This week’s Misfit Entrepreneur is Ken Burke. Ken is a serial entrepreneur who built a massive enterprise software company and sold it for over $100 million. He then went on to create Entrepreneur NOW, a company that provides over 160 eLearning courses designed for entrepreneurs to help them start, grow and run their business. EntrepreneurNOW courses are also distributed all over the world on over 40 major eLearning sites. Ken has been featured on the INC 500, been named Entrepreneur of the Year, and has authored multiple books, most recently the best-seller, Prosper, 5 Steps to Thriving in Business and Life.
Needless to say, Ken has a wealth of experience and knowledge on how to succeed as an entrepreneur, and I’ve brought him to squeeze every bit I can out of him.
Entrepreneurship is in Ken’s blood. It’s all he knows. It started 25 years ago when he started MarketLive and rode the E-commerce wave. It took 4-5 years before it took off, but they became one of the major players in enterprise e-commerce software. Ken learned a lot through the experience and honed his skills. As things grew, he had to go through the ups and downs of growing and scaling a large business. Sequoia Capital was their large investor and at one point, Ken had his “Steve Jobs” moment where he was replaced as CEO. He was moved to the chairman role and the new “more experienced” CEO was brought in. It was a miserable failure. Ken came back in after 4 years and built things back up and made it very successful selling on a high to a large software conglomerate.
He then started EntrepreneurNOW and is at it again and as he says, it having to learn a lot of things all over again. It’s never the same path.
At the 8 min mark, we talk about how it is different the second time around and just because he was successful once doesn’t mean the same things will work in the next venture.
Talk to us about the state of entrepreneurship as you see it…
At the 13 min mark, we discuss persistence and Ken’s thoughts.
Thoughts on the entrepreneur mindset?
Prosper: 5 Steps to Thriving in Business and Life. Can you take us through the 5 steps?
What should entrepreneurs know about how to prepare themselves and their business for a sale and what did you learn through your process?
Anything you have seen that has worked for you consistently in building businesses?
Best advice for an entrepreneur just starting out?
Best Quote: You have to be in the game the win the game. A lot of entrepreneurs take themselves off the field because they are not willing to persist through the major barriers they encounter.
Ken's Misfit 3:
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p>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 the Bible. It is truly an amazing book – not just because it is God’s word and the story of our Christian faith, but because it offers such incredible wisdom for living your life in the best ways possible. I am particularly a big fan of proverbs as each proverb offers wonderful, practical wisdom for living from health to relationships to money, and much more.
A lot of people don’t realize how much the bible has an impact on our lives. In fact, many everyday sayings that people use, whether they are religious or not, originated in the Bible.
Here are just a few examples.
I could have gone on and on, but I think you get the point. The Bible has much more of an impact on you, your life, culture, and the world on a daily basis than most people realize.
Now, imagine if you actually read the Bible and took the time to learn from it? What if you read a little bit every day? How much could you learn? How much wisdom could you gain from centuries of human experience? I know that it would be a lot. I take just a few minutes to read each day and I learn something every time I do.
Hannah, make the Bible part of your life, if not on a daily, on a weekly basis and take time to learn from it. One great place to start is with Proverbs. They are short, easy to read and understand, and will help you become a better, more rounded person. I can promise you, if you do, you will find that incorporating reading the Bible into your life will make a huge difference in your life and your success.
I love you,
Dad
Best Quote: Imagine if you actually read the Bible and took the time to learn from it? What if you read a little bit every day? How much could you learn? How much wisdom could you gain from centuries of human experience?
Misfit 3:
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This week’s Misfit Entrepreneur is Tracy Lamourie. Tracy is a high-profile international award-winning publicist and the Founder and Managing Director of Lamourie Media Inc. Tracy has been Featured in Rolling Stone Magazine, The Hollywood Times, NBC TV, and other major media. She works across borders and across industries from major entertainment projects to small businesses.
There is a big difference between marketing and PR. And most people don’t understand it. So, I’ve asked Tracy to come on share the secrets of successful PR and how to maximize PR and marketing together.
https://www.lamouriemedia.com/
Tracey wrote her first PR release when she was 28. It was for activist work to help an innocent man get off death row. That kicked off her career and a 20-year journey resulting in the release of the man after his conviction was overturned. During this time, she saw that she could use her skills in gaining press and attention to help businesses grow. She helps to make sure business are telling their stories in the best way and in the right places to help them stay ahead of their competition. She strategically uses media on a global scale and has never purchased an ad.
