My Worst Investment Ever Podcast

BIO: Gisela Hausmann is one of a dying breed of adventurers – she digs in and researches topics of interest from the ground up, then tells things as she sees them.STORY: Gisela published a book about her time working at Amazon. In the book, she suggested what Amazon should do to improve working conditions. Amazon implemented these suggestions.LEARNING: Know who your friend is and who is not. Look at criticism as an opportunity. “If you just get going and try to do your thing, you’re probably gonna get it.”Gisela Hausmann Guest profileGisela Hausmann graduated with a master’s degree in film & mass media from the University of Vienna, the oldest university in the German-speaking world.She is one of a dying breed of adventurers – she digs in and researches topics of interest from the ground up, then tells things as she sees them.An author of two dozen books, her work has been featured in regional, national, and international publications, including GeekWire, Inc, Success (print magazine), Entrepreneur, and Bloomberg’s podcast ‘Decrypted.’ She is also the winner of the 2016 Sparky Award “Best Subject Line.”Born to be an adventurer, she hiked in the Himalayas and the Gobi Desert, crossed Russia on the Trans-Siberian Railway twice, and meditated in the Dalai Lama’s private room at the Potala Palace in Lhasa, Tibet.Her motto is: “Don’t wait. The time will never be just right.” – Napoleon HillWorst investment everGisela has written very many books throughout her career as an author. Her books have won various recognitions, including Kindle book review awards, and have been featured on Success Magazine and Bloomberg podcast.At some point in Gisela’s career, many of the cheaters came in and made her life miserable on Amazon. So she decided to have a downtime phase and went to work in Amazon’s logistics department.While working at Amazon, Gisela found out that all the many principles that the company preaches did not happen there. She even wanted to quit at some point because she was miserable there. Then came COVID, and Gisela was now stuck where she didn’t want to be.Gisela then came up with a great idea to write a book about her experience at Amazon and published the book. She thought the journalists who constantly investigated everything about Amazon would be thrilled to finally hear from a logistics professional about what needed to be done. But they were not interested in her book.When Gisela submitted her book on Amazon, it took 104 hours for it to be put online. In most cases, it takes a maximum of 72 hours for a book to be approved. Gisela would soon learn why her book took so long to be published on Amazon. Amazon’s legal department forked over this book in every little detail. Then they literally went ahead and took many of the changes Gisela suggested in her book and implemented them. Amazon is now doing what Gisela wrote.Lessons learnedThink through in a creative way who is your friend and who is not worth anything.Andrew’s takeawaysLook at criticism as an opportunity.Actionable adviceIf you’re an author and want to contact reviewers, read one of Gisela’s audiobooks. If you run a business and sell on Amazon, read Gisela’s book Naked Truth About Getting Book Reviews, and you’ll find seven tips to boost sales. Another great book everyone should read is Naked Determination, 41 Stories About Overcoming Fear.No.1 goal for the next 12 monthsGisela Hausmann’s goal for the next 12 months is to refocus and do more for the environment. She wants to write a serial fable in the style of Animal Farm, a standard book that can be read by everybody.Parting words “Do it. You don’t know if the opportunities are gonna be there tomorrow. So focus on it; it can be done.”Gisela Hausmann [spp-transcript] Connect with Gisela HausmannLinkedInTwitterBooksAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Rick is an author of several books and performs one-man shows, bringing alive the stories in his books.STORY: Rick spent $22,000 to produce his first audiobook and made just $500 in sales.LEARNING: Accept that there’s most likely nobody who will buy your book. Figure out how to get your product to the market. “The chances of you doing your memoir and anybody cares about it are almost zero.”Rick Gilbert Guest profileRick Gilbert is the retired founder of PowerSpeaking, Inc, one of Silicon Valley’s most successful communication and training companies. Before founding PSI in 1985, Rick was a psychologist and held management positions at HP and Amdahl. Rick is an author of several books and performs One-Man shows, bringing alive the stories in his books. His latest book is an audiobook, Sharing Our Stories, featuring interviews with 65 people, including Gloria Steinem, Daniel Ellsberg, Chris Brubeck, Anna Eshoo, and Don Garlits.Worst investment everIt took Rick about a year and a half to put his audiobook together. Because he didn’t understand the technology of audiobooks, he hired people, including lots of editors, to help him with it. Rick ended up spending $22,000 on that book. Over six months, Rick sold 50 copies, only selling at $10 each. So for his $22,000 investment, he made 500 bucks.Lessons learnedIf you still want to write your book, accept that there’s most likely nobody who will buy it.Andrew’s takeawaysYou may have a great idea, but it remains a hobby, interest, and passion if you haven’t figured out a way to get it to the market. You’ve got to figure out how to get it to the market to sell that idea.Start bringing your product to the market now. Write a chapter, share it, see what happens, and you’ll grab the marketplace before you make the entire investment.Actionable adviceDo your homework so that you’re aware of what you’re getting yourself into.No.1 goal for the next 12 monthsRick’s goal for the next 12 months is to stop worrying about the future and live in the moment. [spp-transcript] Connect with Rick GilbertFacebookYouTubeWebsiteBookAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever PodcastFurther reading mentionedMichael Gerber (October 1988), The E Myth: Why Most Businesses Don’t Work and What to Do About It.Eric Ries (September 2011), The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses.Adele M. Scheele (September 1996), Skills for Success.Ulysses S. Grant (October 2009), The Complete Personal Memoirs of Ulysses S. Grant.

