Info

Dave Lukas, The Misfit Entrepreneur_Breakthrough Entrepreneurship

The weekly podcast with serial entrepreneur, Dave M. Lukas, devoted to giving you incredibly useful and unique insight from the world's top entrepreneurs with a focus on their non-traditional methods for achieving success, their Misfit side. Misfit was created to give YOU the breakthrough entrepreneurship strategies and actionable advice to accelerate your success! The show's open format and Misfit 3 concept, combined with Dave's intuitive and engaging interview style quickly uncover each guest's key tools, tactics, and tricks that listeners can start using in their lives right now. Learn more about the show at www.misfitentrepreneur.com and become a member of Misfit Nation by signing up for the Misfit Minute, the FREE weekly email with specific resources from the week's "Misfit 3," and actionable tips and items from the world of Misfit Entrepreneurs. It is delivered every Friday to your inbox!
RSS Feed Subscribe in Apple Podcasts
2021
January


2020
December
November
October
September
August
July
June
May
April
March
February
January


2019
December
November
October
September
August
July
June
May
April
March
February
January


2018
December
November
October
September
August
July
June
May
April
March
February
January


2017
December
November
October
September
August
July
June
May
April
March
February
January


2016
December
November
October
September
August
July


All Episodes
Archives
Now displaying: Page 17

The weekly podcast with serial entrepreneur, Dave M. Lukas, devoted to giving you incredibly useful and unique insight from the world's top entrepreneurs with a focus on their non-traditional methods for achieving success, their Misfit side. Misfit was created to give YOU the best, actionable advice to accelerate your success!

The show's open format and Misfit 3 concept, combined with Dave's intuitive and engaging interview style quickly uncovers each guest's key tools, tactics, and tricks that listeners can start using in their lives right now.

Learn more about the show at www.misfitentrepreneur.com and become a member of Misfit Nation by signing up for the Misfit Minute, the FREE weekly email with specific resources from the week's "Misfit 3," and actionable tips and items from the world of Misfit Entrepreneurs. It is delivered every Friday to your inbox!

Jan 17, 2018

This week’s Misfit Entrepreneur is Nischal Shetty. Nischal is the founder of one of my favorite social media management tools, Crowdfire. Crowdfire is a social media manager that helps your manage across all social accounts, grow your impact, audience, and message, and helps you to engage more fully with your tribe.

Millions of people and companies use Crowdfire for their social media growth and engagement.

Nischal not only founded Crowdfire, but physically built it, boostrapped it to its first million in revenue, and took the service from 0 to over 15 million users without spending any money on marketing or advertising. In fact, he developed a unique marketing strategy called ETC to achieve this, which is just one of the things I want him to share with you today. For his efforts, not only does he have a great company to show for it, but has also won a number of awards, including being chosen as a Forbes 30 under 30. I am really excited for you to learn from him.

Twitter @NischalShetty

www.CrowdfireApp.com

FREE Gift for Misfit Nation!

Go to Misfit.CrowdfireApp.com for 3 months of Crowdfire FREE

Nischal says he is an “accidental entrepreneur.” He was an engineer that wanted to create some extra money, so he created a blog because he had heard you could make money doing it. After blogging every day for a month, he realized that “just blogging” doesn’t guarantee success. So he started researching and spending time learning how to market his blog and get his message out. That lead to him building the first version of Crowdfire. He used that to grow his blog and eventually put it out there for others to use and was amazed at how many people used it.

He then bootstrapped it for the next year and then quit his job to go full time. That was 6 years ago and Crowdfire had about 500,000 users. Now it has over 15 million users and employs 45 people.

Nischal credits his entrepreneurial streak to his father – a restauranteur, but it was never forefront until much later. The building blocks were always there, but it took him some time to realize it.

What is the most important thing you’ve learned about yourself in your journey?

  • The power of focus. You have to focus intently on your vision and your goal and stay disciplined and consistent with it.

At the 7:20 mark, Nischal and I discuss his way of thinking like a contrarian and turning whole business models upside down.

  • You can learn from what is out there, but ask yourself what has been done that has never been done before
  • The best way is the chart your own path
  • To do that, you have to think completely different than anyone else in your market

Lessons learned from bootstrapping Crowdfire to its first million?

  • As mentioned, Nischal started out by giving Crowdfire away free to users because he wanted to help people in the same way he had needed help with his blog
  • After about 6 months of it taking off, he started to have some serious costs for servers, etc. so he kept a free version, but charged for more advanced features – but made it no obligation to the users.
    • He basically asked for their help in paying to keep it going
    • The users responded overwhelmingly
  • This may sound like common sense, but if you are going to bootstrap a business, make sure you have a good idea and plan for how it can and will be monetized before beginning. Many people don’t think about that until after creating the business and product.
  • Charging early is better than doing it than later on. Charging early on (in the 1st 6 months) helped Crowdfire grow and gain traction tremendously.

Thoughts on creating community?

  • The best way to do this is when the founder is part of the audience and a user going through what the client go through.
  • It is hard to understand the pain points and help people when you haven’t experienced them yourself.
  • When the founder is a part of the community and can relate, emphasize, and show they have been in the trenches alongside the people using the product, people relate to them and it is easy to build a community around your business.

What does it take to build a successful company?

  • There is no formula
  • Every time you think you know what it takes, it seems like the rules change
  • There some basics that are critical: 
    • The people you bring with you on your journey are so important. You cannot do it alone and you need people just as passionate as you to help you solve the problems
    • Always think from the user/client perspective, then think about the money
    • Be mission driven

Thoughts on building a company culture?

  • First and foremost, when you hire, it is not just about skillset, but cultural fit – to be a good fit, do they understand the users and are they a user or someone who could be a user and truly sees the benefit in the product/solution
  • No matter what rules you have in the company, they first apply to you as the founder. Your actions are always watched.
  • Be a coach for your employees and help them grow – don’t’ just tell them what to do.

At the 21 min mark, Nischal discusses the ETC strategy and how Crowdfire used it to go from 0 to 15 million users with no marketing money spent.

