Powerhouse family man/entrepreneur Chris Lee spills some of his biggest business mistakes made on his road to building multiple multimillion dollar companies. Many wonder how he was able to build so big and quick while putting his wife and five kids first in his life. In this episode, he tells all.
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I Can't Believe They Said That:
“A year ago I had to pay a 10,000 dollar signing bonus plus a salary 40% above the market to attract someone to leave their current job to work with me.” -CL
“Don’t build your business as an exception.” -CL
Key Moments:
Chris’s hard learning lessons accepting investment money from family. (10:11)
Building the rocket as its launching. (23:42)
Taking financial losses at scale. (28:50)
Chris’s strategy toward putting family first before being a CEO. (32:33)
The importance of vacation time. (39:13)
Facing the point of almost giving up. (41:43)
Chris’s unconventional way of learning how to build a massive business. (49:24)
The Mistakes:
Mistake 1: Chris tried to build his first home security business too quickly for all the wrong reasons. (5:01)
Mistake 2: Building a business to impress others. (12:44)
Mistake 3: Choosing to be blind to the economic climate when starting a business. (14:45)
Mistake 4: Entering partnerships that led to the the ship sinking. (15:35)
Mistake 5: Chris Lee’s most expensive mistake. (20:56)
