This week’s Misfit Entrepreneur is Michael Juergens. Mike is a very interesting guy and a modern-day renaissance man. He runs the winery solutions practice for a Big Four firm. He founded the wine industry in the Kingdom of Bhutan. He owns the award-winning So-Cal Rum company that boasts the highest rated silver rum of all time. He runs the Drinking and Knowing Things newsletter and is the author of the best-selling book with the same name. And if that is not enough, he is an adventure race addict and candidate to become the 58th American to qualify as a Master of Wine. Oh, and he’s also a professor at the University of California Irvine.

Mike’s motto is “do epic stuff with awesome people,” And on this show, we have epic conversations with awesome people. So, I’ve asked Mike to come on today to share how he’s done all he’s done and what he’s learned along the way.

www.DrinkingandKnowingThings.com

Mike got to where he through interesting experiences that he was not afraid to lean into. As he says, the universe is constantly presenting us with opportunities and we are often too caught up in our day to day to realize or, even if we do, we don’t lean in on it. So, Mike decided to lean in on everything that seems cool and that has lead him to where he is.

Explain more about we should and can lean into the opportunities in our lives…

• If you are going Kayaking in a whitewater rapid, the rapid is going to take you to the bottom.
• The goal is the make it to the bottom and have the best time without having any major issues.
• If you can nudge yourself into the middles, the fast part, and not try to control it, but let it take you, it will get you to the bottom.
• The analogy applies to the universe as if you try to fight the universe, you don’t get anywhere and get beat up, but if you get into the flow of the universe, you will go places you don’t expect – but they are the right places for you to be.
• Mike gives a few examples at the 6:30 mark.

With all that you do, you still choose to work and have a job. Why still do that when you have all your businesses?

• Mike loves what he does, and his job is to travel around and hang out at wineries and help them.
• He was doing that as a hobby before starting the vertical at the firm.
• He gets paid to do his passion.
• He’s built a business within a business.

Talk about how you created your role…

• The corporate culture allows for it.
• He has started 6 different practices during his career at the firm.
• It has been having a good idea and the sponsors for it, communicating it well to get support and momentum – and then having the guts to do it and take the risk.
• It also easier to do when you have already done it and shown success which he has done.

How do you keep up with everything? How do you schedule your life?

• He was a single dad for many years and had to be very structured around their schedule.
• He would get up at 3am every day.
• As the kids got older and did not need him for so much, it freed up a lot of time as he stayed on the same schedule.
• Don’t attend non-essential meetings.
• Delegate and let go where needed.
• And he truly wants to live the life he has and does what is needed to do so.

How did you create the wine industry in the Kingdom of Bhutan?

• Mike has been adventure racing in all kinds of different places and his girlfriend had read a book that took place in Bhutan.
• She always wanted to go there.
• He got an email about doing a marathon in Bhutan and applied.
• He surprised his girlfriend but was confused and thought it was an island in the tropics, and she explained it was in the Himalayas.
• Bhutan is self-sustaining and has incredible crops/soil.
• Everywhere he went, he asked about wineries, and no one knew what he was talking about.
• He met some people from the government, and they told him they did not have wineries.
• He told them they were screwing up, went home and wrote a white paper about it and sent it to them.
• They asked him to help build the industry.

What did you have to do to get started?

• He helped them understand the possibilities.
• He wrote a 10-year business plan to follow.
• It is literally building from scratch.
• Mike paid for phase 1 and then got a series A round for phase 2.
• He personally planted the first vine, a merlot.
• Pre-covid, he went every quarter and there is a team of 100 people there.

Lessons learned?

• They don’t know what grape will ultimately work best, so they have adopted a philosophy of failure to see which grapes are going to work.
• It takes 3-5 years to figure this out.
• It’s a core strategy for them to try a bunch of different things and see which ones work which is different than a typical business strategy.
• You have to be careful not too be wide and broad, but not too narrow at the same time.
• Building the industry is the most risk he’s take in business.

At the 29 min mark, Mike talks about how he got into the rum business…

• One of his best friends and his son are big rum guys.
• One day, they were all sitting around having drinks and his friend said, “we should start a distillery!”
• Mike said, “what if?” What if we could create a competitor to Bacardi silver rum and focused on that category – and just did it better.
• They didn’t know anything about how to do it, but started talking to people who did.
• They found out that they could be better and it would not cost much, so they did it and had it made. And it won.
• They outsourced the making and bottling of the rum.

You’ve spent 25 years traveling the world meeting people, what are the most important things you’ve learned about life and business?

• It’s all about people and relationships.

Advice for people that aren’t living the life they are capable of?

• Get outside your comfort zone. The people least like you are the ones you need to meet and learn from the most.

What does it mean to optimize the runner’s mindset?

• Recognize that you are capable of much more than you believe.
• We place limitations on ourselves.
• 40% rule. When you body is telling you that you are done – you have 60% still left.
• Acknowledge that you are capable of more because you are.

We have a great conversation on racing and breaking through mental limitations…

Drinking and knowing things – what should they know about wine?

• There is a wine for everyone.
• Just explore and be willing to try them
• Drinking and Knowing Things book Vol 1 and 2 - check it out. ​

What’s your favorite wine?

• Burgundy, Pino nior from France

Best Quote: Get outside your comfort zone. The people least like you are the ones you need to meet and learn from the most.

Mike's Misfit 3:

1. Do epic stuff with cool people. Don’t leave anything on the table.
2. Don’t fight the universe.
3. Ask “What if?”

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This week’s Misfit Entrepreneur is Stephen Flood. Stephen is the founder and CEO of Goldcore, one of the oldest gold and silver dealers in the market today. The firm is responsible for over $1 billion in transactions and manages $300 million in assets for their clients.

Stephen has an incredible story. After graduating college in Ireland, he left for New York with just a few hundred dollars in his pocket and made his way into finance, eventually working with Goldman Sachs as a Trader in Equity Derivatives. After having a lot of success, he followed his entrepreneurial spirit back to Ireland starting Goldcore in 2003. The company has been featured on just about every financial medium there is from CNBC to Bloomberg.