BIO: Kanit Nimmalairat is the owner of the YouTube channel and Facebook Naiwaen Investment, with over 200,000 followers.STORY: When Kanit started investing, he made his worst investment ever when he went all-in on one commodity stock. The stock was selling at 34 baht, but the price plummeted to 7 baht. Kanit made a 100% loss on that investment.LEARNING: Educate yourself on value investing. Have an investment principle. Consider a stop-loss, especially if you’re new to investing. “Don’t go all in. Instead, build your investment position as you get better at investing.”Kanit Nimmalairat Guest profileKanit Nimmalairat or นายแว่นลงทุน (Nai-waen-long-thun/investment) is the owner of the YouTube channel and Facebook page นายแว่น ลงทุน - Naiwaen Investment with over 200,000 followers. He is also a full-time investor who is a master of investing in VI stocks and has various online courses on how to invest and gain financial freedom.Worst investment everWhen Kanit started investing, he made his worst investment ever when he went all-in on one commodity stock. The stock was selling at 34 baht, but the price plummeted to 7 baht. Needless to say, Kanit made a massive loss on that investment.Lessons learnedEducate yourself on value investing and have an investment principle before entering any investment.Don’t go all-in on a stock.Andrew’s takeawaysCommodities are very volatile, and only consider investing in them when you’re in an inflationary environment for that particular product or commodities in general.Never invest in commodities for long-term gain.Consider a stop-loss, especially if you’re new to investing.Actionable adviceBuild a valuable investment principle. Don’t go all in; instead, build your position as you get better at investing.No.1 goal for the next 12 monthsKanit’s goal for the next 12 months is to grow his investment portfolio and also increase his Facebook and YouTube followers.Parting words “You can build your financial independence by 2030.”Kanit Nimmalairat [spp-transcript] Connect with Kanit NimmalairatFacebookYouTubeAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Allan Dib is a serial entrepreneur, rebellious marketer, and #1 bestselling author.STORY: Allan lost a decade and thousands of dollars trying to figure out marketing for his business all by himself, yet he had no expertise in the field.LEARNING: Find experts to help you with the things you don’t have expertise in. You’re not always going to be the person to solve all your problems. “When we’ve got problems, we often try to figure out the how instead of the who.”Allan Dib Guest profileAllan Dib is a serial entrepreneur, rebellious marketer, and #1 bestselling author. His book The 1-Page Marketing Plan has been an international bestseller for the last four years. Allan helps businesses worldwide develop and improve their marketing capabilities using the 1-Page Marketing Plan (1PMP) framework. Download The 1-Page Marketing Plan Canvas for Free.Worst investment everWhen Allan started his IT business, he decided to try and figure out the marketing game. He had a very slow uptake because he had no idea how it was supposed to be done. Trying to figure it all out by himself cost Allan a decade in terms of time which is very expensive. Allan also spent thousands of dollars on trial and error. He could have shortcutted that process to maybe a year or six months had he got the right mentors, coaching, and people to walk him through the process.Lessons learnedWhen facing problems in your business, start by figuring out the who, not the how.Find experts to help you out with the things you don’t have expertise in.Andrew’s takeawaysAccept that you’re not going to be the one that’s going to solve every problem you face in your business.Actionable adviceIf you’ve got no budget, one thing that you can do immediately is to create a marketing plan. If you have a bit of funding, don’t try to figure it all out yourself. Hire someone to do it for you.No.1 goal for the next 12 monthsAllan’s goal for the next 12 months is to get his next book out and launch a podcast.Parting words “Get better at marketing because the best marketer wins every time.”Allan Dib [spp-transcript] Connect with Allan DibLinkedInFacebookInstagramYouTubeWebsitePodcastBookAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Nidhi Mohan Kamal is the director of NidSun Wellness, a chain of weight loss clinics with branches in Delhi and two other cities in India.STORY: Nidhi’s worst investment ever was looking for superficial qualities in the people she got into relationships with. This left her with a string of failed relationships until she figured out the fundamental qualities she needed to focus on.LEARNING: Look for fulfillment inward, not from other people. Be assertive with your truth. “Have intentional love for yourself.”Nidhi Mohan Kamal Guest profileNidhi Mohan Kamal is the director of NidSun Wellness, a chain of weight loss clinics with branches in Delhi and two other cities in India.She’s a Food Scientist with a Food and Chemical engineering degree and a specialization in nutrition and sports-specific nutrition. She is also a Certified Ashtanga Vinyasa Yoga Trainer. And a certified Strength Fitness trainer with a specialization in Rehab and Resistance.You can find her writing and videos on blogs about food, fitness, and nutrition. She’s the brand ambassador of Puma Do