Info

Dave Lukas, The Misfit Entrepreneur_Breakthrough Entrepreneurship

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 breakthrough entrepreneurship strategies and actionable advice to accelerate your success! The show's open format and Misfit 3 concept, combined with Dave's intuitive and engaging interview style quickly uncover each guest's key tools, tactics, and tricks that listeners can start using in their lives right now. Learn more about the show at www.misfitentrepreneur.com and become a member of Misfit Nation by signing up for the Misfit Minute, the FREE weekly email with specific resources from the week's "Misfit 3," and actionable tips and items from the world of Misfit Entrepreneurs. It is delivered every Friday to your inbox!
RSS Feed Subscribe in Apple Podcasts
2018
October
September
August
July
June
May
April
March
February
January


2017
December
November
October
September
August
July
June
May
April
March
February
January


2016
December
November
October
September
August
July


All Episodes
Archives
Now displaying: March, 2017

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 advice to accelerate your success!

The show's open format and Misfit 3 concept, combined with Dave's intuitive and engaging interview style quickly uncovers each guest's key tools, tactics, and tricks that listeners can start using in their lives right now.

Learn more about the show at www.misfitentrepreneur.com and become a member of Misfit Nation by signing up for the Misfit Minute, the FREE weekly email with specific resources from the week's "Misfit 3," and actionable tips and items from the world of Misfit Entrepreneurs. It is delivered every Friday to your inbox!

Mar 29, 2017

In this episode, Dave is excited to welcome Zeona McIntire. Zeona is the poster child for the new economy, the shared and gig economy. She was an earlier adopter of AirBNB and owns a number of properties that she rents through the site. She also created a niche for managing property for AirBNB owners and manages dozens of properties throughout the world for owners. She teaches others how to invest in properties with AirBNB in mind and create automated businesses. She spends half the year in Denver, Colorado and the other half traveling the world as an international pet and house sitter.

Zeona may be part nomad, but make no mistake, she knows her business. Dave’s asked her to hold nothing back and give you every secret she has for succeeding in the new economy in this interview. Zeona started working with AirBNB 6 years ago when a friend of hers introduced her to it. At the time, she was in school, so she didn’t act on moving forward. That was until she found out her friend made $50k off their condo. She then dove in and started with her first property and went from there. She now have 5 properties of her own and manages dozens worldwide.

What should people know about AirBNB?

  • Don’t think of it as “just a rental”
  • With AirBNB it is more like hospitality and like having your own hotel
  • And there can be a lot more profit. Instead of making a few hundred bucks, you can make a few thousand, so you have to run things at a higher level and look at it that way
  • Her strategy is her passion, which is creating a great experience for people…a great stay.
  • The money is good, but if that is all you are focused on, you won’t be as successful
  • It’s not just collecting a check, but you can earn more than a job in working just a few hours a day

What should people do to get started? How do you get first property and set up your business?

  • First, look at what you have available. You can start with a spare bedroom
  • Next, if you don’t have your own bedroom or place, you can work with a friend or family if they do. Maybe somebody you know travels a few months out of the year. You could rent their place and run it for them and split profits.
  • When it comes to finding a property, you do have to understand that each market may have laws or rules that you need to follow
    • Cities that have a big draw are always good o Zeona focuses on the Midwest and buys her places near colleges. She looks for high profit margins by purchasing lower priced properties in lower priced markets.
    • She also invests in quaint –single family homes as they give her the most control and freedom

Biggest Challenges?

  • Zeona says she hasn’t had many, but a few times there have been some damages, but as she says AirBnB has a really good “host guarantee” program that insures up to a million dollars, so all things have been fixed easily.
  • She says it is common sense, but if you are renting a place you live in, make sure to put away or store personal things you don’t want people to access or see.

Tips to Make an Experience with Your Rental?

  • There is so much you can do here
  • Make sure to under promise and over deliver – for example, leave them a bottle of wine and ideas for their stay
  • The little things matter and the attention to detail – for example, coffee and tea out for them, lotion along with soap, a hand written note welcoming them, back up supplies like toothpaste, etc.
  • Realize that the more memorable their stay, the more likely they are to tell others and come back again

How much does location matter?

  • It is very important, but there are places that surprise
  • Before you buy a place, you need to know “why” people may come there
    • For example, Zeona likes college areas, but they must have more than 14,000 students she has found to make sure traffic is good.
  • Uniqueness around the location is also important
    • Is the property near a walking street or where annual festivals are held?
  • Hospital areas are very good as well because of traveling nurses and the traffic coming in and out to them. They are a good niche.