But, what I love most about Stephen is that he’s an entrepreneur at his core and I’ve asked him to come on and share the wisdom he’s learned on his way to becoming a billion dollar CEO as well as his unique take on investing.

www.GoldCore.com

www.GoldintheUSA.com(Free Report on Gold Investing)

Stephen’s father died when he was 11. He learned early on how to take care of himself. And after going to college he knew he needed to follow his instincts and decided to go to New York where he go into finance. He loved his time in New York, but was always fascinated with technology and finance together. This helped in New York, but it also helped in finding creative solutions like he and his team have done at Goldcore.

Everywhere Stephen has gone, he’s been a disruptor and is driven by creating efficiencies.

What made you leave Wall Street to start Goldcore?

• It wasn’t in the plan.
• He had been there 7 years and planned to stay.
• He originally had planned to start his own firm.
• Then 9/11 happened. He was newly married and had an opportunity to exit Goldman and decided to travel the world with his wife.
• He witnessed 9/11 firsthand and was ready to move. After about a year, he found himself back in Ireland and joined an old friend to start Goldcore.

What should people know about investing in gold and silver?

• Put 10% of your money into gold and hope it does not work!
• Gold is a risk off solution.
• It gains or holds when things get rough in the markets.
• It provides stability and financial insurance.
• It calms the mind of the investor so you have the insurance and can take advantage of the opportunity of a down market.

Inflation is at 40-year highs, why hasn’t made very large moves higher?

• At the 14 min mark, Stephen talks about the financial experiment of Quantitive Easing and money printing.
• Stephen talks about the gold price seeing intervention by larger institutions.
• The Cantillon Effect: You can print money and things look good initially, but eventually, it catches up with you and the money loses purchasing power and people start to dump it as they do not believe in it.
• Hard assets will appreciate in value.

At the 18 min mark, Steven and I have a deeper discussion about central banking and about the monetary system in general.

Explain how gold gives personal sovereignty…

• Having gold stored in a private storage facility is the closest thing you can have to personal sovereignty.
• It’s like having your car parked in a garage that is storing it for you.
• It gives you an asset that you can access at any time.

Thoughts on cryptocurrency?

• Blockchain is a revolutionary technology.
• It is huge leap forward.
• Bitcoin is not a really a currency and should not be treated like one.
• Money is power and the central banks will not allow Bitcoin to take that power – they will create their own and replace it.

What are the key elements needed to succeed as an entrepreneur?

• Many entrepreneurs chase the exit and money, but it doesn’t usually happen.
• If you can become the domain expert in your area, your chosen field.
• If you do that, you will do well successfully and monetarily.
• You must become the expert first and then the money will follow.
• You need to be truthful to yourself, your employees, and partners.
• Your team is critical and cannot be taken for granted. Show then a high degree of respect.
• “It is better to find right, than to be right.”
• Never stop learning…nothing is sacred.

Biggest challenges and how did you overcome them?

• When they first started, gold was about $300/oz, and no one really cared about it.
• Then as the financial crisis came in and gold went down.
• At the time, the business was very transactional based and gold buying slowed down and their business slowed down for quite some time – they had an 80% drop in transactions.
• They learned the most on the way down.
• They also found a niche in storage which added stability.

What is the benefit of storing things offsite vs. a safe at home?

• It is a client preference.
• For larger orders, it is easier.
• The benefits are that if you sell it very quickly vs. having it at home where you have to ship it in, etc.
• Storage is also insured by Lloyds of London.
• There is a chain of integrity for storage, so validation is automatic.
• If you take possession, it needs to be re-validated.

www.GoldintheUSA.com for some good basics on gold. ​

Main principles that you have used in building your business that have really stood out?

• Being honest and truthful.
• Humility is very important.
• Own it and take personal responsibility.

Where do you see the economy going over the next year?

• Big bold call – there is going to be an event that had a major impact on the markets and economy.
• Commercial real estate is a place to watch.
• The FED is in an impossible situation and cannot raise rates meaningfully.
• There is desperation for yield and returns and it is a bubble.

Best Quote: It is better to find right, than to be right. Stephen's

Misfit 3:

1. Take personal responsibility and own every outcome.
2. Look after your mind, body, and soul.
3. Be truthful to yourself and those around you.

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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.

This week’s Lesson for Hannah

Hannah, I want to talk to you about commitment. The definition of commitment states that it is the “state or quality of being dedicated to a cause, activity, etc.” What does that mean? Commitment is a word thrown around a lot and you will hear it all throughout your life. I don’t think people take the word and what it means seriously enough.

People say all the time that they are committed to things but give up on them. People commit to doing things for themselves or others, but don’t follow through. To me, commitment is something truly special. To commit to something means that you will do whatever it takes to fulfill the commitment and not give up until it is complete. To commit means that you have taken the time to think through what you are committing to and are choosing to move forward knowing and being prepared for what may happen on the journey. You are deciding that you are willing to go through all the challenges, hard times, and setbacks that could happen on your path to fulfilling the commitment. You also get to enjoy the good times of the journey as well.

A great of example of commitment is marriage. And marriage is one of those commitments that, sadly, many people break.

Marriage is incredible. To find the one person you are meant to be with and commit to them for the rest of your life is a serious and exciting experience. But too many people enter it without taking the time to understand what the commitment of marriage really means. I fact, Jesus spoke a lot about marriage, but I think he really understood what commitment meant in marriage when he said, “The two will become one. So, they are no longer two but one. Let no man divide what God has put together.”

Let no man divide what God has put together. If you believe like I do that things happen as they are supposed to, guided by a divine hand, then when you find the one you will marry and commit to, God has put you together. And because God has put you together, you should not divide it.

Now, that does not mean that there aren’t legitimate reasons for a divorce, but there certainly should not be superficial ones.

Marriage like entrepreneurship requires a true commitment and playing the long game. No matter how good a marriage is, it will have tough times. There will be times where each spouse is not happy with the other. That doesn’t mean they don’t love each other; it just means that they are having a challenge with each other at that time. Marriage is compromise, it’s give and take, it’s tough love, it’s standing true. It is the willingness to love someone when sometimes you don’t feel like you want to. It is the willingness to go through the hard times together and be there for each other.

