at you, you are not going to stop. It is being relentless. If you are unstoppable, you will get to your goal. What does it mean to get into a peak performance state and stay there? If you want it, you will make it happen. If you are clear on your powerful, visceral why – the thing that makes your heartbeat faster, it will ripple through your life. Fight for the best version of yourself. You decide to get in the jungle, so you must see it to them. Peak performance is a building process. Preparation is one of the biggest things. Be around the best you can. (Athletes, entrepreneurs, etc.) Being around people that are more successful or experienced than you will elevate your capability and possibility. Once it is time to perform – you need to “get in your body.” Get the blood going. Visualize your success. Focus on the immediate actions that will affect your success. Things are won or lost in the moment by who we are and our commitment. Choose to believe in yourself. What is it that holds most people back? Good is the enemy of great. Good is a trap. Strive to be great. We are quick to dismiss wanting to be and do more. Our minds hold us back. Don't let negative thinking validate fear. You are capable of doing anything you really want. It is a choice, a commitment to see it through, and believe that it is possible. What is the “Fail Proof system?” 6 steps Step 1: Identity goals that matter to you. Step 2: Make it real. Get it from idea to reality. Step 3: Dive in the deep end. It's big bold action. This leads to initial progress. Step 4-6: The Chain Reaction. The progress feeds on itself and it becomes snowball effect. Step 4 - you will have adversity and your emotional reactions and how fast you overcome to get back to what matters is most important. Respond, don't react to emotion. Step 5 is the “golden nugget” – find one thing that you can do better. Step 6 is staying committed, full effort and full belief. Implement your golden nuggets. How do people foster the ability to respond instead of reacting to emotion? Reacting is weakness. It is short-sighted. You can feel the emotion, but if you let it control you, it is your weakness. Feel it, but channel it in a way that is productive. What are some of the best ways to translate the lessons you teach to entrepreneurship? You must find your crew. People you admire to have around and fuel each other. Get a small group committed to each other's success and hold each other accountable. Don't go it alone. Your best may not be able to be attained alone. Many times, our best is summoned when others need us and we have to level up to help them. ​ What have you learned from doing standup comedy that has helped you as an entrepreneur? He was scared to do it. And had to dive into the deep end. Just like you have to do as an entrepreneur. It has taught him how to feel a crowd and know if he is engaging or not – or hitting the market. It has brought a new level of awareness.   Best Quote: What do you want for your moments on earth?   Alex's Misfit 3: Zoom out. You are a living creature on a planet. What do you want for your moments on earth? Purpose is the meaning of life. Purpose can be anything as long as it is meaningful to you. Find your purpose and see if it can be with people. Be open to the gifts. Do not have blinders on so much that you miss the gifts on the journey. Show Sponsors Athletic Greens (FREE 1-year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase) Athleticgreens.com/Misfit Goldmining Inc Go to www.GLDGnews.com or check out ticker GLDG Ecom Automation Gurus (15% discount off any of EAG's services) www.ecomautomationgurus.com

    293: How to Speak to the Customer and Accelerate Your Marketing with Mike Moll

    Play Episode Listen Later Mar 16, 2022 48:58

    This week's Misfit Entrepreneur is Mike Moll. Simply put, Mike is a marketing expert with a special focus on helping entrepreneurs build systems that create time freedom. He built a fully remote company in 2013 and then has replicated that in helping hundreds of other companies charge what they are worth and free up the entrepreneur in their business. Through his company, MarketMe, he's worked with everyone from Trends to AppSumo and regularly speaks on how to build effective and successful marketing systems. I've asked him to come on and share his best strategies and advice on how to create better marketing systems in your business. @TheMikeMoll on Instagram Mike was not a great student. He felt that everything he was doing was wrong and questioned if he was smart or not. He started making money early in life, working 25 hours a week even in high school. He went to college, and it didn't last. He was on academic probation within a year and ultimately left. He did a bunch of odd jobs in things likes breakdancing, Bingo caller, and then did some sales roles. He felt he needed to grow up and get a real job, so he got into insurance and did it for 6 years. In his 6th year, he had a complete nervous breakdown. He was doing well financial, had a company car, etc., but he was not happy. He knew things had to change. His family and life at the time told him he had to find something else. Two weeks later he left and was unemployed with no plan. He started a software company out of his house and as he says, “That caught him up on everything he had not learned and needed to learn about life and business.” He pivoted a year in and turned it into a marketing agency. That is where found his calling and groove to doing what he is today. What is your business today? When he first started, he was selling advertising and google ads for clients. Now, he does lead generation for service companies through Facebook, google, and other mediums. He also coaches marketers “helping Mike from 7 years ago.” The agency has a team in place the operates without him having to be there. The coaching side is where Mike spends his individual time. What is the most important piece of a good marketing strategy? A very clear vision of who you work with and what you do for them. People buy when the feel understood – not when the understand you. Narrow things down and speak to people. I help “X” group of people” achieve “Y” by doing “Z” Really defining that and understand the specific person you are selling to is the focus. If you don't know how to speak to the needs and challenges of your customer, you cannot succeed. What is the best way refine and state how you help clients? The key is to not be afraid and not there is a big enough market for just about everything. Getting a certain type of business in front of a local audience. A service in a specific town or city is easier than national. Niching is the best place to go to work and help clients – you'll be surprised at how much business there is for you. Any other elements of a great marketing strategy? Where people go wrong is to go bigger and flashier than they need to be and try to be everywhere all at once. Find that one channel first to focus on. One market channel should bring you 80% of your customers. You can't be good at everything. Unless you have the budget to hire expertise in all areas, it is a waste of your time and money. You will have to determine what works for you. Use Google Tag manager on your website. Great solution called CallRail that dynamically adapts to the lead by source. What should we know about Google Ads? They are not for everyone. 70% of businesses are a good fit, about 30% are not. Many times, what people search to find you are not what you think. Google Ads work well for service, Ecom businesses, etc. Google makes it seem like they are very friendly, but their “easy to use” system wastes a lot of money for clients. Do not use the default “google AdWords express.” You want to use “Expert Mode.” When you put your keywords in, you need to take control and make sure that specifics need to be in the search for your ad to show up. At the 26 min mark, Mike answers the question, How do you generate high converting leads with one single message? You should have an individual sales or landing page for everything you offer. It should never go to a website. Be focused and obvious about you being the solution to their problem on a specific page. Then you have to think about what that person needs to do to get the finish line with you. Make sure they are in the right place with the “who and do what statement.” You need to show you know what you are doing with social proof like testimonials. Then you reinforce they are in the right place by confirming what they care about. Then a call to action. On that page there should be nothing else, but the way to move forward. How does someone automate things to free themselves up in the business? You cannot do this until you've nailed the product and pricing in the business. Your product must be positioned and priced the right way to turn it into a business. Once you've got things right, you can hire or outsource for what is needed. You then need to build out your systems and processes for people to follow. Make a list of every step that needs to be done in every area of your business and then explain it in a way that someone who has no knowledge can understand. Put the processes into a slide deck and record a video of how to do the process.   Best Quote: If you don't know how to speak to the needs and challenges of your customer, you cannot succeed.   Mike's Misfit 3: Start building relationships with people who are at your next level by giving away your time and expertise for free. Take action now. No one is going to do it for you. You have to move you forward. Expect to fail and learn to enjoy it. You cannot build anything without failing.   Show Sponsors: Shopify (Get a 14-day FREE trial) www.Shopify.com/misfit (all lowercase) Five Minute Journal www.MisfitEntrepreneur.com/Journal  

    292: What If? The Art of Possibility with Serial Entrepreneur and Modern Day Renaissance Man, Mike Juergens

    Play Episode Listen Later Mar 9, 2022 51:59

    This week's Misfit Entrepreneur is Michael Juergens. Mike is a very interesting guy and a modern-day renaissance man. He runs the winery solutions practice for a Big Four firm. He founded the wine industry in the Kingdom of Bhutan. He owns the award-winning So-Cal Rum company that boasts the highest rated silver rum of all time. He runs the Drinking and Knowing Things newsletter and is the author of the best-selling book with the same name. And if that is not enough, he is an adventure race addict and candidate to become the 58th American to qualify as a Master of Wine. Oh, and he's also a professor at the University of California Irvine. Mike's motto is “do epic stuff with awesome people,” And on this show, we have epic conversations with awesome people. So, I've asked Mike to come on today to share how he's done all he's done and what he's learned along the way. www.DrinkingandKnowingThings.com Mike got to where he through interesting experiences that he was not afraid to lean into. As he says, the universe is constantly presenting us with opportunities and we are often too caught up in our day to day to realize or, even if we do, we don't lean in on it. So, Mike decided to lean in on everything that seems cool and that has lead him to where he is. Explain more about we should and can lean into the opportunities in our lives… If you are going Kayaking in a whitewater rapid, the rapid is going to take you to the bottom. The goal is the make it to the bottom and have the best time without having any major issues. If you can nudge yourself into the middles, the fast part, and not try to control it, but let it take you, it will get you to the bottom. The analogy applies to the universe as if you try to fight the universe, you don't get anywhere and get beat up, but if you get into the flow of the universe, you will go places you don't expect – but they are the right places for you to be. Mike gives a few examples at the 6:30 mark. With all that you do, you still choose to work and have a job. Why still do that when you have all your businesses? Mike loves what he does, and his job is to travel around and hang out at wineries and help them. He was doing that as a hobby before starting the vertical at the firm. He gets paid to do his passion. He's built a business within a business. Talk about how you created your role… The corporate culture allows for it. He has started 6 different practices during his career at the firm. It has been having a good idea and the sponsors for it, communicating it well to get support and momentum – and then having the guts to do it and take the risk. It also easier to do when you have already done it and shown success which he has done. How do you keep up with everything? How do you schedule your life? He was a single dad for many years and had to be very structured around their schedule. He would get up at 3am every day. As the kids got older and did not need him for so much, it freed up a lot of time as he stayed on the same schedule. Don't attend non-essential meetings. Delegate and let go where needed. And he truly wants to live the life he has and does what is needed to do so. How did you create the wine industry in the Kingdom of Bhutan? Mike has been adventure racing in all kinds of different places and his girlfriend had read a book that took place in Bhutan. She always wanted to go there. He got an email about doing a marathon in Bhutan and applied. He surprised his girlfriend but was confused and thought it was an island in the tropics, and she explained it was in the Himalayas. Bhutan is self-sustaining and has incredible crops/soil. Everywhere he went, he asked about wineries, and no one knew what he was talking about. He met some people from the government, and they told him they did not have wineries. He told them they were screwing up, went home and wrote a white paper about it and sent it to them. They asked him to help build the industry. What did you have to do to get started? He helped them understand the possibilities. He wrote a 10-year business plan to follow. It is literally building from scratch. Mike paid for phase 1 and then got a series A round for phase 2. He personally planted the first vine, a merlot. Pre-covid, he went every quarter and there is a team of 100 people there. Lessons learned? They don't know what grape will ultimately work best, so they have adopted a philosophy of failure to see which grapes are going to work. It takes 3-5 years to figure this out. It's a core strategy for them to try a bunch of different things and see which ones work which is different than a typical business strategy. You have to be careful not too be wide and broad, but not too narrow at the same time. Building the industry is the most risk he's take in business. At the 29 min mark, Mike talks about how he got into the rum business… One of his best friends and his son are big rum guys. One day, they were all sitting around having drinks and his friend said, “we should start a distillery!” Mike said, “what if?” What if we could create a competitor to Bacardi silver rum and focused on that category – and just did it better. They didn't know anything about how to do it, but started talking to people who did. They found out that they could be better and it would not cost much, so they did it and had it made. And it won. They outsourced the making and bottling of the rum. You've spent 25 years traveling the world meeting people, what are the most important things you've learned about life and business? It's all about people and relationships. Advice for people that aren't living the life they are capable of? Get outside your comfort zone. The people least like you are the ones you need to meet and learn from the most. What does it mean to optimize the runner's mindset? Recognize that you are capable of much more than you believe. We place limitations on ourselves. 40% rule. When you body is telling you that you are done – you have 60% still left. Acknowledge that you are capable of more because you are. We have a great conversation on racing and breaking through mental limitations… Drinking and knowing things – what should they know about wine? There is a wine for everyone. Just explore and be willing to try them Drinking and Knowing Things book Vol 1 and 2 - check it out. ​ What's your favorite wine? Burgundy, Pino nior from France   Best Quote: Get outside your comfort zone. The people least like you are the ones you need to meet and learn from the most.   Mike's Misfit 3: Do epic stuff with cool people. Don't leave anything on the table. Don't fight the universe. Ask “What if?”   Show Sponsors: Jenni Kayne Home (15% Off Your First Order) www.JenniKayne.com promo code:  Misfit Ecom Automation Gurus (Save 15%) www.EcomAutomationGurus.com  