What is the difference between marketing and PR?
What are the elements of a successful PR strategy?
Most effective mediums for PR?
Tips for gaining attention?
What are the elements of a great pitch?
How can an entrepreneur ensure they are maximizing their marketing and PR together?
At the 32 min mark Tracey talks about the campaign to free a man from death row and lessons learned from their success.
Anything else we should know about PR/Marketing?
Best Quote: Don’t dream it. Be it. Don’t leave regrets. Give it a shot
Tracy's Misfit 3:
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This week’s Misfit Entrepreneur is Chris Heller. Chris is the former CEO of Keller Williams Realty International. Chris has been a driving force and innovator in the real estate industry for over 3 decades and personally has sold over 3400 homes and ranked top 10 in the USA year after year. He’s currently the Chief Real Estate Officer of OJO Labs, where he is shaping partner strategies, creating a cohesive structure and adoption between real estate professionals, consumers, and OJO.
But I didn’t ask Chris on to talk about how to sell homes, although we may get into some topics around that. No, I asked him to come on to discuss how he built his incredible businesses and to discuss his best-selling book, Dominant Thoughts – Things Grow Where Our Minds Go.
When Chris was a sophomore in college, his dad called him up and told he was going to get his real estate license and work selling time shares in Lake Tahoe for the summer. He was super introverted. He was thrown into the deep end, but he quickly became very good at it. He then moved to San Diego where he bought his first real estate. He got burned out going to school part-time working 7 days a week selling time-shares. He then got into working in marketing. Eventually, he started a company with his roommate. Within 6 months, he had 40 employees. They were growing fast and moved into an office space. Within 6 months of that, they were out of business? His roommate/business partner had gotten into drugs and became an addict. It was dysfunctional and Chris had to get out. He did. It was 1989 and a real-estate broker whom he had met previously reached out to see if he wanted to sell homes. He took to gig and ended up being rookie of the year and never looked back. He went on to become one of Top 10 agents in the country out of 30,000+. He then went to Keller Williams and became a top agent there. He moved into leadership building out their international business. He didn’t know what he was doing but figured it out and made it successful. They then asked him to be CEO of the company, which he did. He left in 2017.
He met another self-made billionaire, the founder of Loan Depot and after meeting with him multiple times, he was asked to be the CEO of a new company funded by Loan Depot. He started on the board at OJO Labs and eventually moved over to be CEO.
You recently published Dominant Thoughts. Talk to us about our conditioning and the way we think determining our results…
Rules for Winning and Rules for Life – can you give us some of those?
Best advice on how to train the brain and develop thought patterns to handle adversity?
You talk about the one thing you can control to make the biggest difference in success, what is it?
Principles for making decisions. What should people consider?
What are some of the principles you’ve used to build great businesses?
Where do you see the real estate market going over the next 2 years and what opportunities do you see that people should look for?
Best Quote: 90% of what it takes to be successful is how we think, how we approach things, and how we react to things...
Chris's Misfit 3:
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This week’s Misfit Entrepreneur is Rob Cressy. You have probably heard of Rob, either from his top-rated podcast, Best Year Ever, or maybe have even seen him speak. Rob is an entrepreneur, prolific creator, and mastery coach. He is known as the happiest person earth. For over a decade, Rob has helped millions of people through his messages, businesses, podcasts, and content.
He is one of the best in helping people learn self-mastery and unlocking the next level of possibility for themselves in their lives and business.
If you listened to this show for a little while, you know how much I love to talk about the topics of mindset, reaching our true potential, and breaking the limits of our own human performance - so I’m excited to get into all of this in this episode.
Rob was deliberate in his path and designed where he wanted to go, but that is not how it started. When he graduated college, his dream was to work in ad agency in marketing, but found himself unemployed for 18 months, dead-broke living off credit cards. He finally got a job 5/3 Bank in a call center selling home equity loans making $10/hr. It was the complete opposite of where he wanted to go or be. For the next 10 years, he was in inside sales and was good at it, but not happy. He looked at his life and did not want the next 10 years to be at all like the last 10 – so he gave his dreams a shot. He went all in on himself as a creator and coach.
Two things happened. He became self-aware and he adopted a growth mindset. He realized that every day is an opportunity to make that day better than yesterday and that he was in control of his thoughts to his actions.
Let’s start with the foundation. You have 8 core values. Take us through them.
