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.

www.EntrepreneurNow.com

www.KenBurke.com

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…

• The latest batch of entrepreneurs has experienced another crash.
• Entrepreneurs have had to get a healthy dose of persistence and are learning that the notion of having a startup that maxes value in 3-4 years and the founders cash out is not a reality.
• The VC/Equity money is drying up.
• The cost of capital is much higher, and inflation is causing a lot of issues across the board.

At the 13 min mark, we discuss persistence and Ken’s thoughts.

• “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.
• Don’t expect things to always go as planned.

Thoughts on the entrepreneur mindset?

• Ken wrote Prosper to help entrepreneurs in this area.
• It is impossible to fail because we are here to learn, grow, and develop.
• Challenges are part of the growth process.
• There is a lot of “You” in the business, so you must build a structure in the business that allows others to come up and help build the business and learn, grow, and develop. Do not let your ego get in the way.
• Be careful not to hamper the ability for your business to grow by injecting yourself too much in the business or letting limiting beliefs stop progress.

Prosper: 5 Steps to Thriving in Business and Life. Can you take us through the 5 steps?

• You take you wherever you go. All your baggage comes with you into business or personal life.
• The healthier you are as a person, the better you are in business and life.
• Step 1: You must accept yourself. Don’t self-sabotage.
• Step 2: Manage your ego. Your identity is not things, money, success, etc., it is internal.
• Step 3: Clarity. You need to know exactly where you are going and have a clear vision.
• Step 4: Take action. It comes down to consistent action. Fear is usually the #1 roadblock.
• Step 5: Gratitude. Serve and live with gratitude for all those around you and part of your journey.
• You must practice these things daily.

What should entrepreneurs know about how to prepare themselves and their business for a sale and what did you learn through your process?

• It starts at the very beginning.
• Covet thy equity. Protect every ounce of equity that you have.
• Never give more than you have to give up when it comes to equity. Stair-step your investment. Take a little bit more at each step to bring your business 18 months into the future at a time.
• Be prepared for a “down round.”
• Manage your board and investor as if they are employees otherwise, they will manage you.
• They must know you are the leader and are in charge.
• Do not have a “parent-child” relationship with your board or investors.
• In the end, you are 100% accountable for everything in your business.
• When going to sell, you must prepare at least 1 year in advance.
• Think about how to maximize every aspect of value.
• Try to find a strategy investor and partner with them ahead of time.

Anything you have seen that has worked for you consistently in building businesses?

• The bigger the problem, the more successful you can be. Start with the problem and find the solution.
• Finances. 3-5 year financial forecast and reviewing it each quarter keeps you on pace and helps to ensure you are on the right path.
• 5 clear, key initiatives per year that you are working toward that everyone knows in the business.
• Focus is widely important. Land and expand. Own a niche first and expand from there.

Best advice for an entrepreneur just starting out?

• Focus. Focus. Focus.
• Master, then move on.
• Take action. Action creates momentum.

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:

1. Practice the idea of fulfillment, joy, and happiness on a daily basis.
2. Leave your ego at the door. Avoid the judgement of yourself and those around you.
3. Know that it is impossible to fail. Growth is at the center of what you do.

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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. ​

• Let there be light
• Forbidden fruit
• By the sweat of your brow
• Ashes to ashes, dust to dust
• Fire and brimstone
• Land of milk and honey
• Of biblical proportions
• An eye for an eye, a tooth for tooth
• Golden calf
• Scapegoat
• Apple of my eye
• A man after my own heart
• How the mighty have fallen
• Put words in one’s mouth
• Be a man
• Put your house in order
• Nothing but skin and bones
• By the skin of your teeth
• The root of the matter
• Broken heart
• Bite the dust
• Wits’ end
• Spare the rod, spoil the child
• Pride comes before a fall
• There’s nothing new under the sun
• Eat, drink, and be merry
• Fly in the ointment
• A little birdie told me
• Four corners of the earth
• Drop in a bucket
• See eye to eye
• No rest for the wicked
• Rise and shine
• Like a lamb led to the slaughter
• Sour grapes
• Writing is on the wall
• Salt of the earth
• Go the extra mile
• The love of money is the root of all evil
• Fight the good fight

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:

1. Whether you are religious our not, the Bible can teach you and help you gain wisdom.
2. Proverbs is a great place to state for every day practical wisdom from the Bible.
3. Reading the Bible every day will make a big difference in your life an success.

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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?

• Here’s an analogy: “If a young man how amazing he is, successful, and handsome he is – that is advertising. If he tells her how beautiful and intelligent she is - that is marketing. If someone else tells that man’s date how amazing, successful, and handsome he is – that is PR.”
• Everyone can create a beautiful deck and say great things about themselves, but where things really matter is when someone goes and searches a business or person, do they find a lot of what others say about them, where they are quoted, etc.
• Public relations fills the component to get you the earned media that you cannot buy.
• PR builds the 3rd party credibility necessary for validation and success.

What are the elements of a successful PR strategy?

• It elevates and celebrates the business or person.
• It positions the business or person as an expert.
• It provides 3rd party validation.
• It uses media to bring a business or person to a bigger stage.

Most effective mediums for PR?

• It varies based on the business or person.
• Tracey starts with traditional media. Radio, TV, Magazines, Podcast, etc.
• Tracey figures out the best places to showcase the client’s expertise.

Tips for gaining attention?