Your mother and I will be celebrating 15 years of marriage this year. I am very excited about it. The average marriage length is sadly about 8 years which means your mother and I will be almost double that. But, it hasn’t been perfect. We are not perfect. There are times where I know I get on mom’s nerves and drive her nuts and of course, she has her moments as well. We will have arguments from time to time but seem to always find ways to work through them together. There are times where it is tough, but I know I can always count on mom to be there for me, and she knows that I will always be there for her. No matter what happens, we are committed. As we said in our vows – til death do us part.

Hannah, what I want you to take away from this is that commitment is something that is a serious choice in our lives and when we commit to something, we must see it through. And if we are not willing to do that, then we should not commit in the first place. I hope that you take this lesson to heart and use it to make better decisions for yourself in life committing to the right things. It is lesson I wish I understood earlier on in life.

I love you,

Daddy

Best Quote: To commit means that you have taken the time to think through what you are committing to and are choosing to move forward knowing and being prepared for what may happen on the journey.

Misfit 3:

1. Commitment is a word thrown around a lot and you will hear it all throughout your life. I don’t think people take the word and what it means seriously enough.​
2. To commit to something means that you will do whatever it takes to fulfill the commitment and not give up until it is complete. ​
3. Commitment to something is a serious choice that we must see through. if we are not willing to do that, then we should not commit in the first place. ​

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This week’s Misfit Entrepreneur is John Mitchell. John is the founder of Think It Be It. John is an entrepreneur that went from averaging low 6-figures in business for 20 years to creating a $25 million per year business in just a few years. When I heard this story, naturally my question was, what changed? How did he increase his income 25 times in such a short time?

John did it by radically following the principles of the timeless classic, Think and Grow Rich. He discovered the Science of Success and put it to work. And he developed a system so that anyone can apply it. Today, his 12 Minute A Day methodology is recognized as the Top Application in the World of the Top Book in the World on success.

I brought him on the show to share exactly what he figured out and teaches others, so you can put to work in your life.

www.ThinkitBeit.com/ME (Free video and guide of John's Deep Thinking Process)

John started out as a CPA and at 30 decided that wasn’t the career he wanted, so over the next 20 years, he got into multiple different businesses. When he reached 50, he was not at the levels he aspired to be. He wanted to have enough money not to have to work and have the woman of his dreams and he was falling short on both. He did OK – making 6-figures a year, but he knew he needed to start making over million per year to reach his goals. He realized he had to change his 20-year history. So, he decided to find the top book in the world on success and apply it word for word to his life. That book was Think and Grow Rich.

He got it and read it cover to cover finding that there was a problem. The book said there was a secret for success, but it only gives you half of the secret and the reader has to figure the other half. It kind of bummed John out as he wasn’t sure where to go next. So, he decided to immerse himself further and during a 2-month period, he figured it out and a 12 minute a day process to apply it. He put it into effect in his business at the time and the income doubled and 4-years later he was netting $5 million.

He was operating at a higher level. He was more focused and more in control.

He sold his company and semi-retired but wanted to teach what he had learned to the world and that is what he has been doing. Even the University of Texas brought him on to teach it.

What did you figure out about Think and Grow Rich? What is the secret?

• The part the book gives you is that everything begins with a thought.
• John realized that the full secret is that “what you envision in detail on a daily basis is shows up in your life.”
• When you establish immense clarity of exactly the person you want to be, exactly what you want to accomplish, and precisely how you can achieve your clearly defined goals and then feed it to yourself in 12 minutes a day, you will succeed.
• After about 21 days of doing this, it starts influencing your unconscious daily actions and enhances them.
• This begins to create the life you want.

Thoughts on conditioning and how it impacts us – and how it can be changed?

• Think and Grow Rich is based on the fact that 95% of your daily actions are unconscious.
• We are all innately wired for survival and if 95% of our daily actions are unconscious, you are innately wired to be fear-based and negative.
• That is the opposite of who you need to be to be pro-active and successful.
• You have to override that programming.
• “The success of anyone’s life comes down to the cumulative effect of their daily actions.”
• You must then influence your daily actions. You do that by proactively influencing the subconscious mind.

How do people influence their subconscious mind?

• The way the human mind works is that the conscious mind sets the intention and is influenced by logic, but your daily actioned are influenced by the subconscious mind and only influenced by repetition.
• As an example – losing weight. The conscious mind sets the intention to lose weight. But that doesn’t make it happen. The subconscious is in control and is influenced only by repetition, so it the change in behavior reputation that helps someone lose weight.

Take us through the 12 Minute Methodology you’ve developed…

• First, you must create immense intention clarity about your life.
• You define exactly the person you want to be.
• You define exactly what you want to accomplish.
• You define exactly how you will achieve your clearly defined goals.
• You will live your life quarter by quarter and have your goals set in each area by quarter.
• Once you create your clarity, you feed it to yourself every day.
• Initially, the subconscious mind will reject it, but around the 21st day of doing it, the subconscious will begin to accept it and start to be reconditioned.

12 minutes?

• Reading your template, you’ve created and visualizing it.

If someone implements this, what are the pitfalls they need to look out for, so they don’t fall back into the trap of the subconscious?

• People must be driven. If you are not driven, this process will not work. D
• arren Hardy gave Joh advice telling him that most people will not spend 12 minutes a day on this process. He must be selective and only work with driven people who will commit to it.
• People that are driven will do it.

Is it just a fact that people just do not have the desire and drive to better themselves or can they develop themselves to have it?

• At the 23 min mark, John tells more of his story and about his mother dying while he was going through finding himself.
• Go through the experience made him think about his life and whether he was living it at his true potential. He wasn’t and that spurred him.
• He was confusing working hard with working smart or being competent as an entrepreneur.
• It is very hard to change your drive and desire. It takes something dramatic.
• But the driven know who they are.

At the 27 min mark, John and I have a great conversation on beliefs and how it relates to drive. We also discuss more on the subconscious and awareness.

