Beyond 8 Figures The Long Journey to Overnight Success with Kim and Lance Burney of Mighty Carver
The challenges of entrepreneurship are sometimes hidden behind those "instant" success stories, which are actually built on loads of hard work, smart planning, and detailed execution. Today, A.J. welcomes Kim and Lance Burney of Mighty Carver, who know quite well what it takes to overcome these entrepreneurial hurdles. In this episode, they share their journey from starting in 1999 to an overnight boost after their appearance on Shark Tank.
About Kim and Lance Burney:
Kim and Lance Burney are a powerhouse duo famous for their creation, the Mighty Carver, an innovative company born out of a family tradition. Their story is one of perseverance and dynamic adaptation in entrepreneurship. They have been leading innovators in manufacturing since 2000 with their primary venture, Sigalarm. They revolutionized the power-line warning system industry, growing from being the only players to standing out among ten competitors globally.
Branching out, they grabbed an opportunity on a Thanksgiving dinner when a quirky idea sparked - manufacture an electric carving knife that looks like a chainsaw. Leveraging their expertise in manufacturing, Kim came up with the idea out of a playful thought that if the knife were a chainsaw, every member of their family would be excited to cut the turkey. So, the Mighty Carver was born, a testament to their creativity, wit, and entrepreneurial spirit.
Key Insights
- Take a leap of faith. Success often starts with taking a calculated risk. You need to rely on due diligence and informed judgment, but be ready to dive deep when you sense an opportunity. This leap of faith, combined with resilience and hard work, lays a strong foundation for your business. This approach inspires forward-thinking strategies, innovation, and sustainable growth, which are key elements in achieving long-term success. (07:55)
- Embrace the good side of competition. Competition can give you a necessary push towards innovation and excellence. It keeps you on your toes and encourages you to improve your products, services, and processes continuously. Taking cues from your competitors can lead to new ideas and underline areas of growth in your business. (10:15)
- Believe in what you're doing. Passion and belief in your cause will help you go far. They not only fuel motivation but also encourage others to support your vision. Your employees, partners, and customers can all sense true passion, motivating them to invest their time, effort, or loyalty into helping bring your vision to life. So, stand behind your product or service and ensure your actions and strategies align with this belief. (17:48)
- Define success on your own terms. Success is subjective - it doesn't have to align with societal expectations or norms. Define what success means to you, whether it's gaining financial independence, making a difference, or achieving a healthy work-life balance. Follow this personal metric instead of comparing yourself with others because that’s the only way to achieve the goals that truly matter to you. (33:25)
- Maintain a good work-life balance. While it's important to be dedicated to your business, setting aside time for relaxation and relationships is equally important. Striking a balance between professional goals and personal time isn't just crucial for well-being—it can actually boost productivity at work. When you return to work recharged, you can focus more, creatively solve problems, and stay motivated for longer periods. (34:56)
Kim and Lance’s best advice for entrepreneurs:
“You can't focus on the failures. [...] Yes, you have to learn from it, but you cannot dwell on it and let it consume you and your drive for whatever it is you're doing.” (31:07)
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