    291: Success Lessons and The Truth About Money from Billion Dollar Goldcore CEO, Stephen Flood

    Play Episode Listen Later Mar 2, 2022 48:22

    This week's Misfit Entrepreneur is Stephen Flood. Stephen is the founder and CEO of Goldcore, one of the oldest gold and silver dealers in the market today. The firm is responsible for over $1 billion in transactions and manages $300 million in assets for their clients. Stephen has an incredible story. After graduating college in Ireland, he left for New York with just a few hundred dollars in his pocket and made his way into finance, eventually working with Goldman Sachs as a Trader in Equity Derivatives. After having a lot of success, he followed his entrepreneurial spirit back to Ireland starting Goldcore in 2003. The company has been featured on just about every financial medium there is from CNBC to Bloomberg. But, what I love most about Stephen is that he's an entrepreneur at his core and I've asked him to come on and share the wisdom he's learned on his way to becoming a billion dollar CEO as well as his unique take on investing. www.GoldCore.com www.GoldintheUSA.com(Free Report on Gold Investing) Stephen's father died when he was 11. He learned early on how to take care of himself. And after going to college he knew he needed to follow his instincts and decided to go to New York where he go into finance. He loved his time in New York, but was always fascinated with technology and finance together. This helped in New York, but it also helped in finding creative solutions like he and his team have done at Goldcore. Everywhere Stephen has gone, he's been a disruptor and is driven by creating efficiencies. What made you leave Wall Street to start Goldcore? It wasn't in the plan. He had been there 7 years and planned to stay. He originally had planned to start his own firm. Then 9/11 happened. He was newly married and had an opportunity to exit Goldman and decided to travel the world with his wife. He witnessed 9/11 firsthand and was ready to move. After about a year, he found himself back in Ireland and joined an old friend to start Goldcore. What should people know about investing in gold and silver? Put 10% of your money into gold and hope it does not work! Gold is a risk off solution. It gains or holds when things get rough in the markets. It provides stability and financial insurance. It calms the mind of the investor so you have the insurance and can take advantage of the opportunity of a down market. Inflation is at 40-year highs, why hasn't made very large moves higher? At the 14 min mark, Stephen talks about the financial experiment of Quantitive Easing and money printing. Stephen talks about the gold price seeing intervention by larger institutions. The Cantillon Effect: You can print money and things look good initially, but eventually, it catches up with you and the money loses purchasing power and people start to dump it as they do not believe in it. Hard assets will appreciate in value. At the 18 min mark, Steven and I have a deeper discussion about central banking and about the monetary system in general. Explain how gold gives personal sovereignty… Having gold stored in a private storage facility is the closest thing you can have to personal sovereignty. It's like having your car parked in a garage that is storing it for you. It gives you an asset that you can access at any time. Thoughts on cryptocurrency? Blockchain is a revolutionary technology. It is huge leap forward. Bitcoin is not a really a currency and should not be treated like one. Money is power and the central banks will not allow Bitcoin to take that power – they will create their own and replace it. What are the key elements needed to succeed as an entrepreneur? Many entrepreneurs chase the exit and money, but it doesn't usually happen. If you can become the domain expert in your area, your chosen field. If you do that, you will do well successfully and monetarily. You must become the expert first and then the money will follow. You need to be truthful to yourself, your employees, and partners. Your team is critical and cannot be taken for granted. Show then a high degree of respect. “It is better to find right, than to be right.” Never stop learning…nothing is sacred. Biggest challenges and how did you overcome them? When they first started, gold was about $300/oz, and no one really cared about it. Then as the financial crisis came in and gold went down. At the time, the business was very transactional based and gold buying slowed down and their business slowed down for quite some time – they had an 80% drop in transactions. They learned the most on the way down. They also found a niche in storage which added stability. What is the benefit of storing things offsite vs. a safe at home? It is a client preference. For larger orders, it is easier. The benefits are that if you sell it very quickly vs. having it at home where you have to ship it in, etc. Storage is also insured by Lloyds of London. There is a chain of integrity for storage, so validation is automatic. If you take possession, it needs to be re-validated. www.GoldintheUSA.com for some good basics on gold. ​ Main principles that you have used in building your business that have really stood out? Being honest and truthful. Humility is very important. Own it and take personal responsibility. Where do you see the economy going over the next year? Big bold call – there is going to be an event that had a major impact on the markets and economy. Commercial real estate is a place to watch. The FED is in an impossible situation and cannot raise rates meaningfully. There is desperation for yield and returns and it is a bubble.   Best Quote: It is better to find right, than to be right. Stephen's   Misfit 3: Take personal responsibility and own every outcome. Look after your mind, body, and soul. Be truthful to yourself and those around you.   Show Sponsors: Athletic Greens (Free Year Supply of Vitamin D and 5 Travel Packs) AthleticGreens.com/Misfit Ecom Automation Gurus (Save 15%) www.EcomAutomationGurus.com  

    290: Lessons for Hannah - Commitment

    Play Episode Listen Later Feb 23, 2022 6:55

    Hello Misfit Nation! Welcome to another edition of "Lessons for Hannah!" Many years ago, I introduced a new format that alongside our regular episodes called “Lessons for Hannah.” Hannah is my daughter and one of the main inspirations for the Misfit Entrepreneur. I wanted to have a place where she could go and learn from her daddy and his Misfit friends throughout her life….even after I am gone. If you haven't listened to the first episode of "Lessons for Hannah," I urge you to as it gives some more background and tells the amazing story of how Hannah came to be in our lives. Lessons for Hannah are short, very useful, and sometimes comical lessons, that I want to share with you and give to Hannah to help in your lives. Because I want Hannah to have these for her life, I'm going to speak as though I am talking directly to her. These episodes are a lot of fun and if you think there is a lesson that we should include in these episodes, please don't hesitate to send it over to us at support@misfitentrepreneur.com. We'd love to share it. This week's Lesson for Hannah Hannah, I want to talk to you about commitment. The definition of commitment states that it is the “state or quality of being dedicated to a cause, activity, etc.” What does that mean? Commitment is a word thrown around a lot and you will hear it all throughout your life. I don't think people take the word and what it means seriously enough. People say all the time that they are committed to things but give up on them. People commit to doing things for themselves or others, but don't follow through. To me, commitment is something truly special. To commit to something means that you will do whatever it takes to fulfill the commitment and not give up until it is complete. To commit means that you have taken the time to think through what you are committing to and are choosing to move forward knowing and being prepared for what may happen on the journey. You are deciding that you are willing to go through all the challenges, hard times, and setbacks that could happen on your path to fulfilling the commitment. You also get to enjoy the good times of the journey as well. A great of example of commitment is marriage. And marriage is one of those commitments that, sadly, many people break. Marriage is incredible. To find the one person you are meant to be with and commit to them for the rest of your life is a serious and exciting experience. But too many people enter it without taking the time to understand what the commitment of marriage really means. I fact, Jesus spoke a lot about marriage, but I think he really understood what commitment meant in marriage when he said, “The two will become one. So, they are no longer two but one. Let no man divide what God has put together.” Let no man divide what God has put together. If you believe like I do that things happen as they are supposed to, guided by a divine hand, then when you find the one you will marry and commit to, God has put you together. And because God has put you together, you should not divide it. Now, that does not mean that there aren't legitimate reasons for a divorce, but there certainly should not be superficial ones. Marriage like entrepreneurship requires a true commitment and playing the long game. No matter how good a marriage is, it will have tough times. There will be times where each spouse is not happy with the other. That doesn't mean they don't love each other; it just means that they are having a challenge with each other at that time. Marriage is compromise, it's give and take, it's tough love, it's standing true. It is the willingness to love someone when sometimes you don't feel like you want to. It is the willingness to go through the hard times together and be there for each other. Your mother and I will be celebrating 15 years of marriage this year. I am very excited about it. The average marriage length is sadly about 8 years which means your mother and I will be almost double that. But, it hasn't been perfect. We are not perfect. There are times where I know I get on mom's nerves and drive her nuts and of course, she has her moments as well. We will have arguments from time to time but seem to always find ways to work through them together. There are times where it is tough, but I know I can always count on mom to be there for me, and she knows that I will always be there for her. No matter what happens, we are committed. As we said in our vows – til death do us part. Hannah, what I want you to take away from this is that commitment is something that is a serious choice in our lives and when we commit to something, we must see it through. And if we are not willing to do that, then we should not commit in the first place. I hope that you take this lesson to heart and use it to make better decisions for yourself in life committing to the right things. It is lesson I wish I understood earlier on in life. I love you, Daddy   Best Quote: To commit means that you have taken the time to think through what you are committing to and are choosing to move forward knowing and being prepared for what may happen on the journey.   Misfit 3: Commitment is a word thrown around a lot and you will hear it all throughout your life. I don't think people take the word and what it means seriously enough.​ To commit to something means that you will do whatever it takes to fulfill the commitment and not give up until it is complete. ​ Commitment to something is a serious choice that we must see through. if we are not willing to do that, then we should not commit in the first place. ​   Show Sponsors: LinkedIn Jobs (Free Job Posting) LinkedIn.com/Misfit Five Minute Journal www.MisfitEntrepreneur.com/Journal  

