Brad Pedersen, author of 'Startup Santa: A Toymaker's Tale of 10 Business Lessons Learned from Timeless Toys', joins host Robert Glazer on the Elevate Podcast to share lessons from a life of entrepreneurship. Topics include cash flow importance, challenges of starting a toy company, founding a composting device company, and maintaining foundational and flexible blocks in life.
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Quick takeaways
Courage is crucial for entrepreneurs to pursue their dreams and step into the unknown.
Maintaining a healthy balance sheet, effective leadership, and learning from mistakes are essential for building resilient businesses.
Curating the right team whose values and skills align with company culture is vital to success.
Deep dives
The Power of Courage in Entrepreneurship
Courage is the cardinal virtue that allows entrepreneurs to step into the unknown and pursue their dreams. Brad Peterson, a serial entrepreneur, shares his journey and emphasizes the importance of courage in starting and scaling businesses. He reflects on his early entrepreneurial tendencies and the lessons he learned from his first ventures. Peterson also discusses the importance of finding the right balance between foundational values and flexible aspects of life. He encourages entrepreneurs to make decisions that align with their values and prioritize the things that truly matter.
Lessons from Building and Losing a Toy Business
Brad Peterson discusses his experience of building and later losing his toy distribution company in Canada. He shares the highs and lows of scaling the business and the challenges he faced when growing too quickly. Peterson highlights the importance of maintaining a healthy balance sheet and understanding the difference between profit and cash flow. He also emphasizes the need for effective leadership and decision-making, particularly when faced with financial difficulties. Overall, he encourages entrepreneurs to learn from their mistakes and build resilient businesses.
Creating a Waste-Free Future with Pila and Lomi
Brad Peterson discusses his latest venture, Pila, a social enterprise committed to creating a waste-free future. He shares the inspiration behind Pila and its hit product, Lomi, a smart waste device that turns organic waste into a soil supplement. Peterson highlights the environmental impact of diverting compostable products from landfills and the carbon sequestration benefits of Lomi. He also discusses the success of Pila's crowdfunding campaign and the importance of building the right team to support the vision.
Choosing the Right Toys for Your Business
Using the analogy of a toy box, Brad Peterson emphasizes the importance of curating the right team for a business. He discusses the significance of hiring individuals whose values and skills align with the company culture. Peterson reflects on the mistakes he made in hiring and the lessons he learned about the importance of qualification and compatibility. He highlights the need for leaders to have a vision for the future, live out their values, and empower their team members to achieve success.
Lessons in Discipline and Regret
Brad Peterson shares a meaningful quote from his father: 'In life, you can either pay the pain of discipline or the pain of regret.' He reflects on the significance of this quote in his own life and emphasizes the importance of living with discipline and intention. Peterson encourages individuals to prioritize their values, make the most of their opportunities, and embrace a mindset of continuous learning and self-improvement. He also shares the importance of creating meaningful experiences and building memories with loved ones.
The holidays are fast approaching, and Brad Pedersen has arrived with a wealth of entrepreneurial life lessons for founders and leaders. Brad, author of Startup Santa: A Toymaker's Tale of 10 Business Lessons Learned from Timeless Toys, joins host Robert Glazer on the Elevate Podcast to share lessons from a life of entrepreneurship and share a wealth of best practices and stories for any founder.