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.
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.”
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?
But what if you have a car or need a car, what is the #1 Piece of Advice to Save Money?
#1 Piece of Advice to Retire Early?
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?
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?
At the 28 min mark, Scott talks about tips for building a good web presence
Advice for young entrepreneurs?
Thoughts on the future of the financial system and what people should be thinking about?
Final thoughts?
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:
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:
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.
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?
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.
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.
Best advice for an entrepreneur starting out today?
What inspires you today?
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:
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:
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
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.
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?
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:
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?
Where are things going? What does the future look like for investment and opportunities?
What should people know about Wall Street?
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:
This week’s Misfit Entrepreneur is Bryan Kramer. Bryan is the founder a movement. He’s worked with everyone from IBM to the NFL to NASA. He is the best selling author of 2 books, H2h, Human to Human and Shareology. He is the ranked as one of the top 25 influencers to follow by Forbes, Top 100 Most influential on Twitter by Business Insider, and he tops on a host of other lists as well. He is a global TED speaker and a columnist for Forbes.
He owns two businesses. The first, Pure Matter, is a marketing consultancy offering “fractional CMOs” to small and mid-market companies to help them build, plan, and strategize their marketing efforts through awareness and demand generation.
The second is H2H companies which helps any human marketer to master the technologies you need to connect with new customers. Through coaching, online courses, and a membership service, they help people get the tools and teaching that will change their business forever.
As noted, Bryan is a founder of a movement…a movement to get back in touch with our human side and think like a human marketer again.
Bryan started out as an ad agency account executive out of school. In college, right before the Dot Com bust, he started working on coding websites and this is what helped him get hired. He then worked his way up through agencies working in almost every role they had. He then started a consulting firm with a couple partners and sold it to a larger firm. He then met his now partner and wife 17 years ago and they started a business consulting company which is Bryan’s main business today.
What is the most important thing you’ve learned about marketing through all of your work?
The most important thing about marketing is understanding the customer’s pain point and that the customer is at the center. Most people and companies forget this. They put themselves at the center rather than the customer. Putting the customer at the center of every touchpoint in your marketing is the best thing you can do in your marketing strategy.
At the 7 min mark Bryan talks about his approach or methodology to help ensure that entrepreneurs are keeping the customer at the center of their marketing.
He talks specifically about a very unique way to understand your customer breakdown and email list using free tools, such as Business Manager on Facebook. His advice in this area is amazing and could be one of the most important things you do for your business in the next 12 months.
What the pillars of a good marketing strategy?
At the 17 min mark, Bryan goes through an example of how he did this with a client and the results they got – especially using “human touch points.”
Marketing vs. Sales?
It all comes back to the messaging and messaging tree. Marketing has to be aligned with sales. Sales need to communicate what the clients are saying and marketing needs to listen. Marketing then needs to create the right tools that work for sales on message.
At the 26 minute mark, Bryan talks about how he came up with the concept of Human to Human (H2H) and what you should understand about it.
He talks about how we crave the nature of connecting with each other, not online, but human to human and how it is innate for us. It is the reason we all want to share which is where the book Shareology came from.
The key component that came out of all the interviews Bryan has done is that people simply want to connect which is why we need to bring humans closer to the customer and create the “human touchpoints” in our businesses and lives.
Best advice on how to grow a community online?
At the 44 min mark, Bryan make a great point about “Thank You Departments”
What does it take to be a successful entrepreneur?
Grit, hustle, commitment, determination. Being “all in” separates the truly successful.
At the 47 mark, Bryan talks about his low point and how he overcame it.
Best Quote: Putting the customer at the center of every touchpoint in your marketing is the best thing you can do in your marketing strategy.
Misfit 3:
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, I want to talk you about what it means to have principles. Principles are the things that you believe are resolute in life. They are the things that you will not sacrifice in any way, even it means limiting your personal gain. Anchoring to principles makes you who you are. They keep you from selling your soul and from straying from your true self.
As you know, I am a student of history, especially the founding of our great country, because it took great principle and true grit in adhering to those principles to not only defeat the greatest army in the world at the time, but to then come together and create a framework that gave and enshrined the power to the individual instead of a monarchy or government. During the revolutionary war, Thomas Paine has a very famous quote that went like this, “These are the times that try men’s souls. The summer soldier and the sunshine patriot will, in this crisis, shrink from the service of their country; but he that stands by it now, deserves the love and thanks of man and woman.”
You see, principles are everlasting. They are things that you follow and stand for in good times and bad, or when they are not popular. Adhering to principles many times will mean standing up for people and ideas you vehemently disagree with. That is the point. Principles, as I mentioned at the beginning of this message, are resolute. There are a lot sunshine patriots and summer soldiers out there – people that claim to have principles one day only to change them the next to go with herd or to appease others. I feel for these people, because they will never know who they truly are or what they stand for.
It’s OK to not please everyone. You see, When you stand for something it means that people will not agree with you. Hey, that’s part of life. But, as they say, if you don’t stand for something, you’ll fall for anything. Don’t fall prey to this trap. Decide what you believe and hold those beliefs whatever comes your way.
But, what if you find yourself questioning one of your principles? That happens. Things may change in your life and you main gain new perspective or find that what you thought you truly believed is not what you believe now. Lord knows I have. The key. The most important key is that you think for yourself and don’t just do what everyone else does or what is popular – especially when you know you don’t believe in it and do it to selfishly enrich yourself.
Never sacrifice who you are and what you believe – your principles to enrich yourself. I’ll end by saying this – your principles are you. They determine who you are in this world and thus should be as well thought out and pure as you can make them. You should challenge them in every way to make sure they are resolute. And then you should adhere to them. One of my biggest principles is that I will always carry myself as though you and your mother are right there with me. If what I am doing is not something I would do with you and your mother or something that I would be embarrassed to do with you – I don’t do it. It has served me well and will be something I strive to always adhere to my whole life. I hope you can do the same and create a set of resolute principles for yourself that help you know who you are and be the best you can be. In the end, that is one of the best things we can have in this life.
I love you,
Daddy
Best Quote: "Decide what you beleive and hold those beliefs whatever comes your way"
Misfit 3:
This week’s Misfit Entrepreneur is Amber Lilysetrom. Amber has a unique gift. She has a very innate ability to help people figure out exactly what they want in life and then help them with the actions needed to turn their dreams into reality.
She didn’t start with this ability though. She found it through a very traumatic experience in which she came very close to death. As she says, the moment awakened her to the realization that she could no longer hide from herself and what she was truly meant for. In less than a year, she made it all happen.
Today Amber is a transformational branding & business strategist, writer and speaker. She has been featured in Entrepreneur and Working Mother Magazine, is the host of The Amber Lilyestrom Show podcast and helps entrepreneurs turn their passions in to heart-centered brands and thriving businesses.
While Amber’s journey to find herself and her true calling is hers, what she has learned about how to help others do the same is universal and that is what she shares in this episode.
www.AmberLilyestrom.com
Amber was working in her corporate career in athletics in marketing and branding when she has near death, or more honestly, a death experience. During an emergency C-section giving birth to her daughter, she stopped breathing on the operating table as a result of high spinal tap. She had what she called a beautiful spiritual experience that gave terrifying clarity that she was not doing what she knew she was put on the earth to be doing – which was serving a bigger way to help people find their courage to be who they were truly meant to be.
She talks about the out of body experience she encountered and the fact that she had this moment of complete surrender where the switch had flipped and she came back, could breath, and was awake again.
As she says, she was a different person leaving the operating room.
At the 7 min mark, Amber explains what it feels like to truly know who you are and find your calling.
How do you take things from dream a reality?
Dave and Amber have a great conversation on the power of consistency.
At the 21 min mark, Amber talks about the power of focusing, discipline, and delegation - and why it is so important to success.
At the 24 min mark, Amber walks through her business and how she does things.
What does someone have to do to get their center and find out what they are truly meant to do?
Once you’ve found the “why,” what does someone do next?
At the 35 min mark, Amber talks about how to find the sweet spot in going after your dreams while keeping your relationship with your spouse or significant other at the highest levels.
Biggest lesson from sport that has helped you in success?
No one is going to do the work for you. If you want to be the best, you have to show up and do the work.
Best advice for an entrepreneur starting out today?
Have the courage to dream really big and find the help you need on your journey
Best lesson you’ve learned on my journey?
You have the biggest impact when you allow yourself to be yourself
Final thought? We can learn a lot from each other across genders that give awareness and impact to grow in better, larger ways because we have great traits that are transferable.
Best Quote: “Be where your feet are..stay present and focused.”
Amber's Misfit 3:
This week’s Misfit Entrepreneur is Darren Moorman. Darren is a founder and partner at Reserve Entertainment. A firm specializing in feature film and TV. Darren knows what it is like and what it takes to have a dream and work tirelessly to make it a reality. He grew up passionate about film and media and began acting at age 19. Over the years, he found his calling as a producer and ventured out to LA to pursue his dreams. He found some success and worked on different projects with people like Denzel Washington, Chevy Chase, and others, but he had one main dream which took over 10 years to bring to fruition.
That dream releases in theaters the week this episode is releasing (October 2017) in the form of an amazing film called “Same Kind of Different As Me” featuring an all start cast including Greg Kinnear, Renee Zellweger, Djimon Hounsou, and John Voit – all academy award winners or nominees.