This tells people how Rob will show up. How did you narrow down these 8?
Explain what it means to create the right mindset and how people can become their best…
At the 11 min mark, Rob gives an analogy of booting up a computer as it relates to your mindset.
What do you personally do to boot yourself up each day?
Self-talk how do we use it to persist and power through…
Explain what it means to turn desires/judgement into gold…
At the 27 min mark, Rob talks about doing what you love and why it is a secret ingredient.
What does it mean to be a prolific creator?
Why are habits and routines so important and what are some of the most important one’s people should have to level up?
Bachelor party sponsored by Nascar?
Best Quote: We all get to control the story that we tell ourselves. You must decide the story you are going to tell yourself from the moment you wake up every day.
Rob's Misfit 3:
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This week’s Misfit Entrepreneur is Yuri Elkaim. Yuri built Healthpreneur to over $200 million from scratch. No following, no pre-existing client base. Totally from scratch. Over the last 6 years, Yuri and his team have helped more than 1,200 health professionals get more clients and scale their coaching businesses online with a very simple business model that eliminates overwhelm and produces 5-7 years of business growth in just 12 months. And the best part is that the process can be applied to most businesses.
If that is not enough, Yuri is a former pro-athlete, had been featured everywhere from Entrepreneur to Forbes and CNBC, and is New York Time best-selling author multiple times over. He’s even been highlighted on Dr. Oz. Needless to say, Yuri has a wealth of entrepreneur experience and lessons that he can teach you and I’m excited for him to do so.
Yuri grew up as a competitive athlete. He was very fit, but he wasn’t healthy. In fact, he lost all his hair to an autoimmune disease at 17 years old. Within about 6 weeks, he lost all the hair on his body. This prompted him to get more immersed into studying health and start to study nutrition. He ended up playing professional soccer for a few years, but as he learned more about nutrition, he put it into practice changed his health – even growing back his hair.
One of the things he realized going through nutrition school was that there so much he just didn’t know. And he knows that if he didn’t know these things, so many others didn’t either, so it lit a fire under him to share the message of clean eating with as many people as possible.
He did find that working one on one with clients was burning him out, so in 2005, he launched his first products online. As he says, he didn’t know what he was doing. No one found his stuff and basically lived at the poverty level for 3 years. In 2010, he hired his first coach, and everything changed. He built his first business and then sold it. Along the way, he had a lot of people come to him and ask what he they were doing to be so successful in his companies and it was realizing that there was a gap that needed filled for people that spawned Healthpreneur.
What was the difference in getting a coach that put you on the trajectory to success?
Simple business model that eliminates overwhelm and created a successful business in 12 months – what is the model?
Does this model scale down to lower ticket items?
Is there a formula or structure that works best for getting webinars to convert?
What holds back or constrains businesses the most?
At the 34-minute mark, Yuri talks about where he sees constraints the most.
Two important, but overlooked decisions that can make or break a business?
Four unpopular mindsets entrepreneurs need to succeed.
What is important for entrepreneurs to perform at their best in health?
Best Quote: Greatness has help. You will need to collaborate with others and build a team to succeed.
Yuri's Misfit 3:
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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.
Hannah,
I want to share some lessons from Nature. As I write this, we are traveling through Alaska, and I am sitting in the café of the Grande Denali Hotel looking out over the amazing expanse of land and snow-covered mountains. It’s a beautiful sunny day with a chill in the air. The temp is about 30 degrees, but the crisp mountain air feels wonderful. It truly a breathtaking sight that I hope you remember vividly for the rest of your life.
As I sit here, I cannot help but think of the great lessons that nature teaches us. We have been in the state for about a week after my Ironman even in Juneau and have been traveling up north with another few days of excursions and taking in the beautiful country of Alaska. Along the way I have been taking note of things and wanted to share some of them with you.
The first lesson is that nature, or really God, arranges things to operate in perfect harmony so that all life can function. It is amazing to see the salmon run to their eventual death, climbing rivers, waterfalls, etc. But, out of their death comes life in the new eggs that they lay. And even more important is how critical it is for them to go through this cycle for the eco-system to survive. While they live fairly short lives and ultimately die after spawning, they provide an indispensable food source for much of the wildlife that keeps the whole system going. Without them, many animals would die off. If you stop and think about it, everything in the universe has to work in perfect order for you to be sitting here right now. One little change in the course of history and you may not even exist. It truly is a spectacular, amazing, awe-inspiring orchestration that makes everything work at every level from the cells in our bodies to sun heating our planet and keeping us alive. Cherish every moment you have in this life.