  • When you start out and promote your new product, you will get coverage on different mediums which leads to getting some initial clients
  • One critical item to have with your product in the beginning is to have an easy way for your early adopters and easy way to share your product with others

ETC stands for Ego, Temptation, and Curiosity

  • When marketing your product your goal is to tap into one or all of these for users to share your product
  • Nischal gives many examples of this
    • When Gmail first launched, the only way you could join Gmail is if you were invited by a Gmail user, a friend. Gmail played on the Ego aspect of their users giving them the power to invite users
    • Dropbox used Temptation really well. When they launched, they “Tempted users” to get more storage by giving them the bonus if they shared Dropbox with their friends and encouraged them to sign up.
    • Crowdfire used Curiosity. They created a feature that allowed people to see who their unfollowers were. They gave users a simple way to tweet about it and say “I found my unfollowers on Crowdfire” because at the time, the capability did not exist and having this feature created a lot of first adopters because of their curiosity.

What trends are changing in social media? What’s working?

  • Social media has come a full circle
  • Personal communication is coming back instead of broadcasting
  • One on one is working
  • Start having personal connections meaning reply and have discussions with people that interact with you on your social media
  • The next big change is where blockchain will be used in marketing and social media – it is something to really pay attention to.
  • At the 33 min mark, Nischal gives example of how he things Blockchain will impact marketing and social.

 

Best quote: “Everything good or bad in a company starts with the founders...”

 

Nischal's Misfit 3:

  1. Distinguish between urgent work and important work. Do the item that are urgent and important first, always.
  2. When it comes to hiring, first play the part. Do the position(s) for some time and then you will know the person you want to hire.
  3. Find the right advisors. Those that have done what you are trying to do. Be smart and clear on the things you want to learn from them and make sure they have done those things before and succeeded in them.
Jan 10, 2018

This week’s Misfit Entrepreneur is Michelle Parisa Wazek – also known as Michele PW. Michele is the copywriter to the stars. She has worked with everyone from Brian Tracy to Lisa Sasevich and over the last 8 years, her “love based” copy and marketing philosophy has sold nearly $50 million dollars in products and services.

Michele is a best-selling author many times over, has appeared across countless media, and works with hundreds of clients throughout the world helping them to, as she says, “Build a business your love that loves you back.”

But like many successful entrepreneurs, she does things differently and approaches her craft with a completely different view than the norm. She does it by employing love. When I first met Michele, I was incredibly intrigued with this approach, especially after hearing that it continues to generate millions of dollars annually. So, I asked her to come on the show and share her biggest secrets to help you find more success in your business.

www.lovebasedbiz.com

www.lovebasedbizblog.com

Podcast: Love Based Money

Everything all started for Michele when she was 3 and taught herself to read to because she wanted to write books. Being a writer has been a driving influence throughout her life. When she got to college, she discovered “direct response” copywriting. She helps people sell one to many through her copywriting.

Connecting with people is one of the most critical things for businesses today – What is the most important fundamental thing people need to do to genuinely connect?

  • Being genuine is the key to connecting
  • The online marketing industry is having a “come to Jesus moment” as it is turning into a mature niche
  • A lot of people are not sure what to do
  • What is working is getting back to the basics and not just throwing a bunch at fancy marketing, but really building relationships with people

How does someone know they are hitting the mark? What are the people that are “doing well”…doing well?

  • Your insides must match your outsides – you have to be able to walk the walk
  • Be committed to your highest purpose and not attached to the results
  • True honesty – be honest about where you are at
  • Authenticity, Authenticity. Authenticity
  • Show up and be a master of your craft

At the 11-min mark, Michele answers the question, “What is Love-Based Copywriting?” and is so important to listen to what she says!

  • Loved based copywriting is persuading someone to take action like anything else, but it is the how.
  • In order to get someone to take action, you must tap into their emotion
  • Emotions are love or fear-based – most copywriting/messaging focuses on fear

“Don’t build your business on a foundation of fear…”

  • Market and come from a place of higher power is the foundation of love-based copywriting. When you come from love instead of fear you build better connections and a better business.
  • Focus on what ignites and inspires people – what inspires you? What would make you want to act? Think in those terms…

At the 15:30 mark, Michele gives examples of what she has done with clients.

  • Love-based is about educating and stepping back and let the client make the choice...stand in your power
  • There is a correct way to respectfully acknowledge your prospects pain. Pain helps you grow emotionally and spiritually.
    • Don’t turn pain into suffering with focused on worry or anger in your marketing
    • Acknowledge the pain is there, but come from a mindset that you are committed to everyone getting what they want, you are not attached, and you don’t have to rescue – stand in your power.

Copywriting is the same as salesmanship in print – how would you act if you were in front of someone looking in their eyes?

At the 22 min mark, Michele give some great advice on selling. Pay attention where she talks about how clients and not you need to rescue themselves.

Formula for a successful copywriting campaign?

  • Michelle has a love-based copy template that is available for free on her website, but gives the steps
  • Step one: Knowing who your ideal client is. You must know them like you know your best friend. You know their pain and are passionate about truly helping them. Be committed to get the client’s needs met, but not attached to the outcome.
  • Step 2: The correct use of pain – What is keeping them up at night? How is your product and service going to help?
  • Step 3: Coming from a mindset of abundance and being committed, but not attached. People will sense if you are coming from fear and you won’t be as successful.

Best ways to get feedback?

  • Open-ended surveys – you want their words
  • Facebook groups allow for good research

Common mistakes made in copywriting?

  • Being too general and not specific
  • When you are too generic, your ideal prospects are not going to see you
  • People are looking for specialists to help them and not generalists

Tips for generating leads?

  • It’s how you “decorate the door”
  • You want to address the perceived problem – even if it may be the wrong one.
  • Michelle gives a great example on this at the 41 min mark
  • Take stock of all the things that make up the perceived problem and how they relate. Be specific and call them out in your opt-in pages

Biggest failure?

Michelle did not use “loved-based” copy in the beginning, she did more fear-based

She would follow what clients wanted even if it made her uncomfortable

Recommended tools?

  • Infusionsoft
  • Clickfunnels
  • Michelle’s advice is to find the ones that work best for you, but don’t get to attached to the bells and whistles – but your ability focus on being authentic and staying in tune with yourself with them.