What should people know about management?

  • You can do it yourself, but there are services that can help do it for you and manage everything
  • What is important if you are going to manage it yourself is having the right team. You need a good dependable staff
  • The two biggest areas of management are:
    • Cleaning – this is biggest area for work and for making an impression. People do not like a place that is not clean
    • Maintenance – make sure that things are in working order and keep them up to date. Do not let them sit.
  • AirBnB’s cut is only 3%, most others take 10% or more, so it is the most reasonable.

Other opportunities exist around AirBnB. Companies do everything from AirBnB signage to pricing consulting and everything in between.

Tips for Staging a Property?

  • Be unique – make sure your furnishings have a theme, but are fun and colorful
  • Photos are also important – get good photography done. This can really sell a place o Put as many pictures that make the place look good on the site – don’t do the minimum
  • You can even have a house theme that you can tout online

Things that you do to be successful?

  • Zeona loves to build networks and connect with people
  • She constantly asked herself, “How can I help?”
  • She is always looking for ways to bring people together and help them succeed

How do you stay organized while spending half the year abroad?

  • Zeona has taken the time to build a team that she can rely for each of the needs she has
  • Zeona has built systems from cleaning to guest communication
    • She recommends www.properly.com as a service to manage cleaning, etc.
  • She used assistance for guest communication needs
  • She also has a manager on the ground in each of the areas she has property
  • She has set it up to manage everything virtually and with GoogleFI
  • She has strived to make herself obsolete

 

Best Quote: "You can design your life anyway that you want. You don’t have to subscribe to the way that “everyone is supposed to follow.” You can do it differently."

 

Zeona's Misfit 3

  1. Make your bed in the morning. There is an energy about having a clear space and it gives a clear mind. Making your bed is like a gift to your future self. It’s something you get to unwrap at the end of the day.
  2. Make better friends. Seek out people that make you better, inspire you, and challenge you. Don’t settle.
  3. Find you why. Create your own mission and vision statement for your life so that you can refer back to it and make sure what you are doing is staying true to the mission and vision.
Mar 22, 2017

In this episode, Dave is excited to welcome David Barnett. Dave is the author of 3 Amazon best-sellers – Invest Local, Franchise Warnings, and How to Sell My Own Business. He is the owner of a very unique business, Advantage Liquidity Partners. ALP works closely with small and mid-sized business owners throughout the world to help them through the process of selling their business for the best valuation.

Dave has become so sought after that he has helped a business sell in every month for 35 months straight!

Valuing and selling a business is one of the toughest and most understood areas of entrepreneurship, so I want Dave to give what you really need to know if you ever are in a position to sell, as well as, provide some of the business wisdom and lessons he has learned from working throughout the world for so many years.

David has always been entrepreneurial. After University, he went into a corporate job, but quickly found it wasn’t for him, so he started a business in the junk removal industry. Within a few months, he made it a success. Not long after, he sold the business and as he says “I did it naively.” He learned a lot and then started a business doing finance brokerage for small-mid-sized businesses.

This did very well until 2008-2009 when financing started to grow up. He then started to get asked about helping buy and sell businesses. Naturally, David started a business for it and was very successful. One issue with the business model of brokerage is cash flow as it is up and down because of lump sum payments. At one point, this problem exacerbated itself where David had multiple deal fall through all at once and he decided to move on.

He had to make ends meet, so he reluctantly took a job and about 4 months into it, he got a call from a person selling a business asking for help. He said no. A week later, he got another call from someone trying to buy a business asking for help to analyze the deal. He found a niche in consulting with people to buy and sell their own business. And this turned into the business he has today where he helps people buy and sell businesses on their own throughout the world.

#1 thing entrepreneurs should know about valuing and selling a business?

  • A businesses’ price tag has to be supported by the cash flow
  • Most buyers are financial buyers – A financial buyer is looking to replace their income and grow their income. They look at the cash flow as a way to pay for themselves, the bank, and get a return on their investment.

How does an entrepreneur do the right things now to be prepared for an exit?

  • Your business will become more sellable if it is more profitable and easier to run.
  • Run the business in a serious fashion to maximize profits (beware of being in it just for lifestyle)
  • Implement business systems, policies/procedures, SOP’s, etc. that make it easier to run.

Biggest mistakes that entrepreneurs make when they sell the business?

