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,

It is fitting that this Lessons for Hannah comes after my last one in which I shared how reality always wins.  In that episode, I talked about some controversial topics and how no matter what people say, there are certain laws of the universe that will always prove true and win out over time.  For example, people can tell you that you are a bird and can fly as much as they want, but if you jump off a bridge and try to fly, the law of gravity will win, and you will not fly.  Well, just like reality, the truth wins out as well.
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In this episode, I want to revisit some things from the last few years as the truth is now winning out.  Some of these things I predicted previously, but it is important that we recognize the truth and reality.  For example, it has now come out from multiple departments in the US Government including the FBI that the Covid virus was in fact leaked from the lab in Wuhan, China.  For several years, people were excoriated and made pariahs for saying this was a possibility.  People were even called racists.  It turns out they were right. 

One thing I have learned over time is that yes, reality always wins, but so does truth.  But it can take a lot longer than you think it should for this to happen.  You’ve probably heard the phrase, “The wheels of justice move slowly” in reference to righting wrongs.  Sometimes, it can be many years before justice is found in certain crimes or situations.  The truth can take a long time to get out as well.

Another example from the Covid timeframe is that many of the things people were told to do such as lockdowns in their homes, mask wearing, and even getting vaccines and boosters over and over again did not make the impact or difference that people were told they would.  In February 2023, it was reported in the Lancet and many prominent news outlets such as NBC, that natural immunity from getting Covid and getting over it is as protective as vaccination against severe illness and death.  In fact, the study proved that natural immunity may be even better than the vaccine.  Again, this was considered crazy just a year ago.  People were called dangerous for stating the fact that throughout history, natural immunity has been the biggest factor in limiting the spread and effects of a virus and stopping pandemics.  But, again, while it took some time, the truth wins again. 

Here’s another controversial example of the truth winning.  For the last 20+ years, I have heard prediction after prediction that the world is going to end and everyone is going to die from people, usually politicians or those with an agenda, due to climate change.  The truth is people have been saying this forever.  In the 1970’s, the world was going to end from global cooling and a new ice age.  Then it was global warming in the 80’s and 90’s.  When none of that stuff happened, the name of the “crisis” was changed to climate change – which was smart because the climate is always changing, so now no matter what happens, it can be used as a fear and panic inducing excuse that the world is going to end in some way.  Well, guess what, the world has not ended.  In fact, the current poster child for the movement, Greta Thunberg, just had to delete a tweet from a few years ago where she said the world would end due to climate change in 2023.  Former Vice President, Al Gore in the late 90’s said we only had 10 years left and that Florida would be underwater due to rising oceans.  Well guess what, Florida is not underwater and is booming with a lot of Al Gore’s friends living right on the ocean. 

Over and over again, the truth wins when it comes to this topic.  The actual science shows the temperature of the earth has barely moved in the last 100 years.  Yet, every year, we only have 10 years left.  Let me put this in perspective because this topic is one that is thrust on your generation by many people with agendas.  The earth has been around for 4.5 billion years.  4.5 BILLION.  It has gone through complete ice ages to complete scorched earth with volcanoes spewing toxic gases everywhere to meteors and comets directly hitting it and everything in between.  Many species have come and gone like Dinosaurs and others.  We humans have been on earth a measly 200,000 years.  That is not even 1/10 of 1% of the time the earth has existed, yet we are so arrogant that we think we can destroy in our short existence.  We think we are more powerful than the sun which science has proven has more power than we could even hope for when it comes to what happens in our climate.  Or the moon which directly controls our tides and ocean movement as well as our climate.  The truth continues to show that the predictions of these charlatans and hustlers proclaiming a crisis that never ends and constantly having to move their goal posts are not just wrong, but laughable.   

Don’t get me wrong, we should do everything we can to be good stewards of our environment and take care of things, but we should do so working from truth and reality.  In fact, just us breathing gives plants food through carbon dioxide and then they give us oxygen through photosynthesis is a process that helps the environment.  We support each other to live.  And the earth is greener now than in the past, contrary to what is promoted by these people whose real goal is their own personal gain and power – that is my opinion, but I think the truth will bear this out as time goes on as well.    

Hannah, seek the truth and live in it.  Know that there is only one real truth – not your truth or someone else’s.  The real truth will always prevail, not matter what you tell yourself, so it is best to seek it and not fool yourself.  I hope you take this lesson to heart and use it help separate truth from fiction in your life and stay firm in your principles in all areas, personal and business.

I love you,

Dad

Best Quote:   Know that there is only one real truth – not your truth or someone else’s.  The real truth will always prevail, not matter what you tell yourself, so it is best to seek it and not fool yourself. 

Misfit 3:

1. You’ve probably heard the phrase, “The wheels of justice move slowly” in reference to righting wrongs.  Sometimes, it can be many years before justice is found in certain crimes or situations.  The truth can take a long time to get out as well.
2. Seek the truth and live in it.
3. Separate truth from fiction in your life and stay firm in your principles

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This week’s Misfit Entrepreneur is Tanis Jorge.  Tanis is a serial, tech entrepreneur and a leading advisor to startup founders on entrepreneurship and building successful cofounder partnerships.  During her career has spanning the last 20+ years, she has cofounded, scaled, and successfully exited multiple data-driven businesses. This culminated with her most recent venture, Trulioo, which she co-founded in 2011 with my long-term business partner.  In 2021, Trulioo reached unicorn status with an over $1.65B valuation solidifying its place as the world’s leading identity verification company and Tanis’s track record for founding successful businesses. Trulioo’s success also made her one of only three Canadian female “Unicorn” founders.