You in India and was part of the Guinness World Record plank.Worst investment everNidhi’s worst investment was in the type of relationships she got in. Whenever she was picking a partner, she’d look at surface qualities that were relatively superficial such as hobbies and interests.Years later, Nidhi realized that she was delusional about what she thought she needed from relationships. She didn’t consider essential things such as consistency, kindness, gratitude, a willingness to stick around, etc.Lessons learnedNever look for fulfillment from other people; it has to come inwardly, from you.Fill yourself up with love, affection, and compassion first so that you can give the same to your partner.Be assertive with your truth.Always ask yourself if your intention of going into a relationship is good or are you coming from a place of ego and selfishness.Andrew’s takeawaysStay true to your mandate.Physical health and happiness depend significantly on your outer and inner journey.Actionable adviceSlow is fast. Take relationships slowly, and always remember that love is intentional. It’s not about the spark or what you felt the first day. It’s about the bigger things in life. Can they invest in you consistently and let the compounding work for them?No.1 goal for the next 12 monthsNidhi’s goal for the next 12 months is to find balance after a few roller coaster years.Parting words “Invest in yourself, your knowledge, spirituality, and health. The biggest investment you will make in your life is not your bank account. It’s you.”Nidhi Mohan Kamal [spp-transcript] Connect with Nidhi Mohan KamalLinkedInInstagramWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Brett King is an Amazon bestselling author, a renowned commentator, and a globally respected speaker on the future of business.STORY: Brett got into a partnership offering a five-day executive program in Dubai. The business was doing well until the global financial crisis hit in 2008. His business partner took over the company, but he had no experience in training, so it died in just a few months.LEARNING: Have an advisory board for conflict resolution. Have an exit plan. Always have a shareholders’ agreement. “Sometimes, the best thing you can do is to walk away.”Brett King Guest profileBrett King is an Amazon bestselling author, a renowned commentator, and a globally respected speaker on the future of business. He has spoken in over 40 countries, to half a million people, on how technology is disrupting business, changing behavior, and influencing society.Worst investment everBrett was teaching MBA in Hong Kong in 1999, and he got in touch with this gentleman running a trade association in the US for E-commerce specialists. The qualification he issued was the certified e-commerce consultant. He also ran a trade association or professional association for finance, and the certificate he issued was very successful when attached to the MBA program.Brett started a mini MBA five-day executive program called the American Academy of financial management in Dubai. The program exploded within a few years, and the business was doing 3 to 4 million dollars a year in revenue. Brett relocated his family to Dubai and set up the international operation of this business in the free zone. But, to some extent, he ran the business in Dubai quite separately from the US business. But he had a contractual relationship with the US business as a licensed training organization. Within a couple of years of being in Dubai, Brett’s business represented about 95% of the total revenue of this new professional association.Then the global financial crisis of 2008/2009 hit. His business partner in the trade association in the US got into financial trouble and decided that he would take over the operation in Dubai. He sent out legal notices to all the companies Brett was working with, notifying them they could only buy their certificates directly from him and not Brett. The partner didn’t understand the business, and when he took over, the company collapsed overnight.Brett had put almost 10 years of his life into that business. Based on Brett’s trajectory, if the company had survived the financial crisis, it would be a $300 million business today.Lessons learnedIf you’re going to work with someone in a business, make sure that you’re both on the same page in terms of the business strategy.Think about the divorce implications for a business. Also, if you decide to exit the company, have clear guidelines on what happens to the IP, how you deal with the employees and other elements as part of the business’s closure or evolution.Use an advisory board to help deal with disputes between the partners.Andrew’s takeawaysHave a trusted intermediary in your business partnership.Always have a shareholders’ agreement before the partners start working together.Actionable adviceGet an excellent structural contract lawyer to help you put together the shareholders’ agreement and those initial structural elements of the business. Also, prepare yourself for the event that the company may not work, and you need to walk away from it.No.1 goal for the next 12 monthsBrett’s goal for the next 12 months is to get his finances back in order after a couple of years of disruption.Parting words “Whatever you’re going to do, do it so that it makes life better for fellow humans.”Brett King [spp-transcript] Connect with Brett KingLinkedInFacebookTwitterBookAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Mohan Belani is the Co-founder and CEO of e27, a startup and tech ecosystem platform focused on helping startup founders build and grow their companies.STORY: Between 2013 to 2015, Mohan was mentally and emotionally satisfied with the status quo and never invested in himself, his capabilities, and his mindset to go to the next level.LEARNING: Don’t avoid failure. Just learn to deal with it and handle it better. “The true currency of life is time.”Mohan Belani Guest profileMohan Belani is the Co-founder and CEO of e27, a startup and tech ecosystem platform focused on helping startup founders build and grow their companies. He believes that startups can make the world a better place, and in order for Southeast Asia’s tech ecosystem to be relevant, it needs to be driven by sustainable and impactful companies solving problems at scale. He’s invested in over 25 early-stage funds and startups across APAC and US and enjoys working with founders and helping them alleviate the challenges of building great companies, specifically around the areas of talent, funding, and market access.Worst investment everMohan’s worst investment ever was not evolving his psyche and mental state in a manner that would allow him to go forward, grow, and be where he needed to be. Between 2013 to 2015, Mohan was mentally and emotionally satisfied with the status quo and never invested in himself, his capabilities, and his mindset to go to the next level.Lessons learnedSurround yourself with the right people who can help you grow to the next level.Sometimes you need a bit of a jolt and external feedback to get you moving.If you want to remain relevant and continue to grow, you need to adapt and evolve constantly.It’s one thing to desire to change or do something positive, but it’s another to build the systems and processes to support that.Andrew’s takeawaysTake care of yourself and be aware of what’s going on with your ego and your drive.Actionable adviceSometimes you have to go through the downs to appreciate the ups. Don’t avoid failure. Just learn to deal with it and handle it better. If you fail, it’s better that it happens quicker, and you realize it faster, and then figure a way out around it.No.1 goal for the next 12 monthsMohan’s goal for the next 12 months is to start doing new things to change the dynamic of his company and push it forward.Parting words “The faster you realize that time is the ultimate currency and everyone has the same amount, the better quality of life you’ll lead.”Mohan Belani [spp-transcript] Connect with Mohan BelaniLinkedInWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever PodcastFurther reading mentionedAllen Carr (January 1999), Easy Way to Stop Smoking

BIO: Mariah Edgington BSN, RN is a retired critical care nurse who integrated holistic practices into her practice. Byron Edgington ATP, CRMI is retired military and commercial helicopter pilot, Vietnam veteran, award-winning author, speaker, and contributor.STORY: Byron lost his pilot job in Kauai due to a minor medical difficulty. This brought the couple’s dream life on the island to an end. Desperate and lost, Byron invested blindly into real estate and made no money. He didn’t know that he’d have benefitted from disability insurance had he claimed it.LEARNING: Don’t make decisions when you’re at your lowest point. Seek help from people you trust. “Seeking a community that can help you is by far the best thing you can do for yourself.”Mariah & Byron Edgington Guest profileMariah Edgington BSN, RN is a retired critical care nurse who integrated holistic practices into her practice. Mariah found these tools so effective that after retirement, she integrated them into a mindset coaching practice. She is a soon-to-be New Your Times Best Selling author, speaker, and contributor to BizCatalyst360.Byron Edgington ATP, CRMI is a retired military and commercial helicopter pilot, Vietnam veteran, award-winning author, speaker, and contributor to BizCatalyst360, and TravelAwaits Magazine.Mariah and Byron co-authored the first in a series of books, Journey Well, You Are More Than Enough: (Re)Discover Your Passion, Purpose, & Love of Yourself & Life. Their book, guidebook, and online course will be available will be soon.Worst investment everByron and Mariah lived on the island of Kauai, where Byron worked as a nurse while flying tourists around the island all day long. The couple loved everything about living in this piece of heaven. Their life in paradise was short-lived. Byron lost his clearance to fly because he couldn’t get medical approval because of some minor medical difficulty.Byron and Mariah were devastated. They packed their bags and left Kauai. Lost in the unfortunate turn of events, Byron forgot to follow up on disability insurance. His only concern was to move forward. In the process, Byron took the first way out he came across. He went into real estate because somebody suggested it. Byron put a lot of money into real estate, and it didn’t go well. Within a year or two, Byron was out of real estate without making anything out of the investment.Lessons learnedWhenever you’re feeling lost, don’t do anything for a while until you have a better idea of who you are, what you’ve lost, and what you would like to do going forward.Join mastermind groups with people