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The Misfit Entrepreneur

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!
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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 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!

May 3, 2017

In this episode, Dave is excited to welcome Stan Peake. Stan is the founder of InSite Performance Coaching, a leading business and performance coaching organization serving clients throughout the world. InSite Performance Coaching exists to help values-based leaders live their dreams though showing them how to tap into the abundance of opportunity that exists for them as entrepreneurs and business leaders.

Stan is also the co-author of Swim Upstream: Unsubscribing to Conventional Wisdom, and he has started multiple different business that he has exited through acquisition, so he has diverse knowledge of all areas of the business cycle and what it takes to succeed.

But, what I really want to explore with Stan today is how he was able to make a very successful transition from being an employee for 18 years to starting and creating a successful business. There are so many people out there that want to do just that. They are not happy in their job. They are passionate about something, but just don’t know how to make the leap or overcome the fear that is holding them back. Stan has been there and through his story and insight, my goal is help any in the audience going through that same type of struggle, be able to do the same thing…

www.insiteperformancecoaching.com

Stan had a unique journey of having a blended experience of being an employee-entrepreneur and spent 18 years in the fitness business. Stan says that he was lucky that he fell into what he was passionate about right away in life, but as time went on, his business went through merger and things began to get misaligned and by the time he was in his late 30’s he felt like he had no purpose and lost his passion. As he says, things just felt empty.

What should people know about transitioning to be an entrepreneur?

  • There is no ‘sign from god” or if you get one, it is very subtle.
  • If you are miserable, get out.
  • If you do leave your current role, it doesn’t mean happily ever after.
  • You have to give yourself a “violent” shove and rock the boat. Action.
  • You will have to work hard on yourself and look I the mirror to find out who you are, peel back the layers, and find out who is left after going through the experience.
  • This leads to clarity on who you are and gives you the base you need to move on to your next venture.
  • To sum it up, Get crystal clear on your purpose and then make the big leap.

“When your idea and mission is grounded with clear purpose that is how passion becomes an obsession and creates amazing things.”

It is OK to start your business while at a job or another role to get it off the ground, but it will not reach its full potential if you aren’t devoting yourself to it. It was when Stan left his job and focused full time, he was able to create a thriving coaching business in less than a year.

How does someone find their purpose?

Stan uses the “5 Whys” method to help people in finding out what they truly want and their purpose. To do this, articulate what you believe your purpose or mission is and then ask the question “why” in 5 different ways to get to a deep level of commitment and emotional bedrock. As Stan says, “skip past the Miss America answers” to get to your core and the core of who you. The greatest adversity you have had in your life is your greatest gift because it is through this suffering that you learn who you are and how you can truly help people and yourself.

At the 15 min mark, Stan talks about how trying to do too much hurt him and his success and how he used the lessons learned to run a better business and have a better life. He also talks about the relationship of fitness and business.

What is the one area that you see consistently that most people need to work on?

Self-Awareness and listening. No one is ever really wholly aware. The best leaders you meet though are the most humble because they are truly self-aware. Accountability and feedback are critical to creating a successful organization. Being self-aware helps you to care and get better. Surround yourself with people that are more open and at a higher level than you are because it will teach you to accept feedback and then in turn work better with those you lead.

Stan says, “Leaders that don’t listen will eventually be surrounded with people who have nothing to say.”

At the 24 min mark, Stan talks about the 4 distinct stages in a leader’s lifecycle. Each stage requires some re-invention and that is why self-awareness and listening is so important.

  1. Owner/operator
  2. Manager (customers, team, processes, et.c)
  3. Leader (brings on leaders to work with them)
  4. Coach (brings out the best in those around them)

Best advice for an entrepreneur starting out today?

  • Do your homework and find out two things:
    • Who is your target market? What is their psyche?
    • What is the problem that they have?
  • Don’t’ be so concerned with perfection, instead make sure there is a market and you understand it very well. Your product can evolve as needed.

Biggest lesson learned about business and success?

There is not a universal formula. You have to be open and seek learning from your business. You will have to adapt and pivot based on the market, competition, and all other factors that affect it. Otherwise, it will not reach its true potential.

Advice for any entrepreneur? ​

They should know their core contribution to their organization. They should know their biggest strength and use that in all the areas where it helps the business, but not force it in where it doesn’t belong.

 

Best Quote: "The difference between an expert and a beginner is that the expert has failed more times."

 

Stan's Misfit 3: 

  1. Passion isn’t just what you love. Instead, it is what you can’t help but do. An obsession. Once you find your passion, you lose your ability to quit.
  2. Self-awareness is key to becoming a better leader. Be open. Stay open to better yourself.
  3. Every day you have the opportunity to change your life, however you also have the ability to put in the minimum. The choice you make most consistently determines your reality. If you are feeling uncomfortable, you are avoiding putting in the minimum.
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