I've Started 75+ Businesses: Here’s What Actually Matters | Ep. #162
Apr 28, 2025
29:45
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Quick takeaways
The 'Make It Happen' gene is essential for entrepreneurs, emphasizing resilience and the ability to pivot in challenging situations.
A successful CEO must immerse themselves in the operational details of their business to make informed and effective management decisions.
Deep dives
The Make It Happen Gene
The principle of developing a 'Make It Happen' gene is vital for any entrepreneur. This concept emphasizes the need to believe that every challenge is solvable and that giving up is not an option. An example of this is shared when the speaker faced a disaster after a tornado destroyed part of their business; they quickly pivoted by leveraging existing resources and advertising creatively to recover. This resilience is crucial for navigating the inevitable hardships of running a business.
Understanding the Weeds
A successful CEO must be willing to dive into the operational details, or 'weeds,' of their business before stepping back. This hands-on approach fosters a deeper understanding of the business dynamics and equips leaders to make informed decisions. An anecdote illustrates this by recounting a risky situation when the speaker accidentally damaged a customer's phone while testing a new kiosk, showcasing the invaluable real-world experience gained from direct involvement. This principle reinforces that knowing the intricacies of the operation is fundamental for effective management.
Insulation and Employee Protection
CEOs carry the heavy responsibility of shielding their employees from the stresses inherent in business management. This involves both protecting staff from tumultuous situations and ensuring that their work environment is supportive. A notable experience occurred when an employee fraudulently reported a theft, highlighting the importance of building a resilient workplace culture where employees feel secure and valued. This insulation allows employees to focus on their tasks without the burden of external stresses, enhancing overall productivity.
The Importance of Testing and Adaptability
The ability to test various strategies and remain adaptable is essential for business growth. The speaker stresses that just because a concept looks good on paper doesn't mean it should be pursued; practical testing often reveals critical insights. An example is given regarding the missteps taken when entering competitive markets without proper consideration, leading to stressful experiences. This principle encourages entrepreneurs to maintain a balance between calculated risks and careful evaluation, safeguarding the business from potential failures.
In this episode, I'll walk you through the biggest lessons I've learned starting 75+ businesses over the past 15 years. From six to eight figures, I share real stories about making it happen, surviving setbacks, protecting your team, and learning when to say no. I talk about how I navigated some of the toughest moments in both business and life. If you're building or buying a business, these are the lessons I wish I had earlier.
00:00 Welcome and Introduction 00:11 The Role of a CE Owner 01:14 Lessons from Starting Businesses 03:04 The MIH Gene: Make It Happen 05:35 Knowing the Weeds 07:07 Insulating Your Employees 09:02 Cover Your Assets 09:42 Inventing a Rival 11:16 Capitalizing the Business 12:04 Taking Advice from the Right People 14:02 Seven to Eight Figure Lessons 15:14 Escaping the Spreadsheet 15:54 Lessons from Past Business Ventures 16:55 The Bitcoin Mining Boom 17:42 Balancing Business and Personal Life 18:35 Dealing with Difficult Customers 20:20 Managing Toxic Employees 21:13 The Importance of Rockstar Employees 23:13 Learning from Mistakes and Moving Forward 26:57 The Role of a CEO 29:25 Key Takeaways and Final Thoughts
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