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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!
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Now displaying: September, 2020

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!

Sep 30, 2020

This week’s Misfit Entrepreneur is Damion Lupo. Damion is the founder of multiple businesses, EQRP co, My Gold Adviser, and Financial Underdogs. Damion’s mission and that of his businesses is helping people break financial bondage by empowering them with the tools and training to be financially free in retirement.

And if that is not enough, the guy has published 12 books, is the comeback king after losing $20 million and being negative $5 million – he built it all back and surpassed where he started, and is a multiple degree black belt who created is own martial art called Yokido.

Needless to say, Damion’s experience, mission, and discipline has allowed him to become the leading voice in helping realize how to take control of their financial future and I’m excited for him to share his wisdom with you today. ​

www.EQRP.co

Damion’s path was all over the place. He originally had gone to the Air Force Academy and was going to be a fighter pilot but had issues with his eyes and ended up working in the article circle. After a little while, he went back to school and ended starting a textbook business out of his dorm room that paid for his school – until the school shut him down and would not allow him to run it.

The universe kept giving him feedback to be an entrepreneur and after he left school, he embraced it. As he says, “I’m a bad employee – I got fired from a volunteer position…”

He then started into real estate and learned how to use other people’s money and did it 150 times. He was naïve and just focused and took action amassing millions in property. Things went great until 2008 hit.

Damion got caught up in the 2008 bubble and lost $20+ million. He lost everything and after a few years, he finally admitted defeat and lost the game. He went to work on himself and found that who he truly is, is a teacher, but he needs to be in trenches doing the work too. He shifted his focus to freeing 1 million people from financial bondage. It took him 10 years to go from the crash to surpassing his previous wealth.

Can you elaborate on what truly happened in 2008 and what happened to you so people can learn from it as the market is heated up again?

  • Damion leveraged a ton and took on too much debt doing real estate in 7 states.
  • When the market got sense and re-priced, he was essentially naked in that the fundamentals were way off, so his investments were worth a lot less over night.
  • He was underwater and it collapsed on him.
  • He was also remote operating and losing money in that process.
  • He got hit from all angles because of his personal guarantees, etc.

What is EQRP?

  • It is an Enhanced Qualified Retirement Plan.
  • It came from a philosophy of personal responsibility.
  • Instead of handing their money over to someone to manage, they can have the ability to control their money.
  • EQRP gives people the power to invest and control their investments in a much better way.
  • The IRS actually allows people to do much more than buys stocks and bonds in retirement accounts, tax free – and most people don’t know it.
  • The tax code is setup for entrepreneurs and business owners to succeed.
  • The government wants you to have a good retirement so you are not a burden on them.
  • With EQRP, you could literally put almost $250k a year away tax free for a family of 5.

Why is it better to specialize than diversify?

  • Narrowing your focus is a key to success.
  • Pick your focus and nurture it over time.
  • Patience is critical. You have to put in the time.
  • Don’t chase irrational expectations and spend time understanding risk.

What type of investments can be done that people don’t know can be done and how do they give you more control?

  • The IRS tells you what you cannot do. Outside of that, it is pretty open.
  • For example, the IRS says you cannot invest retirement money in something like a classic car, but you can invest in multi-family properties, rentals, flips, gold, silver, AirBnB, private notes, etc.
  • These things give you much more control than what Wal Street is selling.

At the 26 min mark, Damion talks about how you can do an EQRP account…

  • You can actually have unlimited amounts of retirement accounts – you just have to stay within the monetary limits for them.

What should people know about investing in real estate in these accounts?

  • Real estate gives you leverage because you can use a small portion of your retirement account for a down payment on a piece of property and finance the rest.

“Money makes people stupid. And a lot of money makes people super stupid because they think they can solve all of their problems with money and the reality is they just gave up thinking.”

  • Your biggest asset to attaining wealth is your ability to learn and think – it’s between your ears.

At the 31 min mark, Damion talks about how is not a good fit for EQRP.

We also talk about personal responsibility and empowerment and not playing the role of a victim.

How did you go out and create your own martial art?

  • When you do something long enough, it becomes part of you. It becomes part of your DNA
  • Business and martial arts are now one and the same for Damion.
  • He notices some big overlap with martial arts, yoga, and reiki, and created a fusion of them into a new martial art he calls Yokido.

What principles from martial arts have a made a big difference for you in business?