Best Quote: “Don’t build your business on a foundation of fear…”

Michele's Misfit 3:

  • Be open to sitting and feeling your emotions.
  • Sit and breath into the emotion, feel it, let it move through you and you can break it.
  • Meditation is a very useful way to help control your emotions Create a ritual for when you do things like having a sales call or writing copy – take some time to focus on your vision and tap into your anchor.
Jan 3, 2018

This week’s Misfit Entrepreneur is JV Crum III. JV probably needs no introduction. He is the best-selling author of the Conscious Millionaire and founder of the #1 rated podcast of the same name that has over 12 million listeners in almost 200 countries. JV became a self-made entrepreneur millionaire in his early 20’s. Aside from being a best-selling author and entrepreneur, he is a keynote speaker, certified business coach, attorney, and CEO of the Conscious Millionaire Institute, a global entrepreneur business coaching, training, and wealth product business.

It didn’t start out like this for JV. Like many kids he grew up with a lot of financial uncertainty, he dreamed of a different life. He decided early on to become a millionaire.

By the age of twenty-five, he had realized that dream and celebrated by purchasing a new luxury home on the water and his first Mercedes. He had the “American Dream”.

Life was great, except for one thing. J V quickly realized that his childhood dream had not included the truly important parts of life, such as feeling a deep sense of purpose and fulfillment. Although he had all the trappings of wealth and success on the outside, he felt empty inside.

This awareness led him to two decades of searching, which included reading extensively in the areas of both human potential and spirituality and it is the lessons from this journey and what has happened since that I have him to share with you in this interview.

www.ConsciousMillionaire.com

Free Gift: 3 Day Challenge Rapid Growth Formula with JV and Copy of the Book

www.ConsciousMillionaire.com/RapidGrowth

JV grew up poor out in a little country town. He grew up swimming and fishing with a cane pole because he could not afford a real fishing rod. He started his first business at 4 years old selling juice on the corner to help his family out.

One day, he asked the question, “What is the solution to his family not having money?” his answer to himself was that he was going to be a millionaire. His mother told him not to tell anyone. His mother had the mindset that very wealthy people had done something wrong to get it and didn’t want him to grow up doing wrong. Nevertheless, he kept this goal and by his early 20’s had done it. He made his first million at 25 years old. But, soon after he started to realize that something was missing and went on a journey to find it. He had the money, had the things – but wasn’t happy. There was something more. He sold his companies and began a focus on doing something greater and having an impact. He lived in a monastery, went to places to do deep work on himself, and would bare his soul to the groups he worked with.

He was told he had anger and he denied it for a while before finally working through it.

At the 10 min mark, JV talks about how he arrived at doing something that really matters.

  • The idea of “conscious millionaire” came to him while sitting in a hot tub! It took constant seeking for years only to find it there
  • As JV says, it all came because he was seeking to find and wanting to do something with his life that truly matters

What is the most surprising thing you’ve learned about life and yourself? What truly matters?

  • “If you miss your real journey, you miss your real life”
  • Every one of us had an authentic journey designed for us that you are building moment to moment.
  • When you are authentic – the path will make itself clear. It will reveal itself for you
  • The biggest and best answers come when you are authentic are open to the possibilities of the world around you.

At the 17 min mark, JV answers the question, “What does it mean to be conscious?”

There are 3 definitions:

Awareness

  • Level 1 is psychological – understanding the personal and business environment around you
  • Level 2 is awareness in the present moment. Simply being instead of doing.

Visionary

  • Seeing a vision of a better future and seeing something that is possible in the future
  • Most would think that we entrepreneurs are crazy in that we create a vision that does not exist and then go make it manifest in real life.

Social

  • Not only being successful but being conscious of how we can have a true impact for the greater good in doing so.

Pay special attention at the 23 Minute mark as JV discusses the 7 Habits of the Conscious Millionaire and the process of habits. This may be the most important part of the interview.

The 7 Habits Are:

  1. Conscious
  2. Focus
  3. Action
  4. Do What’s Right
  5. Leverage Every Day
  6. Seek Opportunities
  7. Lifelong Learning

What is your formula for building wealth?

JV uses a Rapid Growth Formula (he shares the first two that are foundational)

  • Get crystal clear on what you are passionate about, what your purpose is, and who you want to work with – your high impact vision

Think of your purpose as a gold coin that has one side that has your purpose and then on the back says the secret The secret to finding your purpose is to find out what the difference is that you really want to be making. Take some time to discover this and be very specific.

Once you have this, then look at the skills that come to you so easily you can do them in your sleep. What are naturally good at? Knowing what you do really, well will help you know where to fill gaps.

  • Mindset and getting into peak state – this comes from having clearly stated goals, especially your 1 Mission Critical Goal (the most important one of all)

Breaking Down Conscious, Focus, Action:

Conscious – 3 questions to ask

  1. What/Why? What is number 1 priority for you to accomplish in the next 30 days and why? Imagine if you asked yourself this question at the beginning of each month
  2. Who do you need on your team to accomplish that goal?
  3. How will you get there? Sketch out 3 different paths of how you will get there…

Focus – 3 ways that you need to be focused

  1. Focus your mind – Are you laser focused and clear on what you want?
  2. Focus your heart – Do you have your whole heart in it? Are you all in?
  3. Body Focus – Are you taking care of your body (good sleep, eating, exercise)

Action

  • Have a clear, measurable outcome for 30 days out and write down the major steps needed to get there
  • List those steps in the order they need to occur (you will find things you forgot and fill in the gaps)
  • Is there anything that needs to happen internally or externally

Best Quote: “Normal people are busy fitting in where we are busy redefining.”

JV's Misfit 3:

  1. If you miss your real journey, you miss your real life.
  2. How is your life contributing to the evolution of human consciousness?
  3. Challenge yourself to build a huge vision of what you really want to accomplish with your life. Use the Conscious, Focus, Action formula to help you.
Dec 27, 2017

Misfit Nation! Welcome to the Misfit Entrepreneur 2017 year in review where each year I attempt to boil down all of the incredible, useful information, strategies, and tips that our guests have given on the show into less than one hour for you…with a few surprises thrown in.

It’s impossible for me to go over every single best piece of advice from these amazing people and that is why I urge you to take some time and go through the Misfit Archives to see which episodes resonate most with you. In doing this episode, my goal is to spur ideas – to give you a lightning strike that propels you down a path of action to better improve yourself, your life, and your business or career in 2018!