Not properly taking care of working capital (example is having too much inventory)

Payables – a profitable business will accumulate cash over time and businesses will get in a habit of paying bills as they come, as opposed to making sure they are paying when the bills are due. This shows buyers that other people’s capital can finance the growth and operations of the business.

Receivables –one of the best tricks to get paid faster and on time is to put the actual date that is due instead of “net 30 or 45.” Customers will pay you sooner.

At the 21 min mark, Dave gives a great example of how the above can work and make a huge difference in a business.

How does a business owner know when it’s time to sell?

  • As soon as the owner loses interest and/or is tired, bored, or burned out

At the 33 min mark, David gives his cautions on franchises and what you should know about them

Top Lessons learned?

  • Never put your last nickel into a deal
  • Be willing to walk away from a negotiation – always have a BATNA (Best Alternative to a Negotiated Agreement) ​

At the 42 min mark, Dave gives thoughts on if you are buying a business and thoughts from the buyer side.

 

Best Quote: "20-30 years ago, everyone wanted to be a McDonald's franchisee, nowadays everyone wants to be Ray Kroc."

 

David's Misfit 3:

  1. The terms can be important than the price
  2. Look for equity on your income statement in addition to your balance sheet. If you an employee paid on commission is like have a partner with an equity investment in their business – which is equity
  3. Ask, “How can we do it with half the money?”
Mar 15, 2017

Hello Misfit Nation! Welcome to another edition of "Lessons for Hannah!" In November of 2016, we introduced a new format that we are putting 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 have learned which 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, honey. I want to talk to you about a secret of the most successful. As you go through life and meet people that are very successful at what they do and seem to know exactly what they need to do to stay that way and keep reaching higher levels, I want you to ask them about their goals…because I bet, they will have them written down somewhere. There has been so much studied on this topic over the years, but it simply comes down to this – those that write their goals down and make plans to achieve them are much more successful than those that don’t.

One of my favorite quotes, that I hope you will also come to like, is from the famous Greek philosopher, Aristotle, who said “Man is a goal seeking animal…his life only has meaning if he is reaching out and striving for his goals.” Your mother and I are living proof that this is true. Every year, we take time to write down our goals and share them with each other. It is amazing how just doing this exercise can make things so clear and give you direction.

A question you may have is, “That’s great dad, but where do I start? Do you a process for setting goals?” The answer is yes and you will find it in the book I wrote a long time ago, The Ten Year Career. You can also find a video of me discussing it and some materials to help you online at the link in the show notes page of this lesson. But, and this important, I want you to understand, no, I encourage you, to come up with your own process of things. Use my process as a base, but add your own flavor to it…make it your own.

Hannah – setting and writing down my goals has been one of the best habits that I have ever created in my life and I know it will help you on your journey tremendously. So, write your goals down, go after them, and turn your dreams into reality. I can’t wait to watch you do it. I love you, Daddy.

Click Here for a Link to the Goal Setting Resources from the Ten Year Career

 

Best Quote:  "Man is a goal seeking animal...his life only has meaning if he is reaching out and striving for his goals." - Aristotle

 

Misfit 3

  1. One of the biggest secrets of success is to write down your goals and make plans to achieve them.
  2. Goals are like beacons to guide you and your subconscious on your journey to get what you want.
  3. Making plans to achieve your goals helps to break up the steps to get them into smaller chunks.  Think of your plans like mile markers along the highway.  Every one you reach, you are getting closer to your destination.
Mar 7, 2017

n this episode, Dave is excited to welcome Mike Koenigs. Mike is a serial entrepreneur, 10 time #1 best-selling author, speaker, and interactive online personality and entertainer.

Dave first met Mike almost 10 years ago when he was on the cutting of building your brand online with video. Mike, liternally pioneered video marketing and a host of other online marketing mediums. Just about every personality from Tony Robbins, Paula Abdul, and Hollywood A-listers like Richard Dreyfus have sought out and worked with Mike. He’s won the marketer of the year award, sold 2 businesses to publicly traded companies, and is a very active philanthropist.

This episode is really a special treat as Dave and Mike go deep into a number areas from Mike's background and amazing story to what he sees coming in the future (that you absolutely need to aware of), and some of the best advice you get for building a business and brand online.

www.youeverywherenow.com ​

Connect with Mike on Facebook: @koenigs

Email Mike: mikekoenigs@gmail.com

Mike grew up in a small town in Minnesota. Mike learned at an early age to be self-sufficient and love to make stuff. He did not do well in school because he is a very kinesthetic learner.