who can help expand your thought.Andrew’s takeawaysBe aware of what’s going on in your life and what’s available to you. Don’t be afraid to take benefit of what’s available to you.When you’re struggling with an issue, one of the best solutions is to talk to people you trust about it.Actionable adviceWait and seek help.No.1 goal for the next 12 monthsMariah & Byron’s goal for the next 12 months is to publish their book Journey Well, You Are More Than Enough: (Re)Discover Your Passion, Purpose, & Love of Yourself & Life. Following that, the couple will publish a book for mothers and daughters to rediscover that relationship and then for couples as well. [spp-transcript] Connect with Mariah & Byron EdgingtonLinkedIn (Mariah)LinkedIn (Byron)InstagramFacebookBookAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

In this engaging discussion, Alistair Croll, an entrepreneur and author of the influential book Lean Analytics, shares invaluable insights on scaling startups. He emphasizes the importance of engaging an audience before seeking investment, recalling his own experience giving up 50% equity for a Series A round. Alistair dives into the shift from an information economy to an attention economy, stressing the need for innovative strategies to capture and maintain public interest. He also reflects on the philosophical impacts of technology and the necessary balance for societal well-being.

BIO: Ash Maurya is the author of two bestselling books, “Running Lean” and “Scaling Lean,” and is also the creator of the top-rated one-page business modeling tool “Lean Canvas.”STORY: Ash had this social networking idea that he thought was unique, so he kept it to himself as he built on it. He never tested the market until he launched, and the network was a flop. Ash kept building the network in isolation until seven years later when he realized he was supposed to be building a customer base, not the perfect product.LEARNING: Take at least 90 days to test a new idea before launching it. You need customers for your business to survive. “You can actually sell before you build.”Ash Maurya Guest profileAsh Maurya is the author of two bestselling books, “Running Lean” and “Scaling Lean,” and is also the creator of the top-rated one-page business modeling tool “Lean Canvas.”Ash is praised for offering some of the best and most practical advice for entrepreneurs and intrapreneurs worldwide. Driven by the search for better and faster ways for building successful products, Ash has developed a continuous innovation framework that synthesizes concepts from Lean Startup, business model design, jobs-to-be-done, and design thinking.Ash is also a leading business blogger, and his posts and advice have been featured in Inc. Magazine, Forbes, and Fortune. He regularly hosts sold-out workshops worldwide and serves as a mentor to several accelerators, including TechStars, MaRS, Capital Factory, and guest lecturers at several universities, including MIT, Harvard, and UT Austin. Ash serves on the advisory board of several startups and has consulted with new and established companies.Worst investment everIn 2011, Ash came up with a social networking idea that he believed was so good that he couldn’t tell anyone. The friends he told, he swore them into secrecy. They all convinced him that this would be a perfect idea.Ash took all the money he had, got a small team together, and spent a year building the network. He never talked to anyone about his idea during the building period. Nine months into that journey, he heard about Friendster, the first social network launched. Someone had beat him to it. However, Ash was still convinced his idea was unique, so he continued to build on it.Ash finally launched his network and spent another year trying to get everything right, but it didn’t work. Then he took a hard pivot and had a lucky break when another company that liked the technology he was using licensed it for a little while. But it was still not Ash’s big outcome story. His co-founders lost interest in the network and walked away. Ash kept plugging along and bootstrapped until the five-year mark, building his product.After about seven years, Ash realized that he had been looking at all his ideas from the inside out. He concentrated on building a product for himself instead of creating a customer base first.Lessons learnedWhen building a business, focus more on purpose and meaning. Ask yourself if you’re creating what the customers needs.Give yourself 90 days to test the market and demonstrate traction if you have a new idea.If your customers aren’t paying attention to your idea, building a product will not make a difference.Andrew’s takeawaysTo turn great ideas into great products, the people around you should always be confident that you can implement them.Decide the minimum number of customers you need to stay in business and when. Be as specific as possible.Actionable adviceSet a goal and a deadline or a timeline. Then ask yourself what’s the smallest outcome that would deem this project a success.No.1 goal for the next 12 monthsAsh’s goal for the next 12 months is to get from 1 million people on his platform to 10 million or at least within the next three years.Parting words “Look for problems worth solving.”Ash Maurya [spp-transcript] Connect with Ash MauryaLinkedInTwitterBookAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast