This week’s Misfit Entrepreneur is Patrick Colletti. Patrick is a serial entrepreneur, board director and advisor for angel, VC, and Private Equity backed organizations, He is a leadership and organizational culture expert and champion for what he calls “Re-Founders,” business leaders and entrepreneurs who revitalize the places where they live, work and play.
When he began his tenure as company president of Net Health in 2001, the company was experiencing significant financial turmoil resulting in laying off all but 2 employees. Collaborating with a growing team, he grew the company to where it now helps heal millions of people each year. In concert with a team which included 4 private equity partners, he completed a corporate turnaround —reinvigorating the already established organization in what essentially made NetHealth a re-startup. This is the essence of Patrick’s concept of Re-Founding and something I’m very excited to dig into with him in this episode.
Patrick started out as an entrepreneur as a kid with a paper route. Having to do all the facets of business, including collections as a kid. He then went into selling plants. He thought differently and would re-arrange the store to help things sell better to give better context.
He then went to school and studied philosophy and business. After school, he joined a private equity backed media company. They launched Law.com. He then joined another .Com and it failed. It came down to him and just one other and the board gave them 90 days to turn things around or shut it down. He and his partner did turn it around. They eliminated the debt and worked to get the shareholders whole. In a relatively short amount of time, they amassed 100 clients and go things in a good place. He then turned to really building the company to be able to scale and grow across the world. Today, they work with over a million caregivers across the world and have done 10 deals on the buy and sell side and have become a “a billion company with heart.”
What is Re-Founding and why do you think it is do important for entrepreneurs to understand?
Characteristics of a Re-Founder? Who are these people?
At the 14-minute mark, we discuss Re-Founding in the context of DCP (Discipline, Consistency, Persistence).
Where does Re-Founding start? Problem Zero?
At the 19 min mark, Patrick talks about the problems ripe for Re-Founding as well as some of the principles used by Re-Founders to solve them. It’s best to just listen.
What do leaders need to do to perform at their best?
Talk to us about what you do to build a great team…
Thoughts on how to better succeed?
Best advice for an entrepreneur starting out today and best advice for a seasoned entrepreneur?
Best Quote: Re-Founders use their magic to create something better from something broken
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Hello Misfit Nation! I am excited to bring a special weekend episode of the Misfit Entrepreneur. Occasionally, I find something I truly enjoy and when I do I like to share it with you. In 2021 I’ve started listening more to the immersive shows on Wondery. If you haven’t checked it out, you need to do so.
Recently, I was able to connect with them and they offered to share a small sample of one of their new shows with the Misfit audience and that is what I want to share with you in this short special episode because it focuses on one of my favorite topics – the stories, successes and failures of businesses and what we can learn from them to help our success.
With that in mind, I want to tell you about a new podcast Miniseries on Wondery from Laura Biel, the reporter behind Dr. Death and Bad Batch, called The Vaping Fix. It’s a story of Silicon Valley idealism, reckless capitalism, and how the now infamous e-cigarette company, Juul, managed to hook a new generation on vaping.
In 2015, the founders of Juul set out to create the iPod of e-cigarettes, a perfectly designed device that would disrupt the tobacco industry and help traditional smokers quit. But their fruit flavored vaping options, high levels of nicotine, and youthful influencer endorsements lead to consequences that would put millions at risk.
“Juuling” became so big among teenagers that it became a verb. And with plooms of vape clouds surrounding schools across the nation, parents, politicians, and the government demanded answers: was this Juul’s plan all along, or did ambition blind them from seeing the pitfalls of their invention?
You’re about to hear a preview of The Vaping Fix. While you’re listening, subscribe to The Vaping Fix on Apple Podcasts, Spotify, or listen early and ad-free in the Wondery app by going to http://wondery.fm/VF_Misfit. Enjoy!
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 firstname.lastname@example.org. We’d love to share it.
This week’s Lesson for Hannah
Hannah, This is a very important episode in that it is the 250th episode of the Misfit Entrepreneur. It has been such an honor to do this for all these years and help people, including you, through the world over 250 episodes. My sincerest “Thank You” to all that subscribe and listen. This was a tough one for me as it’s the Big 250. And this episode should stand out. As I thought about all the things I could share as a lesson, I kept coming back to something that on the surface seems small, but really impacts everything.
Hannah, I want to share some insight into a very important distinction that will make a difference in all areas of your life from your relationships to your work and even your health.
The distinction is between Self-Mastery and Self-Gratification. The dictionary defines Self-Mastery in just two words, self-control. But what does truly mean? More on that in a second. Conversely, the dictionary defines Self-Gratification as “the indulgence or satisfaction of one’s own desires.”
As human beings, we are locked in a constant struggle between these two things. For most, Self-Gratification and emotions win the majority of the time. This leads to many problems. I’m not saying that emotions and feelings are not important, but emotions and feelings are just that and are not necessarily truth, logic or even rational. For example, think of something you really, really wanted, emotionally. You had to have it. It didn’t matter the cost. So, you spent the money to have it, thus getting self-gratification, only to later have remorse because you spent too much for it or really didn’t need it. How many times in our lives do we act purely out of emotion and get a short feeling of Self-Gratification, only to find it was a mistake later? I would wager a lot.
Self-Mastery is the other side of the coin. It is developing yourself to have total control over your emotions and thus decisions to help you in making sure the choices you make are reasoned and thought-through. Self-Mastery is learning to recognize the emotional impulses and understand them, but to not act on them immediately without giving sincere and logical thought to them. For example, for years I wanted to get a true sports/muscle car. I had seen an Aston Martin DB9 on the road some years ago and emotionally told myself I had to have that car. I was going to get it no matter what. Did I need it? No. Could I afford it? At that time, no. But, after a few years, I was at a point where I could afford to purchase a $200k+ car. And I saw another one on the road, this time a DB11. My immediately emotional reaction was that I needed to go get it. After all, I’d wanted it for years and deserved it, right? It was at this point, that my training on Self-Mastery kicked in and I started to think about the logic and reality of paying $200k+ for a car. What could I do with that $200k instead? I could invest it and make a great return. I could invest in my businesses and help them to grow larger. A car is a depreciating asset, so the moment I would buy it, it would start to become worth less. Was it wise to purchase something with that amount of money that lost value?
In the end, after thinking rationally and logically, I knew the answer. It wasn’t. But I still wanted a sports car!
Fast forward to when Covid hit. Everyone stopped driving. Car dealers were not selling cars and car companies were getting pretty antsy. They started slashing prices and offering deep incentives. By this time things had a changed a little. When I first saw those Aston Martins, it was before you came into our lives and we didn’t have two decent sized dogs. A two-seater sports car would make things a little difficult. But one muscle car that I had always liked and that had a back seat that could fit you and a dog was the Camaro. I started searching a little and built the perfect Camaro online. It was basically a track ready SS with a 650-horsepower engine in a deep cherry red. I got with my sales guy at the dealership (I’ve owned Chevy trucks for years) and had him start searching. After a couple weeks, he found the exact car down to the line item that I had built, and it was the only one in the 5 surrounding states! He then proceeded the tell me that the dealer had slashed the price on it by 30% to move it and he could not even trade for it. He told me to just go buy it direct from them. Which I did. So, in the end, with a little Self-Mastery and keeping Self-Gratification at bay, I got my muscle car that can go toe to toe with an Aston Martin and got it for 30% off the price as well as some other incentives.
Of course, practicing Self-Mastery is much more important that a car purchase as it impacts your relationships, etc. But I think you get the example.
Just remember, though, there is a balance between Self-Mastery and Self-Gratification. Think of them as two sides of a scale. If you lean to too far to one side, the scale tips and that is where you get into trouble on either side. If you cut emotions and Self-Gratification out completely, you basically are a robot and miss out on some great things in life. If you cut out Self-Mastery completely, you become destructive to yourself and those around you. The secret is to find the balance for you. There will always be things in life that Self-Gratification and emotion have more power over. You job is to recognize them, bring some logic to them, and if you proceed, knowingly understand the potential consequences, good or bad, and be prepared for them. No matter what, you must take responsibility for your actions.
One thing that I started doing when I was first taught the difference between Self-Mastery and Self-Gratification was to “stop, ask, and choose,” when it came to big emotional decisions. You know when emotion is bubbling up inside you and you can feel it when you want something really bad. In those times, just take a moment to stop yourself, then ask yourself if this is truly the right decision and why, and then based on that, choose to move forward or not. I know it sounds a little goofy, but it works, and it is awkward in the beginning to literally stop yourself, ask, and then choose how you will move forward, but it gets easier and almost becomes second nature after a while. This little exercise has saved me countless times and I hope you can put it to work for yourself.
Hannah, finding the balance between Self-Mastery and Self-Gratification is a lifelong work and I don’t believe you can every become perfect at it, but just working on it will make a major difference for you and help you in so many ways. I hope you make the commitment to better yourself in this area.
I love you,
Best Quote: There is a balance between Self-Mastery and Self-Gratification. Think of them as two sides of a scale. If you lean to too far to one side, the scale tips and that is where you get into trouble on either side.
As human beings, we are locked in a constant struggle between these Self-Mastery vs. Self-Gratification
How many times in our lives do we act purely out of emotion and get a short feeling of Self-Gratification, only to find it was a mistake later? A lot. So we must find a balance between Mastery and Gratification.