Tanis has a wealth of knowledge in starting and building businesses, but I’m not if you caught something with what I just shared that has a been a constant for her and a big part of her success – all of her biggest and most successful ventures have been with another great co-founder and it has been their partnership that made it go.  In fact, Tanis recently wrote the best-selling book, the Cofounder’s Handbook detailing how she does this and that is exactly what I want to speak with her about today as one of the best way to succeed is by having a great partnership in your business.  I know this from experience.  

www.TheCoFoundersHub.com

Tanis met her co-founder in High School starting in grade 8.  They were locker buddies and their time in high school and getting to know each other laid the groundwork for their future success.  Right after High School, he partner approached her to be the first to do online credit reports in Canada.  It was their first business and gave them a ton of learning experience.  They found their roles and ultimately exited after 3 years.  They then did that 2 more times over the next 10 years.  After that, Tanis took a break to focus on family and her partner went to Silicon Valley to pitch an idea they had had previous.  The idea was well received and she was pulled back in.  A year and half into it, they raised their first seed round and it that helped them to get to a valuation over $1.5 billion.

Talk to us about the magic of co-founding partnerships.  Why and how can they work so well?

• They are either the greatest asset or greatest liability in your business.
• 65% of business fail because of issues between the founders.
• Every business with a partnership will either make or break on that partnership.
• When Tanis talked to people with bad partnerships, she noticed it came down to values that did not align. 
• A great partnership that is aligned can take businesses to levels not possible with just a single founder.

Elements of great partnerships?

• Shared values
• Intentionality.  Great partners are focused on their partnership.
• A partnership is not “set it and forget it.”
• They help hold each other up on the rollercoaster of building a business.

Did you ever have times where you got sick of each other in your partnership?  How did you get things back on track and keep the partnership strong?

• Your mentality going into the partnership is important.  In the end, you are all striving for the same goal.
• Honest mistakes happen – very seldom are they malicious.
• Realize that you are in it together. 
• Don’t get in your own way when you don’t have to.
• It is like a marriage, but it is not.  Marriage is focusing on keeping each other happy.  In business, the business is the focus.  The founders need to focus there and make that the priority.
• Ask what is the best for the business….

At the 20 min mark, Tanis talks about the dynamics of partnerships…

There is a customization to a good partnership.  Look at yourself first.  Look at your model and determine what you need in a partner.  Tanis developed a self-assessment for this.

What is the best way to find a business partner?

• The first and most important thing is to do a self-assessment.  You can do this at https://thecofoundershub.com/
• It is worth the time and money to invest in the process of figuring things out.
• Your network is a great place to start and ask, “Who do you know?”
• There are Meet-ups in different markets that give opportunities as well.
• You also want to think through all the major points of the partnership ahead of time and have the conversations in discovery sessions with potential partners.
• You will also want to look at the legal documents needed to create a great business partnership.

What have your learned on how to build and scale companies?

• Tanis loves the early stage of a business.
• Build your business like you will own it forever, but have the long-term vision to build it to be sold.
• Play chess.  Every month, take time to whiteboard and stay steps ahead.  Game plan and plan intensively the moves in your business.

What have you learned about how to sell a business?

• It is stressful and like having a second job.
• It always take longer.
• It always costs more than you think.
• You need to prepare ahead of time and know it will not be easy.
• You must plan for it and ensure you are ready. 
• Know your number.  You will not get as much as you want, but you can get more than what you would settle for.

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What is something you wish you have known earlier in your entrepreneur career?

• Tanis was very young when she started and green to the business world.
• It took a couple of businesses to realize that regardless of age, she knew her business the best and to have confidence in herself.
• Don’t be afraid to take charge and step out in your business.

Best Quote:  Co-founder partnerships can be the greatest asset or greatest liability in your business.

Tanis's Misfit 3:

1. Choose the key people in your life carefully and invest in them.
2. Question everything!  Always look at both sides.  Be curious.
3. Enjoy the journey.

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This week’s Misfit Entrepreneur is Dean Guida.  Dean has a storied history.  Dean launched his first company Infragistics in 1989.  Being a startup with just 10 people, he went head to head against Microsoft for a $300k deal with Philadelphia Conrail—and won. From there, he never looked back.  The company has grown to 250 employees across 6 countries, without ever accepting outside funding. Today, the company boasts a client roster that includes 100% of the S&P 500, including Intuit, Exxon and Morgan Stanley.

One of the things Dean saw as he built his own business and observed teams at hundreds of others is the struggle they have to bring the right tools together to drive decisions and effectively use data.  He started his latest company Slingshot to help solve this challenge.

Dean has a wealth of experience and knowledge, but one of the things I most want to speak with him about is how you can better use data in your business to grow and thrive.

www.Slingshotapp.io

When Dean was 15, he was saving up to buy a car, but bought an IBM PC instead.  He fell in love with computers and taught himself how to program.  He’d always been an entrepreneur at heart.  As he grew up, he brought these two passions together and 35 years ago, started Infragistics bootstrapping it while freelance consulting for IBM on Wall Street.  He would work during the day and code at night.  They worked out of their apartment building their first product.  After a year, they got a small office. 

He learned quickly that “Sales solves all problems” and taught himself to sell to drive the company forward.

You’ve been in business 35 years.  What do you credit as the biggest reasons for that?

• ·       You need to create a learning organization where people grow, solve problems, and take initiative.
• ·       Putting processes in place and a culture where people are excited to collaborate and ask for help, share ideas, etc.
• ·       Be careful not to higher everyone like you.  Get diversity of thinking. 
• ·       Use data to make decisions and collaborate around it.  It is more than growth hacking.  It is using the scientific method to drive real business outcomes.
• ·       You need to do experiments based on the data and hypothesis.  You will learn and get better and better with each iteration.

At the 12:30 mark, I asked Dean how he went head to head with Microsoft in a true David vs. Goliath scenario and won….

• ·       It was early in the company.
• ·       People were just starting to move from mainframes to PCs.
• ·       It was with a big railroad company. 
• ·       Dean had to compete against Microsoft Visual Basic with their tool that allowed coders to use C++ and make it visual.  That was their edge over Microsoft because C++ was better for coding, but harder, so Infragistics  made it easy like Microsoft VB. 
• ·       Being small and new, the client also needed to trust that the company would be around, so Dean spent a lot of time showing them how they would be and built the trust with a better product to win.