    289: $5 Million - Science of Success with John Mitchell

    Play Episode Listen Later Feb 16, 2022 51:59

    This week's Misfit Entrepreneur is John Mitchell. John is the founder of Think It Be It. John is an entrepreneur that went from averaging low 6-figures in business for 20 years to creating a $25 million per year business in just a few years. When I heard this story, naturally my question was, what changed? How did he increase his income 25 times in such a short time? John did it by radically following the principles of the timeless classic, Think and Grow Rich. He discovered the Science of Success and put it to work. And he developed a system so that anyone can apply it. Today, his 12 Minute A Day methodology is recognized as the Top Application in the World of the Top Book in the World on success. I brought him on the show to share exactly what he figured out and teaches others, so you can put to work in your life. www.ThinkitBeit.com/ME (Free video and guide of John's Deep Thinking Process) John started out as a CPA and at 30 decided that wasn't the career he wanted, so over the next 20 years, he got into multiple different businesses. When he reached 50, he was not at the levels he aspired to be. He wanted to have enough money not to have to work and have the woman of his dreams and he was falling short on both. He did OK – making 6-figures a year, but he knew he needed to start making over million per year to reach his goals. He realized he had to change his 20-year history. So, he decided to find the top book in the world on success and apply it word for word to his life. That book was Think and Grow Rich. He got it and read it cover to cover finding that there was a problem. The book said there was a secret for success, but it only gives you half of the secret and the reader has to figure the other half. It kind of bummed John out as he wasn't sure where to go next. So, he decided to immerse himself further and during a 2-month period, he figured it out and a 12 minute a day process to apply it. He put it into effect in his business at the time and the income doubled and 4-years later he was netting $5 million. He was operating at a higher level. He was more focused and more in control. He sold his company and semi-retired but wanted to teach what he had learned to the world and that is what he has been doing. Even the University of Texas brought him on to teach it. What did you figure out about Think and Grow Rich? What is the secret? The part the book gives you is that everything begins with a thought. John realized that the full secret is that “what you envision in detail on a daily basis is shows up in your life.” When you establish immense clarity of exactly the person you want to be, exactly what you want to accomplish, and precisely how you can achieve your clearly defined goals and then feed it to yourself in 12 minutes a day, you will succeed. After about 21 days of doing this, it starts influencing your unconscious daily actions and enhances them. This begins to create the life you want. Thoughts on conditioning and how it impacts us – and how it can be changed? Think and Grow Rich is based on the fact that 95% of your daily actions are unconscious. We are all innately wired for survival and if 95% of our daily actions are unconscious, you are innately wired to be fear-based and negative. That is the opposite of who you need to be to be pro-active and successful. You have to override that programming. “The success of anyone's life comes down to the cumulative effect of their daily actions.” You must then influence your daily actions. You do that by proactively influencing the subconscious mind. How do people influence their subconscious mind? The way the human mind works is that the conscious mind sets the intention and is influenced by logic, but your daily actioned are influenced by the subconscious mind and only influenced by repetition. As an example – losing weight. The conscious mind sets the intention to lose weight. But that doesn't make it happen. The subconscious is in control and is influenced only by repetition, so it the change in behavior reputation that helps someone lose weight. Take us through the 12 Minute Methodology you've developed… First, you must create immense intention clarity about your life. You define exactly the person you want to be. You define exactly what you want to accomplish. You define exactly how you will achieve your clearly defined goals. You will live your life quarter by quarter and have your goals set in each area by quarter. Once you create your clarity, you feed it to yourself every day. Initially, the subconscious mind will reject it, but around the 21st day of doing it, the subconscious will begin to accept it and start to be reconditioned. 12 minutes? Reading your template, you've created and visualizing it. If someone implements this, what are the pitfalls they need to look out for, so they don't fall back into the trap of the subconscious? People must be driven. If you are not driven, this process will not work. D arren Hardy gave Joh advice telling him that most people will not spend 12 minutes a day on this process. He must be selective and only work with driven people who will commit to it. People that are driven will do it. Is it just a fact that people just do not have the desire and drive to better themselves or can they develop themselves to have it? At the 23 min mark, John tells more of his story and about his mother dying while he was going through finding himself. Go through the experience made him think about his life and whether he was living it at his true potential. He wasn't and that spurred him. He was confusing working hard with working smart or being competent as an entrepreneur. It is very hard to change your drive and desire. It takes something dramatic. But the driven know who they are. At the 27 min mark, John and I have a great conversation on beliefs and how it relates to drive. We also discuss more on the subconscious and awareness. Talk to us about the deep-thinking you advocate… Set aside time to just think 2x per week. Pick which days per week you will do it. Pick your favorite place in your home or in nature. Each session should last 30 mins. Get a pad of paper (thinking tablet) Step 1: For the first 10 mins, let whatever come to you come, and write it down. Step 2: Figure out a question you will ask yourself and then write it down and answer it. Step 3: Write the 2-3 takeaways and 2-3 action steps you will do over the next week. Go to www.ThinkitBeit.com/ME there is a video and guide on the process for you. Is there anything else from your study of Think and Grow Rich that we should know? It works on everyone. It is based on pure science. But it is not for everyone. The hard work is creating the clarity.   Best Quote: The success of anyone's life comes down to the cumulative effect of their daily actions.   Johns' Misfit 3: Don't have an average life. If everyone else doing something, you should look at doing the opposite. Most things don't matter. There are a few things you truly need to do great to give you the best outcome. Focus on those. Most people do not appreciate how precious life is. Take the time to appreciate it and if you are not happy, grab ahold and play the game at a higher level.   Show Sponsors: Shopify (Get a 14-day FREE trial) www.Shopify.com/misfit (all lowercase) Five Minute Journal www.MisfitEntrepreneur.com/Journal  

    288: I Am NOT Someone Else's Retirement Plan, Building a Badass Business with Donnie Boivin

    Play Episode Listen Later Feb 9, 2022 49:40

    This week's Misfit Entrepreneur is Donnie Boivin. Donnie is a Marine Corp veteran, award winning professional sales trainer, and owner of Success Champions and Success Champions Podcast. After leaving the Marine Corp and working in sales and business for almost 20 years, at the age of 40, Donnie realized he was not living his dream. So, he set out to create it. Donnie is author of best-selling book, How to Be a Success Champion, Business Strategy for Badasses. ​ What I love most about Donnie is his no BS, direct style. The guy gets results. So, I've asked him on the share his best on how you can do the same in your life and business. Text “Success” to: 817-318-6030 (Donnie will send a bunch of great stuff to you) After the Marine Corps, Donnie spent 20 years in straight commission sales. His last career was as on one of the top sales trainers in the country for the Sandler Sales Institute. He was all set to buy the business from his boss when his boss told him something that would change his life. His boss, out of love, said “Thank God, you are my retirement plan.” It was in that moment that he realized he was building something for someone else and was their retirement plan. 15 days later, he launched his company and went out on his own. Nowadays he runs 6 companies, 2 of the top podcasts in the world, and has written 4 Best-Selling books, plus he owns a working farm. What is a success champion? Someone who is chasing their own success. At the 5 min mark, Donnie relates this to the movie Troy. Achilles is the champion. A success champion is chasing life so they can find their own business freedom. What is a badass in business? Someone who knowingly gets up every day knowing they are going to get punched in the face by life but does it anyway. Most people think business is fairly straightforward and easy. They are not prepared for the amount of work and dedication it truly takes. The badass is excited to get to work knowing things are going to be a wreck and they will have to sort through it, plus do all the other things in their life like taking care of the family. They enjoy the struggle. At the 10:30 mark, Donnie and I have a great conversation about the DCP formula. Donnie ads that you have to know what you need to be disciplined about. You need to be focused and stay in your lane and delegate out what is not your lane. What are the strategies you've used to create and build your businesses? Writing down everything you have to do in the business. Everything. Then ask yourself, “Would Steve Jobs do this task?” If not, as a CEO of a company, you need to decide what it is you should be doing. And you may not be able to afford to outsource everything, but you and trade services for things you would like. You have to get things off your plate. Everything is a system, a process. Donnie created a formula to create processes: ADD. Action. Document. Delegate. For every task in a business, you have to take action on it, document it as you go through it and then delegate it to someone else and let them further define it and make it better putting it to work. This creates a duplicatable system. “Every lesson you learn in business is going to be applied again somewhere down the road…” What are the best strategies that you advocate for gaining clients in today's world? People need to understand that the old school tactics that were taught many great names don't work anymore. There is no more “closing.” Instead, your personal brand has become something much bigger and stronger. Sales is now just a conversation that has an outcome. People are not used to getting an outcome. They don't like closing, but they love “closure.” If people focus on how to get closure than on closing, they will be more successful. Every conversation with a prospect needs to have some sort of end. Most people leave their conversations open-ended. Use sales as a conversation and get to closure. At the 24 min mark, Donnie shares some examples. You have to let people know what the actions are that you want them to take and then be detached from the outcome. Thoughts around story? How we tell our stories and show up in the world that gets people talking about you. Cold sales are tougher and tougher. Everything is community and if you don't have one or the ability to build one, then you can't be as successful as you could be in this world. If you can't tell the right stories, you cannot build the community of people you need to. What are the elements of a great story? The Hero's Journey. If you have not read Joseph Campbell's philosophy, it is recommended. It's Frodo from Lord of the Rings and going from a nobody, adventure to hero. What are the moments of time you went through that were really impactful that you can use to teach others? It's also being vulnerable in telling the stories and showing that you've been through it before. LinkedIn for growing your business? LinkedIn is becoming a business social app. It's not just a place for putting your resume. It's now one of the best places to engage and develop a business. LinkedIn has just come out launching their own audio/video style of Clubhouse DCP the heck out of LinkedIn. There are a lot of people out there working in a job, but know they are destined for something greater as an entrepreneur. What is your best advice for them on how to make the transition? Screw up fast and screw up hard. As an employee, you are taught not to do this, but as a business owner, if things are not breaking, then you are not going big enough and doing enough. Turn off everything you thought of an employee and start thinking like a CEO. People get hung up in creation. They are not being out front growing their business. Your business will never be built by doing just operational stuff.  Build a network and leverage the heck out of it. You have to mentally become what you want before you can get it. If you hand someone a million dollars that didn't earn it, they most likely will lose it because they have not developed themselves to keep and manage a million dollars. Quit thinking in “how” and start thinking in “who” – who can get this done for me? Quit thinking in “how” to get where you want to go and start thinking in “systems,” – what systems do we need in place that can duplicate and grow to get you there? Most of the time you need to take action and quit planning. ​ What lessons from owning a farm have helped you most as an entrepreneur? Regiment is everything. If you don't have regiments and routines, you will fail. Your day should be regiments including the fun things you do.   Best Quote: Every lesson you learn in business is going to be applied again somewhere down the road…   Donnie's Misfit 3: Be you. Everyone else is taken. You do not need to be someone else to be successful. Go BIG. The Level you are going at right now is not big enough. Get rid of your excuses. Running your own company, you will meet yourself along the way because you will run out of excuses. Take ownership.   Show Sponsors: Jenni Kayne Home (15% Off Your First Order) www.JenniKayne.com promo code:  Misfit Five Minute Journal www.MisfitEntrepreneur.com/Journal  

    287: Success, Sacrifice, and the Grit to Keep Going with The Laundromat Millionaire, Dave Menz

    Play Episode Listen Later Feb 2, 2022 50:22

    This week's Misfit Entrepreneur is Dave Menz. Dave is known as the “Laundromat Millionaire.” He grew up in poverty and had to overcome tremendous challenge to find success. And he did it by doing something obvious, but unique – upping the game in an industry that was resting on its laurels, the laundromat space. He started by doing what I have come to call “chicken entrepreneurship,” building a business on the side while working a job. And now he's a millionaire multiple times over and the author of the forthcoming book, Laundromat Millionaire – the Grit to Elevate and Industry. Dave has a true rags to riches story that I cannot wait for him to share with you. www.LaundromatMillionaire.com Dave grew up poor in Flint, Michigan. He lived in a rough neighborhood but had good parents. They didn't have much money, but they had a good family. He learned that no one was going to hand him anything, but that he could make it happen for himself if he pursued it. He always had an entrepreneur streak in him, but as he grew up, he “took the bait” of corporate America and had the stereotypical middle-class lifestyle. It was in is late 20's that he realized that it really wasn't what it was cracked up to be. He had kind of sold out on his dream of being an entrepreneur. So, over the next 5 years he and his family lived well below their means and saved to buy a business. They didn't know what it was, but they needed seed money. Over those 5 years, he and his wife worked really hard at their plan and looked at every business he could find, but none of them checked all the boxes until he came across a laundromat a few miles from his house. He didn't see any red flags in his diligence, but he saw tremendous opportunity and he seized it. The laundromat was “a complete dump and losing money” when they bought it. After going to work, nowadays Dave owns 5 laundromats and the real estate with them and has built a multi-million-dollar business. They even had a laundry pickup and delivery service. Now Dave's personal mission is to elevate the industry. Why did you choose the laundromat business over all the others you looked at? A lot of the negative conceptions about laundromats as opportunities. Dave believes the laundromat business is the best small business in America. Laundromats are a simple cash business with no accounts receivable, no inventory, simple book-keeping, and minimal employees to manage. It is also a simple business to run that is steady. It is also a vital community resource that is recession resistant. It is a business about people who need a good service and that is the opportunity – where many owners just maintain a laundromat, it can be and do so much more. It can almost be boring because it is consistent, but not “sexy.” At the 10 min, Dave talks about being an entrepreneur in the general sense and the gift that it is. Dave would find that he was proud to be an entrepreneur and own a business, but when told people what kind it was, he could see the look on their face. He also talks about the laundromat business in general. What did you learn and do to differentiate your business? Most people that run laundromats treat it as a side hustle that they don't have to do much with. That sets the bar low. Dave treated it as a true business who cared for its customers. The bar was already set low for wowing people. For example, having a very clean and well-kept store. Having an attendant available to help people. Dave created standards such as high customer service, having attendants, and creating a better value proposition. It didn't happen overnight and he continued to work for almost 5 years at his job while putting every extra hour and extra dime into building and making the business better. Dave's philosophy: As a human being, he wants to be a better version of himself each day. A better husband, a better dad, and a better business owner. You found your business on Craig's List. Was that luck or is there still opportunity to find businesses to buy there? There is still opportunity there. It's an overlooked place At the 21 min mark, Dave talks about the love being an entrepreneur and running a good business, no matter what the product is. You can go onto Craig's List under the “Businesses for Sale” area and find many different ones there. There are “diamond in the roughs” to be found. You talk a lot about “Grit.” Define grit how you see it. The willingness to do anything that is legal and ethical. It is never quitting. It is not what you do, it is who you are. It is a mentality. There are lot of people out there that want to be an entrepreneur but aren't willing to do the things necessary. They just want the fun. They don't have the risk tolerance They aren't willing to delay gratification They don't understand everything that goes into it. At the 29 min mark, Dave talks about how he was grinding and pushing so hard, that he woke up one day and started getting ready for work and his wife looked at him and said, “What are doing? It is Christmas Day.” “To get things in life that most people in life don't ever achieve, you have to be willing to do things that other people are not willing to do.” What advice do you have for those looking to build their business while working a job? Sacrifice. You will have to sacrifice to make it. You will have to delay gratification and think long term. None of us are guaranteed a tomorrow, so we must make the most of it. Make sure you are living your authentic self. At some point, you will reach a point where you entrepreneur income equals you job income and that is freeing and empowering. For Dave, his job came first as his primary source of income, and he did whatever he had to give an honest day's work for an honest day's pay. Dave stayed longer than he had because he could do both well and it helped him to have extra cash to pay debt and other things. “When you start, you need your job. In the middle, you want your job. And in the end, you are done with your job.” How you make decisions in life is reflective of needs and wants and where your priorities are in life. Dave got to a point where he did not have to do overtime, etc. ​ At the 38 min mark, Dave and I talk about self-education and the important of that journey in helping you as an entrepreneur. Don't every stop pushing the envelop when it comes to your self-development.   Best Quote: To get things in life that most people in life don't ever achieve, you have to be willing to do things that other people are not willing to do.   Dave's Misfit 3: Be your authentic self. The beauty of business ownership is that you get to decide what your business looks like and what it doesn't. Be passionate about something. Live a fulfilled life. Do not be here to “exist.” Serve others. Look for opportunities to make a difference. Always do what is right. Show Sponsors: Athletic Greens (Free Year Supply of Vitamin D and 5 Travel Packs) AthleticGreens.com/Misfit Five Minute Journal www.MisfitEntrepreneur.com/Journal  

    286: Building Unicorns, How Andy Mowat Helped Build 3 $1 Billion+ Companies

    Play Episode Listen Later Jan 26, 2022 42:53

    This week's Misfit Entrepreneur is Andy Mowat. Andy has helped build 3 $1Billion+ companies, Upwork, Boc, and Culture Amp. He is a serial entrepreneur who knows how to build a scalable company that gets results. His specialty is building successful sales and marketing organizations. But, at the core, he's a great entrepreneur. He knows how to spot a trend, create the vehicle to capitalize on the opportunity, and make it go. Most recently, he is doing that in his latest company, Gated, which is a unique twist on how people can access you. I want to discuss all of this with him today and squeeze all of the wisdom I can from him on how to start, grow, and build a brand. https://www.gated.com/ Andy's path was not a straight line. He went to college on the East Coast and ended up in finance and banking. He took Czech while he was in college and ended up going into private equity in eastern Europe. He ended up running the finance function for every grocery store chain in Czech Republic, Slovakia, and Poland. It was early in the days of coming out of Communism and was eye opening. He then went to business school but came out in 2001 and things were slow. He found a family office to work for and they tasked him with finding a new business to buy and get into. He suggested health clubs and ended up building high end athletic clubs throughout the west. He knew tech was where it was at, so he then reached out Elance and others and cold called the CEO's ending up working for Elance. He ran sales and marketing operations. He then went to work for a company as a co-founder outsourcing administration assistants. He then went to work for BOCs running all their post-sale operations and then leading marketing. He then went to work for CultureAmp taking it from $5 mil to $80m. Along the way, he noticed the need to need to better guard a person's email, so he built Gated. At the 7:30 mark, Andy shares what Gated is. It is an email management system that keeps people from getting to your inbox unless they are willing to give a donation to charity. It helps to make sure you are communicating with people that genuinely want to communicate with you. What elements are needed to build a unicorn – a billion-dollar company? Product/Market fit Brand If you don't have those 2 things, it's almost impossible. Andy gives an example of ow this happened with CultureAmp. Talk to us about Go to Market Machines. How do you build a successful, scalable business? It is a custom fit each time. It is not “cookie-cutter.” Andy starts with marketing because you must have the demand generation. Pattern recognition is important, but a marketing strategy must be customized to each company. Andy has a 6-part article series on his LinkedIn that lays out how to build the Go to Market engine. Any specific part of the 6 that you feel is most important? The team is the most important aspect of a growth engine. What are the key elements to building a successful sales team and growth engine? Read Jason Lumpkin's stuff around hiring and building sales teams. Invest deeply in sales-enablement vs. throwing people at the problem. From a sales enablement standpoint, the managers are your customers, not the reps. If the managers aren't deeply invested in the training and asking for what is needed to make their people better, it won't do well. Invest in good managers and support them well. What should business owners and entrepreneurs do from the start to avoid some of the common mistakes in building a sales organization? The classic mistake is that founder's hire a salesperson thinking they can figure out how to go to market. The founder needs to do that and figure it out. The founder needs to be selling the first half million to a million of ARR. You need to be able figure what the repeatable sales process is before you bring someone into to sell. At the 17 min mark, Andy talks about being a non-technical founder…. What type of data should people be looking at to maximize the impact of a sales team? Systems that are good are Hubspot for smaller organizations and Salesforce for larger ones. Look for all the ways you can scale and find leverage. Key metrics to look at include: Client retention Funnel conversation Time for the sales process. (How long it takes from lead to sale) Lead flow. MQL to Opportunity conversion. The opportunity to win conversation. Customer acquisition costs. What does it take to build a great brand? Brand starts with what you name your company. Naming matters. Being very clear around what your company does and what you stand for is critical. People should understand very clearly and quickly your value to them. Product marketing and differentiation is very clear. The last important piece is the experience people have when they interact with your brand. Most unexpected thing that you have found on your entrepreneur journey? Andy shares how Gated has surprised in that people give more than required and how much people want it. Routines or best practices you do every day to help you maximize your success? Andy writes down his Top 3 things he has to do on a notepad each day. He spends each evening reviewing what he needs to do and accomplish the next day.   Best Quote: The classic mistake is that founder's hire a salesperson thinking they can figure out how to go to market. The founder needs to do that and figure it out.   Andy's Misfit 3: Have a career thesis. Get clear around the path that is most likely for your career. Don't worry about the steps you make in your career. You can always tell a good story about your career. Don't take too many steps at one. Take one step and pivot, then the next and so on. Have a side-hustle to give you an outlet.   Show Sponsors LinkedIn Jobs (Free Job Posting) www.LinkedIn.com/Misfit 5 Minute Journal www.MisfitEntrepreneur.com/Journal  

    285: Lessons for Hannah - When Its Most Important to Keep Going

    Play Episode Listen Later Jan 19, 2022 6:50

    Hello Misfit Nation! Welcome to another edition of "Lessons for Hannah!" Many years ago, I introduced a new format that alongside our regular episodes called “Lessons for Hannah.” Hannah is my daughter and one of the main inspirations for the Misfit Entrepreneur. I wanted to have a place where she could go and learn from her daddy and his Misfit friends throughout her life….even after I am gone. If you haven't listened to the first episode of "Lessons for Hannah," I urge you to as it gives some more background and tells the amazing story of how Hannah came to be in our lives. Lessons for Hannah are short, very useful, and sometimes comical lessons, that I want to share with you and give to Hannah to help in your lives. Because I want Hannah to have these for her life, I'm going to speak as though I am talking directly to her. These episodes are a lot of fun and if you think there is a lesson that we should include in these episodes, please don't hesitate to send it over to us at support@misfitentrepreneur.com. We'd love to share it. This week's Lesson for Hannah Hannah, I want to share something with you that I've learned over the years. It's something I have noticed about human nature. And it's pretty consistent. Most people give up too early or right before they find success or get the breakthrough they have been seeking. This usually happens because people cannot stay in the game long enough for all the work and effort to truly payoff. To be fair, some of this is because society has conditioned us for instant gratification. Everything has to be now, now, now. In some ways, we all have what I call a “chaos switch” which is a pattern in human in nature to disrupt and change when things have been consistent for a while or even when things have been good for too long. It's almost like in some ways we are wired to self-sabotage. And that is what happens to people over time and the reason they don't succeed in reaching the levels they want. But the secret to lasting success is to stay in the game. To outlast. Where everyone else is throwing in the towel or letting their chaos switch get the best of them, we need to focus on press on. When you feel these moments in your life is when it is most important to keep going. We need to continue toward our goal or stick with our endeavors. I will give you an example. At 9 years old, you just got your Black Belt in Tae Kwan Do. It's an incredible achievement that you worked several years to achieve. And after working for that long and achieving the goal, you may feel a little like it is time for a change. Time to do something else. In fact, I sense you feeling a little this way recently. That is the chaos switch in action. At 9 years old with a level 1 Black Belt, you are really just getting started on your journey. You love Tae Kwan Do and there are many more degrees of Black Belts to go. To achieve true mastery, you will need to keep going. After all, you've put in years of work to get this point – and now is when things get really good, and you start to learn the best stuff in the sport – it would be a shame to stop now. But that is what a lot of people do. They stop or give up right before all of the best stuff comes their way! Hannah, and everyone listening – don't be one of those people. You must have the fortitude to keep going and see things through to their best levels and outcomes. Don't let the chaos switch sabotage you from achieving your dreams, goals, and reaching your best self. Resolve to follow what I've called the DCP formula. The D stands for discipline. The C stands for consistency. And the P stands for persistence or perseverance. Now when you hear that you think, duh, yeah those are needed to succeed. But what do they really mean? What is discipline? Discipline is doing the things you know you need to do, even when you don't want to do them. Consistency is doing that day in and day out. You can be disciplined for one day, but that won't do you any good. You must be consistent. And even if you are disciplined and consistent, you are still going hit walls – major roadblocks that seem insurmountable. That is where you must be persistent and persevere and keep going because it is beyond those roadblocks and walls where the great things in life are found. Hannah, I hope you take this lesson to heart as it will serve you well for your whole life. Stick with the things that matter, give them everything you have and see them through – and practice DCP as a way to help you do it. I love you, Daddy   Best Quote: Most people give up too early or right before they find success or get the breakthrough they have been seeking.   Misfit 3: The secret to lasting success is to stay in the game. To outlast. Don't let the chaos switch sabotage you from achieving your dreams, goals, and reaching your best self. Stick with the things that matter, give them everything you have and see them through – and practice DCP as a way to help you do it. Show Sponsors: Jenni Kayne Home (15% Off Your First Order) www.JenniKayne.com promo code:  Misfit Five Minute Journal www.MisfitEntrepreneur.com/Journal  

    284: From Filmmaker to Selling St. Archer Brewing for Over $100 million and Doing it Again with Josh Landon

    Play Episode Listen Later Jan 12, 2022 44:44

    This week's Misfit Entrepreneur is Josh Landon. You may not have heard of Josh and his holding company, Wings and Arrow. But you've certainly heard of his products such as Ashland Hard Seltzer, Voyage Hard Lemonade, and several others. Josh is a serial entrepreneur. He sold his first business, St. Archer, to Coors for over $100 million and built Wings & Arrow's portfolio to millions in revenue from the ground up. In fact, he was given a hefty offer from Anheuser-Busch after only 11 months of building Ashland Hard Seltzer, but he decided to hold on and keep growing the brand. Through it all, Josh hasn't compromised his passion for his craft and mission to create unparalleled products for customers. I'm excited to unpack his journey and his lessons lessons learned on the way. www.AshlandHardSeltzer.com www.VillagerSpirits.com Josh took an unconventional path to becoming an entrepreneur. He started out as a filmmaker and still is. He still does all the film for the brands. He was documentary filmmaker making surf films. He won a number of film festivals and was a working filmmaker. How did you go from film making to building St. Archer and selling it? As with any business, it started with an idea. Josh was on surf trip in Puerto Rico with some of his surf buddies and a Tequila brand approached them about investing in the business and being an ambassador. He didn't think it was a good idea and thought a better idea was to do it with craft beer because of its popularity. That's when the lightbulb went off the produce a beer that is part of the surf/skate lifestyle that has come from them. There was never an authentic brand from the people that made up the pro-surfers, snowboarders, skaters, etc. He decided to do it and worked with many of the greats in the industry that could be ambassadors. But he knew nothing about the business or brewing beer. He knew he could build a brand and that is what he set out to do. He didn't go to college or have a degree. He didn't even know what a capital raise was. He bootstrapped and did it and figured it out and focused on what was in his control. What are you doing different from your experience with St. Archer with Ashland? Anything you learned that made it easier? He sold St. Archer to take the brand national, but it was also to see how he would move on and what could come next after getting the financial windfall. He could have stayed at St. Archer/Coors, but he realized that he was motivated by more than the job and security of the money – he was an entrepreneur. He is driven to complete at the highest level with his businesses and knew that he could not do that at Coors. At the 13 min mark, Josh talks about the life of the entrepreneur and putting his family through everything over the years. You've raised $50+ million with no venture money and giving up big chunks of the business? Raising money comes down to an ability that is not really a learned trade. You have to authentically tell the story/vision of the brand/company you are creating, and people buy into it. There is no step by step to raise money. A lot of it is personality, but also circumstance. At the 17 min mark, Josh talks about when he made the decision to go all in on St. Archer and move from Ventura to San Diego with his family. He had nothing and had to win and that was part of the story and why people invested. He was all in and had to make it happen. What have you learned about building a successful brand and community? With St. Archer, he created the brand that he wanted to see and be a part of. What has worked is having celebrities as investors, but active in the company and brand. They don't just buy in and go away. If he is going to have them invest in it, then they need to be a part of it. Build a brand that people want to be a part of…if he likes it, he wife, and his friends/business partners – then it is a go. Beware of overanalyzing. Create the brand you want, articulate the vision, and pour yourself into it. Then, hire the best and allow them to go what they do best in building and sharing the brand and company. Focus on what you do well and don't do what you suck at! How do you market and sell it once you've built the brand? That is where the talent comes in. Get experience in this area. Josh describes the beer business and how it works to make sales. It's great to listen. You need to know your customer. You need to know where they are. You need to be there when they are ready. The majority of the money is spent on sales folks and get the brand in stores. Did anything from your time as a filmmaker cross over to help you as an entrepreneur? As an independent filmmaker, you are doing everything. It is entrepreneurial. You have to figure it out from scratch and then have to make it, produce, get into distribution and get people to see it. Each film is its own brand and business in essence. ​ What has surprised you most on your entrepreneur journey to date? How hard it is. Not just the work, but emotional challenge. You have to deal with everything and constantly be “on.” It is a different type of pressure. It is tough to keep your personality in the middle.   Best Quote: Create the brand you want to see and be a part of...   Josh's Misfit 3: Straight hard work…especially when you don't want to. Humility. No matter how successful you get, keep yourself in check. Nothing ruins businesses more than ego. Self-care. Take time for yourself and take care of yourself mentally and physically. You must perform at the highest level.   Show Sponsors: Shopify (Get a 14-day FREE trial) www.Shopify.com/misfit (all lowercase) Five Minute Journal www.MisfitEntrepreneur.com/Journal  

    283: The Harder You Work, the Luckier You Get, How Liz Elting Grew TransPerfect to $1 Billion

    Play Episode Listen Later Jan 5, 2022 47:00

    This week's Misfit Entrepreneur is Liz Elting. Where to start with Liz. She co-founded TransPerfect, the world's largest provider of language and business solutions. The company does over $800 million in revenue per year and employs over 6000 in 100+ cities across the world. She has been recognized and awarded with everything from Ernst and Young's entrepreneur of the year to being named one of Forbes richest self-made women many years running. She and her story have also been highlighted in numerous books and publications. More recently, Liz is known for her philanthropic efforts with her foundation, the Elizabeth Elting Foundation which works to advance the economic, social, and political equity of women and marginalized people. I'm excited for Liz to share her story with you and the lessons she's learned along the way. www.ElizabethEltingFoundation.org Growing up, Liz lived in a number of different places. Everywhere from New York to Portugal to Canada. She went to college in the US and realized she could pursue her passion of languages. She just didn't know what she would do with it – but her dad told her to follow her passion. After college she worked the translation industry in New York. She found a company that was the largest translation company in the world that helped combine her passion for language and business. She worked in the company for 3 years and learned the industry. She then went back to school and got her MBA. While in business school, she decided to go into finance and briefly tried out investment banking. She realized she made a huge mistake and then started TransPerfect in November of 1992. In 2018, she sold half of her company and started her foundation. When we first spoke, you said, “The harder you work, the luckier you get.” Explain that… That is Liz's mantra ever since she grew up. She really felt it when she started her company working 100 hours per week. She delayed gratification and it paid off. She had to work intensely and not quit and the more she put in and more focused she was, the more successful the company became. At the 9:30 mark, we discuss the first products developed and how Liz got her initial clients, then scaled… At the other company she was at, they translation work for companies, but Liz knew there was so much more that they needed. She knew that everything needed to be able to work in every language. The first product was standard translation services for companies, but the goal was to become the end-to-end solution. The goal was to do anything in a foreign language to scale. Over time they talked to their clients and really listened. They needed things like staffing and litigation support and content management services. Then they found a way to offer it to them. Talk about going through the stages of business growth – which ones did you feel were the hardest? The first million is by far the hardest. It is much harder to go from $0-$1 million than from say $5 mil to $500 mil because by that time, you have built the teams, systems, client base, etc. Initially, you don't have that. One of the core values was “Own It” and so when they started in a new market or sale, it was set up like that - employees owned it. It was then that had to build the first million in the market, etc. The sales teams had to work very hard. Tell us about the core values. What are they and how have they made a difference for the company? The core values end up being what is important to you and your life. So, for Liz, integrity and honesty was critical. One of the questions she would ask in an interview is “What would you do if you saw someone stealing money out of the cash register?” The answers were eye-opening. Owning it was another value that she embodied, and it became another core value. They ultimately had 10 core values. Is there a skillset or mentality that you feel is most important for success in today's world? You must have the work ethic. You must be a leader and stand out from the crowd. Being true to yourself and do what is right. Another value was service, and businesses need to spoil their customers and look at how to stand apart. What did you do to stand out in the area of service? Being there for the client 24/7 in the early days, but that was not sustainable. When they tried to pay employees to work holidays and other things, it led to turnover, so they had to find ways to “be there” for their clients, but in a more manageable way. They found ways to do this by adding in offices in different times, creating shifts, giving comp time, etc. They also did special VIP events for clients. They found ways to produce results for clients faster than the competition. Filling gaps in products or services clients said they needed. They were also innovating and figuring out how to help client in better ways. Talk to us about the entrepreneur journey. What have you learned about how to consistently succeed as an entrepreneur? No matter what – staying true to your core values. When times are challenging – you must continue to put the money into sales and marketing. Find ways to align incentives and compensation so that when the company does well or the employee does well, they are well taken care of. This is for all people in the company. Focus on employee morale. Don't just spoil the clients but do you best to do so for the employees as well. What are the most important things leaders should do to ensure success and make sure they are doing the best for their employees and organization? In the early days, the leader does everything, but over time, they must delegate to scale. To do that, you must find the best people, so your interview process is most important. Hire slowly, fire quickly. It's the employee you keep around that can give you the ulcer, not the one you don't have. Once you have your people – focus on training, development, and retention. The only way to lead is to lead by example. You cannot inspire people to do things you haven't done or aren't willing to do. Advice for CEO's? What have you learned about being a great CEO and how it is different from other areas of leadership? In the early days, it is a lot of doing and doing everything. Then it is a lot of hiring, training, and delegating and retaining (the middle stage) Then, it is having the vision for what's next and making sure the innovations are happening. It is thinking long-term and getting the feedback from the people on the front lines. It is dealing with clients at all stages. And always maintaining a connection with the employees. 1 on 1's with people at all stages and levels it very important as well. Anything you've learned in selling your company and starting into Philanthropy? It was wonderful to lead the company for 26 years. There were things she saw and bigger challenges/issues that needed to be improved. There is a lot of work to be done. Philanthropy is entrepreneurship in a different way. ​ What was the most surprising thing that happened on your journey? Hiring an entry level person when they first started and then watching them grow and see what they could become. It was so rewarding and exciting and she learned so much from it. The learning is continuous and never ends!   Best Quote: Work today like no one else will, so you can live and give tomorrow like no one else can.   Liz's Misfit 3: ​ If you don't think you can be successful as an entrepreneur, you can. No matter what happens to you or go through, success is still possible. Hard work. Work today like no one else will, so you can live and give tomorrow like no one else can. Integrity and honesty are keys to living a great life and running a good business.   Show Sponsors: Athletic Greens (Free Year Supply of Vitamin D and 5 Travel Packs) AthleticGreens.com/Misfit Five Minute Journal www.MisfitEntrepreneur.com/Journal  