Finding the balance between Self-Mastery and Self-Gratification is a lifelong work
Five Minute Journal
This week’s Misfit Entrepreneur is Clint Pulver. Clint is an Emmy Award-winning, motivational keynote speaker, author, musician, and workforce expert. He’s been a professional Drummer for over 20 years, playing with top headlining fellow musicians in venues like the Vivint Arena, the Stadium of Fire, and the Kodak Theater in Hollywood. Something I want to talk further with him about in a unique way today.
Known as the Leading Authority on Employee Retention, Clint helps organizations retain, engage, and inspire their team members from the front desk to the board rooms and everyone in between. Clint was featured in Business Q Magazine as one of their “Top 40 under 40” as a premiere Corporate Keynote Speaker. He has transformed how corporations like Keller Williams, AT&T, and Hewlett Packard create lasting loyalty through his work and research as the Undercover Millennial. He’s also appeared in feature films and on America’s Got Talent.
Needless to say, Clint is the go-to for teaching leaders how to create organizations that people never want to leave. And I’ve asked him to come on and share his best secrets to help you in your business.
When Clint was a young kid, he had a hard time sitting still. Everyone saw it as an issue. He had one teacher named Mr. Jenson who asked him to stay after class in grade school. Mr. Jenson noticed him tapping constantly with his hands while switching back and forth writing with both hands. He said he thought Clint might be ambidextrous. He gave Clint a few tests and said, “I don’t think you have a problem, I think you are a drummer.” He then gave him his very first pair of drumsticks and told him to see what happens.
22 years later, he has traveled the world playing with top musicians and at top venues and speaking. All because someone helped live a better story.
Clint never set out to be a speaker. In fact, he wanted to be a pilot, but had an eye disease he was diagnosed with at 21 that prevented him from being one. He was told we go blind by his early 30’s. When he was younger, he had spoken in church and someone in the crowd approached him to speak at an event they were doing. He got paid $500 and did the event and loved it. He put together a workshop and other groups asked him to speak. He spoke first to High School students, then groups, and then business.
He also started the Undercover Millennial after talking to a business owner he said “You have to adapt or die in business” but ironically didn’t think he needed to adapt his leadership.
He tells the story at the 9-minute mark.
“The perception of leadership vs. the reality of employee experience is many times completely different.”
What is the difference between mentorship vs. management and why is it so important?
The 5 C’s of a great mentor…
What are the 4 types of managers?
How does someone walk the fine line of being a leader and a buddy?
What are lessons from your experience as a drummer that have translated to entrepreneurial success?
What are best tips on how to communicate effectively as a leader?
Other entrepreneurship lessons you feel people should know? • The ET Theory. This is based on the movie ET.
Best Quote: We are not getting out of this life alive. Be a “do it, did it, done it,” NOT a “woulda, shoulda, coulda.”
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This week’s Misfit Entrepreneur Travis Chambers. Travis is the founder of Chamber Media, a firm that takes companies from being product and service sellers to brand builders by doing what he calls story selling through creating scalable social video ads that drive millions in sales.
Travis led distribution and content strategy for “YouTube’s #1 Ad of the Decade,” Kobe vs. Messi which amassed over 140 million views. He’s worked with some of the biggest brands in the world including Yahoo, Kraft, Old Navy, Coca-Cola and has been featured in AdWeek, Forbes, HuffPost, and Inc. Magazine. Travis regularly speaks at conferences such as INBOUND, the Bill and Melinda Gates Foundation, Google Growth Summit, VidCon, and VidSummit among many others.
But, what I love most is that Travis built his business to suit his lifestyle. It was goal from the start. And I’ve asked him to come on share how to do it.
Everything started when Travis was a kid with 8 mm cameras. He got into the film industry and in his early 20’s had his first kid, his dad got Parkinson’s disease…and cancer…and divorced after working 70 hours per week his whole life. Everything hit him at once. He was working at 20th Century Fox in his dream job making commercials for the movies. Entrepreneurship had never crossed his mind. His “mid-life crisis” hit when he was 23 years old and made him ask what he really wanted to be doing with his life.
He realized there was so much more out there, so he left and started Chamber Media to live life on his terms. What are those terms for you, your ideal lifestyle?
Where does someone start? What do they need to consider to build a lifestyle business?
“Start with a service first. You can always sell yourself as an entrepreneur. And if you can sell yourself to one person, you can sell yourself to 100 and have a successful business.”
Tell us about what you do and your principles you used to build and now run your business…
What have you put in place to allow the business to scale and let you step away?
What is the most important lesson you’ve learned on your journey so far?
What is a “Story Seller?”
At the 34 min mark, Travis talks about developing the “Everything Ad” and how they did it and the results of it. It is best to just listen.
What makes a #1 video ad? What are the components that go into it to drive engagement and sales?
Anything else around marketing with video we should know?
Best Quote: Start with a service first. You can always sell yourself as an entrepreneur. And if you can sell yourself to one person, you can sell yourself to 100 and have a successful business.
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