The Secret To Building Multiple Businesses - Chris Koerner
Aug 21, 2024
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Chris Koerner is an entrepreneurial powerhouse known for building and selling multiple 7-8 figure businesses. He shares his addiction to entrepreneurship and reveals how personal transformations and missions shaped his journey. Chris discusses the balance between managing several businesses and the joy of pursuing diverse ventures. He emphasizes resilience, learning from rejection, and the importance of mentorship. Additionally, he explores the role of social media in business growth and strategies for attracting customers.
A strong aversion to financial insecurity drives entrepreneurship, pushing individuals to seek wealth-building strategies through various business ventures.
Engaging in mission work instills resilience and adaptability, providing crucial skills that translate into successful customer interactions in sales.
Diversifying across multiple industries fosters creativity and enhances entrepreneurial success by enabling cross-referencing of ideas and market understanding.
Deep dives
The Drive for Wealth
A strong desire to avoid poverty motivates individuals to pursue wealth-building strategies. This podcast episode emphasizes how past experiences with financial insecurity can ignite a fire to strive for economic independence. Through personal anecdotes, the speaker reflects on their childhood and early jobs, illustrating how these experiences shaped a relentless pursuit of better financial outcomes. The underlying message is that the aversion to feeling poor can be a powerful impetus for entrepreneurial success.
Lessons from a Mission
Participating in a mission can lead to profound personal transformation, as discussed in the episode. The structured and often difficult nature of mission work teaches resilience, time management, and the ability to cope with rejection. By knocking on thousands of doors with a low success conversion rate, individuals learn valuable lessons about persistence and self-improvement, fundamentally altering their perspectives on success. The experience goes beyond the mission's purpose, fostering significant character development that influences future endeavors.
Entrepreneurial Ventures in Real Estate
The speaker recounts their journey into real estate investment after returning from a mission, highlighting the challenges and successes encountered along the way. They began by purchasing and renting out properties, which laid the foundation for further ventures into diverse business opportunities. A notable point is the importance of market research, showcasing a methodical approach to identifying investment opportunities. This experience reflects the practical application of entrepreneurial skills learned earlier in life.
The Impact of Rejection on Sales Skills
Experiencing high levels of rejection in mission work parallels the challenges faced in sales, providing critical insights into customer interactions. The speaker illustrates how frequent rejection cultivates resilience and prompts individuals to refine their sales techniques. Contractors and entrepreneurs often encounter similar dynamics when attempting to sell products or ideas, emphasizing the need for persistence and adaptability. This analogy reinforces the concept that both mission work and sales require a mindset oriented towards growth and learning from setbacks.
The Power of Diverse Business Ventures
Engaging in various business fields enables individuals to cross-reference ideas and strategies, ultimately enhancing their overall entrepreneurial success. The discussion touches on the advantages of exploring multiple industries instead of focusing exclusively on one. This diversification can lead to innovative solutions and a better understanding of market trends across sectors. By sharing experiences from different businesses, the speaker highlights how this approach can foster creativity and adaptability, crucial traits for thriving in entrepreneurship.
Chris Koerner considers himself “addicted” to entrepreneurship.
And the facts back him up: he has built and sold multiple 7-8 figures businesses in his lifetime – and doesn’t plan to stop any moment soon.
In today’s episode of Boring Businesses, I’m joined by Chris Koerner, Owner of cofounders.com, to explore his personal journey, how he managed to build 7+ profitable businesses, and the biggest lessons he has learned along the way.
Timestamps:
00:00 Chris’ personal transformation 14:18 First steps in entrepreneurship 24:45 How Chris built 7+ companies 36:40 How to decide which business to start 40:00 How to get more customers 45:28 How Chris leverages his X audience