    282: Misfit Entrepreneur 2021 Year in Review

    Play Episode Listen Later Dec 29, 2021 48:22

    Misfit Nation! Welcome to the Misfit Entrepreneur 2021 year in review where each year I attempt to boil down all of the incredible, useful information, strategies, and tips that our guests have given on the show into less than one hour for you…with a few surprises thrown in. Now, it's impossible for me to go over every single best piece of advice and that is why I urge you to take some time and go through the Misfit Archives to see which episodes resonate most with you, but in doing this episode, my goal is to spur ideas – to give you a lightning strike that propels you down a path of action to better improve yourself, your life, and your business or career in 2022! That's why I do this show – to not only provide a treasure trove of some of the best information to succeed in life and business for my daughter, Hannah, for when she grows up, but to give you a place where you know you can come each and every week to get inspired and find real, tried and tested tips, secrets, and strategies to succeed in all areas of life, and to share different perspectives from some of the highest performing entrepreneurs in the world with you. I truly believe that one great episode can change someone's life and that's what we set out to do each and every week. ​ But, before I begin I want to tell you something. I want to say “Thank YOU.” Thank you for listening. Thank you for your support of the show and thank you for sharing our message. Without you and the amazing feedback members of this audience give me every week, it would not be half of what it is. Because of you, this show has reached hundreds of thousands of people in over 150 countries. I am truly humbled and in awe at what we've done together and I am excited about having an even bigger impact with your help in 2022. So, from the bottom of my heart, Thank you, thank you, thank you! THANK YOU, THANK YOU, THANK YOU, and I hope you enjoy this episode as much as I did creating it for you!   Notion.SO Go to www.Notion.SO and get started for FREE! Five Minute Journal www.MisfitEntrepreneur.com/Journal

    281: The Art of the Startup and Pitch with Slidebean Founder, Caya

    Play Episode Listen Later Dec 22, 2021 47:14

    This week's Misfit Entrepreneur is Jose “Caya” Cayasso. Caya is a serial entrepreneur who is best known for founding Slidebean and Recurring. He is a TEDx speaker, 40 under 40 recipient and has received a host of other awards for his efforts. Slidebean is part of the Silicon Valley accelerator, 500 Startups and has grown tremendously. The company helps startups solve their pitch deck needs, What I love most about Caya is how he has built his companies made them successful through organic efforts through content strategies. In fact, his YouTube channel has over 300,000 subscribers. I'm excited for him to share his strategies with you. www.youtube.com/c/Slidebean Caya says he made it to where he is a little bit by accident. In his first company, he didn't really understand what a startup was. He just built a little game and put it on Kickstarter, and it got picked up. That lead to investors reaching out asking if he was raising money, etc. He didn't know what they were talking about. He had to go through the crash course of learning the startup and investment game with the first company which didn't end up making it. But, with Slidebean, he has learned from his mistakes and experience and has applied as well as shared with others to help them. Talk about finding a business accelerator and how that helped you and helps startups… There is a big debate on whether it is worth to give up equity to an accelerator. Accelerators are fantastic crash courses in how to navigate a startup giving you the training and information you need to succeed. They give you guidance, teach how to pitch and better run your business and help you with their network. They are a great bridge for a soft landing as a startup. Benefits and disadvantages? If you have the network and connections and access to investment, then you may not need one. Accelerators also require equity in exchange for working with them. It is usually about 6% equity for a 6-figure check, so it is not a bad trade off for companies that little to no revenue and no profit. The biggest advantage outside of capital is the resources available and that they bring to the table. What makes a great pitch deck? A pitch deck is your business story. It doesn't matter how many slides, but it matters how you tell you story and the data you use. You typically have to send your deck into investors for them to review and decide if they will meet with you. Investors on average will spend 4 minutes looking at your slides. So, you have to tell your story in essentially 4 minutes. Any specific elements that should be in a pitch deck? How you are going to make money for the investor. A good structure is the following: Intro: Who you are and a little bit of a teaser. Status Quo: This how the market is behaving today, and this is the pain point that can be solved. Problem slide, business opportunity slide, solutions slide. Product/Demo: Showcases the solution and how it makes money. This where you brag. Market: State of the market, how big it is, competition, and how you will beat the competition. Why Us?: Team, why you are the best to solve the problem and maybe a why now it is needed. Ask for Money: How much you need, how you will use it, and how it will make vision reality. You've built your companies leveraging content, tell us about the content strategies you've used to grow your businesses – what works, what doesn't? YouTube was sort of an accident. It was to market for Slidebean but became more for people following Caya and his journey. You want to create that generates SEO – it's interesting, it has good data, it is worthy of sharing and people want to share it. Spend time up front to really understand key words to incorporate into your content to make sure Google is associated you appropriately. AdWords is possible, but you need to know your metrics well to make it profitable. Best practices for creating content and optimizing SEO? SEO is a science and an art. You have to understand Google scoring and need good engineers to build a website that is optimized to it. Creating compelling content is hard. You need to have consistent content at a consistent frequency. You also should be focused on doing good long-form content in the form of articles or white papers that is highly consumable. It also takes time. SEO is not the best first growth tactic to go after because of the time it takes to start ranking – it is the long game. Better growth tactics when starting out are to work closely with your clients and get referrals. You also need their feedback to make things better. You want to start SEO and content marketing as soon as you can, but the focus early on needs to be customers. To get customers, you can use outbound email, prospecting, networking, paid media and search ads – direct response that can get you customers right away.  Tell us about using video and your strategy for YouTube… YouTube is as long a game as SEO/content and is more expensive. Caya's average video costs a couple thousand dollars to produce But the connection you can create with customers and prospects on YouTube is so much better and viral. YouTube is the 2nd largest search engine in the world. Long-term video is better than text for marketing and creating community and a following. YouTube is more art than science – but it requires both. One hack is targeting searches where the key word or phrase is underserved or the videos in the category or crappy. At the 33 min mark, Caya gives his thoughts on raising capital and then stewarding it and making sure it is used in the best way. Its best to just listen. Most important things you've learned to succeed as an entrepreneur? Prepare yourself for how long of a journey it is. It is easy to get distracted – prepare yourself to be at in a business for 5-7 years to make it truly successful. Best advice for someone just starting out? Choosing the right time to raise money. You have to be ready and be in the right position. You need a product and some testing done prior. It is super time intensive and there is a lot of rejection. Be prepared to spend 2-3 months not being able to run your business – raising money is a full-time job. The business should be able to run without the CEO, meaning the team can continue growing it before the CEO commits to raising money.   Best Quote: A pitch deck is your business story...   Caya's Misfit 3: ​ Learn when to give up. Time is the most valuable asset that you have. Give yourself a deadline for your projects and respect that deadline. Be prepared to quit. Start ASAP. The younger you are, the easier it is to start businesses and possibly fail. It is easier to take risks. Do something that you absolutely enjoy.   Show Sponsors: Five Minute Journal www.MisfitEntrepreneur.com/Journal The David vs. Goliath Podcast Search "David vs. Goliath Podcast" where you listen for podcasts  

    280: Lessons for Hannah - My Top 3 Lessons Learned in 2021

    Play Episode Listen Later Dec 15, 2021 11:28

    Many years ago, I introduced a new format that alongside our regular episodes called “Lessons for Hannah.” Hannah is my daughter and one of the main inspirations for the Misfit Entrepreneur. I wanted to have a place where she could go and learn from her daddy and his Misfit friends throughout her life…. even after I am gone. If you haven't listened to the first episode of Lessons for Hannah, I urge you to as it gives some more background and tells the amazing story of how Hannah came to be in our lives. Lessons for Hannah are short, very useful, and sometimes comical lessons, that I want to share with you and give to Hannah to help in your lives. Because I want Hannah to have these for her life, I'm going to speak as though I am talking directly to her. These episodes are a lot of fun and if you think there is a lesson that we should include in these episodes, please don't hesitate to send it over to us at support@misfitentrepreneur.com. We'd love to share it. Ok, so here goes…this week's Lesson for Hannah. Hannah, As this is the last Lessons for Hannah of 2021, I wanted to share the 3 biggest lessons I am taking away from this past year. First, I have to say, the last two years have been incredibly eye-opening, awe-inspiring, humbling, and scary and exciting at the same time. Thinking about it. It is truly amazing how much has transpired. We entered 2020 like any other year with plans and goals for life and business and just a few months later everything was thrown upside down and seemingly overnight fear gripped the world and life as we knew it stopped. For entrepreneurs like me who have different businesses in addition to my family responsibilities, it was a rollercoaster as we literally overnight had to change our businesses to keep them going and for many, find ways to even stay in business. Our employees depended on us to help them in the time of crisis and we had to step up. Additionally, our family life changed with restrictions, mandates, and a general fear of the unknown. But, we made it through 2020 and for the most part we were able to keep our businesses and lives going as close to normal as possible. As I think about, it is funny and not funny, how much “normal” has changed for the world in just a couple years. We then came into 2021 and the world seemed to perpetuate many of the things we were originally supposed to do for the short term in fighting the virus. I know for me, it seemed like things waned on a lot longer than they should have and as I write this, in many places things lockdowns, restrictions, and mandates are all still going on. In fact, Australia literally has camps people are having to stay in if they are not vaccinated or test positive. They are literally going into communities and rounding people up against their will. And that is not the only place things like this are happening. We have been fortunate that we live in a place where we have been able to get back to do things mostly the way we did before the virus, and I thank God for that. I thank God for a lot of things, and I pray the blessings given to us are given to others who need them more. As I have reflected on all of this, I have found many lessons to take away or that were confirmed for me over the last year or so. Here are the 3 most important for me. Lesson #1: Press On. I've always been one to push through and keep going. To find a way and make a way. I think any entrepreneur who has been at it long enough and found success has to do so. There have been so many times over the years building businesses where failure and losing it all was seemingly one day away. But through tremendous effort, ingenuity, a little luck, and a lot of miracles, my business partners and I have been able to make it. Being an entrepreneur will teach you what it means to endure. The big thing about the last year or so was that we had to endure in all areas of our lives. It wasn't just one area – but every aspect. We had to do in business, in our families, relationships, health – everywhere. That is truly something. As I thought about this and gained a sincere appreciation for what people around the world have had to press on through and endure, it crystalized for me. I am not sure I ever understood what it truly means to do this. What true difficulty and sacrifice on a grand scale looks like. Many people have probably seen the poster of Winston Churchill, the Prime Minister of England during WWII, that says “Keep calm and carry on.” A lot of people use the phrase or hang the poster up. But, now after seeing what the world had gone through and done to itself over the last two years, I can better understand how important that phrase was. Think about, when this was being said, Britain was being bombed almost every day by the German Luftwaffe, essentially the German air force. The whole country was burning for years, and things were destroyed everywhere, not to mention all of the death. In fact, when it was all over, much of the countries of Europe were in rubble with millions upon millions dead. Keep calm and carry on. Through it all, the people of these countries pressed on. I don't believe what we have gone through with the virus is comparable to the devastation and death of World Wars – but then I think the small business, the local gym, restaurant, or haircut shop that was shut down for months on end and many had to close their doors for good. It may not have been a physical bomb that dropped from a plane that blew up their building and business, but the result was the same. Yet, people press on. We endure and we continue to. Hannah after having gone through this experience, I am more confident now that you and our fellow man can handle anything that comes our way. Lesson #2: The Truth is Precious. I think we take the truth for granted. We assume people and groups are truthful, when they may not be, or they take a piece of the truth and mix it with untruth. It is important for us to seek the real truth and not just believe what we see in a headline, a twitter post, from the media, or even people who are “in charge” telling us something. We must ask further questions and do research diligently to find the truth – and it's worth it to do the work. We have so many examples from this year in which snap judgements were made without the truth or evidence or perpetuating a narrative was more important than the truth. We've had top medical experts flip-flop many times on what to do for our health – almost weekly in a lot of cases. We've had people that the media had deemed completely guilty totally exonerated when they went to trial and the evidence was finally revealed. And conversely, we've had people that the media and even politicians stood behind and said they were victims, only to find when the evidence came out that they were the ones perpetuating the crime against themselves for publicity- creating a hoax. We must not take things for granted and ask “What is the truth.” Because the truth seems harder to come by and is precious and there is only one version of it. There is no such thing as “your truth” or “their truth,” there is only one truth. And we must, must be truthful not just in our lives with others, but to ourselves. It not only helps us live a better life, but to be better in all areas of life. That brings me to my last lesson. Lesson #3: Know Your Principles and What You Stand For. Do Not Sacrifice Them. There is not much more I should have to say on that point. Do you know what you stand for? Do you know what your principles are? For context, here is the definition of Principles - a fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning. So, what is your foundation? What is it that you truly will not sacrifice even if not doing so brings pain, loss, or causes trouble in your life? Hannah, I hope by growing up with your mother and I, you have developed solid principles that you know in your heart and will not give up for anything. Please do the deep work to ask yourself what yours are and know them – because over the last year or so, I have seen many sacrifice what they said were core principles in the lives and on the world stage for personal gain or power. It is not worth it, it never is. And sacrificing these in your life will create much bigger problems than if you had endured and stuck to them in the moment they were challenged. Hannah, while we are still going through these challenging times, I see more potential and opportunity for people than ever before. People are waking up to finding their principles and seeking the real truth as a bedrock to build from – and they are pressing on and creating a better life for themselves and a better world for all of us. Even at 9 years old, you are doing this in your own way – in fact, it was during this time that you pressed on, endured, and overcame many challenges to get your black belt in Tai Kwan Do. I could not be prouder of you and I hope you put these lessons to work throughout your life. I love you, Daddy   Best Quote: Hannah after having gone through this experience, I am more confident now that you and our fellow man can handle anything that comes our way.   Misfit 3: Press On. The Truth is Precious. Know Your Principles and What You Stand For. Do Not Sacrifice Them.