  • Heading straight into something doesn’t end well.
  • You need to get into alignment which requires maneuvering and connecting. Teams will beat an individual. Thinks sports.
  • It’s the same in business. You must align your team and bring people with the right values.
  • How you do anything is how you do everything – so how people act in their lives is how they will act in business.
  • Get your Foundational 15% right and you will do well. ​

What is something you think every entrepreneur should know?

  • Everything takes longer and more money than you think.
  • You should double everything when you are starting off.
  • Having unreasonable expectations and lack of patience is a business killer.

 

Best Quote: Money makes people stupid. And a lot of money makes people super stupid because they think they can solve all of their problems with money and the reality is they just gave up thinking.

 

Damion's Misfit 3:

  1. Make sure you balder and greyer people around you. You have to wisdom and true life experience from people that have gone through it to help you.
  2. Passion is not enough. You have to figure out what the market wants and solve problems. Have passion for solving a worthy problem.
  3. Fall in love with the process vs. the outcome. The process will lead to the pleasing outcome.

 

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Sep 23, 2020

This week’s Misfit Entrepreneur is Carl Allen. Carl is an entrepreneur, investor, and one of the most prolific corporate dealmakers in the world. Over his 30-year career, he’s done over 330 deals worth over $48 billion.

Carl has analyzed thousands of deals, large and small, across dozens of countries and nearly every business sector. And because of his experience, he’s brought in to advise some of the world’s largest corporations on investments and acquisitions.

Recently, he’s launched a new venture, the Dealmaker Wealth Society, a platform that teaches people how to use Allen’s techniques to purchase and sell businesses.

Needless to say, Allen is the go to for how to successfully buy or sell a business and he was the perfect guy to come on and discuss the topic.

www.Trainwithcarl.com/misfit

www.dealmakerwealthsociety.com

Carl started back in 1992 when started working for the investment banking arm at Bank of America. He was helping to buy and sell businesses for the Fortune 100. He then had a brief stint in private equity investing in tech company that was bought by HP. As part of the deal, he became one of the M&A directors at HP buying and selling businesses all over the world. He spent most of his time on the road, granted he loved it, but he spent a lot of time away from his wife.

In February 2008, he life completely changed in the matter of 24 hours. He was in Moscow doing a deal for HP in a boardroom and keeps getting calls from his wife. He finally stopped and answered the phone and his wife told he needed to be back to the UK immediately because she had gone into labor 4 weeks early with their son. He had his wallet, phone, and passport on him and ran out of the building leaving his luggage behind, sped to the airport, and when he landed in the UK, he had a police escort waiting for him – and he got into the room 5 minutes before his son was born.

When he cradled his son in his arms, looking at him, he burst into tears. He knew he couldn’t do it anymore. He called up his boss at HP and quit leaving behind millions in stock and bonuses and decided to retire.

3 weeks later, he was bored beyond belief and knew he had to do something. He sat down with his wife and she helped him understand that he could be a local business broker.

Within a few days, he had his first deal. He found the buyer; things went on for about 3-4 months. The night before the deal was to close, he got a call from the seller, who he represented – they had decided to pull the deal. He left immediately to meet with the owners and got to the business where they had assembled all the employees. They told him the buyer was going to fire the employees and essentially gut the business and they could not allow that. In a half-crazy moment, Carl looked at them and said, “I will buy the business.”

At the 10:50 mark, Carl goes on to tell the story of how bought the business and ran it with no experience. What makes a great deal for both the buyer and seller?

  • There are 3 criteria
  • Buy a business that you know something about, are passionate about, and can bring something of value to it.
  • You want to find a distressed seller of a good business (not a good seller of a distressed business).
    • A distressed seller is someone that has a very big incentive to leave the business, whatever it is.
  • You want a business that is finally strong with good cashflow and assets (if applicable)

How does someone go about finding a deal?

  • There are 4 ways to generate deal flow (and deal flow is the holy grail)
  • Business brokers like BizbySell.com, Benchmark, and others. Typically these will inflate values.
    • Look for a deal that has been open about 9 months.
  • You can build a network pretty easily by talking to CPA’s, Attorneys, Banks, or any other professional that works with businesses.
  • Direct approach. Go to InfoUSA, Hoover’s, etc. and do a search for exactly what you are looking for and then write to them in a highly confidential way.
  • Leverage the power of social media.

What are the most important factors to look at when looking to buy a business? What do you need to do if you are looking to sell?