Talk to us about the entrepreneur mindset – what have you learned about the mental game of entrepreneurship?

• ·       The entrepreneur journey is similar in a lot of respects across entrepreneurs.
• ·       First, you must have the courage to get started and start.
• ·       Second, you must be and stay curious.
• ·       It’s a commitment to grit.  The long-term focus and putting your effort into the things you have control over working toward to goal.
• ·       Be present and open to opportunity.  Be visible as a company and leader. 
• ·       Practice outside-in thinking….

Using data to drive a business.  What should entrepreneurs know about making the best use of the data that they have?

·       Data by itself leads to more questions.

·       You need to start with the fundamentals:  Sales data, marketing data, click through rates, targeting/segmenting your target market.

·       If you target well early on, you will be so much better off.  Industry, title, the group of people with the most pain that your solution solves.

·       With data, you need to keep asking why.  Data will tell you what is happening, but you need to ask why and dig into to get the answers to improve outcomes.

Best advice on how to get target market right and how do you use the scientific method with data to drive outcomes?

• ·       Before you start the company or build the product, you have a hypothesis of the problem you want to solve based on intuition and research.
• ·       A product can appeal to a large audience, but there is a segment of that audience that is the “best buyer.”
• ·       You can get to the right segment through testing, surveys, talking to customers.  You are looking for the segment with the biggest need that your product solves that seems to be unmet.
• ·       The whole process can use the scientific method.  Question, make predictions, assumptions, gather data, analyze data, draw conclusions…

At the 27 min mark, Dean shares more about Slingshot and how it connects data points.

Any trends or data points you are seeing your work with Slingshot that businesses should be focused on to up their game?

• ·       People expect good digital tools, with great UI and data.  The customer is smarter than you think.
• ·       If a company is not focused on their digital skills and using their data to best level they can, they will find it hard to survive. 
• ·       A company needs to implement processes around data throughout the organization to use it daily. 

How does AI and tools like Chat GPT fit into data and technology and business into the future?

• ·       ChatGPT raised the bar for what you expect a natural language processor to be.  We are in a new game now.
• ·       We are going to be looking at AI services like we see databases today. 
• ·       Businesses will incorporate these tools into their solutions as part of everyday features.
• ·       These AI’s will become just new services to use and will integrate into most things we do.
• ·       It will cause the pace of things to move faster than they do even now.

Anything else around data or these topics that people should know?

• ·       We always overpredict innovation in the short term, but in the long term, we underpredict it.
• ·       Get alignment of execution with data.  Use OKRs – key results for objectives in using data.
• ·       Know your objective and execute on it.  Defining your core objectives is data!

Best Quote:  "Sales solves all problems..."

Dean's Misfit 3:

1. What creates a happy life and long life is your social connections with people.  Figure out the amount you need.
2. Stay curious and keep learning.
3. In order to perform well, you need to recover.  Pros train hard, but then take breaks to recover.  You need to set aside time to recover both mentally and physically.

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This week’s Misfit Entrepreneur is Lubo Smid.  Where to start with Lubo?   He is a tech entrepreneur with a passion for cutting-edge technology and an adventurous lifestyle.  He is the co-Founder & CEO of STRV, software design & engineering team with over 200 people based in Prague and Los Angeles.  The company’s worked with everyone from prominent startups like the Ahtletic to Microsoft. 

Lubo’s been recognized as Forbes 30 Under 30, a Deloitte Tech Fast 50, and the Financial Times 1000.  He’s built STRV to $20 million in revenue and spends his free time incubating new products und erthe STRV labs brand as well doing adventure sports.

I asked him on  not only to discuss what he’s learned on his entrepreneur journey, but to discuss where technology is taking us, especially with AI.

www.LuboSmid.com 
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www.STRV.com

Lubo’s passion for technology started when he was a kid, and both his parents were entrepreneurs.  He would take apart and figure out how every toy he got worked.  This led him to building computers.  He later started exploring the software side of things.  During high school, he grew his knowledge and was going deeper into programming and expanding his capabilities.  All of this prepared him for what he’s help do at STRV. 

How has pushing yourself in extreme sports helped you to be a better entrepreneur?

• There is a type of person who when they are good at something, they want to be good at other things.
• Lubo wants to bring a high bar to all aspects of his life and maintain his competitive spirit to push himself.
• It also pushes you in physically and your fitness.
• Working out and staying shape is a great stress buster and an important part of a daily routine.
• Staying in shape also gives you energy and motivation.

Have you seen a benefit in your mental game and stamina from playing at higher levels?

• Yes and as an entrepreneur you need a lot of mental toughness.
• Whether you are jumping off a cliff or having to make a major decision as a CEO, you must build up your mental toughness to handle the pressure and think clearly.
• It is stress resilience and also learning to release the release the stress in life.

Any other lessons you’ve learned to consistently perform at peak levels?

• It is the internal dedication you must develop in all areas of life.
• It is also taking the time to recover both physically and mentally.
• Writing down your daily goals.
• Also taking the time at the end of the day to review your actions.
• Reflect what you have done at the end of the day and rate it.  What could you do better?  Learn from it and apply it to the next day so you can get incrementally better.
• Fid accountability partners to help you and you them.

You bootstrapped STRV to $20 million, what are some of the principles and critical actions you used to make that happen?

• Building a company is not an easy journey and requires a lot of persistence.
• To build something great, you have to go through a roller-coaster ride. 
• As a CEO, it seems like you’re are constantly somewhere between bankruptcy and having a billion dollar company.
• At the 20 min mark, Lubo talks about losing half his clients overnight and being close to the edge, but working through it to power through.
• You will need to seek out and surround yourself with the right people.  You will go through different people to find the right ones and build a great leadership team.

