Financial Freedom with Real Estate Investing MB 243: Taking the Entrepreneurial Leap – With Gino Wickman
Do you have what it takes to be an entrepreneur? If you’re in the early stages of building a multifamily syndication business, Gino Wickman wants to leverage his 30 years of experience to help you determine what kind of enterprise is right for you and accelerate your path to success.
Gino is the creator of the Entrepreneurial Operating System, the practical method for helping businesses achieve greatness used by 100K companies worldwide. He is also the bestselling author of Traction: Get a Grip on Your Business and Rocket Fuel: The One Essential Combination That Will Get You More of What You Want from Your Business, among many other groundbreaking books on entrepreneurship. Today, Gino is devoting his time and energy to Entrepreneurial Leap, a new book and online platform designed to help entrepreneurs-in-the-making find clarity and create a customized roadmap for their startup.
On this episode of Apartment Building Investing, Gino joins cohost Garrett Lynch and I to share the experience that inspired his work with entrepreneurs, explaining how he defines ‘true entrepreneurship’ and what characteristics successful business owners share. He walks us through the most common mistakes entrepreneurs make, offering advice on knowing what you want, hiring the right people and firing the wrong ones. Listen in for insight on whether or not you’re a ‘partner person’ and get Gino’s eight tips for increasing your chances of success as an aspiring entrepreneur.
Key TakeawaysWhat inspired Gino’s work with entrepreneurs
- Turned around struggling family business at 25
- Discovered knack for helping entrepreneurs
What makes EOS such a successful system
- Simple and time tested on 50 clients over 5 years
- Frees entrepreneur to take business to next level
Why Gino wrote his new book Entrepreneurial Leap
- Help aspiring entrepreneurs build better startup
- Teach what he needed most at start of journey
How Gino defines true entrepreneurship
- Build business with lots of people (vs. freelance)
- Only 4% of population has what it takes
The 6 essential traits of a true entrepreneur
- Visionary
- Passionate
- Problem-solver
- Driven
- Risk-taker
- Responsible
The 8 critical mistakes entrepreneurs make
- Not having vision
- Hiring wrong people
- Not spending time with people
- Not knowing customer
- Not charging enough
- Not staying true to core
- Not knowing numbers
- Not crystalizing roles/responsibilities
Gino’s advice on hiring the right people
- Hire based on core values + skill set
- Be slow to hire, quick to fire
The 8 disciplines for increasing your chances of success
- Clarify vision
- Decide if ‘partner person’
- Bigger problem = more success
- Get feedback early and often
- First plan will not be final plan
- Work hard (really hard)
- Take criticism with grain of salt
- See it every night
Gino’s insight on the two types of ‘partner people’
- Equal partners
- Give equity but maintain controlling interest
Connect with Gino Wickman
Entrepreneurial Leap: Do You Have What It Takes to Become an Entrepreneur? by Gino Wickman
ResourcesLearn More About Michael’s Mentoring Program
Join the Nighthawk Equity Investor Club
Traction: Get a Grip on Your Business by Gino Wickman
Entrepreneurial Operating System for Business
Entrepreneurial Leap: Do You Have What It Takes to Become an Entrepreneur? by Gino Wickman