He started coding at 14 years old and was a young hacker. He started his first business at this time, but was always interested in movies and music. He took this love and started an online advertising agency called Digital Café, one of the first online, interactive businesses.

Mike started using video on the web years before Youtube ever existed. He figured out how to hack search engines and video search engines to get traffic. He turned this into a “push-button” system called Traffic Geyser and secondary texting product called Instant Customer.

Mike was diagnosed with cancer in 2012 and had to make serious changes to his life. He sold some of his businesses, got through cancer, and then started again, becoming a multi-time best-selling author and building a new set of businesses.

What was the tipping point of success? Mike had a low point where he was over $250,000 in debt, went through a divorce, and living off of credit card checks. It was at this time that friend of his introduced him to Tony Robbins. Mike took everything he had left and joined Tony’s programs and went to an event. Within 6 months he had turned his life and business around and a year later, a billion dollar firm bought his company. Mike says he found a great mentor and invested in himself and was willing to take a radical risk.

Ironically, a few years later, Tony came to Mike for help in setting up his studio and marketing online.

“Find mentors you resonate with and then go head first, take the big risks, and trust your heart and your gut”

Traits of high performers:

  • Constantly testing and trying out new ideas
  • Never quitting
  • Always re-inventing themselves and challenging themselves and what they believe
  • They don’t get attached to a way of doing business because it changes
  • They get in the dirt at the ground level

“What about you right now is standing in the way of becoming the new you? What is it that keeps you frozen in the place you are?”

Pay attention at the 16 min mark as Mike talks about detachment for freedom.

Mike talks about how important it is to stay in the game and how important it is to develop business management skills.

At the 25 min mark, Mike talks about the evolution of doing business online and gives his advice for those starting out today.

Mike says one thing he has learned the hard way is that turtles always win because they don’t wear themselves out before they play the long game

At the 34 minute mark, Mike talks about the revolution of video marketing and how it is changing everything and gets into what is coming and how you can take advantage.

Core skills you need:

  • Good copywriting
  • Good storytelling
  • How to present and sell
  • Good design principles

Innovation and leadership will always be needed.

You must be able to rapidly prototype something, get it in front of a market, and test it.

Things to focus on and make part of your strategy and spend your time:

  • Facebook will eventually start buying media companies and inject highly relevant commercials on an individual basis
  • Anyone of us can build a media outlet with the technology we have now and have an impact
  • Smart phone is absolutely the medium for delivering content. The mobile interface is the place to be
  • Intelligent Bots and AI is basically available now and its getting even easier
    • Bots will make it almost impossible to tell the difference between a real person and the bot itself
  • Combining AI and apps is a huge opportunity

#1 thing needed for a successful product launch?

  • You need an awesome offer
  • Great bonuses
  • Believable scarcity
  • A deadline
  • An experience

Best tips to grow an audience or list?

  • When you get raw, vulnerable, real, and timely with people, they can feel it
  • The emotionally relatable you get, the more they people resonate with you
  • You have to be willing to open up and show your raw, deepest darkest stuff to truly engage and built a tribe

Biggest NOT TO DO in building your brand online?

  • Play the short game
  • Don’t go for the easy, quick buck
  • Adjust your style to accommodate as many of the personality types of possible
  • Show people you are in it for the long haul and to serve them
  • You want a brand that represents prestige and people know when they invest in you, they will get the best
  • Create prestige and not just a brand

What is the biggest lesson learned from your cancer experience?

  • The value of time and yourself
  • Don’t invest your time with people who are cheap on their way to success and aren’t willing to pay and have skin in the game – to make a true commitment
  • The more painful and risky it is, the more likely you are to do something great becoming the highest form of you

 

Best Quote: “The more insulated you get from the customers on the ground level, the more you lose touch. And once you get insulated, you don’t have a sense of what reality is any longer.” ​

 

Mike's Misfit 3

  1. Mike wants to hear from you! Email him at mikekoenigs@gmail.com and let him know what part of the interview spoke to you the most.
  2. Mike wants you to have a free copy of his book, Publish and Profit. Just make sure to email him at mikekoenigs@gmail.com and request it. This book will give you a great system to share your ideas with the world.
  3. Become a mentor. Innovation and leadership is the key to prosperity and success and our future. Find someone that you can mentor and serve that you can help have a greater impact on the world.
Mar 1, 2017

In this episode, Dave is excited to welcome Audria Richmond. In this show, Dave and Audria debunk the myths about Millennials, because Audria proves that many things you’ve heard about them and their views on work, etc. are just not true.