Talk to us about the deep-thinking you advocate…

• Set aside time to just think 2x per week.
• Pick which days per week you will do it.
• Pick your favorite place in your home or in nature.
• Each session should last 30 mins.
• Get a pad of paper (thinking tablet)
• Step 1: For the first 10 mins, let whatever come to you come, and write it down.
• Step 2: Figure out a question you will ask yourself and then write it down and answer it.
• Step 3: Write the 2-3 takeaways and 2-3 action steps you will do over the next week.

Go to www.ThinkitBeit.com/ME there is a video and guide on the process for you.

Is there anything else from your study of Think and Grow Rich that we should know?

• It works on everyone. It is based on pure science.
• But it is not for everyone.
• The hard work is creating the clarity.

Best Quote: The success of anyone’s life comes down to the cumulative effect of their daily actions.

Johns' Misfit 3:

1. Don’t have an average life. If everyone else doing something, you should look at doing the opposite.
2. Most things don’t matter. There are a few things you truly need to do great to give you the best outcome. Focus on those.
3. Most people do not appreciate how precious life is. Take the time to appreciate it and if you are not happy, grab ahold and play the game at a higher level.

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This week’s Misfit Entrepreneur is Donnie Boivin. Donnie is a Marine Corp veteran, award winning professional sales trainer, and owner of Success Champions and Success Champions Podcast. After leaving the Marine Corp and working in sales and business for almost 20 years, at the age of 40, Donnie realized he was not living his dream.

So, he set out to create it. Donnie is author of best-selling book, How to Be a Success Champion, Business Strategy for Badasses. ​

What I love most about Donnie is his no BS, direct style. The guy gets results. So, I’ve asked him on the share his best on how you can do the same in your life and business.

Text “Success” to: 817-318-6030 (Donnie will send a bunch of great stuff to you)

After the Marine Corps, Donnie spent 20 years in straight commission sales. His last career was as on one of the top sales trainers in the country for the Sandler Sales Institute. He was all set to buy the business from his boss when his boss told him something that would change his life. His boss, out of love, said “Thank God, you are my retirement plan.” It was in that moment that he realized he was building something for someone else and was their retirement plan. 15 days later, he launched his company and went out on his own.

Nowadays he runs 6 companies, 2 of the top podcasts in the world, and has written 4 Best-Selling books, plus he owns a working farm.

What is a success champion?

• Someone who is chasing their own success.
• At the 5 min mark, Donnie relates this to the movie Troy. Achilles is the champion.
• A success champion is chasing life so they can find their own business freedom.

What is a badass in business?

• Someone who knowingly gets up every day knowing they are going to get punched in the face by life but does it anyway.
• Most people think business is fairly straightforward and easy.
• They are not prepared for the amount of work and dedication it truly takes.
• The badass is excited to get to work knowing things are going to be a wreck and they will have to sort through it, plus do all the other things in their life like taking care of the family.
• They enjoy the struggle.

At the 10:30 mark, Donnie and I have a great conversation about the DCP formula.

• Donnie ads that you have to know what you need to be disciplined about. You need to be focused and stay in your lane and delegate out what is not your lane.

What are the strategies you’ve used to create and build your businesses?

• Writing down everything you have to do in the business. Everything.
• Then ask yourself, “Would Steve Jobs do this task?” If not, as a CEO of a company, you need to decide what it is you should be doing.
• And you may not be able to afford to outsource everything, but you and trade services for things you would like. You have to get things off your plate.
• Everything is a system, a process. Donnie created a formula to create processes: ADD. Action. Document. Delegate. For every task in a business, you have to take action on it, document it as you go through it and then delegate it to someone else and let them further define it and make it better putting it to work.
• This creates a duplicatable system.

“Every lesson you learn in business is going to be applied again somewhere down the road…”

What are the best strategies that you advocate for gaining clients in today’s world?

• People need to understand that the old school tactics that were taught many great names don’t work anymore.
• There is no more “closing.”
• Instead, your personal brand has become something much bigger and stronger.
• Sales is now just a conversation that has an outcome.
• People are not used to getting an outcome. They don’t like closing, but they love “closure.”
• If people focus on how to get closure than on closing, they will be more successful.
• Every conversation with a prospect needs to have some sort of end.
• Most people leave their conversations open-ended.
• Use sales as a conversation and get to closure.

At the 24 min mark, Donnie shares some examples.

• You have to let people know what the actions are that you want them to take and then be detached from the outcome.

Thoughts around story?

• How we tell our stories and show up in the world that gets people talking about you.
• Cold sales are tougher and tougher.
• Everything is community and if you don’t have one or the ability to build one, then you can’t be as successful as you could be in this world.
• If you can’t tell the right stories, you cannot build the community of people you need to.

What are the elements of a great story?

• The Hero’s Journey. If you have not read Joseph Campbell’s philosophy, it is recommended.
• It’s Frodo from Lord of the Rings and going from a nobody, adventure to hero.
• What are the moments of time you went through that were really impactful that you can use to teach others?
• It’s also being vulnerable in telling the stories and showing that you’ve been through it before.

LinkedIn for growing your business?

• LinkedIn is becoming a business social app.
• It’s not just a place for putting your resume.
• It’s now one of the best places to engage and develop a business.
• LinkedIn has just come out launching their own audio/video style of Clubhouse
• DCP the heck out of LinkedIn.

There are a lot of people out there working in a job, but know they are destined for something greater as an entrepreneur. What is your best advice for them on how to make the transition?

• Screw up fast and screw up hard. As an employee, you are taught not to do this, but as a business owner, if things are not breaking, then you are not going big enough and doing enough.
• Turn off everything you thought of an employee and start thinking like a CEO.
• People get hung up in creation.
• They are not being out front growing their business.
• Your business will never be built by doing just operational stuff.  Build a network and leverage the heck out of it.
• You have to mentally become what you want before you can get it. If you hand someone a million dollars that didn’t earn it, they most likely will lose it because they have not developed themselves to keep and manage a million dollars.
• Quit thinking in “how” and start thinking in “who” – who can get this done for me?
• Quit thinking in “how” to get where you want to go and start thinking in “systems,” – what systems do we need in place that can duplicate and grow to get you there?
• Most of the time you need to take action and quit planning. ​

What lessons from owning a farm have helped you most as an entrepreneur?

• Regiment is everything.
• If you don’t have regiments and routines, you will fail.
• Your day should be regiments including the fun things you do.

Best Quote: Every lesson you learn in business is going to be applied again somewhere down the road…

Donnie's Misfit 3:

1. Be you. Everyone else is taken. You do not need to be someone else to be successful.
2. Go BIG. The Level you are going at right now is not big enough.
3. Get rid of your excuses. Running your own company, you will meet yourself along the way because you will run out of excuses. Take ownership.

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This week’s Misfit Entrepreneur is Dave Menz. Dave is known as the “Laundromat Millionaire.” He grew up in poverty and had to overcome tremendous challenge to find success. And he did it by doing something obvious, but unique – upping the game in an industry that was resting on its laurels, the laundromat space.

He started by doing what I have come to call “chicken entrepreneurship,” building a business on the side while working a job. And now he’s a millionaire multiple times over and the author of the forthcoming book, Laundromat Millionaire – the Grit to Elevate and Industry.

Dave has a true rags to riches story that I cannot wait for him to share with you.

www.LaundromatMillionaire.com

Dave grew up poor in Flint, Michigan. He lived in a rough neighborhood but had good parents. They didn’t have much money, but they had a good family. He learned that no one was going to hand him anything, but that he could make it happen for himself if he pursued it. He always had an entrepreneur streak in him, but as he grew up, he “took the bait” of corporate America and had the stereotypical middle-class lifestyle.

It was in is late 20’s that he realized that it really wasn’t what it was cracked up to be. He had kind of sold out on his dream of being an entrepreneur. So, over the next 5 years he and his family lived well below their means and saved to buy a business. They didn’t know what it was, but they needed seed money.

Over those 5 years, he and his wife worked really hard at their plan and looked at every business he could find, but none of them checked all the boxes until he came across a laundromat a few miles from his house.

He didn’t see any red flags in his diligence, but he saw tremendous opportunity and he seized it. The laundromat was “a complete dump and losing money” when they bought it. After going to work, nowadays Dave owns 5 laundromats and the real estate with them and has built a multi-million-dollar business. They even had a laundry pickup and delivery service.

Now Dave’s personal mission is to elevate the industry.

Why did you choose the laundromat business over all the others you looked at?

• A lot of the negative conceptions about laundromats as opportunities.
• Dave believes the laundromat business is the best small business in America.
• Laundromats are a simple cash business with no accounts receivable, no inventory, simple book-keeping, and minimal employees to manage.
• It is also a simple business to run that is steady.
• It is also a vital community resource that is recession resistant.
• It is a business about people who need a good service and that is the opportunity – where many owners just maintain a laundromat, it can be and do so much more.
• It can almost be boring because it is consistent, but not “sexy.”

At the 10 min, Dave talks about being an entrepreneur in the general sense and the gift that it is. Dave would find that he was proud to be an entrepreneur and own a business, but when told people what kind it was, he could see the look on their face. He also talks about the laundromat business in general.

What did you learn and do to differentiate your business?

• Most people that run laundromats treat it as a side hustle that they don’t have to do much with. That sets the bar low.
• Dave treated it as a true business who cared for its customers. The bar was already set low for wowing people. For example, having a very clean and well-kept store. Having an attendant available to help people.
• Dave created standards such as high customer service, having attendants, and creating a better value proposition.
• It didn’t happen overnight and he continued to work for almost 5 years at his job while putting every extra hour and extra dime into building and making the business better.

Dave’s philosophy: As a human being, he wants to be a better version of himself each day. A better husband, a better dad, and a better business owner.

You found your business on Craig’s List. Was that luck or is there still opportunity to find businesses to buy there?

• There is still opportunity there.
• It’s an overlooked place
• At the 21 min mark, Dave talks about the love being an entrepreneur and running a good business, no matter what the product is.
• You can go onto Craig’s List under the “Businesses for Sale” area and find many different ones there.
• There are “diamond in the roughs” to be found.

You talk a lot about “Grit.” Define grit how you see it.

• The willingness to do anything that is legal and ethical.
• It is never quitting. It is not what you do, it is who you are.
• It is a mentality.
• There are lot of people out there that want to be an entrepreneur but aren’t willing to do the things necessary. They just want the fun.
  • They don’t have the risk tolerance
  • They aren’t willing to delay gratification
  • They don’t understand everything that goes into it.

At the 29 min mark, Dave talks about how he was grinding and pushing so hard, that he woke up one day and started getting ready for work and his wife looked at him and said, “What are doing? It is Christmas Day.”

“To get things in life that most people in life don’t ever achieve, you have to be willing to do things that other people are not willing to do.”

What advice do you have for those looking to build their business while working a job?

• Sacrifice. You will have to sacrifice to make it.
• You will have to delay gratification and think long term.
• None of us are guaranteed a tomorrow, so we must make the most of it.
• Make sure you are living your authentic self.
• At some point, you will reach a point where you entrepreneur income equals you job income and that is freeing and empowering.
• For Dave, his job came first as his primary source of income, and he did whatever he had to give an honest day’s work for an honest day’s pay.
• Dave stayed longer than he had because he could do both well and it helped him to have extra cash to pay debt and other things.
• “When you start, you need your job. In the middle, you want your job. And in the end, you are done with your job.” How you make decisions in life is reflective of needs and wants and where your priorities are in life. Dave got to a point where he did not have to do overtime, etc. ​

At the 38 min mark, Dave and I talk about self-education and the important of that journey in helping you as an entrepreneur. Don’t every stop pushing the envelop when it comes to your self-development.

Best Quote: To get things in life that most people in life don’t ever achieve, you have to be willing to do things that other people are not willing to do.