  • Small business deals are 90% about seller psychology. You have 2 identical businesses and the valuation and structure of the deal can be night and day different.
  • You will pay more if a seller is not motivated.
  • Most businesses are valued on a multiple of their profit.
  • The average of $1-10 mil business sold in 2019, the multiple was 2.5-3x profit. So if you have a $1 mil business, then that means it would be worth $250-300k.
  • Multiples will be higher for tech and fast growth businesses.
  • How do you value a business? There is an accounting answer, but then there is the terms and structure of the deal. For example, if you can buy a business out of cash flow over 4-5 years, you may be willing to pay more for it vs. everything being paid up front.
  • One of the challenges for people looking to sell a business, and this is most important – the only way you are going to sell the business quickly is if you separate yourself from the business – meaning you are not needed day to day for it to operate and grow.

What is the blueprint to buy a profitable business in 99 days or less?

  • 10 steps
  • Step 1 has nothing to do with dealmaking. It is mindset. It comes down to a person’s why. Nobody wants to own or buy a business – we want the deep emotional benefits that business ownership gives us – freedom, cash flow, legacy, assurance, etc.
  • Step 2 – Creating a deal spec. Define the 3 pillars for yourself and finding the perfect business to buy.
  • Step 3 – Deal origination
  • Step 4 – Go through how to build a great relationship with the seller and get them to want you to be the one who buys from them. Know, like, trust.
  • Step 5 – Valuing and structuring the deal
  • Step 6 – Negotiation
  • Step 7 – Financing
  • Step 8 – How to close, LOI,
  • Step 9 – Deal team
  • Step 10 – What to do in the first 100 days post-closing.

What are some of the things to do in the first 100 days?

  • Administrative stuff
  • Change all the passwords in IT
  • Change bank accounts
  • Spend a lot of time with the people and learn how to improve and better the culture.
  • Get feedback from the team and customers
  • Improve how you manage the working capital.

Purchasing a business with no experience or no money – any tips?

  • Know your why before you do it. What is the deep emotional reason? This gives you the fuel to follow through and make things happen.
  • Stay in your lane. Buy something that you have experience in.

Where are you seeing the opportunities in right now? What is the trend?

  • Online, manufacturing/engineering, etc. is booming
  • Brick and mortar is down and the trend is away from it.
  • People going into Covid with business have done 3 things:
    • They’ve taken advantage of opportunity and growing
    • They’ve put their head in the sand and refused to adapt.
    • There are some that have continued as it and have not been affected.
  • If you can buy a business that is struggling a little and can turn it around, then there are good opportunities.

 

Best Quote: Nobody wants to own or buy a business. We want the deep emotional benefits that business ownership gives us – freedom, cash flow, legacy, assurance, etc.

 

Carl's Misfit 3:

  1. Buy a business in a sector you know, love, and understand and that is established vs. doing a startup.
  2. Live with passion and do something you really love and care about. Life is too short.
  3. Fall in love with your customers, not your product or services.

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Sep 16, 2020

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, I want to talk to you about personal responsibility – one of the greatest assets to your success and living an amazing, fulfilled life.

Most people upon hearing the term “Personal Responsibility” may not associate it with living their best life, but I do.

Let me tell you why.

As I write this, I continue to watch many parts of our society erode and give way to anarchy, riots, and emotional outbursts with no logic behind them. And when many of the people that are participating or leading these actions are confronted, they blame everything and everyone besides themselves for what they did or for why they did it.

To me this sad. I feel for them. Because by not taking responsibility, they are giving up all their personal power. Think about it, if you do not take responsibility for your actions, your thoughts, and basically your life, that means that you have given up these things to something or someone else. You have lost control. You have given away your best chess piece. Your personal freedom and individual liberty.

And every time this has been done in history by people and groups, it has not ended well. It has devolved into the destruction of societies, massive poverty, needless suffering and death. Every dictator in history has told those that they have taken over that they are not responsible for their problems, their place in life, and to just give up their rights and liberties to them and they will solve everything and all will be wonderful. And every time people do this, it ends badly.

Personal responsibility, the freedom to think for ourselves and take control of our lives, and yes, take responsibility for our mistakes, failures, and the good things, the wonderful things and yes, bad things we do is the greatest asset we have. When you take personal responsibility, it frees you. It frees you from the forces of groupthink. It frees you from having your value in life dictated to you by someone else or some group. It allows you to chart your own course and be your best. It gives you the ability to reach your potential and not be held back. It gives you everything you need to be the greatest version of yourself and leave your impact on this world.