Dave and Darren talk about the film and its message, but just as importantly, they talk about the 10 year journey, the twists, turns, and ups and downs that it took to make it a reality.
www.SameKindofDifferentAsMeMovie.com
Darren’s story starts over 20 years ago when Darren started his first career as a coach and teacher at an all-boys prep school. While there, Darren noticed something unique. When taught kids using the form of a story, they were much more attentive and learned more. They understood things more clearly. It was here where Darren leaned that stories really connect with people. So, Darren, who had some past experience in acting and film, decided to make the journey to LA to become a film maker.
Darren didn’t have instant success, but was a good networker and relationship builder and was able to create some great connections early on for mentors that had been there and done that in the industry. He credits this with getting him going helping his first successes. Now those mentors are business partners of his – after he paid his dues and proved he had staying power.
At the 8 min mark, Dave and Darren talk about simple, but two very important principle for success and that Darren credits with helping him get ahead: Asking for what you want and making it about them and not you.
At the 11 min mark, Darren talks about why he had to tell the story of Same Kind of Different As Me. He talks about how reading the book, a true story, over 10 years ago changed his life and showed him the power of hope, forgiveness, healing, and reconciliation.
At the 14 min mark, Darren talks about the 10 year journey it took to make this movie, how he lost the rights to it twice (including one time to Disney, and finally seized a chance opportunity to make it a reality. He talks about the mistakes he made and how even a chance meeting on a plane ride was needed to turn this dream into a reality.
Darren says the most important thing he did happened 5 years ago where he had a “Jerry Maguire moment” and wrote a manifesto and wrote the vision for his career and the stories that he is supposed to be telling to the world. The story at the top of the list was Same Kind of Different as Me – even though he didn’t have the rights to it. But, when the time came where he could get it, he was focused, ready, and had everything in place to go lock it up. And once he had it, everything came into focus and in-line including the all-star cast and a deal to help distribute it worldwide with Paramount. The latter because of a relationship and connection he had made many years ago showing the power of what relationships can do over time.
What does it mean to have a dream and vision and devote yourself to it for years on end not knowing if it will truly manifest? How do you keep going and stay prepared?
At the 26 min mark, Darren talks about the impact the story has had on his life and the impact he wants for it to have on you and the world. Hint: It comes down to a simple act of kindness.
What has this experience of this film and meeting the real life people of the story taught you about life?
TIME SENSATIVE ITEM: On October 18th, the day this episode if released, there are a 150 red carpet screenings at rescue missions around the US that will show the film to their donors, sponsors, and benefactors to create awareness and show how much impact they can have in their communities. If you are interested in participating, go to
http://www.samekindofdifferentasmemovie.com/group-tickets.php
What does it take to be successful as an entrepreneur?
You have to continue to have more dreams. Once you accomplish one, you have to have what’s next. You cannot settle for accomplishing one dream. You have a lifetime of dreams to accomplish. The key is to be consistent and stay true to your core, but don’t stop…the best is always ahead of you.
What advice for people aspiring to make it in Hollywood or film?
At the 38 min mark, Darren talks about how important the name of his company, Reserve Entertainment is to his mission.
Best Quote: “At moments you question your sanity and what you are doing…then it happens and it’s beautiful. Even if it takes 10 years, you know you are not crazy and meant for it.”
Darren's Misfit 3:
This week’s Misfit Entrepreneur is Matt Miller. Matt is a former Air Force Pilot turned entrepreneur. Like many guests on the show, Matt followed a Misfit path. When he left the Air Force after almost 10 years, he entered the corporate world and did well…
But there was something that kept eating at him and it was a desire to create his own business and go after his dreams. His challenge was where to start. Then, one day as he was talking to a good friend, they mentioned the gumball vending machines that he and his young daughters owned. This conversation began a 10 year journey that resulted in the creation and massive growth of School Spirit Vending.
The vending machine business is not new by any means, but it is ripe for innovation and that is exactly how Matt has created success with SSV – by thinking differently and taking a new approach.
It’s this way of thinking and way of looking at opportunities differently to create success that Dave and Matt share you in this episode.
If you are interest in Matt's course, "Vending Secrets for Passive Income," go to www.VendingSecrets.net
Matt went to Air Force Academy and then was a fighter pilot for almost a decade. He then went into the corporate world in sales and in the direct mail world. But, he was at the mercy of working for big corporations and when one made a decision that drastically hurt his income potential, he started to look at ways to create income. He did everything from collect aluminum cans to selling books on Amazon. He had success and created income from all the things he did, but he wanted to create passive income.
He could not even afford to own his own home, but met a friend who was in vending. So he tried it with a used gumball machine he bought on Ebay. He hustled and figured out how to get into locations and after 18 months, he had over 125 locations with his vending machines, and was making more in his part-time vending business than he was in his job. But, then 2007-2008 hit and sales went down…
It was at this time that some kids came to his door fundraising and gave him the idea for School Spirit Vending (SSV). And today, they are in over 40 states, have over 115 franchisees, and are in over 3500 schools around the nation. At the 8:40 mark, Matt talks about how he had to learn to be an entrepreneur as he started with no background.
The keys for him were learning to change his mindset, a good personal growth routine, and a willingness to get out fail and learn as he went.
To make it grow faster, Matt was working, doing his vendor routes, and delivering pizzas 20 hours per week. He practiced “chicken entrepreneurship” in that he worked his jobs to pay the bills while building and investing in his business.
At the 15 min mark, Matt talks about the fact that what you think will sell well or that is the hot item is not always the best thing to sell. It’s the things that are unique, different, and quirky that sell well and offer better margins in places like vending or Amazon.
At the 19 min mark, Matt talks about how he created SSV and his philosophies on business:
At the 27 min mark, Matt talks about the unique way he used a podcast to communicate with his franchisees to help them and how with just over 100 listeners, the impact it has had on his business and the businesses of those involved is priceless.
He also does regional masterminds and weekly webinars which help to further the community, foster success, and share success stories from the field.
Principles and Lessons?
Lessons from the cockpit that translate well to business?
At the 43 minute mark, Matt and Dave discuss what really matters and “success to significance.”
Other advice?
Best Quote: “I needed to make money tomorrow, not 2-3 years from now. With vending – you put a machine out there and a month later you have income. It’s not sexy or flashing, but it’s tried and true. Sometimes, it pays to go against the herd.”
Matt's Misfit 3:
This week’s Misfit Entrepreneur is Isaac Morehouse. Isaac is creator and founder of Praxis, a really unique startup that has created a solution for the new world of an old and tried and true path to success - apprenticeship. Praxis connects potential employers with people to apprentice with them starting their careers and getting them a full time job in 12 months or less with no degree required.
In the information age, the old advice of go to college, get good grades, find a safe-secure job, and work for 40 years just doesn’t fly any more. We are in the age of the entrepreneur and being an apprentice is one of the best ways to learn the systems and path to success where you can eventually go out on your own. For me and probably you, the word apprentice conjures up visions of blacksmiths and bricklayers with their apprentice in tow, but in reality, they are mentorships, a sort of one of one mastermind.
And in today’s world, it’s not blacksmiths anymore, it’s is building businesses and systems online, creating new solutions, apps, and a host of other things.
And that is why Dave wanted to have Isaac on the show. Praxis is bypassing college as the best way to get from student to career. They train young people with an intensive 6-month professional bootcamp, then place them in startups for a 6-month paid apprenticeship.
Praxis grads have a 98% employment rate out of the program, with average pay over $50k. And most of them do not have degrees entry level roles like sales, marketing, and operations.
It started for Isaac while he was in college. Isaac worked for a telecommunications company installing cable 3 days a week while going to school. And while in school he was hit with a realization. He was making good money in his work and turning around and spending it all on school to get a piece of paper that basically says because you have it, you are statistically better than someone without it to higher. You can get all of the things that go into the piece of paper for free – just not the paper. He thought, there has to be a way to be able to do the same thing without the cost of getting the piece of paper and that is how the idea for Praxis was born. Over the next decade, he brought it to fruition.
At the 7 min mark, Isaac talks about the mental journey and the winding random road that weaves through the way to creating and bringing an idea to reality. He goes into the way the subconscious helps us to achieve the goals we give it.
Isaac goes on to talk about learning and makes some good points:
What should people know about apprenticeships today?
Isaac finds that young, raw talent is the best fit. He uses the “sleep in your car” test. If you are willing to sleep in your car and do what it takes to get what you want in life, you are the type of person that is most successful in an apprenticeship role.
At the 27 min mark Isaac and Dave talk about the shift happening with the way jobs are viewed and how we approach work.
What have you learned about taking effective action and overcome fear and inertia?
Thoughts on Entrepreneurship
Lesson Learned?
Don’t do stuff you hate. Period. And there is a difference between hate and hard. Don’t be afraid of hard work or things you want to do. The things you truly hates drain your energy and stifle your growth. Removing them forces you to find things or people to better fill the gaps and take on the areas that you are not fond of. This allows you to focus better and maximize your talents.
At the 44 minute mark, Isaac talks about overcoming the challenge of going a different direction than people think you should go.
Book Recommendation: The Act of Creation by Arthur Koestler
Best Quote: “Don't mistake hate for hard...Don't do what you hate, but do what you love, even it is hard.”
Isaac's Misfit 3: