My Worst Investment Ever Podcast Randy Mortensen – Past Success Doesn’t Guarantee Future Success
BIO: Randy Mortensen guides talented individuals whose drive has led them toward destructive behaviors. He facilitates an 8-week cohort, guiding members toward True Significance: Success and Sustainable Living.
STORY: Randy was looking for an investment that would bring him huge returns to support his projects in the Caribbean and Africa. He came across the hemp industry, which he had zero experience in, but he was convinced it was the right investment. Randy invested $600,000 and is yet to make much out of it.
LEARNING: Don’t be too quick to jump into an investment you’re not familiar with. Succeeding in one investment doesn’t mean you will in another.
“Be a bit slower to jump into the deep end of the pool.”
Randy Mortensen
Guest profile
Randy Mortensen guides talented individuals whose drive has led them toward destructive behaviors. He facilitates an 8-week cohort, guiding members toward True Significance: Success and Sustainable Living. You can have both.
Worst investment ever
Randy wanted to help people in the Caribbean and Africa. He figured if he was going to support those efforts, he should look for a significant investment. Randy was convinced that the hemp industry would be an excellent opportunity for an investment.
Randy wasn’t connected well enough to the network of growers and financiers in Canada or the hemp industry in Europe. But he did invest heavily in it.
Well, $600,000 later, it’s probably still a good investment, but the returns have been horrible for the last four or five years.
Lessons learned
- Don’t be too quick to jump into an investment you’re not familiar with.
- It’s essential to communicate with your spouse and to draw on their common sense.
Andrew’s takeaways
- Your success in the corporate environment does not necessarily translate into the startup environment. Often, the skills required for the two are different.
- Confidence from past success will blind you from doing the research you should perform when starting a new company.
Actionable advice
Draw on input from others and apply a heavy element of common sense instead of trusting your intuition and instincts.
No. 1 goal for the next 12 months
Randy’s number one goal for the next 12 months is to return to speaking and hold workshops and speak to talented management officials or professionals.
Parting words
“If you’re struggling with a compulsive, destructive behavior, don’t wait another day to seek help because there is hope.”
Randy Mortensen
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Connect with Randy Mortensen
Andrew’s books
- How to Start Building Your Wealth Investing in the Stock Market
- My Worst Investment Ever
- 9 Valuation Mistakes and How to Avoid Them
- Transform Your Business with Dr.Deming’s 14 Points
Andrew’s online programs
- Valuation Master Class
- How to Start Building Your Wealth Investing in the Stock Market
- Finance Made Ridiculously Simple
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points