Dave's Misfit 3:

1. Be your authentic self. The beauty of business ownership is that you get to decide what your business looks like and what it doesn’t.
2. Be passionate about something. Live a fulfilled life. Do not be here to “exist.”
3. Serve others. Look for opportunities to make a difference. Always do what is right.

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This week’s Misfit Entrepreneur is Andy Mowat. Andy has helped build 3 $1Billion+ companies, Upwork, Boc, and Culture Amp. He is a serial entrepreneur who knows how to build a scalable company that gets results. His specialty is building successful sales and marketing organizations.

But, at the core, he’s a great entrepreneur. He knows how to spot a trend, create the vehicle to capitalize on the opportunity, and make it go. Most recently, he is doing that in his latest company, Gated, which is a unique twist on how people can access you.

I want to discuss all of this with him today and squeeze all of the wisdom I can from him on how to start, grow, and build a brand.

https://www.gated.com/

Andy’s path was not a straight line. He went to college on the East Coast and ended up in finance and banking. He took Czech while he was in college and ended up going into private equity in eastern Europe.

He ended up running the finance function for every grocery store chain in Czech Republic, Slovakia, and Poland. It was early in the days of coming out of Communism and was eye opening.

He then went to business school but came out in 2001 and things were slow. He found a family office to work for and they tasked him with finding a new business to buy and get into. He suggested health clubs and ended up building high end athletic clubs throughout the west. He knew tech was where it was at, so he then reached out Elance and others and cold called the CEO’s ending up working for Elance. He ran sales and marketing operations. He then went to work for a company as a co-founder outsourcing administration assistants. He then went to work for BOCs running all their post-sale operations and then leading marketing. He then went to work for CultureAmp taking it from $5 mil to $80m. Along the way, he noticed the need to need to better guard a person’s email, so he built Gated.

At the 7:30 mark, Andy shares what Gated is. It is an email management system that keeps people from getting to your inbox unless they are willing to give a donation to charity. It helps to make sure you are communicating with people that genuinely want to communicate with you.

What elements are needed to build a unicorn – a billion-dollar company?

• Product/Market fit
• Brand
• If you don’t have those 2 things, it’s almost impossible.
• Andy gives an example of ow this happened with CultureAmp.

Talk to us about Go to Market Machines. How do you build a successful, scalable business?

• It is a custom fit each time.
• It is not “cookie-cutter.”
• Andy starts with marketing because you must have the demand generation.
• Pattern recognition is important, but a marketing strategy must be customized to each company.
• Andy has a 6-part article series on his LinkedIn that lays out how to build the Go to Market engine.

Any specific part of the 6 that you feel is most important?

• The team is the most important aspect of a growth engine.

What are the key elements to building a successful sales team and growth engine?

• Read Jason Lumpkin’s stuff around hiring and building sales teams.
• Invest deeply in sales-enablement vs. throwing people at the problem.
• From a sales enablement standpoint, the managers are your customers, not the reps. If the managers aren’t deeply invested in the training and asking for what is needed to make their people better, it won’t do well.
• Invest in good managers and support them well.

What should business owners and entrepreneurs do from the start to avoid some of the common mistakes in building a sales organization?

• The classic mistake is that founder’s hire a salesperson thinking they can figure out how to go to market. The founder needs to do that and figure it out.
• The founder needs to be selling the first half million to a million of ARR.
• You need to be able figure what the repeatable sales process is before you bring someone into to sell.

At the 17 min mark, Andy talks about being a non-technical founder….

What type of data should people be looking at to maximize the impact of a sales team?

• Systems that are good are Hubspot for smaller organizations and Salesforce for larger ones.
• Look for all the ways you can scale and find leverage.
• Key metrics to look at include:
• • Client retention
  • Funnel conversation
  • Time for the sales process. (How long it takes from lead to sale)
  • Lead flow.
  • MQL to Opportunity conversion. The opportunity to win conversation.
  • Customer acquisition costs.

What does it take to build a great brand?

• Brand starts with what you name your company.
• Naming matters.
• Being very clear around what your company does and what you stand for is critical.
• People should understand very clearly and quickly your value to them.
• Product marketing and differentiation is very clear.
• The last important piece is the experience people have when they interact with your brand.

Most unexpected thing that you have found on your entrepreneur journey?

• Andy shares how Gated has surprised in that people give more than required and how much people want it.

Routines or best practices you do every day to help you maximize your success?

• Andy writes down his Top 3 things he has to do on a notepad each day.
• He spends each evening reviewing what he needs to do and accomplish the next day.

Best Quote: The classic mistake is that founder’s hire a salesperson thinking they can figure out how to go to market. The founder needs to do that and figure it out.

Andy's Misfit 3:

1. Have a career thesis. Get clear around the path that is most likely for your career.
2. Don’t worry about the steps you make in your career. You can always tell a good story about your career. Don’t take too many steps at one. Take one step and pivot, then the next and so on.
3. Have a side-hustle to give you an outlet.

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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.

This week’s Lesson for Hannah

Hannah, I want to share something with you that I’ve learned over the years. It’s something I have noticed about human nature. And it’s pretty consistent. Most people give up too early or right before they find success or get the breakthrough they have been seeking.

This usually happens because people cannot stay in the game long enough for all the work and effort to truly payoff. To be fair, some of this is because society has conditioned us for instant gratification. Everything has to be now, now, now.

In some ways, we all have what I call a “chaos switch” which is a pattern in human in nature to disrupt and change when things have been consistent for a while or even when things have been good for too long. It’s almost like in some ways we are wired to self-sabotage. And that is what happens to people over time and the reason they don’t succeed in reaching the levels they want.

But the secret to lasting success is to stay in the game. To outlast. Where everyone else is throwing in the towel or letting their chaos switch get the best of them, we need to focus on press on. When you feel these moments in your life is when it is most important to keep going. We need to continue toward our goal or stick with our endeavors.

I will give you an example. At 9 years old, you just got your Black Belt in Tae Kwan Do. It’s an incredible achievement that you worked several years to achieve. And after working for that long and achieving the goal, you may feel a little like it is time for a change. Time to do something else. In fact, I sense you feeling a little this way recently. That is the chaos switch in action. At 9 years old with a level 1 Black Belt, you are really just getting started on your journey. You love Tae Kwan Do and there are many more degrees of Black Belts to go. To achieve true mastery, you will need to keep going. After all, you’ve put in years of work to get this point – and now is when things get really good, and you start to learn the best stuff in the sport – it would be a shame to stop now. But that is what a lot of people do. They stop or give up right before all of the best stuff comes their way!

Hannah, and everyone listening – don’t be one of those people. You must have the fortitude to keep going and see things through to their best levels and outcomes. Don’t let the chaos switch sabotage you from achieving your dreams, goals, and reaching your best self. Resolve to follow what I’ve called the DCP formula. The D stands for discipline. The C stands for consistency. And the P stands for persistence or perseverance. Now when you hear that you think, duh, yeah those are needed to succeed. But what do they really mean? What is discipline? Discipline is doing the things you know you need to do, even when you don’t want to do them. Consistency is doing that day in and day out. You can be disciplined for one day, but that won’t do you any good. You must be consistent. And even if you are disciplined and consistent, you are still going hit walls – major roadblocks that seem insurmountable. That is where you must be persistent and persevere and keep going because it is beyond those roadblocks and walls where the great things in life are found.

Hannah, I hope you take this lesson to heart as it will serve you well for your whole life. Stick with the things that matter, give them everything you have and see them through – and practice DCP as a way to help you do it.

I love you,

Daddy

Best Quote: Most people give up too early or right before they find success or get the breakthrough they have been seeking.

Misfit 3:

1. The secret to lasting success is to stay in the game. To outlast.
2. Don’t let the chaos switch sabotage you from achieving your dreams, goals, and reaching your best self.
3. Stick with the things that matter, give them everything you have and see them through – and practice DCP as a way to help you do it.

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This week’s Misfit Entrepreneur is Josh Landon. You may not have heard of Josh and his holding company, Wings and Arrow. But you’ve certainly heard of his products such as Ashland Hard Seltzer, Voyage Hard Lemonade, and several others.

Josh is a serial entrepreneur. He sold his first business, St. Archer, to Coors for over $100 million and built Wings & Arrow’s portfolio to millions in revenue from the ground up. In fact, he was given a hefty offer from Anheuser-Busch after only 11 months of building Ashland Hard Seltzer, but he decided to hold on and keep growing the brand.

Through it all, Josh hasn’t compromised his passion for his craft and mission to create unparalleled products for customers. I'm excited to unpack his journey and his lessons lessons learned on the way.

www.AshlandHardSeltzer.com

www.VillagerSpirits.com

Josh took an unconventional path to becoming an entrepreneur. He started out as a filmmaker and still is. He still does all the film for the brands. He was documentary filmmaker making surf films. He won a number of film festivals and was a working filmmaker.

How did you go from film making to building St. Archer and selling it?

• As with any business, it started with an idea.
• Josh was on surf trip in Puerto Rico with some of his surf buddies and a Tequila brand approached them about investing in the business and being an ambassador.
• He didn’t think it was a good idea and thought a better idea was to do it with craft beer because of its popularity.
• That’s when the lightbulb went off the produce a beer that is part of the surf/skate lifestyle that has come from them.
• There was never an authentic brand from the people that made up the pro-surfers, snowboarders, skaters, etc.
• He decided to do it and worked with many of the greats in the industry that could be ambassadors.
• But he knew nothing about the business or brewing beer.
• He knew he could build a brand and that is what he set out to do.
• He didn’t go to college or have a degree.
• He didn’t even know what a capital raise was.
• He bootstrapped and did it and figured it out and focused on what was in his control.

What are you doing different from your experience with St. Archer with Ashland? Anything you learned that made it easier?

• He sold St. Archer to take the brand national, but it was also to see how he would move on and what could come next after getting the financial windfall.
• He could have stayed at St. Archer/Coors, but he realized that he was motivated by more than the job and security of the money – he was an entrepreneur.
• He is driven to complete at the highest level with his businesses and knew that he could not do that at Coors.

At the 13 min mark, Josh talks about the life of the entrepreneur and putting his family through everything over the years.

You’ve raised $50+ million with no venture money and giving up big chunks of the business?

• Raising money comes down to an ability that is not really a learned trade.
• You have to authentically tell the story/vision of the brand/company you are creating, and people buy into it.
• There is no step by step to raise money.
• A lot of it is personality, but also circumstance.

At the 17 min mark, Josh talks about when he made the decision to go all in on St. Archer and move from Ventura to San Diego with his family. He had nothing and had to win and that was part of the story and why people invested. He was all in and had to make it happen.

What have you learned about building a successful brand and community?

• With St. Archer, he created the brand that he wanted to see and be a part of.
• What has worked is having celebrities as investors, but active in the company and brand. They don’t just buy in and go away.
• If he is going to have them invest in it, then they need to be a part of it.
• Build a brand that people want to be a part of…if he likes it, he wife, and his friends/business partners – then it is a go.
• Beware of overanalyzing. Create the brand you want, articulate the vision, and pour yourself into it.
• Then, hire the best and allow them to go what they do best in building and sharing the brand and company.
• Focus on what you do well and don’t do what you suck at!

How do you market and sell it once you’ve built the brand?

• That is where the talent comes in.
• Get experience in this area.
• Josh describes the beer business and how it works to make sales. It’s great to listen.
• You need to know your customer.
• You need to know where they are.
• You need to be there when they are ready.
• The majority of the money is spent on sales folks and get the brand in stores.

Did anything from your time as a filmmaker cross over to help you as an entrepreneur?

• As an independent filmmaker, you are doing everything. It is entrepreneurial.
• You have to figure it out from scratch and then have to make it, produce, get into distribution and get people to see it.
• Each film is its own brand and business in essence. ​

What has surprised you most on your entrepreneur journey to date?

• How hard it is.
• Not just the work, but emotional challenge.
• You have to deal with everything and constantly be “on.”
• It is a different type of pressure.
• It is tough to keep your personality in the middle.

Best Quote: Create the brand you want to see and be a part of...