    279: Wisdom, Life Lessons, and Making a Living from Your Ideas with Jeffrey Madoff

    Play Episode Listen Later Dec 8, 2021 51:11

    This week's Misfit Entrepreneur is Jeffrey Madoff. Jeff is the founder of Madoff Productions, based in New York City. His company collaborates with ad agencies, public relations firms and directly with clients to produce commercials, branded content and live streaming events. He began his career as a fashion designer and was chosen as one of the top 10 designers in the U.S. then switched careers to film and video production. You have seen his work and probably didn't even know it. Jeff and his team are the geniuses behind commercials, online content and brand stories for companies ranging from Victoria's Secret, Calvin Klien, and Ralph Lauren to Harvard University and private equity firms that position companies for sale or acquisition. Jeff is also the author of the best-seller, Creative Careers Making a Living With Your Ideas. And that is why I asked him to come on the show, not only the share his incredible wisdom gained during this storied career, but to discuss how to make a great living with your ideas. www.MadoffProductions.com www.CreativeCareers.com Jeff was born and raised in Akron, Ohio. He credits his resilience to growing up there. His parents were entrepreneurs that had retail stores in Akron. Jeff got the entrepreneurial spirit from his parents and so did his sister. It was what he knew, so he's never had a job. He went to the University of Wisconsin for college. Jeff shares a funny story of how he chose Wisconsin. He also made it on to the wrestling team. He got a double major in philosophy and psychology and Jeff said, “It set him up for no job whatsoever!” Getting the degrees did help him with critical thinking and an intellectual curiosity that are very important to success. He was working in a small boutique in Madison after graduating. A good friend of his called him up and had saved some money and wanted to put it to work. Jeff told him that he understood retail and could draw/design clothing, so he could start a clothing company. His friend sent him $2500 which was more money than Jeff had ever seen at any one time and he was off and running. He had no idea how to build the business but knew how to sell retail. He didn't know how clothing was manufactured, etc. He had a lot to learn in a little time. He was “ignorant, not stupid.” “Ignorant, you can learn, but stupid is forever.” What is the process you teach for turning an idea into a living? The book “Creative Careers: Making a Living with Your Ideas” is the same name as the course he teaches in NYC. Jeff learned when he started into business was that there are protocols to business and everything you learn informs everything else you do. For example, clothing started with a sketch. From there, it determines how much fabric is needed, the labor, the shipping, sale prices, profit margin, etc. The idea starts the ball rolling. Everything is unified with best practices, but many times they are siloed. They should not be…there is much more in common, than different from business to business. Much of the processes are the same to make an idea happen across different businesses. There are no magical secrets to success – there is a lot of work. More than anything, it takes perseverance. We cannot lose the patience for process because that is where real success comes from. After all of the work you did for the book and all of the people you interviewed for it, were there any constants that stood out across them that helped their success? They embody best practices. They show up and are present. The persevere and put in the work. They surround themselves with the good and right people to make the business go. They develop a sense of empathy in business to understand the other side in negotiation and building relationships. More than anything, they push through the difficult times and develop strategies to get over, around, and overcome the challenges that entrepreneurship inevitably brings. At the 18 min mark, we talk about the DCP formula and how Jeff has seen in his work. “The only way you get better at anything is to do it over and over again.” At the 20 min mark, Jeff shares some interesting thoughts on Apple vs. Sony. Apple has never originated a product. They copied and innovated. They sell their products not on what they do, but the experience it gives. They are truly unique. Jeff worked with Sony when they originated the Walkman and Sony was visionary in creating and whole new way of life when it came to music. Apple basically took the idea of the Walkman to create the Ipod. Same thing with the smartphone. Apple stood on the shoulders of the Palm Pilot and Blackberry creating a broad consumer market for the phone and increased their eco-system. What Apple did well was design something with great purpose and had the discipline to stick to their focus and product set and not get into businesses that are not really their business. Companies lose the ability to innovate because they spread themselves thin. Talk about the power of story when it comes to marketing and branding and how important it is. Basically, we communicate through story. It is how we retain information because you remember how a story made you feel. Stories are the way we bond with each other and it is how products are sold. Nike is a great example. “Just do it” is so simple, but means so much. Nike is about athletic excellence, but more the idea of it for clients. Ralph Lauren stands for status and good taste. At the 27 min mark, Jeff shares a story of a conversation with Ralph Lauren where he told him he was like Walt Disney. A brand is a story that is well told. One of the main criteria of a good story is there needs to be an outcome and they live happily ever after meaning the customer will be better off for it. Talk about the balance of emotion vs. logic and how it relates to business… The push and pull between emotion and logic is interesting. Most people think they make their decisions based on logic, but they don't. People are not nearly as logical as they think. There are 2 ways that decisions are made: Heuristics and Biases If you appeal to those things, you can lead people to make decisions. At the 31 min mark, Jeff shares a story of something a guest shared in his class when it comes to how we make decisions with an example of buying a bottle of wine. Most people pick in the middle of the range of wines for price because they don't want to buy the most expensive, but they don't want to buy the cheapest one. So, if you up the overall price of the selection of wine in a store, you will sell wine at higher prices. How do we make better decisions as consumers? Be informed. Educate yourself. Do your research and think about larger decisions before you make them. Find and use credible sources to help you. The difference between wander vs. wonder, explain that. Wandering makes you wonder. When you wander and take in your surroundings, it makes you wonder which leads to curiosity. Curiosity leads to asking better questions and leads to learning and better understanding. The only stupid question is the one you don't ask which leads to you having issues later on. Running your ideas like a business. Tell us about that. One of the most important things in business is “proof of concept” meaning someone is willing to pay for your product. You cannot be the only one in love with your idea. There has to be people willing to part with their hard-earned money to buy it. Ideas need to go through the proof-of-concept process. ​ What has surprised you most in your entrepreneur journey? How there is so much more in common among different disciplines and people. There is a lot more in common than different. We have to be careful not to focus solely on the different. The essence of being an entrepreneur is bringing some kind of change by brining an idea to life.   Best Quote: The only way you get better at anything is to do it over and over again.   Jeff's Misfit 3: Persistence. Whatever you are pursuing, you will face inevitable difficulties and you must persist through them. Not being so enamored with your own idea that you cannot accept criticism and make it better. Don't become delusional. Stay curious. Curiosity is the fuel that makes you want to learn more and grow.   Notion.SO Go to www.Notion.SO and get started for FREE! Five Minute Journal www.MisfitEntrepreneur.com/Journal

    278: Turn Your Scars Into Stars – How to Succeed Through Your Biggest Obstacles with Kelly Falardeau

