Misfit Nation! Welcome to the Misfit Entrepreneur 2020 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. Now, it’s impossible for me to go over every single best piece of advice 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, but 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 2021!
That’s why I do this show – to not only provide a treasure trove of some of the best information to succeed in life and business for my daughter, Hannah, for when she grows up, but to give you a place where you know you can come each and every week to get inspired and find real, tried and tested tips, secrets, and strategies to succeed in all areas of life, and to share different perspectives from some of the highest performing entrepreneurs in the world with you. I truly believe that one great episode can change someone’s life and that’s what we set out to do each and every week.
But, before I begin 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 a couple short years, this show has reached hundreds of thousands of people in over 140 countries. I am truly humbled and in awe at what we’ve done together and I am excited about having an even bigger impact with your help in 2021.
THANK YOU, THANK YOU, THANK YOU, and I hope you enjoy this episode as much as I did creating it for you!
5 Minute Journal:
This week’s Misfit Entrepreneur is Patti Plough. Patti is a serial entrepreneur and the President and CEO of Excel Legacy Group. The company works in conjunction with leaders in the ESOP advisory industry. They specialize in tailored solutions to help their clients achieve their ESOP goals. Their unique approach focuses on the goals and strategic priorities of each selling shareholder in addition to the creation of an employee-owned business.
For those of you that are not familiar with an ESOP. It is an employee stock ownership plan. The plan gives workers stock in the company as part of their compensation and they get to share in the benefits of being an owner in the company.
There are a lot of benefits to both the employees and owners of a business and this is one subject that I think every entrepreneur should know about and Patti is the go-to expert in the space.
Patti’s background is in nursing and she spent the first 15 years of her career as a bedside nurse before becoming an entrepreneur. She then had what she calls a “divine appointment.” She was contacted by the company she was working for to do an insurance screening on a VIP for a big railroad. When she got there, the gentleman asked her if the company did wellness programs. She checked into it and her company did not.
She had to find a wellness company and found the one and only around. She contacted them and found out the owner had just lost his only client to budget cuts. She decided to partner with them and bring the service to VIP. From there, she kept going and built the company into a multi-million business in the corporate wellness space and after many years, turned the company into an ESOP.
She created other businesses along the way using the same attitude and persistence.
At the 8 min mark, Patti tells the story of how they went from potentially selling their business to private equity to choosing to do an ESOP.
Take us through the entire concept of ESOP and the benefits to the employees and owners in choosing this route…
At the 21 min mark, Patti talks more about the tax side of things.
Other things we should know? Any risks?
Talk to us about how you roll out an ESOP to an organization…
What have you learned about how to build a great business?
Advice for someone starting out today in a new business?
Best Quote: What have you learned about how to build a great business? "It’s the people that see your vision, believe in your vision and help you to build and grow that vision."
Patti's Misfit 3:
5 Minute Journal:
This week’s Misfit Entrepreneur is Samit Patel. Samit is World’s #1 Crowdfunding Marketer. He is the founder of Joopio and several other businesses that help grow, scale, and get companies known. He and his teams create “done for you” campaigns that are unique to each product and service.
Samit has been featured everywhere from Forbes, Fast Company, Alphr, and is tapped by many of the world’s biggest influencers and companies to help them get their products and services off the ground or better known.
Samit has created a process that ensures products and services get the attention needed to be funded and sell into the future. They do everything from making sure pre-launch is right all the way through to E-commerce after launch. And that is what I want to dig into with him in this episode, to have him teach you how he and his teams do it.
Samit got pushed into business when he went to university to help pay the bills. He set up an events company that helping make $1000 or so a week as an 18-year old. He graduated in 2009 into a horrible job market. And after making $1000 a week, was not going to take a job for less, so he started a number of other businesses in sectors like travel, beauty, and he says, “You name it, I tried to do it.” He then got into a partnership for a new business where he worked for over a year to make it come to fruition and just when it was about to launch, got kicked out of the partnership.
He was dejected and lost and hit a bottom. It took a freak accident that happened to his younger brother that led him take a consulting role for a startup and had success. It took him about 10 years and pretty much giving up before things happened for him and he found a big success.
The freak accident that happened was his brother drowning and being brought back to life. It made him realize that he needed to rethink his whole life and really get focused – a wake up call that he was nowhere near where he wanted to be.
It was in this startup that he built a campaign to launch the product it did over $1.3 mil, one of the top crowdfunded products at the time. He then went on to another product in the skiing industry with great success and further honing his skills. And nowadays, he raised over $30 mil launching product across 40 different industries.
Why is Crowdfunding such a good way to launch a product or business?
What are the pitfalls or bad side Crowdfunding? What mistakes do people need to be careful to avoid?
Take us through your process and how you do what you do. (it’s best to listen, but here are some short notes)
What else should we know about how to launch a product right?
Samit has a system he calls TLFES:
At the 30 min mark, Samit and I discuss other nuances of launching.
At the 32:30 mark, Samit explains more about how Crowdfunding platforms work…
What are the lessons you’ve learned being an entrepreneur? What are the principles you use to succeed?
Best Quote: You should also put your face behind the product – it will separate you and help you connect with your early adopters.
Samit's Misfit 3:
Believe in People:
5 Minute Journal:
This week’s Misfit Entrepreneur is Per Sjofors. Let me ask you something…How do you know how to price your products and services? How do you know which customer segments to focus on that will pay your top dollar for your product and services?
For most, it is a shot in the dark. They either price based on their costs and build in a margin or do what they “think the market will want or be in the range of the competition.” But is that reality? What if there was science behind pricing that could help you know exactly how to price your products and services and the best market segments to sell to with pinpoint accuracy?
Well, that is what Per has dedicated to better part of his life to doing. Per is a serial entrepreneur creating businesses that have gone from $0 - $72m/2 years, $10m - 28m/3 years, 0 - $15m/2 years. His methods have helped over 700 businesses all over the world and has been featured everywhere from the WSJ to the Street. His latest business is called Atenga and it is a culmination of all his work on pricing into a AI powered solution that shows companies how to price their products the best way and the best markets to sell to.
I bet you can guess why I’ve asked him to be on the show and that is to share his wealth of knowledge about what he has learned on how to price products and find target markets.
Per had a chance to run a couple of companies in Europe before coming to the U.S. to run companies and build them here. Pricing products and services was always a challenge and hit and miss. Everything per studied was very academic and theoretical that is couldn’t help them understand why some pricing strategies worked and others didn’t. Per saw a gap in the market in helping companies not only price their products and optimize the market fit, but to also find the right target markets to drive the highest sales volume and profitability.
He started a consulting firm providing those services.
What is the #1 thing companies get wrong when it comes to pricing their products and determining their target markets.
At the 11:40 mark, Per goes through his method for pricing…it’s best to listen
Can you give some action steps in each area that an entrepreneur could take on their own?
What goes into increasing a customer’s willingness to pay?
A great example is the gold Apple watch for $17,000 when Apple really wanted to sell the $349 watch. The press was covering the $17,000 and made the $349 look very affordable.
At the 28 min mark, Per talks about how buyers lie in giving feedback…
What advice can you give on starting and growing a business?
Any other advice for entrepreneurs?
Best Quote: Buyers lie when giving feedback, because they know the next time they are going to buy from this company, they want a better deal. They want more features and want a better price.
Per's Misfit 3:
Believe in People:
5 Minute Journal:
This week’s Misfit Entrepreneur is Ty Montague. Ty is co:founder and CEO of New York-based co:collective. co: is a growth accelerator that works with leadership teams to develop purpose-led business strategy and to implement that strategy through innovation in the customer experience. Founded in 2010, the co: team has been fortunate to work with everyone from Google to IBM, MetLife, PUMA, Microsoft, Capital One and many more of the Fortune 500.
Ty has been named one of the 50 most influential creative people of the past 20 years by Creativity Magazine, as well as one of the Top Ten Creative Minds in business by Fast Company magazine. He is the author of the best-selling book, True Story: How To Combine Story and Action to Transform Your Business.
And that is where I want to focus with him in this episode – how we can best tell our story and use it to grow our business and ourselves.
Ty was an unlikely entrepreneur and somewhat of a late bloomer. He started out in New Mexico and didn’t really know what he wanted to do with his life. He worked as a raft guide and an auto mechanic before moving to New York where he worked as a bartender.
He met someone across his bar that was in advertising and told him to explore it. He took to it and was good. He ended up working at some of the top firms with a lot of success. About 15 years ago, Ty began to notice the differences between advertising and what companies actually were doing. He also saw a new kind of business, one that had a story and conveyed the story through action and the customer experience than through paid media.
Ty came to call these companies “story-doing” companies rather than “story-telling” companies. As he compiled his list of these companies, he found a new passion for them. This caused him to leave traditional advertising in 2010 and create Co-Collective to help companies define their higher purpose or quest - then help them put their quest to work throughout their business and with customers.
Talk to us about story-telling vs. story-doing…
Take us through what you codified…
At the 13 min mark, Ty gives an example of a company using Tesla that has all the elements of the story and what they are…it’s best to listen.
The protagonist and antagonist are half of the quest, what is the other half?
At the 19 min mark, Ty talks about Apple, it’s quest, and the changes since Steve Jobs’ passing.
At the 22:30 mark, Ty goes through a checklist of questions a company needs to answer about its quest.
How does “story-led innovation” fit into this?
What is something an entrepreneur can do today around story-doing that will make a difference for them?
What other trends are you seeing in business, entrepreneurship, and marketing?
With all you’ve done, what has surprised you most on your entrepreneur journey?
Best Quote: Companies need to figure out their quest. People want to do business with companies that share their values – and companies need to define their values.
Ty's Misfit 3:
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