Best advice on how to lead as an entrepreneur?

• Be present.
• Lead by example.
• Give freedom but set high expectation.
• Stay hands off when thinks are working well.
• When things go bad, be prepared to get in the trenches.
• When you are in the tough times, great things can happen.  They force you to get creative and consider decisions that carry more risk.  These can lead to great opportunities and meaningful changes.
• You can’t aim for perfection…it slows things down.  Nothing will be perfect, but you should pick the battles of where you focus your time in your business.

Where do you think we end up in the next 2-5 years with AI?

• ChatGPT is the fasting growing product of all time.
• AI can help with a lot of things, and we are at the very beginning of that journey.
• The whole approach to work will change as many things we do today can be replaced by AI.  It doesn’t mean there will be no work, but the type of work will change.
• Lubo is obsessed with using Superhuman with email and what it can do to help automate and make things efficient.  Imagine that combined with the power of Chat GPT.

Other trends we should be following?

• Augmented and virtual reality will become even bigger in our lives.
• Virtual displays will become more of everyday life as well. 
• WEB3 and blockchain are also important to keep watch on.
• Blockchain is a powerful technology and bigger and better use cases will be found.
• The whole area of tracking your body and health and using the data to improve is also a passion.

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At the 46 min mark, Lubo shares his advice in building technology and products.

Best Quote:  As a CEO, it seems like you’re are constantly somewhere between bankruptcy and having a billion dollar company.

Lubo's Misfit 3:

1. If you have big goals – make sure you are passionate about your journey and prepared to play the long game.
2. Set up your daily routine to better help you succeed with planning, reflection, and spending your time on the right things.
3. Have fun along the way.  You need to have fun to stay in it for the long haul.

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Scott took a different path.  He grew up with parents that were big in education.  But Scott didn’t get along with education.  He left college in the middle of his sophomore year of college and asked to borrow $20k to start a pizza shop.  Needless to say, it didn’t happen and he ended up in Washington DC working in the news business and the Reagan administration.  But, he was just not an employee and wanted something more.  He left DC and started some businesses in printing, restaurant, home services, and some others. 

He got involved in a restaurant fast casual chain and had a lot of success brining him into the franchising space.  After about 10 years, left to start his consulting business to help people in their journey of entrepreneurship.

You left corporate America to pursue entrepreneurship.  What is your advice to people wanting to go out on their own and make the leap?

• You must be prepared for the risk/reward.
• In anything you do, there is a risk/reward with it.
• You need to plan it out and involved your family in the process.
• You do not want to “buy a job.”  You must understand why you want to open or own a business.

At the 8 min mark, Scott talks about the 2 types of entrepreneurs, the Visionary and Process entrepreneur.
 
Let’s talk about franchising.  Why does franchising make sense and why doesn’t it for people?

• The best analogy is if you loved food and always wanted your own restaurant.  If you bought a franchise, you have to serve the food they tell you to and do it their way.  As an independent, you get to choose what you serve in your restaurant. 
• What are you really good at?  Delegating to people to run the systems of a franchise or are you good at building the systems and have things done in your own way.

Take us through your process and steps to help people understand what they want…

• First, Scott wants to make sure the client has put themselves in a position where they want to learn and educate themselves.
• There is a lot more to franchising than the “golden arches.”
• Step 2 is knowing why you want to leave what you are doing and build the business – because you do have to build.  Understanding your why is the most important pieces.
• Step 3 is understanding the financials and returns on investment to see what is possible and makes sense for you.

How do you help people to best understand their why?

• The first question is “If we were to flash forward 5 years from now and in those 5 years you were a business owner, how would life be different?
• What are the differences/changes you would see?
• People want to get out of the “complacent optimist” position they are in and act, but need help to do so.
• Understanding the endgame and what it looks like is great way to back into the why.

“Franchises aren’t sold, they are awarded,” explain that….

• Just because you can afford it doesn’t mean you will get.
• Franchisors are kind of like pro sports scouts.
• As you are vetting them, they are vetting you for their team and making sure you are the best fit for them. 
• Franchisors care most about if you can follow the process and systems.

Which verticals of franchises are trending the best right now and why?

• People thought that home services would fall apart during the pandemic, but it is the opposite, the vertical is doing very well.
• Businesses that are need, not a want that have recurring revenue do well.  Things like the beauty industry like haircuts, nails, etc.
• The pet industry is doing well, especially for dogs.
• Automobile franchises are doing well. 
• The recession resistant brands that people need are always good.

What is the benefit of using a franchise consultant like you vs. working directly with the franchisor?

• Scott’s job is to educate on what the expectations are in the process and questions you should be asking of the franchisor.
• He helps streamline the process helping to focus on what is important to them and aligning that with the brands that fit.
• He is an advisor to help ensure the best outcome possible.

Can people negotiate with franchises?

• Yes, but it is on certain things.
• If you are buying multiple territories or units, you can negotiate on some items.
• Royalties and fees are not negotiable.

Anything else we should know?

• The royalty structure is how the franchisor earns their income,
• Things like marketing fees should not be money making for the franchisor, so it is something you want to watch.
• Franchising is highly regulated by the govt, which helps to ensure people are treated fairly.

What are some of the most important lessons and principles you’ve learned in your entrepreneur journey?

• It’s pretty easy to fail.  It takes a lot of hard work to be successful.
• You must be self-disciplined.
• People that think they know more than the franchisor or know better, typically fail.
• It is nice having a support system from the parent of a franchise.
• Being an entrepreneur allows you to get into multiple different things.

Anything you’ve learned on how to build support systems as a solopreneur?

• You cannot be afraid to ask for help.
• Do not let ego get in the way.
• Seek out people you can lean on and be honest and open with.
• You have to constantly be learning and growing.

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Best advice for an entrepreneur just starting out?