But, before listening, I want to tell you something. I want to say “Thank YOU.” Thank you for listening. Thank you for your support of the show and thank you for sharing our message. Without you and the amazing feedback members of this audience give me every week, it would not be half of what it is. Because of you, in just over a year, this show has reached hundreds of thousands of people in over 70 countries. I am truly humbled and in awe of what we’ve done together and I am excited about having an even bigger impact with your help in 2018.

THANK YOU, THANK YOU, THANK YOU, and I hope you enjoy this episode as much as I did creating it for you!

Dec 20, 2017

This week’s Misfit Entrepreneur is Thom Singer. Thom is the host of the Cool Things Entrepreneurs Do Podcast, a renowned professional keynote speaker, and MC, and is a 12-time author of books on everything from business relationships to presentation skills.

Thom is one of only a few in the world, who is a certified speaking professional or CSP. He has spoken to audiences such as Fortune 500 companies, global organizations, and everything in-between and has presented to over 600 audiences in his career.

As Thom says, “in today’s distracted business environment, there is a disconnect between social media likes, links, shares, and follows – and real meaningful business connections. My work centers around helping people get back to the basics of relationships that lead to better opportunities, more sales, and realizing their true potential.” The ability to speak clearly, effectively, and deliver a message is one of the most important skills you can have in life and I’ve brought Thom on today to give you his best advice on how to set yourself up for success.

www.ThomSinger.com

Thom spent over 20 years in corporate America working for Fortune 500 companies, law firms, and even startup ventures doing sales, marketing, and business development. As he says, he always felt like his ladder was against the wrong wall. He did well, but he felt something was missing. Thom would go to different conferences and see speakers and started to see an opportunity for himself. Thom joined Toastmasters and had a knack for things. He even placed in the Top 18 in the world for their global speaking contest (out of 20,000).

He started using his speaking ability to create educational forums and classes for the law firm he worked for at the time. Thom loved teaching through speaking and started travel doing his speaking and teachings. It was during the 2008 downturn that he made his move and now is a full time speaker and MC and is much happier having his “ladder against the right wall.”

How does someone overcome the fear of public speaking?

  • Learning to clearly communicate is one of the greatest things you can do for your career
  • One of the best ways to overcome fear is to join Toastmasters which will give a warm environment to practice and get better. It will also give you confidence.
  • You must practice – it takes many professional speeches to make it “2nd nature” and to feel comfortable with all of the twists and turns that can happen while on stage. The magic number is 300 speeches.
  • You don’t have to prove you are the smartest one in the room. If you are speaking, the audience is on your side and wants you to do well. You automatically have the credibility.
  • You cannot under any circumstances “wing it.”

One other tip…

Create “Speaker’s College” in your mind. It’s free to enroll. Every time you see anyone give a speech, remind yourself that they are the professor and you are the student. Watch for what you like, what you don’t – figure out what resonates and learn from them. Ultimately, you will do in your own way, but it will help you figure out what your style is. And then every time you give a speech, your goal is to get a little bit better. And…SMILE!

At the 18 min mark, Thom talks about what makes a great speech?

There is no “true outline”

  • A speaker is not a commodity item, everyone is unique
  • A great speech has to do with how you tell a story
    • The human brain is wired for story
  • It has to be a unique story – something you have experienced or someone you know has experienced
  • Don’t tell “canned” stories that other speakers are telling
  • You need to tell stories that relate to your experiences and tie them back to usable content and tell it in a way that inspires – you will win over your audience.

Speaking Do’s and Don’ts?

  • Don’t get up and recite your own bio just after the MC or announcer gave your bio!
    • You are already established as an expert.
  • The most valuable real estate is the first 3-5 minutes. You only have a short time in which people will make a decision about you. Don’t waste it.
  • Instead, have a story that makes a point of where you are going to take them…
    • Think of this like your “opening ceremony” where everybody watches and then goes their separate ways – that is your first 3-5 mins.
    • The same thing is true for your “closing ceremony” – your last 3-5 mins must be spectacular as well.

Great speakers to study and learn from?

  • Politicians are one group (whether you like them or not you can learn)
    • Ronald Reagan was a great storyteller
    • Bill Clinton was very captivating
    • “Candidate” Barrack Obama was mesmerizing and captivating
    • Sarah Palin knows how to give a presentation (Thom uses the teleprompter example of it failing and her continuing on without fail just riffing)
  • Mark Scharenbroich author of “Nice Bike”
    • He is a legend in the speaking business and weaves story in better than anyone

What advice do you have for speakers on how to get clients and engagements?

  • If you want to have a career as a speaker, you need to hang out with other speakers. How many speaker friends do you have?
    • Joining speaker groups or associations and networking is important
  • You have to be really good on stage. You have to care about the craft and giving the audience an experience.
  • Realize that you are taking the audience on a journey
  • If you can do the above, you’ll get offers to speak – word of mouth is one of, if not the best ways to get engagements.
  • Don’t be afraid to speak for free before you speak for a fee. It helps you hone the craft

At the 40 min mark, Thom talks about his biggest challenge as an entrepreneur – overcoming the plateau.

Most unique thing you’ve learned from interview so many entrepreneurs on your Cool Things Entrepreneurs Do Podcast?

Entrepreneurs are more than wanting to make money, they want to give back and serve the greater good.

 

Best Quote: “It’s up to you to bridge your gaps. There is no substitute for experience and experience will help you get better and better.”

 

Thom's Misfit 3:

  1. Be slow to anger and fast forgive. Give people the benefit of the doubt – unless they are truly evil.
  2. All opportunities in life come from people. Be open, say hello, and choose the people instead of the gadget. Connect!
  3. Don’t be jealous of your competition. Turn your competition into your professors. Success leaves clues – follow them.
Dec 13, 2017

This week’s Misfit Entrepreneur is Scott Lopez. Scott has an interesting background. He is a former Marine Corps fighter pilot turned Investment banker who works with early stage tech companies that need financing. He helps to get investments typically in the range of $1 million to $100 hundred million…oh, and on top of that, he is a world champion in Brazilian Ju-jitsu and the host of his own podcast, the Disruptive Investor Radio show which highlights disruptive technology companies that could potentially change the world, as well as the professional investors that invest in those companies.