    Play Episode Listen Later Dec 1, 2021 45:29

    This week's Misfit Entrepreneur is Kelly Falardeau. Kelly is one of the most sought-after speakers out there today. Rated as a Top 10 Most Powerful and influential Speaker, she has graced international stages all over the world and is a 5x Best-Selling author. At age 2, Kelly was in a tragic accident that severely burned 75% of her body. She endured numerous surgeries but was left with scars on most of her body. Growing up, she as bullied, made fun of, and ostracized for looking different leading her to feeling unwanted, un-ashamed, and unloved. She endured once again discovering true self-love and as she says, turned her scars into stars, and is now widely successful. Kelly has proven that no matter where you come from or what happens to you – you can succeed and thrive and I'm excited for her to share all her wisdom with you in this episode. ​ http://kellyfalardeau.com/ www.7StepsAuthor.com Get free blueprint on how to publish a book in 7 easy steps Kelly was burned over most of her body when she was 2 years old when a spark from a fire caught her dress on fire. She was in the hospital for 4 months being in the operating room every two days. Every two years after that until she was 20, she had to go back for more surgeries. Because of this, she never thought she'd have a good life and that she would be the “ugly, scar-face, girl.” When she was 16, she would pray to God asking for him not to let her wake up in the morning, but if she did could she be scarless and pretty like the other girls. Of course, she would wake up and they would still be there. She thought that if her doctor could not take them away or God could not, she was destined to be ugly forever and would not get married or have kids, etc. Despite all of this, she did end up getting married and having a daughter. She was so excited to have a daughter without scars. She had a miscarriage and then got pregnant again and had twin boys. She had a home-based scrapbooking business that wasn't very successful when a friend told her to go to an event. Her friend told her to get rid of the business and be a speaker and the event would help her. During this time, she was almost bankrupt, her husband was laid off and her marriage wasn't doing well. She saw her life as a failure. Her friend got her to event and got her on stage to speak and people had a great reaction to her story. She went home and told her husband that she was going to be a speaker. He husband, “Who is going to listen to you?” She didn't know but knew it could happen. Her husband basically told her it was a waste of time and that it wouldn't work. The next day everything changed. She met a lady that was speaking and at the end of her speech, she offered a coaching program to teach people to become keynote speakers. Kelly knew this was her opportunity but had no money to pay for the coaching. The lady told her could pay over time and that normally, people came to her to get coached, but if Kelly could 10 people locally to sign up for coaching, she would come there. Kelly worked with others to get the 10. This was the start of her speaking and best-selling authoring career. Was there a catalyst for you? What there a moment when you found your voice or flipped the switch? There was a turning point. When she left her husband, she had a job alongside her scrapbooking business. 4 months later after leaving her husband, she went into work and had her performance review. It was the worst review she had ever had. It was either quit or be fire. Her boss said, “You have to ask yourself one question. Are you going to be excited to come to work on Monday? Or relieved if you don't have to?” She knew she wanted to be a speaker full time but was afraid. She had no money. That night she was reading and saw a message that said, “Why do you not trust that God will provide you everything you need?” She slammed the magazine shut and had a dialogue with herself and God. She had sleepless night and went into work the next morning and knew she wasn't excited to be there. That was her last day and the start of her being a full-time speaker and author. Everyone had scars in some way, shape or form. How do we turn our “scars into starts” isolating these things and use them as fuel to succeed? We all have either internal and external scars, or both in some way. It is totally up to us to decide what we are going to do with them. It is a choice. You can take your scars and use them for something great. Kelly always wondered why she had lived. She was told by her care takers that the extent of her scaring was so bad that they did not think she could live. You can use your scars to hold you back or to be an asset for your success and impact on the world. You are here for a reason – make the absolute best out of it. 7 ways to embrace the real you? Can you share those? A lot of people think they have to change themselves physically to be good enough. You don't have to do this to embrace yourself. One way is to look in the mirror and pick out all of the things you love about yourself. Embrace what you love. Learn to love your little parts that make up all of you. Quit comparing yourself to others. When you compare yourself to someone else that you think it better, you dimmish yourself. Never give up or give in. Seek out great mentors for your life. No risk, no reward – what that mean to you and what it should it mean to us? When she wrote the book, she didn't have the title until the very end. Life is for living. If we don't take the risk, we have not shot at gaining the rewards. We need to step out and take the risks in our life worth taking. We all need the 20 seconds of “insane bravery” At the 33 min mark, Kelly talks about how her experience has made her a better entrepreneur… Advice for entrepreneurs just starting out? Make sure you are doing something you are and can remain passionate about. Don't' be afraid to let go and find what you are meant to do with your life and as an entrepreneur. Unleash your life. Be open to other opportunities because you will be amazed at what is out there. Dreams are meant to be found and not tucked away in dreamland.   Best Quote: We all have either internal and external scars, or both in some way. It is totally up to us to decide what we are going to do with them. You can take your scars and use them for something great.   Kelly's Misfit 3: Dreams are meant to be found, not tucked away in dreamland. Your value is in your acts of service and what you do for others. Value has nothing to do with money. Find a mentor you really connect with.   HeyLaika Go to www.HeyLaika.com/misfit (lower case) to get 20% off! Five Minute Journal www.MisfitEntrepreneur.com/Journal

    277: Misfit Entrepreneur's 2021 Thanksgiving Message

    Play Episode Listen Later Nov 24, 2021 10:37

    Misfit Entrepreneurs, Welcome to this special Thanksgiving edition of The Misfit Entrepreneur. Since, it is a day of thanks here in the US, I thought it best to take some time to thank you and share some thoughts on the importance of this day. First, I want to thank you. Thank you for your support, for your wonderful feedback, and sharing of this show. It has reached a level I didn't envision when I started doing this all those years ago and it continues to exceed my expectations because of you – the best audience in the world. As I said when I started, it is Thanksgiving and when we think of Thanksgiving, we think of pilgrims and native Americans coming together for a feast together. And they did, but that is not where the holiday of Thanksgiving actually came from. As you know I love history and I thought it would be great to share with you how this day started and share my message for you. Thanksgiving as a holiday in the US started with a proclamation in 1789. A proclamation by the George Washington – the indispensable man. Real quick ADD moment here – George Washington is one my favorite leaders in history and his accomplishments, virtues, and leadership are un-matched in this world. If you want to learn about what it truly means to be a great leader. Read the book The Real George Washington. When you do, you will see how he was seemingly guided by God's hand to be who he was in the making of our nation. The things that had to happen to get him to where he lead the Continental military and then became President are not by coincidence. Ok, back to the proclamation. It is short, but powerful and I would like to read it to you. By the President of the United States of America, a Proclamation. Whereas it is the duty of all Nations to acknowledge the providence of Almighty God, to obey his will, to be grateful for his benefits, and humbly to implore his protection and favor-- and whereas both Houses of Congress have by their joint Committee requested me to recommend to the People of the United States a day of public thanksgiving and prayer to be observed by acknowledging with grateful hearts the many signal favors of Almighty God especially by affording them an opportunity peaceably to establish a form of government for their safety and happiness. Now therefore I do recommend and assign Thursday the 26th day of November next to be devoted by the People of these States to the service of that great and glorious Being, who is the beneficent Author of all the good that was, that is, or that will be-- That we may then all unite in rendering unto him our sincere and humble thanks--for his kind care and protection of the People of this Country previous to their becoming a Nation--for the signal and manifold mercies, and the favorable interpositions of his Providence which we experienced in the course and conclusion of the late war--for the great degree of tranquility, union, and plenty, which we have since enjoyed--for the peaceable and rational manner, in which we have been enabled to establish constitutions of government for our safety and happiness, and particularly the national One now lately instituted--for the civil and religious liberty with which we are blessed; and the means we have of acquiring and diffusing useful knowledge; and in general for all the great and various favors which he hath been pleased to confer upon us. and also that we may then unite in most humbly offering our prayers and supplications to the great Lord and Ruler of Nations and beseech him to pardon our national and other transgressions-- to enable us all, whether in public or private stations, to perform our several and relative duties properly and punctually--to render our national government a blessing to all the people, by constantly being a Government of wise, just, and constitutional laws, discreetly and faithfully executed and obeyed--to protect and guide all Sovereigns and Nations (especially such as have shewn kindness unto us) and to bless them with good government, peace, and concord--To promote the knowledge and practice of true religion and virtue, and the encrease of science among them and us--and generally to grant unto all Mankind such a degree of temporal prosperity as he alone knows to be best. Given under my hand at the City of New York the third day of October in the year of our Lord 1789. Go: Washington One of the things that I do not think people realize is how much God's teachings guided the founders of our country. When you read their own words and understand the reasons for, as they said, “pledging their lives, liberty, and sacred honor” to win their freedom – you find that it was driven by the teachings of the Bible and God's word. The narrative in today's world doesn't allow that, but when you read the pages written by their hand, you begin to truly understand how much divine providence was instrumental in the creation of the United States and subsequent impact it has had on the world for freedom, ingenuity, and possibility. I short, the founders were some seriously devoted, tough entrepreneurs. And that brings me to my Thanksgiving proclamation. Ladies and Gentlemen, On this day, we give thanks. We give thanks to God. We give thanks to free enterprise and the possibility that entrepreneurship brings. And we give thanks to all of those who are with us, support us, and are part of our entrepreneur journey. On this day, let us celebrate the incredible opportunity and life we have been given. Let us celebrate the ability to create the enterprise and life we desire, for entrepreneurs are a unique group of people that directly shape and change the world. Entrepreneurs have the ability to change lives and make them better and have the opportunity to help others reach their dreams as they reach for theirs. We entrepreneurs have been given this opportunity and responsibility, not just by our choice to be an entrepreneur, but by our creator who put us on this earth to become the best of ourselves and share it with the world. For this we must be ever thankful and humble, and we must give every day the best to we have to offer and share with this world. We must never give up or quit in the pursuit of our dreams and we should strive to share entrepreneurship and its benefits with all those around us. Entrepreneurs are what makes the world go. Without entrepreneurs, there are no jobs, no funding for governments, no progress, or no improvement in quality of life. Everything begins with entrepreneurship. Because of this, we cannot and should not take our responsibility lightly and on this day of thanks, we should unite to as I take and adapt a phrase from George Washington, ”humbly offer our prayers and supplications to the great Lord and Ruler of Nations and beseech him to pardon our business and other transgressions-- to enable us all, whether in public or private stations, to perform our several and relative duties properly and punctually and to bless them with peace and concord, and grant unto entrepreneurs a degree of prosperity as he alone knows to be best. With God's help, Entrepreneurship is the answer to much of the problems and challenges in our world, and everyone can tap into this spirit within. May they do so and give thanks for the incredible opportunity that it brings. So, there you go, my proclamation and solute to you entrepreneurs. Let me close by again saying thank you and expressing my gratitude for your support of the Misfit Entrepreneur. I wish you a wonderful, blessed day with your families and a great start to the holiday season! Dave   Best Quote: With God's help, Entrepreneurship is the answer to much of the problems and challenges in our world, and everyone can tap into this spirit within. May they do so and give thanks for the incredible opportunity that it brings.   Misfit 3: People do not realize how important faith in God and the teachings of the Bible were in creating the United States. George Washington made this clear in his Thanksgiving Proclamation creating the holiday. With God's help, Entrepreneurship is the answer to much of the problems and challenges in our world, and everyone can tap into this spirit within. May they do so and give thanks for the incredible opportunity that it brings. Thank you, thank you, thank you for your support of the show and for spreading entrepreneurship into this world. Show Sponsors HeyLaika Go to www.HeyLaika.com/misfit (lower case) to get 20% off! Five Minute Journal www.MisfitEntrepreneur.com/Journal

    Misfit Entrepreneur Special Episode: Wondery Operator

    Play Episode Listen Later Nov 21, 2021 7:39

    Hello Misfit Nation! I am excited to bring a special weekend episode of the Misfit Entrepreneur. Occasionally, I find something I truly enjoy and when I do I like to share it with you. In 2021 I've started listening more to the immersive shows on Wondery. If you haven't checked it out, you need to do so. Recently, I was able to connect with them and they offered to share a small sample of one of their new mini-series made with Topic Studios with the Misfit audience – it's called Operator. During the 1-900 number craze of the Nineties, one company provided the vast majority of phone sex. American Telnet was an empire founded by the man who called himself “The Telephone Pimp.” He ran the company “like General Motors” and got filthy rich doing it. But for the (mostly) women who answered the calls and delivered fantasies 24-7, it was a different story. The powerful stigma against sex work was always lurking just beneath the surface, until it threatened to tear apart the whole company. Hosted by Tina Horn (Why Are People Into That?), OPERATOR is an eight-part series about big ambitions, Shakespearean-level corporate backstabbing, men and women at the cutting edge of a technological revolution...and on the front lines of a sexual one. Listen to Operator now! http://wondery.fm/OP_DL_TME_BE