Audria is the owner and CEO of Building BIG Brands Agency. The company’s mission is to empower and strategize with digital entrepreneurs, small business owners, creatives, executive leaders, and industry influencers to develop a profitable personal brand. They do this with a signature framework called the “Seven Phases."

Audria has won numerous awards, been featured in the Huffington Post, Business Insider and other news outlets and recently released her first book, “Are You Ready for the YES?” in January, which is already a best-seller.

But, above all of this, there was one thing that really intrigued Dave about having her on the show and that is that she was able to take her brand from local to global in 60 days and create a 6 figure income in her first year in business!

www.audriarichmond.com

Connect with Audria across all social media with the handle @AudriaRichmond

Audria started off as a part-time professional photographer in 2008 while also working as flight attendant. She borrowed a camera to start and took some online courses, self-teaching herself how to be a professional. She quit her job in 2009 with no money saved because she knew it would cause her to hustle harder.

Her photography business started to grow and she began to outgrow the Memphis market. She then started adding creative services and graphic design. She then created and published a magazine called Love New Art in which she could show her work and the work of others that were not getting the attention they deserved.

She then came to a cross-roads. She has done well with her photography and graphic design, but had priced herself really low to get business. She made the decision to become a true professional and charge the rates her work was worth. This didn’t go over well as she had trained clients to be used to “deals” from her.

At this point, she had exhausted any money she had and had to take a job again. During this time, she self-educated on online marketing. She got to a point where she was ready to go on her own again and published an online video on branding. Within 2 weeks of putting up the video, she started getting responses from people all over the world. In fact, her first online sale was a lady in Singapore. And then within her first 60 days, she had made $20,000.

At the 7 min mark, Audria goes through the steps she took to do go from local to global in 60 days.

At the 17 min mark, Audria talks about millennials and how they are mis-understood. She discusses how they utilize technology to succeed. She also talks about how people need to “meet them where they are” and understand the psychology of millennials before making up their mind. Millennials can adapt to change very quick and that is an asset in today's world.

At the 19 min mark, we talk about Audria’s 7 Phases Framework:

  1. Personal Brand: Who are you, how do you carry yourself, how do you show up
  2. Speaking: Activating your voice and ideas through your voice
  3. Publishing: People like to learn from the best and if you are the best, people should be able to find a “best book” form you.
  4. Media: Are other people talking about you? Are you being talked about? Where are you featured
  5. Products and Services: What products can you create to help people based on your focus?
  6. Events: Are you producing events and where can people get access to you?
  7. Partnerships: Are you good enough for others to endorse you and affiliate with you?

What is one thing in each of the 7 phases that people need to do to be successful in that phase?

  1. Personal Brand: Get clear on who you are.
  2. Speaking: What is your big idea that others are not talking about?
  3. Publishing: You need to write something...it’s that simple. A blog, a book, e-book. Something to solidify your expertise.
  4. Media: Start pitching yourself to media (podcast, blogs, shows, etc.)
  5. Products and Services: Have something for people to buy. The best place to get started is coaching people. And have a signature framework for how you get something done.
  6. Events: Put on event. It can be online with just a few people. When you product an event, it shows you are capable of organizing people.
  7. Partnerships: Begin to find people that you would love to collaborate with and are complimentary to your brand.

Advice for those just starting online?

  • Create content around your brand for people that you want to attract. Think of it as your resume. Create strategic, relevant content that showcases your brand and message.
  • Google Trends is a great place to find relevant topics to discuss that are hot right now and use your advice with.

At the 27 min mark, Audria talks about what is working right now on social media and what is working with live video. Advice for entrepreneurs?

  • Be very open to change and be willing to adapt
  • Become magnetic – find what makes you unique and use it to your advantage
  • Be ok with creating new rules and be willing to break them

How do you stay relevant? Become an insider instead of a reporter. Find the new trend that people are talking about and insert your expertise into it.

 

Best Quote: Become and insider instead of a reporter

 

Audria's Misfit 3

  1. Make sure that you stay up to date with trends and that you use them to help your audience and provide value. Use Google Alerts.
  2. Be ok with being the first. Don’t be afraid to be the trendsetter.
  3. Make sure that you stay consistent through it all. Never lose being you and never stop being consistent with your brand.
1