Scott has a unique perspective on what is on the cutting edge of tech and what investors are looking for in an investment pitch, so I wanted to have him on to share this with you for you to know which technology to look out for - as well as what you can do to wow investors if you are pitching your startup or company.

www.ScottLopez.com

Scott started from humble beginnings as a welfare kid. He didn’t have much growing up. He moved around a lot. He admits he had some issues with self-esteem. What helped him overcome this was joining the Marines. He spent 10 years in the Marine Corp as a fighter pilot and says that this helped him to find who he was and gain confidence in himself.

He then went on to get his MBA and worked with Starz and Charter Communications. He opened up a business in health care. Scott also started speaking and consulting. Because of his background in healthcare and success, he was able to start in investing in companies, such as medical device and others. This lead him to working with a hedge fund and ultimately to investment banking.

What have you learned about how to overcome obstacles and become mentally tough?

Your perspectives, beliefs, and consciousness (how you see yourself and your interactions with others) all impact who you are and your ability to succeed in life. Scott says that he as fortunate to attract great mentors into his life. He learned about modeling and the fact that “success leaves clues” from Brian Tracy. Simply put, if you want to do something or learn something, you can find someone either in person, a book, video, or any other medium doing it and learn from them.

Scott recommends the book, “Psychological Foundations of Success by Steve J. Krauss” that is a scientific process of mapping out a system to succeed.

What is the system/process?

5 Principles:

  1. Vision: Clarifying what you really want from life
  2. Strategy: Taking action and turning lofty ambitions into consistent actions
  3. Belief: Minimizing FUD (fear, uncertainty, and doubt)
  4. Persistence: Drive and determination
  5. Learning: Learning from mistakes and truly making course corrections in life

Other advice to overcome and succeed in life?

  • Don’t let “Best” get in the way of “good enough” when it comes to starting on your dreams. Nothing needs to be perfect. Don’t be stopped by the “it has to be perfect” curse.
  • Sometimes you just gotta go for it and ready, fire, aim, and course correct from there

How do you get rich?

If there is a problem, someone is going to find a solution and the bigger the problem, the bigger the opportunity – and money you can make.

What trends are important in technology that we should be watching?

  • More disruption is happening today than at any other time AI/Machine learning is here and growing and we are still trying to figure out whether it will be bad or good.
    • AI/Machine learning can really help figure out the patterns and usefulness out of pebibytes of unstructured data which is a huge benefit
  • Cryptocurrency – more importantly, the use of blockchain as a whole is game-changing
  • Nano-tech
  • Cannabis
  • Augmented Reality
  • Autonomous vehicles

At the 21 min mark, Scott talks about a good strategy to decide if your idea will work before you ever start a company and then how to go forward with an exit strategy already in place.

At the 27 min mark, Scott discusses the investor side of things such as how investors and capital groups choose to invest and what you should know if you plan to seek investment or sale of your own business or startup.

  • Financing is typically either debt (loan) or equity or even a combination of both
  • Two questions any potential investor should ask an entrepreneur (and for entrepreneurs – two questions you should have a ready answer for)
    • How much have you raised to date?
    • What have you done with it?
    • The answers to these question will give you 90% of what you need to know about the potential investment.
  • Results rule – if you can prove that you can execute with the money you have or money you’ve received. That helps to prove you are worth investing in.
  • Most investors are looking for at least 3x return on investment on their money.

Anything else we should know about the tech space?

  • No matter who you are or where you are, stay up to date and pay attention
  • There are so many opportunities happening every day. Scott uses “E-sports” as an example

What have you learned in all your work with Jujitsu and being a Marine Corps fighter pilot that translates well to entrepreneurship?

  • Entrepreneurship is a never-ending journey that is always evolving
  • You have to learn to make adjustments to adverse situations
  • You have to keep calm under pressure because you will always face some sort of adversity
  • It is not about getting “tapped out” or losing, but constantly improving and getting incrementally better every day.
  • It is about performance and results and those come as you incrementally get better Anticipate challenges, prepare, and be ready when they arise
  • Sometimes it is better to be lucky than good, but you have to put yourself in a position to capitalize when opportunities arise – which happens when you are prepared.
  • Don’t be afraid to act – ask yourself “Am I ready when my moment comes…”

Advice for young or new entrepreneurs?

  • Locate yourself in the area that has the resources, contacts, environment, and ecosystem that will support what you are trying to accomplish
  • Building your network strategically is so important. Be smart, but make the connections you know you need.
  • Be where the action is.

 

Best Quote: “Don’t let “Best” get in the way of “good enough” when it comes to starting on your dreams.”

 

Scott's Misfit 3:

  1. Know the two questions as either an investor or entrepreneur: How much have you raised to date? What did you do with it?
  2. We compete in life to improve, not to prove. It is a continuous journey.
  3. Remember the success formula and its 5 principles: Vision, Strategy, Belief, Persistence, Learning
Dec 6, 2017

This week’s Misfit Entrepreneur is Scott Alan Turner. Scott is the Financial Rock Star, who went from what he calls a “money moron” at age 22 to self-made millionaire 13 years later. He sold a business he started with his wife that allowed them to do whatever they wanted for the rest of their lives. Additionally, he’s been a partner and owner in 8 companies and even took one from with $7 to 7-figures in sales in 18 months.

Scott is the author of best-selling book, the 99 Minute Millionaire, the host of the Live Like a Financial Rockstar podcast and his mission is helping people get out of debt faster, save more money, and retire rich.

Successful entrepreneurs know that it is not just success in business, but also a good solid financial strategy that helps them win and Scott is going to share is best rockstar advice to help you get ahead and attain financial freedom today.

www.ScottAlanTurner.com

Scott became a self-made millionaire and was retired in 13 years, but he had a rocky start. Scott came out of college with what he says is huge lack of financial education. He got into financial difficulties right off the bat. He over-leveraged and bought too big of a house and too much car, had no savings, and a ton of debt.

He started to self-educate on finance and started learning to save and used his savings to start paying down his large mortgage. He was working in IT with a decent job and was approached about starting a side business which grew into business that he eventually started working at full time. He took a 65% pay cut but says it was the right decision.

Scott attributes his success in becoming a millionaire to what he calls, the “3 Legged Stool.”

  • Being very frugal in the area of large purchases such as homes, cars, vacations, etc.
  • He had a decent income and managed his debt and expenses so he could save every penny possible from it
  • He invested wisely (after making some large mistakes and learning from them)

Most important thing you’ve learned about finances in life to this point?