Do not, under any circumstances, ever give up or surrender your personal responsibility to someone else or some thing. Especially out of fear or anxiety. These are the easiest ways it is taken and when people are most willing to give it up. They throw in the towel – because they just want things to be Ok or “normal. But, that is part of taking personal responsibility. Because things aren’t always going to be OK. It is an illusion that they can be. There will be times of suffering, loss, deep fear, and even catastrophe in our lives – but none of that is ever worth giving up your greatest asset as it is that asset, personal responsibility, and our ability to use it that gets us out of these challenging times and dark places. Without it, we can sink deeper. For example, think of the addict that will not confront their illness and take responsibility. They blame very circumstance and everything and everyone for their problems and in doing this, they slide deeper into darkness. But, if you have ever talked with someone who has been down a road like this and tuned everything around, the same elements are always present. The minute they took responsibility for their life and for taking care of themselves – they started to get better, get the help they needed, and ultimately win over the illness. There are countless stories like this throughout history – many of them are people in society we look up to, from famous leaders, artists, world-changers, and so on. All of them, at some point realized the asset of personal responsibility and used it to its fullest.

Hannah, I have given you many lessons over the years and will continue to do so, but out of all of them, this may be the most important one and it is the underpinning of everything. The lesson to build all lessons on, except for one. There is only one thing that is more important and goes along with this. While, it is critical for you to practice personal responsibility for your life, it is even more important for you to put your faith in God because he will never let you down. Responsibility plus faith in God is the secret to life. Not to get too preachy, but I have it on my wall for a reason – Philippians 4:13, “I can do all things through Christ, who strengthens me.”

So, to sum it up, Hannah, take personal responsibility for your life, your actions, your thoughts, everything you can control, but make sure you put your faith in God. That is the secret to living an amazing, fulfilled, successful, and happy life.

I love you,

Daddy

 

Best Quote: Personal responsibility, the freedom to think for ourselves and take control of our lives, and yes, take responsibility for our mistakes, failures, and the good things and bad things we do is the greatest asset we have.

 

Misfit 3:

  1. Personal responsibility is one of the greatest assets to your success and living an amazing, fulfilled life.
  2. If you do not take responsibility for your actions, your thoughts, and basically your life, that means that you have given up these things to something or someone else. You have lost control.
  3. There is only one thing that is more important than personal responsibility for your life, and it’s to put your faith in God because he will never let you down.

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Sep 9, 2020

This week’s Misfit Entrepreneur is Jake Kiefer. Jake is a serial entrepreneur, founder of the Pro Basketball combine, that has been called the “Steph Curry of speaking.” He helps entrepreneurs and freedom seekers build their dream business by creating world class networks that create raving customers, unlimited freedom, and epic life experiences.

Jake has been featured everywhere from NBC to ESPN, USA Today, Forbes and on and on. He’s reached his success by being a master networker and creating opportunities within his network and starting businesses.

I could not think of a better guy to come on the show and teach you how to build and grow your network and use it to succeed.

www.JakeKelfer.com

@JakeKelfer on Instagram

Jake has always been a “hungry” kid. Growing up his dream was to play for the Lakers. But, at 5’8’’, that wasn’t going to happen. So, Jake studied to be a sports agent to be able to work with the players and the Lakers in some way. He was willing to do whatever he could. Coming out of college, he put his hustle and what he had learned to work and go a job with the Lakers to work in corporate partnerships.

He got to be on the court and work in the business and with the players every day.

“In the pursuit of greatness, you must always be willing to take action every day because great things will happen when we don’t expect them or how we expect them.”

It wasn’t too long before he realized that it was time to move on and start his own business career. He started his first business, launched several books, building a combine for the NBA, and teaching entrepreneurs how to build a 6-figure business – all from creating world class networks.

How do you build a world class network and get in the room with the right people?

  • It is not about personality. Every person has their own unique communication style.
  • The key is to understand it, embrace it, and then learn to use it to your advantage.
  • Networking does not take the time that people think it does. It can be done as simply as sending out a few messages per day that takes 15 mins.
  • Start small with your networking efforts. For example, if you want to be on more podcast, start by reaching out to one person per week, then one per day, and so on.
  • Make a list of your 1-2 steppers. These are people that are 1-2 steps above you that could be highly beneficial in your life and business.
  • Do research and be open in honest in your communication.
  • Once you get going, it is like a snowball that keeps going and growing. ​

Where is the first place someone should start?

  • Identify who you want to network with and why.
  • Then identify the best place in which to connect with them. Meet them where they are…
  • Then look at the how – How is the best way to connect with them?
  • Leverage the power of other networks like social media to help.

How do you cut through the noise so people that you want to network with actually get your message and connect with you?

  • Don’t copy and paste. Use their name and know about them so you can reference it in your communication.
  • Always find a commonality between you and the person you are reaching out to. Find something you can make personal in your communication.
  • Let the person know how you came across them or heard about them.
  • Give one sentence about who you and leave it open for future communication.

Once you build a network, how to do you cultivate it, engage it, and start to make it work for you?

  • One-time outreach is an interaction, but a relationship is an experience.
  • Building a relationship and network is selling. Selling yourself.
  • You need to craft an experience.
  • First, after the initial outreach, be the one to follow up on next steps. Take initiative and execute on any action steps.
  • Make it easy and remove any obstacles.
  • Second, update your contact at a time interval that makes sense. Give before you get as well. Create value.
  • In every relationship you have the starting phase, development phase, and the growth phase.
  • Following up takes you from the start to development phase. And then you progress to growth as you interact futher.
  • You then get the “Triple Win.” That is where each person is winning and others impacted by the relationship as well.

71 things you must do to turn your network into a 6-figure business. Give us a few...

  • F-U. It’s all about the follow up. You need a solid process.
  • The rule of 3. You want to have 3 types of people to reach out to every week. A prospect, a customer, and a 1-2 stepper. That is 50 every single year in each group.
  • We are all people and share the same desires. How can you make sure someone feels appreciated, loved, etc.
  • You can get a free copy from Jake’s site at https://www.jakekelfer.com/

At the 25 min mark, Jake talks about using a network to create a 6-figure business….

  • The game of life is meant to be enjoyed. And the best way to enjoy is to surround yourself with the right people. This leads to great business and life.
  • Jake shares the story of his connections with the founder of MVMT watches.
  • You never know who you are talking to until you know. In other words, everyone has something that can impact us. Don’t discredit people because they cannot help you right now as you never know where they come in in the future.
  • Example of other speakers are not competitors. Instead, Jake networked with the competition to be a resource for speaking gigs others could not do. This has led to 10’s of thousands per year.

Has anything changed in the age of coronavirus?

  • Not much from an in-person standpoint, but the opportunities to connect are more abundant that ever.
  • More people are spending time on their phones than ever before and are more widely available. Y
  • ou just need to be willing to put yourself out there.
  • Instagram is the best platform for Jake right now because it is one of the few platforms where people are responding themselves.

At the 37 min mark, Jake talks about creating the Pro Basketball Combine and the business lessons he’s learned. It’s best to just listen.

Tell us what it means to “Elevate beyond the competition.”

  • We play the game of life
  • Competition is part of any game.
  • You have to be better than the competition and sometimes the competition is ourselves.
  • When you become super clear on what success looks like to you, you don’t have to compare yourself – you just go after it.
  • And when you are clear, you make better decisions because you know exactly what greatness looks like and you can pursue it relentlessly.
  • Surround yourself with the right people and those that help you grow, push you, and get better.
  • Think in terms of investment, not cost.
  • Execute in spite of any hurdle that gets in your way.

 

Best Quote: In the pursuit of greatness, you must always be willing to take action every day because great things will happen when we don’t expect them or how we expect them.

 

Jake's Misfit 3:

The only shortcut in life is to start now.

Live in the moment and enjoy the journey.

Take one action related to your network every single day to build a world class network.

 

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Sep 2, 2020

This week’s Misfit Entrepreneur is Sean Castrina. Sean gives new meaning to the term “serial entrepreneur” having started over 20 companies in the last 20 years. In fact, he seeks to start a new venture annually.

Sean has been featured everywhere from Entrepreneur, Fox Business, Forbes, NBC news, and just about every other business media outlet that exists. He’s the author of 8 Unbreakable Rules for Business Startup Success, The Greatest Entrepreneur in the World, and The World’s Greatest Business Plan.

Needless to say, Sean knows how to build a business and succeed and I’ve asked him on today to give his best advice on how you can do the same.

www.SeanCastrina.com

Sean was a good high school athlete and got a scholarship to play in college. He came out of college and got his dream job by offering to work for free for 90 days and bet on himself. It worked well for 5 years and then leadership changed. He had the picture perfect life at the time – new house, married, a new child and was in grad school. Overnight, he was let go.

It was at this moment that things really hit him – employment was a fantasy of security. He had done everything he was told to do to succeed, was doing well at a good company, and in one day, he was gone. Oddly enough, the CEO that had left remained friends with Sean years after and his son is one of Sean’s business partners.

Sean realized that when you work for someone you don’t have much security and you make them wealthy. It’s ok if you have that type of mindset and really want to be an employee, but if you have any inkling of entrepreneurship in you, you must explore. So, Sean went out on his out.

What is the most important qualification for business ownership?

  • You have to know why you want to be an entrepreneur and it has to be so motivating that you will be willing to do and go through everything to make it work.
  • Every roller coaster starts with a steep climb and that is how entrepreneurship and achieving success is.
  • You must be relentlessly focused.
  • Ideas are nothing if you don’t take action or are able to stay on them like a “dog on a bone.”
  • Bet on a person with the right qualities over the business every day.
  • The good thing about entrepreneurship is gives you more control. You can make changes when you see things coming and adjust.

Have you developed a “blueprint” for starting and building a business?

  • Sean talks about how figuring out service companies and the systems around them.
  • He doesn’t need to do the service; he just needs to make the phone ring.
  • There were big benefits in not having inventory, space, etc. and required very little in startup capital.
  • There are 2 things you need to do well.
    • You need to market well.
    • You need to hire good people.

At the 12 min mark, Sean talks about how he has built a $60+ million business started with Handyman business – but the most important thing is to stay in his lane and be focused. Its when he deviates, he has troubles.

What are your keys to marketing?

  • It’s very basic. 
  • You have a target customer.
  • You need to know what your target customer wants.
  • You need to carve out your unique place among your competition.
  • You have to know your customer, you have to attract them, and you have to stand out from the competition.
  • Then you have to know how you will reach that person.
  • Where are they? What message do they respond to? What is your competition not doing? How can you craft a unique brand position for your business.

The mistake small businesses make is that they stay small and think small. You should follow the same strategy you would follow if you owned a Fortune 500 company.

  • The secret is to relentlessly attract customers.

That solves all problems. Be so great at what you do that you customers know there is no alternative. It is too expensive to be average. If you build a great company, market it like a Fortune 500, and staff it well, you will have a great company.

Where do you see most businesses fail? What do they miss?

The Bermuda Triangle of why startups fail:

  • Falling in love with the idea and not confirming it will actually be something a target market will buy.
  • They staff horribly – family and friends from the start, etc.
  • They don’t aggressively market or advertise

The 3 mistake businesses make in general:

  • They become content and happy with survival.
  • They don’t plan to thrive and strategize for future threats.
  • Founders/Owners get too much in the day to day.

8 unbreakable rules for startup success?

  • You need to work on yourself and be a great entrepreneur.
  • Your business idea needs to be tested. It needs to be qualified. Any way you can test your idea, you need to.
  • You need to plan your business out – from launch to day to day.
  • Protect yourself with partnership agreements, insurance, etc.
  • Build a successful team. Get the best, be the best.
  • Marketing is not optional. Build a brand from day one. What is the one promise that you could make to your customers that if you could deliver on it, they would chase you down for your business?
  • Know you numbers and be a numbers junkie. Numbers allow you to make good decisions.
  • Learn from others. Failure is best heard from a secondhand story and it’s a lot cheaper.

Most important lesson from the Greatest Entrepreneur in the World?

  • Fictional story that teaches the 8 unbreakable rules.
  • But, Sean added another rule – You’ve got to recognize when you have to pivot and change. Good business owners see change before everyone else. ​

What are your thoughts on thriving as an entrepreneur during the pandemic?

  • Start the business over again in your head.
  • In the pandemic – Who is your target customer? What do they want? and How can you get it to them?
  • It comes back to the basics.

 

Best Quote: Be so great at what you do that you customers know there is no alternative. It is too expensive to be average. If you build a great company, market it like a Fortune 500, and staff it well, you will have a great company.

 

Sean's Misfit 3:

  1. Read and consume quality information. It makes you better and smarter. The average CEO reads 60 books per year.
  2. Partnering can be your be superpower. It fills your gaps and allows you to scale and grow. What is the one thing that if you had would take your business further? Partner for it.
  3. Set goals that stretch you and the relentlessly pursue them daily.

 

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