• Use podcast matchmaker services for podcasts.
• The #1 key is to understand the pitch. It is not your bio or ad for your company. It is your compelling story that grabs attention.
• At the 16 min mark, Tracey gives a good example of a compelling pitch she uses to gain attention.
• Think in terms of what will help them with a good story or angle.
• Use HARO (Help a Reporter Out) to get your pitch out to reporters looking for stories.
• A PR specialist will search and find all the best opportunities for their clients and pitch them.

What are the elements of a great pitch?

• Step 1 is to find resources at places like HARO.
• Whenever you reach out to an editor, remember they are not in the business of giving you free advertising – you are someone who give them great information for their audience.
• At the 25 min, Tracey gives an example of what not to do when pitching reporter/editor.
• You will need to tailor your pitch for each pitch you do so that is resonates with the reporter/editor you are sending it to.

How can an entrepreneur ensure they are maximizing their marketing and PR together?

• Don’t be afraid to go big or wide.
• Go beyond typical marketing/PR and go for rewards or speaking engagements.
• Look for local awards and publications to help get some visibility to start. They are easier.
• Anything you can bring your knowledge to and present yourself as a thought-leader/expert you should pitch to.

At the 32 min mark Tracey talks about the campaign to free a man from death row and lessons learned from their success.

• When Tracey met her husband, he had a radio show that focused on local issues and needs.
• They decided to get on the internet and start publishing links to what they were interested in (it was the early days of the internet).
• While searching for stories and links that interested them, they learned about the case of a man named Jimmy Dennis who claimed he was wrongly accused and was innocent.
• Jimmy had paid for a listing online that asked people to help find justice.
• They reached out and asked to learn more and Jimmy responded with 28 pages of details and court documents that showed he did not commit the crime and there were issues with his trial.
• They decided to take up the cause and share it on their site in 1998.
• 2 years later, a law firm saw what they had put out and got involved and over 18 years worked for free to help Jimmy get his freedom. ​

Anything else we should know about PR/Marketing?

• Authenticity – make sure you are authentic and show as you are. Do it.
• Don’t be afraid to get out there.

Best Quote: Don’t dream it. Be it. Don’t leave regrets. Give it a shot

Tracy's Misfit 3:

1. Learn to better manage your time between your business and personal life. We all have the same amount of time. It is critical make sure we use it in the best ways.
2. Don’t dream it. Be it. Don’t leave regrets. Give it a shot.
3. We didn’t get this far to only get this far. Don’t quit. Keep pushing to your next level.

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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. ​

https://chrisheller.co/

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…

• 90% of what it takes to be successful is how we think, how we approach things, and how we react to things.
• The strength of your mind is critical to succeed in life.

Rules for Winning and Rules for Life – can you give us some of those?

• Under promise and over deliver. When you do this, you set yourself and the client up for success.
• Do the RIGHT thing. In all areas of life, even when it is painful, hard, or not what everyone else is doing.
• Find the joy in everything you do.
• Do not worry what others think. Do not let what others think take you off your path or keep you from doing the right thing.

Best advice on how to train the brain and develop thought patterns to handle adversity?

• Chris used affirmations and visualizations to train his mind.
• “I’m never down. I’m either up or getting up.”
• Nothing forges steel like fire. Adversity and getting through prepares you and helps you to handle more of it.
• We all have fear. The issue is whether we let it control us or not. Move through your fear very fast. Acknowledge it, feel, but then move through it to the other side.
• The stronger the mindset, the better we are.
• How do you develop a strong mindset? Minimize negative inputs and maximize positive inputs.
• Don’t spend time with people who are negative or sap energy from you. Spend as much time as possible with those that challenge you and make you better and fill you with energy.
• Strong body, strong mind. When we are physically in a good place, we are better equipped to deal with adversity.
• Be proud to earn your stripes.

You talk about the one thing you can control to make the biggest difference in success, what is it?

• The honest answer is that there is more than one thing, but it is most important to show up mentally and emotionally prepared to take on the things you need to take on.
• Being present and not letting your mind be run by fears or insecurities.
• You also must develop discipline. Discipline is a muscle to be built. Your ability to follow a schedule and be disciplined day in and out helps to achieve mastery.
• The more discipline we are in area of life, the better that are of life.

Principles for making decisions. What should people consider?

• 2 pieces.
• The first is why are we making the decision?
• The second is what are we getting out of it?
• You have to think through what the best outcome is for all involved.
• It is also importantly how quickly we can learn to make good decisions.
• Learning to make quick decisions and deal with potential consequences, is important. There typically never a “perfect decision.”

What are some of the principles you’ve used to build great businesses?

• Lead by example.
• Being authentic and true to yourself.
• People appreciate the truth – whether is good or bad news.
• Help your people and don’t be afraid to stretch them to help develop them. Empower them – even when they don’t think they are capable.

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?

• Markets always go through cycles.
• The next cycle is a downward trend after a 10-year uptrend with the last 2 years being almost turbocharged.
• In the next stage, there be more inventory, the velocity of sales will slow and there will be price pressure to go down. This creates opportunities for buyers and sellers. But where we have been in a seller’s market, things will shift.
• Things are relative. If a seller is selling their house for less, then they are buying a new house for less, etc.
• No one knows how much things will adjust, but we must be prepared for things to change and look for opportunities.

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:

1. Don't be emotionally attached to the outcome. Be committed.
2. Tell the truth. Simple, but important for all areas of life. There is never a good reason not to do it. Keep your integrity.
3. Always be working on your “2 E’s,” your effectiveness and efficiency. Where can you be more effective and more efficient.

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