Money is just a tool to use. What people really want is the lifestyle that they think money can give them and thus money is not the end goal, but the tool you can use to get you there.

At the 8 min mark, Scott talks about the reality of having an awesome lifestyle for very little money. The key is really to take the time to get clear on what you want in your lifestyle as it might take a lot less than you think.

What are the steps every entrepreneur should be taking to maximize their wealth?

#1 Piece of Advice to Get Out of Debt?

  • Sell your car – there is a million dollars right there
    • If you took all the money people typically spend on new car payments, interest, insurance, etc. and compounded it over 40 years, in most cases it is more than $1 million.
  • If you need a car, buy a used one for half the price

But what if you have a car or need a car, what is the #1 Piece of Advice to Save Money?

  • Renegotiate stuff you are already paying for such as your car insurance, home insurance, cell phone, utilities – anything you have a monthly bill for.
  • Most people can save $1000 or more in 30 days doing this with no change in lifestyle
  • Other ways is having a side hustle or if you are dual income, setting things up to live off one and save the other, etc.

#1 Piece of Advice to Retire Early?

  • The earlier you can start saving and the greater percentage of your income you can save over a long period of time – the faster you can retire.
  • Target to save at least 30%, but in truth in order to do this financial independence has to be your bigger goal. You will have to make sacrifices to make this happen.

At the 16 min mark, Scott talks about what you can do as an entrepreneur and business owner to help yourself be more profitable and create more wealth.

Tips for transitioning from employee to entrepreneur and entrepreneurship in general?

  • First, if you are going to do a side gig – you have to believe deeply in it because you will have to make sacrifices such as spending evenings and weekends working on the business while keeping a job and maybe not making any money from your efforts in the side-gig for a while
  • You will face burn-out and will need to manage it and at some point, you will have to make the leap if the side gig is taking off – probably taking a pay cut
  • Make sure you have at least 6 months of expenses saved up before making the leap
  • Whatever you can do to not be in “bad debt” is important. If you can use debt to produce more than the debt and payments, then consider it.
  • If you can bootstrap without debt, do it and do it as long as you can.

Knowing what you know today if you were going to start a business, what would be the “go to” strategies you would use to get it going?

  • Partnerships help you grow and succeed much faster. Find partners that have domain experiences in the areas you do not. Get the best minds in each area together and create the business together.
  • The caveat is that you have a business partner(s) so you need to have a very well thought out, well defined contract of how you will operate together
  • You never know where you will find partners, so be open and remember that relationships from years ago can pay off – opportunity is always around you and never know where it might come from.

At the 28 min mark, Scott talks about tips for building a good web presence

Advice for young entrepreneurs?

  • Go big or go home
  • When you are younger, you can afford bigger risks – take them
  • This is the time to make your mistakes and learn great lessons from them
  • Build your network
  • Look for problems to solve and get your brain used to looking for and solving them

Thoughts on the future of the financial system and what people should be thinking about?

  • Have a 6-9-month emergency fund
  • When the economy is down, cash is king
  • Downturns offer great opportunities to build wealth because people are selling, usually at a deep discount – whether it be stocks, real estate, etc. Being prepared with cash is a huge advantage
  • Plan to and put steps in place to pay down your bad debt as much as possible
  • We are due for a downturn and you have to be ready – you should always be ready
  • Check out and google “Debt snowball vs. Debt avalanche”

Final thoughts?

  • Understand the role emotions and emotional decisions play in your financial success
  • Understanding your behavioral tendencies around impulses and finance will help you to be much more successful
  • Turn the news off
  • Use the set it and forget philosophy when investing for retirement in a 401k or IRA
  • Studies how passive investors make more money over time

 

Best Quote:  “Most people think they need more money than they really do, but they don’t take the time to sit down and ask themselves what they really want, when do they want it, and what it will really cost to have it. Financial independence is something anyone can have – it truly is..”

 

Scott's Misfit 3:

  1. Set your alarm 5 minutes earlier and get 35 minutes more in each week. It is amazing what a little more time can do for you.
  2. Do something today for your significant other, get them a gift or card and hide it somewhere where they can find it. Show your appreciation.
  3. Think about the one thing that looking back 2, 5 or 10 years ago that you wished you started – and go start it. Do it now.
Nov 29, 2017

This week’s Misfit Entrepreneur is Kavita Oberoi. Kavita is one of the UK's most successful entrepreneurs. In addition to creating a multi-million pound business portfolio, she has also won awards for:

  • Being Named as one of the Top 20 most Inspirational Asian Personalities in the UK
  • The Order of the British Empire for services to Entrepreneurship and Start-up Businesses
  • Multiple honorary degrees from prestigious institutions
  • Named as one of Britain’s Top 100 most entrepreneurial women
  • And she has Appeared on a range of TV and Radio programs commenting on business as a judge or panelist, most notably on The Secret Millionaire and as a Panelist on The Apprentice

Her brand has three arms, Oberoi Consulting, Oberoi Business Hub and Oberoi Sutherland. Oberoi Consulting delivers solutions for the National Health Service and the Pharmaceutical industry, focusing on driving better outcomes for patients. The focus for Oberoi Business Hub is to provide a range of back office services to support the growth of businesses including call answering, virtual PA serviced offices and conference facilities. The latest exciting addition is Oberoi Sutherland. The first product, currently in manufacture is an innovative baby bottle that cools down milk in 6 minutes from fresh feed.

Kavita has broken through barriers in every step of her journey and accomplished things no one thought was possible.

www.KavitaOberoi.com

Kavita’s father was an Indian immigrant who was a very successful entrepreneur. She grew up in a very traditional Indian family in which women did not go to college, did not got to work, and had arranged marriages. But she had an entrepreneurial spark from a very young age and her mother helped foster this in her. Her mother would help her challenge the norm and break through barriers – even if meant sneaking Kavita out of the house for dance lessons. Kavita’s father died when she was 15 and there was a lot of pressure from the family to have her start the arranged marriage process at the age of 19. Kavita had different plans – she wanted to have an education, a career, and go to work – all of which were not allowed.

She was the first in her family to break tradition and go down this path. She originally wanted to be a doctor, but was not allowed because by the time she would get out of school she would be too old for someone to marry her arranged. She got into university but had to make a compromise that she would live at home and go to a school nearby so she would not be away.

She got a degree in applied chemistry. She took what she learned and the sales skills she picked up when was in her teens (again, made possible by her mother helping her to get the work with the condition that she never let her or the family down) and got a job in medical sales.

There was a huge backlash from the family as it brought shame that she was working. But, she still kept many of the traditions and found a way to incorporate them. She did have an arranged marriage to her husband and had certain stipulations she had to maintain in the home while working. Kavita figured out how to make it all work – even after having children and despite her new family being against it at first.

She then applied for a promotion that seemed like an easy win, but she lost. It was then that she decided that she was never going to work for someone again and set up her first business. As she says, “Failure was not an option.” She saw an opportunity to help bring more efficiency to some of the HHS programs and helping doctors meet guidelines. She managed to get herself in front of Pfizer and presented her concept on how her company could deliver this service. Before she walked out, she had an over half million-pound contract. She says that aside from the solution itself, it was her passion and belief that helped her win the deal. They knew she would not let them down.

What have you learned about breaking through barriers and making things happen?

  • You will always have barriers
  • You must stay focused
  • It is about “how you will do it”
  • Stay focused on the end goal and be ready to take multiple different directions to get it.
  • It is not that it can’t be done, but always how it can be done.

At the 15 min mark, Kavita talks about the impact of her mother on her and what she learned from her – especially the pact to never let her down.

She also talks about how she had to adapt once she got married and prove that she can be everything she had to be at home and accomplish her business goals.

You learn in many ways…

Sacrifice, dedication was a small compromise to achieve the things she wanted to do

At the 20-min mark, Kavita talks about how she structured things to be able to accomplish her goal.

  • Discipline is key
  • She worked around the schedule of her family duties
  • There is no work/life balance, especially in the beginning
  • If you really want something bad enough, you will do what you need to get it. For Kavita, it was to prove she could do it and prove her worth – Desire is a key to success

At the 22:30 mark, Kavita tells the story of how she got in front of Pfizer and got the deal that put her in business.

  • Networking was so critical – relationships from earlier in her career helped her to get the meeting
  • She got buy-in with the local Pfizer manager to do a pilot before pitching and proved it would work as it drove more sales – then she approached them at a higher level with real results
  • Build your network, strike when the opportunity comes, and never quit

Best advice for an entrepreneur starting out today?

  • Get a mentor – someone who has been there and done it, not just to help you, but to network you with the right people
  • Research and make sure you nail the need for your market. Make sure you are solving a real problem
  • As soon as you are able – invest and work with the best people in your business
  • Stay passionate about your goal and idea – make sure to stay anchored to it
  • Seek help – don’t be afraid to admit that you don’t know.

What inspires you today?

  • Her father and his philanthropy still serves as an inspiration
  • Meeting people who are making a difference
  • Finding causes that are close to her heart

What’s next for you?

Growth and what comes next is always on entrepreneur’s minds Building her brand globally Acquisitions Seeking out the next level of mentor throughout the world

 

Best Quote:  "There are no barriers to entry other than your own..."

 

Kavita's Misfit 3:

  1. Sacrifice and compromise are absolutely necessary to achieve your goals
  2. Dedication and focus.  Building a business is like nurturing and raising a child.  The more dedication and focus you give, the better it can grow and more successful it can be.
  3. Get involved.  Think about the good you can do and leverage that to help causes that connect with your heart.

 

Nov 22, 2017

Hello Misfit Nation! Welcome to another edition of "Lessons for Hannah!" In November of 2016, we introduced a new format that we are putting alongside our regular episodes called “Lessons for Hannah.” Hannah is my daughter and one of the main inspirations for the Misfit Entrepreneur. I wanted to have a place where she could go and learn from her daddy and his Misfit friends throughout her life….even after I am gone. If you haven’t listened to the first episode of "Lessons for Hannah," I urge you to as it gives some more background and tells the amazing story of how Hannah came to be in our lives.

"Lessons for Hannah" are short, very useful, and sometimes comical lessons, that I have learned which I want to share with you and give to Hannah to help in your lives. Because I want Hannah to have these for her life, I’m going to speak as though I am talking directly to her. These episodes are a lot of fun and if you think there is a lesson that we should include in these episodes, please don’t hesitate to send it over to us at support@misfitentrepreneur.com. We’d love to share it.

Hannah Sweetie,

Incredible! It has been a year since I started these lessons for you. We have covered a number of topics, but still haven’t scratched the surface of all I want to share with you. And I know there is probably more I could say about the topics we’ve already discussed. My hope is that you find one thing that can help you in these lessons.

In today’s, I want to speak to you about the power of gratitude. In life, you will experience many wonderful things. You will also go through many twists and turns, ups and downs. You will meet all sorts of people and you will have a chance to make an impact on something or someone every day.

I want you to remember that one of the most powerful tools you have for success in your life is gratitude. No matter what is happening or going on or who you are with or what is happening to you – there is always something to be grateful for, even if is a small thing like a good cup of coffee or the warmth of the sun on your face.

I want you to learn to find something to be grateful for every day in your life. When you do, it changes you. It allows you to find perspective and see the world in a different way. To know that no matter what, there is something good in your life - Something that you can truly be thankful for - gives you power. Power over yourself, over negative emotions, and the power to make the best out of any situation.

This isn’t just opinion, science and study has determined the power and effect of gratitude. Among the many benefits are the following:

  • Gratitude opens the door to more relationships – Simply saying thank you and appreciating someone can open doors and new relationships
  • Gratitude improves physical health – Grateful people have fewer aches and pains and are healthier
  • Gratitude improves psychological health – It should be no surprise that people that practice gratitude have less negative emotions like envy or frustration, regret or jealousy and are happier
  • Gratitude improves self-esteem and self-worth - People that are grateful, as I just mentioned, are less jealous or envious and thus have a healthier view of themselves and the act of being grateful makes you happier and more fulfilled
  • Gratitude improves your mindset and mental strength – Research has shown that gratitude reduces stress, but also fosters a healthier way of overcoming the challenges of life. When you can recognize and still find things to be grateful – even in the worst times of your life – it creates resilience and allows you to handle tough situations easier
  • Oh, and in case you need another reason, it helps you sleep better as well!