The second lesson is the nature does not discriminate. As I hit the 80th mile on my 112-mile bike in the Ironman, the rain had intensified to a miserable driving downpour (it rained the whole race, but this stretch was particularly bad), I won’t lie, I cursed it a few times. But, in that moment, it occurred to me that all of us competing had to go through the same conditions and even more so, every living thing in nature has to live through those conditions every day and fight for survival. Nature doesn’t treat any creature different from another – everyone is on the same boat. And some creatures are food for others, like the salmon making the eco-system go, and still others are like a beetle that we were told about actually kill off trees that then die and allow for the forest growth to continue and new trees to grow. As I noted earlier, everything works in a beautiful harmony. But, nature treats everyone and everything the same and that is a great lesson for life. You should do the same – treat everyone with the same love and respect and not discriminate against others for any reason.
The third lesson is the nature is an entrepreneur and fosters entrepreneurship. I mentioned at the start of this lesson that I am sitting in café of the Grande Denali lodge that offers a breathtaking 360-degree view of the entire range. The hotel sits on the top of a plateau that is literally just big enough to fit the hotel. The edge of the hotel is on the edge of the cliff. Nature created the conditions to make this happen. It created the incredible mountain range and countryside that fills this area which drew humans to it for its beauty and everything the land offers. And at some point, someone took a look at the plateau the Grande now sits on from a thousand or so feet below and said, “That would be a great place to put a hotel for the best views in this area.” They then proceeded to make it a reality, cutting the curving winding road up the mountain, figuring out how to make the land work to accommodate a large lodge and hotel, and then everything needed to create the business and make it go. But it all started with nature creating the pull for people to explore and come here. Nature may be the ultimate entrepreneur for the reasons I have already stated, but also for the abundance of opportunity it creates. And the big lesson from nature is that there is opportunity all around you all the time. Once you learn to see it, it is abundant.
Hannah, nature offers so many lessons, I could go on for hours, but if you can take the time to understand the few that I’ve shared and keep them forefront in your life – they will help you live well. If you cherish every day, respect the world around you, and see the abundance of opportunity that exists for you; you will enjoy a great life and help others to do the same. And if you ever need a reminder, just look at a few pictures of your trip through Alaska!
I love you,
Dad
Best Quote: If you cherish every day, respect the world around you, and see the abundance of opportunity that exists for you; you will enjoy a great life and help others to do the same
Misfit 3:
Nature, or really God, arranges things to operate in perfect harmony so that all life can function.
Nature does not discriminate. You should follow it's example. Treat everyone with the same love and respect and not discriminate against others for any reason.
Nature is the ultimate entrepreneur and creates an abundance of opportunities all around us.
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This week’s Misfit Entrepreneur is Ryan Goral. Ryan is the Founder of G-Spire Group, a company focused on helping entrepreneurs, executives and small business owners acquire companies. Ryan has over 15 years of experience focused on working with small businesses. In addition to providing creative financing solutions, Ryan’s expertise is centered in adding value to entrepreneurs and executives with all aspects of executing their organization’s growth and mergers and acquisitions strategies. Ryan has an MBA in Entrepreneurship and is credentialed with just about all the top M&A organizations out there.
I asked him to come on the show because of his unique expertise in helping companies BUY other businesses. Many times, we talk about selling your business, but some of the best opportunities to grow your business or further its success come in the form of acquiring and it requires a different skillset and understanding to do it right – and that’s where Ryan can really help.
Ryan grew up in Colorado and played division 1 basketball at University of Denver. When he graduated, all he knew is he liked business and went through a few roles. He gravitated toward sales. He had a real interest in the buying and selling of businesses after seeing how things went when his dad sold his business. He wanted to find a way to help companies grow and build sustainable businesses to sell. He went into investment banking lending into mergers and acquisitions to get a good base. He got his MBA and then launched his first business, but it failed. He went back into M&A, and it became very clear that there was huge gap in smaller to lower middle cap businesses that have great operators needing the expertise of what the large businesses could afford. Ryan decided he would become a fractional M&A advisory to small and mid-sized businesses.
Why should business owners consider buying other businesses to help them scale and grow?
What does a good candidate to buy look like?
At the 15 min mark, we talk about the up-front work prior to doing an acquisition.
What should a business do to make sure they are in the best position to succeed in completing and after an acquisition?
Talk to us about what is most important in setting up a deal and the structure for an acquisition…
What are some of the risks? Where are the mistakes made?
Where do deals breakdown?
At the 31 min mark, Ryan shares some other insights and tips. Entrepreneurs should strive to become an owner vs. an operator.
Big lessons from your entrepreneur journey?
Any big lessons from playing sports at a high level that you’ve used in your entrepreneur journey?
Best Quote: Entrepreneurs should strive to become an owner vs. an operator.
Ryan's Misfit 3:
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This week’s Misfit Entrepreneur is Maat Petrova. Maat has an incredible story. She went from having nothing and being on welfare to creating a multi-million-dollar business in just a few years. The business is called FemMagic and is a luxury feminine hygiene company. As she has grown the company, she has expanded to teaching and empowering women to accomplish their true potential.
Now, I am not someone who can sit back and discuss feminine hygiene products. That’s definitely not my area, but I can spot a unique entrepreneur that’s harnessed their misfit side and made the most of it. And that’s why I’ve asked Maat to come on today – to tell her story and share the lessons she learned going from essentially poverty to millions in a short few years.
Maat started off in New York as a single mom with 3 daughters who could barely pay her rent. She moved to Georgia after completing her graduate degree. What she thought would work in Georgia as services for holistic health, did not. So, she pivoted and went online in 2015. She started with online course she had worked on I grad school for self-care. A year later, she launched her first feminine hygiene product. In the span of just a few years, she went from making nothing to millions selling and making products from her kitchen table.
What was the catalyst that turned things for you and put you on the path to success?
Talk to us about mindset. How did you learn to think differently and not give up?
At the 13 min mark, she shares a story of how this came to use one day when she was running late with her kids, etc.
At the 14 min mark, we have a discussion on changing mindset.
You went through a big change in your teens that really changed you. Can you tell us about it?
You’ve built your brand organically to multi-millions in just a few years. How did you do it?
Talk about how you market and drive traffic….
Best tips to sell online?
Best Quote: Most people find it hard to accept or look at their dark mindset and negative character traits. Their counter-productive mindset.
Maat's Misfit 3:
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This week’s Misfit Entrepreneur is Mike Smerklo. Mike is a serial entrepreneur, investor, and founder of Next Coast Ventures, a unique venture capital firm that focuses on emerging companies heling them in the critical stage to hyper growth. After working in investment banking at Morgan Stanley, Mike was then recruited by Marc Andreessen and Ben Horowitz to one of their new startups. In 2003, Mike purchased ServiceSource, a 30-person tech services startup and over the next 12 years grew it to a 3000 person publicly traded company with over $300 million in revenue and a market value of $1 billion.
After exiting the company, he founded Next Coast, investing in over 40 startups to date and recently wrote the best-seller, Mr. Monkey and Me.
Needless to say, Mike has a wealth of experience as an owner/operator and investor, and I am excited for him to share it with you.
Mike grew in a rough part of Toledo, Ohio. He was raised by a single mom and had a simple goal which was to just get out. His mom focused him on education as no one had to gone to college in the family. He listened and ended up going to Miami of Ohio. After college, he went to E&Y as an auditor and found quickly he hated it. He then went to Lehman Brothers in investment banking. It sucked the life out of him, but he learned a lot before going to business school and then eventually out to Silicon Valley. He worked for Andreessen Horowitz, bought and ran ServiceSource until he sold it and the “retired” to Austin, Texas. Retirement didn’t last long before he started Next Coast.
What makes a great business?
You wrote Mr. Monkey and Me as a story of your journey with ServiceSource and lessons learned. Take us through the different lessons you learned.
Take us through each element of the shape formula and define them.
At the 14 min mark, we talk more about SHAPE and persistence more in depth.
Lessons from working with Andreessen Horowitz that have really helped in your success?
40+ investments at Next Coast. Talk to us about your model and what you look for when investing a company.
What are market trends and things that are upcoming that entrepreneurs should be focused on?
Where do you see the future of work and the changes that will happen?
Another big trend is monetizing data.
What is software 3.0 and how it is changing growth models…
What do you think is most important for entrepreneurs to focus on in their business?
Best advice for entrepreneurs just starting out?
Best Quote: Great entrepreneurs can’t imagine the world without their solution.
Mike's Misfit 3:
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