• For someone who just invested in a franchise, rely on the support levels the franchisor offers.
• Get involved and meet other franchisors and learn from them.
• Ask, ask, ask.  Don’t let questions go.
• Get to know your people and listen to your employees.

Best Quote:  :Franchises aren’t sold, they are awarded..."

Scott's Misfit 3:

Having strong values is very important to be successful in life and business.

Be true to yourself and do not let ego get in the way.

Have fun.  Life is short and goes by fast.  Enjoy it!

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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,

This Lessons for Hannah will not be a long one, but it is very important for the times we are in and for your future.  There is something that I have found that holds true time and time again.  Sometimes it takes a little while for it to take hold or sink it, but in the end, it holds true.  And that is, Reality always wins. 

Let me explain.  There are certain things that will hold true and be consistent no matter what.  No matter what people say.  No matter what experts say.  No matter how much they are said not to be true – they will win out.  Reality always wins. 

For example, gravity will always be gravity.  No matter what anyone says, you are not a bird and cannot fly.  If you jump off a building, gravity will win and you will not.  A more controversial topic these days is gender.  There are two genders in the laws of nature, male and female.  It is reality.  People can claim there are 100 different ones, but people are either born male or female in nature and that is reality.  Now, do I support their right given to them by the Constitution to say they are a gender other than male or female? Absolutely.  It doesn’t make it true, but they have the right to say these things and believe them about themselves.

Other examples include the laws of economics – supply and demand.  If something is in short supply and has demand, the price for it will go up.  If something is oversupplied and everyone has it, the demand will be less and it will come down in price.  Many times, the laws of economics get out of balance due to manipulation or short-term anomalies, but in the end, the laws win out.  We saw this during the pandemic with a number of goods and services.  Masks came into high demand and initially got expensive until more supply came on the market and then prices came down.  Now masks are super everywhere and super cheap because there is a ton of supply and not as much demand. 

In the end, reality always wins out.  There are universal laws of nature, nature’s God, economics, physics, and host of other things that cannot be broken.

Many people do not want to face reality because they may not like what they find.  They will have to face things that are true, that they may not want to admit are true about themselves, their life, and/or deal with.  But one of the biggest secrets to success and life is to face reality head on and accept it for what it is.  Respect it.  Learn to understand it and use it to your advantage.  Once you accept that there are some things that are bound by the laws of this world and universe and reality will win out, you will find some amazing things happen for you.  For example, I have been trading markets for over 20 years and I used to think I could beat reality in the markets and the laws of economics would not always hold true.  For example, markets may have a big run higher, and when they do, people will think they can just keep going up and sometimes it seems like they will never stop, but they do, and they fall back down.  Ask anyone who thought Bitcoin would never stop going higher in 2021.  Conversely, when markets fall a decent way, they typically turn around and go higher.  They can only go so far until they have gone too far.  I have made it a habit to work hard to understand this so that I can use it to my advantage, but I  had to learn some heard lessons losing money over the years before it truly understood and now I use the lessons learned to help me make money every month in the markets.  I faced reality and decided to use it to my advantage. 
​
Hannah, you will face a lot of different realties in your lifetime, don’t try and deny them or shy away from them.  Instead embrace them and look for how you can use them to build wisdom and help you in your life.  

I love you,

Dad

Best Quote:   There are certain things that will hold true and be consistent no matter what.  No matter what people say.  No matter what experts say.  No matter how much they are said not to be true – they will win out.  Reality always wins.

Misfit 3:

1. Reality always wins out over time.
2. There are universal laws of nature, nature’s God, economics, physics, and host of other things that cannot be broken.
3. One of the biggest secrets to success and life is to face reality head on and accept it for what it is.  Respect it.  Learn to understand it and use it to your advantage.

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This week’s Misfit Entrepreneur is Deepak Ohri. Deepak grew up in a modest, a one-room flat in a lower middle-class area of New Delhi. Most would not have thought that he would grow up to be one of the most successful innovators in the luxury hotel industry founding Lebua Hotels and Resorts, creating Luxury Atelier Maison Happiness and the president of the World Foundation of Happiness.

Along his journey, he has been recognized as the Top 100 Most Powerful People in global hospitality, been sought after for his thought leadership by everyone from Bloomberg to CNBC and Forbes as well as regularly being a featured speaker at Harvard Business School, MIT, and Columbia to name a few.

But through it all, he never forgot his humble roots and recently penned the best-selling book, A Bridge Not too Far, Where Creativity Meets Innovation, which shares his best principles and lessons for success and wisdom he has learned on his journey.

www.DeepakOhri.com

Deepak did not know where he would end up. He grew up in a lower middle class neighborhood and got a glimpse of what the upper class had. He asked his parents what he needed to do to get where those people where. He started dreaming with “his eyes open” and never forgot his roots. He took his challenges as a way to learn and grow.

Luxury to him was a Coca Cola and since the first time he had it, it put him on the path to find the luxuries and enjoy life and be happy.

How did you get into the hospitality space?

• By default. He was not going to go the doctor or engineer route, so entrepreneurship was the way for him. What is happiness?
• It is very individual.
• The most important thing is to know yourself.
• We seem to know everyone in today’s world but ourselves.
• We need to not mistake joy for happiness.

At the 11 min mark, Deepak shares a few important things.

• He does not have FOPO, fear of people’s opinions.
• Instead, he has ROPO, respect of people’s opinions.
• Sharing knowledge is important to life and success.
• Rules are rules, but they are meant to be broken and challenged.
• But you should only break rules if you are following your principles.

What is the true meaning of luxury?

• It is an experience.
• Deepak shares the story of the first time people around him could afford toothpaste as an example.
• Luxury is expressive and an experience.
• So, each person needs to ask themselves what luxury is for them. What experiences truly enrich you.
• Happiness is used correctly, can actually increase the top and bottom line of any business.
• Deepak shares examples from Labua on how they do customer service and use happiness.

At the 17 min mark, Deepak talks about luxury marketing and what it is.

• Employees must be engaged and be able to tell the story.
• How you tell your story is more important than the story itself.
• To tell a great story you must be honest. You must understand who your listener and how you narrate the story to them to get their attention.
• Design and craft your story to resonate with your audience.

At the 21 min mark, Deepak tells the story of how he got one of his restaurants to be a main part of the movie, The Hangover 2.

You wrote “A Bridge Not Too Far.” Why did you name it that?

• There is a famous movie called a “Bridge too Far.”
• But, the bridge is not too far. You dream is not too far and you can cross your bridge.
• For Deepak, crossing the road from the lower middle-class side to the upper class side was crossing a bridge.
• It is also a metaphor for his life.

You state that all of your successes are built on failure, explain that.

• Deepak did not go to good schools and did not have an expertise/profession.
• He learned through uncovering his shortcomings and overcoming them. He did not blame them on anyone.
• He knew he did not know everything and admitted it.
• He then looked at his failures and realized that the difference between a failure and a success is a step or steps you have missed.
• If there is step you missed, you can figure it out and go from there.

What are the key principles that you live by in life and business?

• Look at things from others point of view, especially the customer.
• Use logic. Think logically.
• Treat everyone fairly, no matter who they are.
• Trust your employees and take great care of them.
• Make your employees part of the bigger vision…and your customers.

How do you ensure a business can succeed?

• First, look at the behavior pattern of the area where the business will be based.
• Second, study deeply the customers
• Third, figure out what you can give the customer that is different and creates an incredible experience.

What has surprised you most on your entrepreneur journey?

• People
• Deepak gives several examples of people reaching their potential and surprising.
• What can happen when you give someone a chance and/or get a chance yourself.

Time is more powerful than God? Explain that.

• A time well spent is a time well earned.
• Time keeps going. Even God cannot bring back time once it is lost.
• We have to learn to respect time and know the essence of it.

Best Quote: A time well spent is a time well earned.

Deepak's Misfit 3:

1. Know your roots and where you came from.
2. Just dream. God has gifted you with a mind that cane dream and create. Use it.
3. Never have FOPO, fear of people’s opinions. Have respect of their opinions instead

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This week’s Misfit Entrepreneur is Sharon Grossman. Sharon Grossman is a psychologist, success coach, and keynote speaker who’s an expert in Emotional Intelligence. She’s also the author of the best-selling book, the 7E Solution to Burnout and hosts the podcast, Decode Your Burnout.

She’s helped hundreds of high performing entrepreneurs learn to be more product and avoid or even recover from burnout. Through her simple and effective methodology she teaches how to have a competitive advantage that wins in business, minimizes stress, and helps you experience life on your terms because winning is non-negotiable.

Burnout and taking on too much affects most entrepreneurs at some point in their journey and I’ve been looking for an expert to come on and help us in learning to recognize it, better manage it, and if possible avoid while still making it happen for our businesses – so I was excited to get Sharon on.

www.DrSharonGrossman.com

Sharon is a clinically trained psychologist who practiced therapy for 20 years. She noticed a common theme with clients being highly stressed and started to do more research on burnout which is chronic stress. She listened to her clients with a different ear recognizing burnout. And in sharing this with them, it would create “aha moments” helping them to understand their challenges.

When we understand what we are experienced in life, it helps to diagnose it to help us solve challenges in front of us.

At the 6 min mark, Sharon tells a story about when she was grad student and hearing a speaker talking about solo practitioners burning out in the field. When she go into her own business, she remembered the talk and vowed not to be a statistic, so she set up her business around the life she wanted to have.

“You have to think about what you need in order to sustain yourself.” It is about mindset and believing it is important enough to make it happen when it comes to stopping burnout.

How does someone psychologically break out of their bad habits and “comfort” with the state of burnout that they live in?

• James Clear said, “We build habits to solve the repeated problems we have in life. And what do you think the odds are that the solutions we come up with are the optimal ones?” It’s unlikely.
• We get into patterns and so much of what we do in the world is on auto-pilot from our subconscious, but it comes back to our fundamental believes.
• These believes are shaped by our early life experiences and influences.
• If you find yourself in a loop or stuck, you really have to get under the hod, understanding what you believe and making meaningful changes to it to help yourself.
• You then have to start showing up and aligning with the identity you want to have. Even if it is just a little bit a day.
• You must state who you are. If you want to exercise more – you need to state that “I am a person who exercises for 30 mins daily.” And let’s say you have a day where you don’t want to do or you don’t have 30 mins – you still do 10 mins if that is all you have because “you are someone who exercises daily.”
• When you keep showing up day after day, you are reinforcing the identity.

At the 15 min market, Sharon and I have a discussion on our conditioning and subconscious.

• A lot of people like clarity and don’t know what they want.
• Many don’t know who they are.
• It starts with defining who you want to be and building the identity and habits that support that.

What should we know about burnout? What are the signs? 

• Burnout is chronic stress.
• The main thing is mental and emotional exhaustion.
• It is distinct from depression. When you are burned out, if you take time away from the source burning you out – you won’t be exhausted anymore. This versus being depressed is that when depressed, the change doesn’t make the difference.
• People who experience burnout not only feel it at work, but at home. It can compound between running a business, family, household, etc.
• Initially, you will notice exhaustion and less motivation. Productivity can then go down and then this can affect your confidence. It can be a snowball effect. 
• If it goes on long enough, the body can start to break down as well.
• You must listen to the signs when your body is talking to you.

3 Different Burnout Profiles. What are they? (Sharon give great detail, so it is good to listen)

• Burnout shows up for different reasons.
• The first type is the thinker. These are people who are very much in their heads and tend to overthink things. Their brain tends to worry.
• The second type are the feelers. These are people that tend to be people pleasers, have a hard time setting boundaries and even experience guilt because their underlying belief is that they need to serve other people and it is selfish to focus on themselves. They give away too much and then become resentful that they aren’t getting enough back in return.
• The third type are the do’ers. The type A, workaholic, super over-achievers. They don’t have much time for themselves and are very driven with a strong work ethic. They overload themselves both at work and at home.
• People can be more than one of these, or even all 3 in some instances.

Once we realize which of the types we are, what do we do about it?

• Once you understand your type, create customized solutions to help you.
• As an example, Thinkers might need to focus on letting go of the need to control and the fear of failure. They also need to increase their self-compassion and trust their instincts to make decisions.
• Self-compassion is where we are kind to ourselves instead of beating ourselves up. It is treating ourselves better…like we treat others.
• For all types, it is good to level set and ground themselves.
• Feelers have to be careful to create more boundaries and learn to shift their believe about their own importance. Additionally, learning to managing their emotions
• Do’ers equate their value with their productivity. They will work until they physically can’t because of burnout. They need to slow down, take time off, and tuning into themselves to understand when they are going too far.

In the end, you must change what you believe to truly make meaningful changes to help yourself. You wrote the 7-E Solution to Burnout. What are the 7 E’s?

• Emotional Intelligence. This is the most important one. You must take one step back and learn to manage your mind. There is a link between your thoughts and emotions.
• Empowerment. This is about your personal power and controlling your energy drains. It is becoming aware on what you need to empower yourself.
• Engagement. Engagement goes down when we are burned out. This can also create brain fog and less productivity. You get dis-engaged. People can also be burned out due to boredom and not being challenged.
• Self-Efficacy. Your belief in your ability to do your work. It’s how you respond the results you get. When you get results you want, it boosts self-efficacy, but if we get over-confident or don’t get the results we want or expect, it can build up and cause issue.
• Energy. Learning to recharge and removing the stress. Getting the mental obstacles to self-care out of the way. We know what to do and need to action doing it.
• Effort. This is about working smarter not harder and making the most of your efforts.
• Enlightenment. Lightening your load by looking at your mindset, getting our of your own way, and using practices to help you center your mind to be your best.

Best Quote: You must change what you believe to truly make meaningful changes to help yourself.

Misfit 3:

1. For thinkers. Trust yourself. Our minds can derail us.
2. For feelers. Self-care is not selfish. You must take care of yourself to be your best for those you want to serve.
3. Emotional intelligence is the #1 skill people must focus if they have negativity in their mind, stress, and burnout. Learn to navigate your thoughts and build better habits.

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This week’s Misfit Entrepreneur is Jay Haleem Washington. Jay went from working for $8.00 an hour at the Hampton Inn to earning 6 figures as a Commercial Photographer in just a few years. He was able to accomplish all this while being a convicted felon. While working for $8.00 an hour he developed his mantra #IWon’tStarve, which was the catalyst for him to leave his job after only one year. he has become pardoned, and now is a best-selling author 4 times over and motivational speaker.

Over his career, he’s been able to work with the following international brands, Nike, Save The Children Foundation, NFL, Amtrak, and The WNBA. He focuses on strategic development of public sector business, management and administration of client contracts, and client protection via compliance oversight, resulting in growth through government contracting.

But, it’s not so much what Jay does that was the reason I asked him to come on the show as much as it was his message of “I won’t Starve” and how he persisted through to success.

www.Iwontstarve.com

​ www.JHaleem.com

Jay says it was a long journey. He was raised in a crazy home in New Jersey with people on drugs, etc. He was raised by his grandmother and was on the streets early on in life. He got into a lot of trouble but was also a great student. He was smart but using it for the wrong things. He graduated with honors from college, but also committed a white-collar crime that was felony trying to make money in college. After graduating, he was unable to get a job because of his record, so entrepreneurship was the answer.

He started a successful cleaning business and did well, but during the 2008 recession, his wife lost her job on Capitol Hill, and he sold the business moving back down south to focus on raising their kids. He took an $8 job to have something, but new he could do much better and less than a year later started his commercial photography business. An in a short time the business climbed into 6-figures and then grew tremendously as he got into doing government contract work. He then started helping other minority businesses get approved for contracts and has now helped/consulted for over 600 helping them get contracts. He then went on to write his books, start speaking, etc.

What are some of the success principles you’ve learned to succeed in business?

• Early on, it is all about heart and having the guts to do what needs to be done.
• You must personally develop. You can learn to do anything, and you must constantly learn.
• You must learn about the different types of people and how to work with them. You have to take your skill set and match it with others to create a beautiful picture.
• Perseverance. Building a business requires flexibility, endurance, and going through the challenges, learning curve, and progression of building a business.

Talk to us about being persistent and what you learned about keeping going to succeed…

• Jay has seen a lot of people quit and decided it would not be him.
• Knowing he had good skillsets that no one could take away from him, that he could learn, and he was willing to hustle and do what was needed to succeed kept him going.
• Having children gave him the why he needed to continue driving forward.
• He also had seen what happened to people when they gave up and did not want that.

Tell us about I Won’t Starve. What does it mean?

• It came about from spending a lot of time being judged.
• Having to pay back 6-figures for his felony and the other costs made him have to hustle and find a way.
• When he made the decision to leave the $8/hr job, he basically said, “Screw it. I won’t starve.”
• He embodied and started preaching it to anyone who would listen and it resonated.
• “The platform you leap from is more important that the platform you land on.”
• If you build the right platform, you won’t starve!

You have a workshop called UWon’t Starve based on 5 principles, take us through them…

• #1: Hustle while you work. Strive to constantly learn from all those around and look for what you can use to help you succeed. Develop your skills. This works well if you are building a business on the side while working a job.
• #2: Market research. People jump into businesses all the time without understanding the market and how to succeed in it. Who needs your service? Where are they? How often are they buying? And so on. Take the time to have a decent understanding of the market before you leap. Start where you are, but be smart about it.
• #3: Be the one selling the cheese. This is metaphor. If you go to a wine festival, you will see some people like white wine and buy that, others buy only read, but both customers like to have cheese with their wine. Be the one selling the cheese, because then you get both customers instead of just one. Is your solution, the cheese?
• #4 and #5: Use strategic partnerships and JV’s to grow. Partnerships are a great way to grow because you can create scenarios where 1 + 1 = 3. You both can benefit in a larger way that just on your own.