Josh's Misfit 3:

Straight hard work…especially when you don’t want to.

Humility. No matter how successful you get, keep yourself in check. Nothing ruins businesses more than ego. Self-care.

Take time for yourself and take care of yourself mentally and physically. You must perform at the highest level.

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This week’s Misfit Entrepreneur is Liz Elting. Where to start with Liz. She co-founded TransPerfect, the world’s largest provider of language and business solutions. The company does over $800 million in revenue per year and employs over 6000 in 100+ cities across the world. She has been recognized and awarded with everything from Ernst and Young’s entrepreneur of the year to being named one of Forbes richest self-made women many years running. She and her story have also been highlighted in numerous books and publications.

More recently, Liz is known for her philanthropic efforts with her foundation, the Elizabeth Elting Foundation which works to advance the economic, social, and political equity of women and marginalized people.

I’m excited for Liz to share her story with you and the lessons she’s learned along the way.

www.ElizabethEltingFoundation.org

Growing up, Liz lived in a number of different places. Everywhere from New York to Portugal to Canada. She went to college in the US and realized she could pursue her passion of languages. She just didn’t know what she would do with it – but her dad told her to follow her passion. After college she worked the translation industry in New York. She found a company that was the largest translation company in the world that helped combine her passion for language and business.

She worked in the company for 3 years and learned the industry. She then went back to school and got her MBA. While in business school, she decided to go into finance and briefly tried out investment banking. She realized she made a huge mistake and then started TransPerfect in November of 1992. In 2018, she sold half of her company and started her foundation.

When we first spoke, you said, “The harder you work, the luckier you get.” Explain that…

• That is Liz’s mantra ever since she grew up.
• She really felt it when she started her company working 100 hours per week.
• She delayed gratification and it paid off.
• She had to work intensely and not quit and the more she put in and more focused she was, the more successful the company became.

At the 9:30 mark, we discuss the first products developed and how Liz got her initial clients, then scaled…

• At the other company she was at, they translation work for companies, but Liz knew there was so much more that they needed.
• She knew that everything needed to be able to work in every language.
• The first product was standard translation services for companies, but the goal was to become the end-to-end solution.
• The goal was to do anything in a foreign language to scale.
• Over time they talked to their clients and really listened. They needed things like staffing and litigation support and content management services.

Then they found a way to offer it to them. Talk about going through the stages of business growth – which ones did you feel were the hardest?

• The first million is by far the hardest.
• It is much harder to go from $0-$1 million than from say $5 mil to $500 mil because by that time, you have built the teams, systems, client base, etc. Initially, you don’t have that.
• One of the core values was “Own It” and so when they started in a new market or sale, it was set up like that - employees owned it. It was then that had to build the first million in the market, etc. The sales teams had to work very hard.

Tell us about the core values. What are they and how have they made a difference for the company?

• The core values end up being what is important to you and your life.
• So, for Liz, integrity and honesty was critical.
• One of the questions she would ask in an interview is “What would you do if you saw someone stealing money out of the cash register?” The answers were eye-opening.
• Owning it was another value that she embodied, and it became another core value.
• They ultimately had 10 core values.

Is there a skillset or mentality that you feel is most important for success in today’s world?

• You must have the work ethic.
• You must be a leader and stand out from the crowd.
• Being true to yourself and do what is right.
• Another value was service, and businesses need to spoil their customers and look at how to stand apart.

What did you do to stand out in the area of service?

• Being there for the client 24/7 in the early days, but that was not sustainable.
• When they tried to pay employees to work holidays and other things, it led to turnover, so they had to find ways to “be there” for their clients, but in a more manageable way.
• They found ways to do this by adding in offices in different times, creating shifts, giving comp time, etc.
• They also did special VIP events for clients.
• They found ways to produce results for clients faster than the competition.
• Filling gaps in products or services clients said they needed.
• They were also innovating and figuring out how to help client in better ways.

Talk to us about the entrepreneur journey. What have you learned about how to consistently succeed as an entrepreneur?

• No matter what – staying true to your core values.
• When times are challenging – you must continue to put the money into sales and marketing.
• Find ways to align incentives and compensation so that when the company does well or the employee does well, they are well taken care of. This is for all people in the company.
• Focus on employee morale. Don’t just spoil the clients but do you best to do so for the employees as well.

What are the most important things leaders should do to ensure success and make sure they are doing the best for their employees and organization?

• In the early days, the leader does everything, but over time, they must delegate to scale.
• To do that, you must find the best people, so your interview process is most important. Hire slowly, fire quickly.
• It’s the employee you keep around that can give you the ulcer, not the one you don’t have.
• Once you have your people – focus on training, development, and retention.
• The only way to lead is to lead by example. You cannot inspire people to do things you haven’t done or aren’t willing to do.

Advice for CEO’s? What have you learned about being a great CEO and how it is different from other areas of leadership?

• In the early days, it is a lot of doing and doing everything.
• Then it is a lot of hiring, training, and delegating and retaining (the middle stage)
• Then, it is having the vision for what’s next and making sure the innovations are happening.
• It is thinking long-term and getting the feedback from the people on the front lines.
• It is dealing with clients at all stages.
• And always maintaining a connection with the employees.
• 1 on 1’s with people at all stages and levels it very important as well.

Anything you’ve learned in selling your company and starting into Philanthropy?

• It was wonderful to lead the company for 26 years.
• There were things she saw and bigger challenges/issues that needed to be improved.
• There is a lot of work to be done.
• Philanthropy is entrepreneurship in a different way. ​

What was the most surprising thing that happened on your journey?

• Hiring an entry level person when they first started and then watching them grow and see what they could become.
• It was so rewarding and exciting and she learned so much from it.
• The learning is continuous and never ends!

Best Quote: Work today like no one else will, so you can live and give tomorrow like no one else can.

Liz's Misfit 3: ​

1. If you don’t think you can be successful as an entrepreneur, you can. No matter what happens to you or go through, success is still possible.
2. Hard work. Work today like no one else will, so you can live and give tomorrow like no one else can.
3. Integrity and honesty are keys to living a great life and running a good business.

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