Taking the time to reflect and express gratitude for something each day in your life is one of the most important lessons and secrets to success that I can give you. Every day, I have to pinch myself how lucky I am to get to be with you and mommy. I am so grateful for both of you and for the life we share.

I love you,

Daddy

Nov 15, 2017

This week’s Misfit Entrepreneur is Michael Kimelman. We’ve never had a guest quite like Mike on Misfit before. Michael was a successful lawyer turned extremely successful trader and hedge fund owner on Wall Street.

Through a series of unfortunate events and standing on principle – Mike went to prison for insider trading. He was not willing to admit to something he says he was not guilty of or take a plea deal that stated he broke the law, so he stuck it out, went to prison, and while there through self-reflection and introspection finding who he truly is.

Post-prison, with law and trading prohibited and the prospects of getting a job as a felon diminished, Mike had to re-invent himself as an entrepreneur. He founded a company called the Clarity Group and entered real estate investing building a successful company that has done over 300 deals in the last 3 years alone. He has also entered other industries as a consultant and published a best-selling book, “Confessions of a Wall Street Insider.

He also runs a successful leadership and growth coaching business and speaks on how to overcome life’s biggest challenges.

In meeting Mike, the most amazing thing I found in our initial conversation was the sense of calm and peace that he has about him. We explore a whole host of topics from his journey to success, then prison, battles with substance abuse, and how he learned to find himself and create a new life of success.

www.MichaelKimelman.com

www.MikeKimelman.com

Book: Confessions of a Wall Street Insider

Mike grew up in southern California and had a pretty normal childhood. He was always successful and did well in school. He went to law school and excelled. Upon graduate, he had his pick of jobs and chose one of the biggest and oldest law firms in New York, as a mergers and acquisitions lawyer.

The work was not as excited as he thought and he was working 100 hour weeks. He had a lot of friends that were working in finance and technology working half as much and making more than he was, but also doing more exciting and interesting work. So, he moved over to finance and starting trading for several different funds. He quickly became a top performer and then in late 2007 started his own fund that he grew to over a quarter of a billion in assets and a team of over 50 traders – in just 18 months. The firm did well in the 2008 crisis and became a powerhouse. Until the FBI came knocking at his door…

At the 6 min mark, Mike tells the whole story of what happened to him and how we decided to go to prison rather than agree to a plea deal saying did something he did not do.

The process took over 7 years and he wrote his book telling the whole story and being part of the largest insider trading scandal in history.

He went in with what most people would consider everything. The perfect life. And then walked out with nothing. He lost it all.

What is the most important thing you learned in going through your journey?

The most important lesson is that perspective is everything and it is all relative.

Mike talks about how he had everything. Had sold a piece of his business for millions, but was miserable. He would mask his unhappiness through going to excess in everything from alcohol to exercise, etc. Prison was the great equalizer. Everyone is the same. You have nothing and your life is controlled. For Mike, once he realized that you still can survive it and in some ways, adapt, prosper, and even grow from it – it is empowering. It eliminates the fear aspect that impacts everyone in their lives. Once you have had the worst case happen to you in every area of life and realize that you still can keep going and have gratitude for the things you do have – it gives you a new perspective and fearlessness. But you don’t have to lose it all to realize this. You just have to be open to changing your perspective.

Was there a moment where you finally found meaning? And how can others find theirs?

  • Keep everything relative and see the forest through the trees.
  • Having everything taken away was a blessing in disguise
  • The ability to hit rock bottom and learn that you can still live and get a second chance is an unbelievable gift.
  • Sometimes you do have to go through a lot of pain to find out what truly matters

At the 16 min mark, Mike talks about how he has found calm through everything and uses that to succeed today – especially what he learned about gratitude.

“The ability to exercise gratitude for what you do have is a tremendous asset to be able to employ as an entrepreneur or for any person trying to find happiness and meaning in their life.”

“In my poverty, I realized that I had tremendous wealth.”

You have to take the time to work on yourself and do so in your own solitude where you can clearly think and ask yourself and get to real answers of the following questions:

  • What is going on in my life?
  • Is this what I want?
  • What do I want?
  • How can I take action on what matters?

We have tremendous reserves within us that allow us to get through and overcome anything. We just have to realize it and embrace it.

At the 25:30 mark, Mike give his advice for anyone wanting to start over in life or their career.

Success Principles?

  • Win the morning
  • Plan your day
  • Control your schedule
  • Face reality as it is and not as you wish it should be (remove the biases)
    • Validate your ideas
  • Make sure you have clarity in all areas of your life (if it feels “foggy” you need to figure it out)
  • Treat yourself like a professional athlete. Take care of your health and your body (diet, sleep, and exercise)

Where are things going? What does the future look like for investment and opportunities?

  • We are in a time of unbelievable rapid change and it is hard for people to grasp it.
  • Our world will look totally different even 5 years from now.
  • There is disruptive technology happening in every field including AI and robotization.
  • Our current system is not prepared as it is still operating off of a 1950’s type model
  • Decentralization is happening and will grow with the blockchain and that will change almost every industry
  • If you are not spending time every day to keep up with the changes in your industry and to get a feel for where things are going, you are going to miss the opportunities and fall behind quickly.

What should people know about Wall Street?

  • Wall Street today is a better entity than it was for the previous 100 years.
  • It has fundamentally changed in a good way focused on delivering value to the client.
  • For the first 80-90 years, the model was make as much off the retail client.
  • There is now more of a fiduciary duty (Hedge funds have traditionally done a better job as they are paid on the gains they create).
  • But it still is an enterprise set up to sell you something or push an agenda, so you have to ask the tough questions to make sure things are in your best interest.

 

Best Quote: “Once you’ve had everything stripped from you and faced it and realize that you can still go on, you develop a new type of fearlessness and no longer worry about the “what ifs” of life…”

 

Mike's Misfit 3:

  • Perspective is everything and it all relative. You must appreciate where you are and what you have and have gratitude for it.
  • Change your circumstances if you are not happy. If you don’t think you can, challenge yourself and you fear. If you truly cannot. Then change your perspective and accept it.
  • You have to be clean and clear. Good diet, exercise, sleep, learning, etc. you must take care of yourself mentally and physically.
1 « Previous 14 15 16 17 18 19 20 Next » 24