Talk to us more about how to create great partnerships…

• We have to watch our egos are they can stop us from creating great partnerships.
• We can only get so far on our own.
• What does your business do that can complement other business’s needs? What are you willing to do that other businesses are not? How can you help others become more successful?
• The more you help others get what they want, you will find you will get what you want and more.
• Partnerships are a business strategy and should be treated and planned for as such.

What are some of the most consistent challenges you see entrepreneurs have and how do you help them overcome them?

• In the government contract space, it is paperwork and time. There is a lot of hoops to jump through and they don’t move fast.
• You have to find your way into their system and once you get in, you are in good shape. But, you have to break through that barrier to get your first contract.
• It is networking and getting in front of the right people.
• Additionally, you need to build the right systems and teams in your business, so you can focus on the bigger picture and work on the business – not in it.
• Businesses are like a baby. At some point most people have to get a babysitter or day care of their baby so they can go to work. That is what it is like when you build systems and a team – they are the babysitter for your business, so you can truly go to work on it.

Any other advice from your journey?

• Partner and teaming is the name of the game.
• Entrepreneurship is tough, so find others going through the same type of journey and network with them. Help each other.
• If it makes to have a partner in your business, do it.

Best Quote: The platform you leap from is more important that the platform you land on...

Jay's Misfit 3:

1. You don’t have as much time as you think, so go hard early going after what you want.
2. Find people that will support you whole-heartedly. People with support systems go so much further in life than those that don’t. Get your Amen Corner!
3. Be unapologetically authentic. It hurts being someone else. Be you.

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This week’s Misfit Entrepreneur is Jess Stewart. Jess was raised by a marine corps pilot on a cattle ranch where she learned the keys to running an entrepreneurial company; grit, hard work, and no complaining. Using her experience, years later, she grew up to create a massive medical billing company from her kitchen table that grew internationally. She sold the company for a 20x multiple allowing her to secure her financial freedom.

She now devotes her time to sharing what she’s learned with other entrepreneur and coaching companies to success. She was recently highlighted in Kevin Harrington’s book, Cracking the Rich Code.

I’ve asked her on to share how with no experience she built her company and to share how others can follow her footsteps as well her biggest lessons learned during her journey.

www.Jess-Stewart.com

Jess was raised on a cattle ranch and left when she was 18 to play Volleyball in college. She graduated and became a schoolteacher. But when she moved to a new town with her husband, she found there were no open teaching positions. So, she decided to start a business – a medical billing company out of her house. She didn’t know anything about medical billing, but she was good at solving problems, so she went to work learning. She grew for the first few years in her house, then opened her first office and things took off over the next 10 years growing nationally, then internationally until she sold the business.

At the 5 min minute mark, Jess explains why she chose to go into the medical billing space.

• Jess wanted to find a way to work from home and be with her family.
• She started the company with a few friends that were already going down the path. Ironically, 6 months in her partners could no longer continue and she was left to build it by herself.

What are some of the best lessons you learned growing up on a cattle ranch that helped you succeed as an entrepreneur?

• She had great parents and a great childhood.
• From the time she could walk, she worked on the ranch and was expected to pull her weight.
• The first lesson was grit. It’s not about how many times you fall, it’s about how you get back up and keep going.
• If were going to do the job it had to be done right. If it was not done right, it had to be redone until it was right.
• “Don’t just get it done, get it done right.”

Take us through the journey of how you took your business from your kitchen table to international and ultimately a 20x exit.

• It came down to differentiation. Medical billing is a red ocean. Fierce competition.
• She realized early on that there was more to offer the client because of the industry being antiquated. There was a lot of opportunity for technology.
• She decided that her company would offer a total solution instead of parts of the solution.
• The niche was to offer and host the full practice management solution. (Cloud didn’t exist at the time).
• She pioneered getting medical offices off of doing things on paper to using practice management software and doing things electronically.
• She borrowed $75k from her parents to buy servers and build the network to work point to point with medical offices.
• In doing this, she was able to offer a solution that no one else was doing and be a first to market.

At the 16 min mark, Jess talks about how she got to a point where she was tapped out and how to build a team and what she went through to do so.

• She learned a great lesson in that even though great talent may be making more elsewhere, they may not have what they want. This is how she got her first and most important employee. He left a job pay 3x more than she could offer because he was looking to build something and find true meaning in his work.
• As an entrepreneur, learn to ask for what you want and who you want on your team, then find/figure out a way to make it happen – because it can!
• Jess also shares how she created an advisory and got the help she needed to develop as a leader.

At the 28 min mark, Jess talks about how being ahead of the times put them in perfect position to be the solution when government mandates to go electronic came along.

• Jess shares how the growth was a blessing and a challenge, because things broke down and they had to figure out how to keep up and build their processes and systems to accommodate client needs and growth.
• She shares how she saw a new niche to help in and flew to Nashville to knock on hospital doors. She thought they would be excited about it, but was told no by every company, but one and they were skeptical.
• She left Nashville with no takers and later she got a call from the “one” who gave them a shot in a rural hospital. Jess did it basically for free and proved to be such a success, that she overwhelmed them.
• That company was the one that eventually came knocking on the door to buy her business at 22x! ​

At the 40 min mark, Jess and I discuss what it takes for entrepreneurs to endure and make things happen and how Jess how to deal with burnout and find an operating system for the business.

Best Quote: Don’t just get it done, get it done right.

Jess's Misfit 3:

Walk your own path and enjoy the journey.

Don’t hesitate. Follow your gut.

Never stop seeking mastery in education. Stay humble.

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