My Worst Investment Ever Podcast

BIO: Anthony Iannarino is a writer, a speaker, an entrepreneur, and an author of three books.STORY: Anthony invested $1,200,000 in two brothers working on a revolutionary nanoparticles project. When they needed more money, he found the brothers a good investor, but they decided to go with another who required them to move from their hometown. Halfway through the project, the brothers decided they didn’t want to work on it anymore and moved back home, killing the project.LEARNING: When getting into a high-stakes investment, have a solid contract that makes you part of the decision-makers. “Whenever you go into an investment, you’re not betting on the horse; you’re betting on the jockey.”Anthony Iannarino Guest profileAnthony Iannarino is a writer, a speaker, an entrepreneur, and an author of three books on sales; The Only Sales Guide You’ll Ever Need, The Lost Art of Closing, and Eat Their Lunch. He writes and publishes every day at www.thesaleblog.com.Worst investment everAnthony happened to know about two brothers who were working on a revolutionary project around nanoparticles. What they were doing with nanoparticles was something that no one else had been able to do. No one seemed to believe in their project, but Anthony did. His company invested $1,200,000 in the project, and they started building the equipment they needed.They realized that they needed more extensive equipment along the journey, which meant more money. Anthony’s company didn’t have the cash injection required, but they agreed to help the brothers find investors.Anthony found them a $10 billion company that would give them everything they needed for the projects. They would even provide them with a bridge loan to ensure that everything would be okay during the entire process.Unbeknownst to Anthony, the brothers talked to another person in northern Ohio who wanted to own the whole project. He promised them $500,000 and a salary of $150,000 salary each. But, the brothers had to move to northern Ohio to be near all of the equipment. Anthony advised them against this deal, but the brothers took it.After a few months, the brothers decided that the salary was not enough for them and they didn’t want to live there anymore. It became impossible to see the project to the end without the brothers’ input. And just like that, Anthony lost his $1,200,000 investment. Someone leaked the IP to someone who created a different way to do the nanoparticles project.Lessons learnedWhen getting into a high-stakes investment, have a solid contract that makes you or your representative part of the decision-makers.Whenever you go into an investment, you’re not betting on the horse; you’re betting on the jockey. And so, if the jockey is unreliable, you’re betting on the wrong jockey.Be careful about the sunk cost fallacy.Andrew’s takeawaysWhen investing in businesses, particularly startups, keep in mind that a tremendous amount of resource management is involved, so every decision matters.When deciding on an investment, consider, at the very least, if you trust the owner, if their idea is viable, they’re able to execute the vision, and they have the capital.Actionable adviceWhen investing, you have to trust more than just the individual; you must trust that they’re the right person to bring that product or idea to life.No. 1 goal for the next 12 monthsAnthony’s number one goal for the next 12 months is to launch his fourth book.Parting words “Do good work because you’re here for a short time. Make it count.”Anthony Iannarino [spp-transcript] Connect with Anthony IannarinoLinkedInTwitterFacebookInstagramYouTubeBookWebsiteAndrew’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: Garrett Roche is Chief Investment Strategist at Uxbridge Capital Advisors, a private wealth advisory firm in New York City.STORY: Garrett got caught up in the Nokia stock when the technology bubble hit. He hung on to the stock for too long even though it was clear the stock was not about to go up. He lost 60% of his investment.LEARNING: Take a macro view when picking stocks. Have an average of 10 investments in your portfolio. “Don’t get caught up in the details of a single stock holding and focus so much on the fundamentals that you live in.”Garrett Roche Guest profileGarrett Roche is Chief Investment Strategist at Uxbridge Capital Advisors, a private wealth advisory firm in New York City.He assists HNW individuals, family offices, and endowments with investment portfolio strategy, economic and market trend-spotting, and portfolio and trading risk management.Previously he was a Global Investment Strategist at Bank of America Merrill Lynch, a senior research analyst, an economist at PricewaterhouseCoopers, a strategic financial analytics manager at JPMorgan Asset Management, and a credit portfolio analyst at Garnet Capital Advisors LLC.He holds a BA in finance and accounting from the National University of Ireland, as well as an MS in economics and an MA in public affairs from University College Dublin, Ireland. He is also a CFA charterholder, and an FRM certified financial risk manager.Worst investment everGarrett was attracted by the Nokia stock and got into it when it was selling at around $13 in the summer of 1999. He then bought more stocks at $21 in early 2000. He rode it up to $34. Then the tech bubble started to burst across the telecom landscape.Seven weeks later, the stock fell by 40%. Garrett decided to hang on and got caught up in a bull trap. The stock price would go up a little then go down again. It was a complete roller coaster.By September 2001, Garrett had lost about 60% of his original investment. This is the point where he decided to sell.Lessons learnedDon’t get caught up in the detail of a single stock holding where you’re focused so much on the fundamentals that you live in.Stand back and take a macro view that incorporates a broader picture of your investments.Andrew’s takeawaysStop losses can bring value.Portfolio construction is very critical. Have an average of 10 investments in your portfolio.Actionable adviceTake a step back when you’re entirely compelled about a narrative around a stock, especially if it’s in a new industry.No. 1 goal for the next 12 monthsGarrett’s number one goal for the next 12 months is to increase assets under management and clients service. He’s also developing machine learning techniques and algorithms around portfolio constructionParting words “Stay vigilant and always remember the macro overlay.”Garrett Roche [spp-transcript] Connect with Garrett RocheLinkedInWebsiteAndrew’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: Mike Lung is the Director of Brokerage at Allendale Inc, which is best known for specializing in the Agriculture sector since 1985, working with farmers, ranchers, merchandisers, and others to hedge their risk when it comes to buying and selling agricultural products/inputs.STORY: Mike got into the wheat market without a plan or any research. The market went down and saw him lose his investment.LEARNING: Always have a defined exit plan before you get into any trade. Use futures and options for effective risk management. “Have a plan of attack, do your research and really know what you’re getting yourself into before you get into a trade.”Mike Lung Guest profileMike Lung is the Director of Brokerage at Allendale Inc, which is best known for specializing in the Agriculture sector since 1985, working with farmers, ranchers, merchandisers, and others to hedge their risk when it comes to buying and selling agricultural products/inputs.During his time at Allendale, Mike has had to help navigate his clients through trade wars, COVID fear, drought concerns, packing house fires, and much more. These types of events drew him deeper into the commodity rabbit hole to figure out what exactly makes the markets tick. He is currently working towards a Chartered Market Technician designation and will be diving into getting his CFA afterward.Mike has been quoted in articles by Reuters, Agri-Pulse, Iowa Agribusiness Radio Network, Bloomberg, and more.Worst investment everMike jumped into the wheat market with the hope of making good returns. At the time, there were rumors that Russia would be cutting its export program and increasing tariffs. This meant that that business was all going to come flocking to the US. So he got into it.Then the price started going down, but Mike was still confident with the market and kept putting in more. Prices just kept going down. While Mike didn’t take a big hit, the downward market spiral took a lot of his confidence, and he eventually decided it was time to cut off the trade.Lessons learnedWhen going into something, especially if it’s on a speculative basis, make sure that you have a defined exit.Learn how to use futures and options for effective risk management.Andrew’s takeawaysIf your exit plan is a stop loss that’s automatically executed, accept that stock will always bounce back. The main thing is you’re just trying to prevent catastrophic loss.Actionable adviceWrite down your plan of attack or trading strategy on paper before you enter anything.No. 1 goal for the next 12 monthsMike’s number one goal for the next 12 months is to pass the two Chartered Market Technician tests.Parting words “Don’t put any more in trades.”Mike Lung [spp-transcript] Connect with Mike LungLinkedInFacebookTwitterWebsiteAndrew’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 mentionedKeith Fitschen (April 2013), Building Reliable Trading Systems: Tradable Strategies That Perform As They Backtest and Meet Your Risk-Reward Goals

BIO: Thanawit Ounsakul is a Petroleum Engineer with enthusiasm for business and the people behind it. He is a long-term investor who has been riding the financial wave since 2006 and blogs about his investment views.STORY: Thanawit came across a stock whose valuation seemed ok, and analysts said it would go up drastically. He bought it without further research only to make a 50% loss a year later. There was no hope of the stock rising because demand for the company’s commodity had shifted.LEARNING: Don’t depend on quantitative analysis only; use qualitative analysis too to value a company. Buy cyclical stocks when PE is expensive and sell when they’re cheap. “Find your investment style and try to turn it from good to great.”Thanawit Ounsakul Guest profileThanawit Ounsakul is a Petroleum Engineer with enthusiasm for business and the people behind it. He is a long-term investor who has been riding the financial wave since 2006 and blogs about his investment views.Worst investment everIn October 2011, Thanawit came across a commodity stock that went down to $40 from its all-time high of about $60. The valuation looked very cheap, with the price to earnings at less than 10x and debt to equity of less than one. Analysts were saying it would go to $80. Thanawit did some math and figured it would be an outstanding stock to buy. So he bought it at $30, then the price moved up to $45, and he just kept on buying on the way up.A few months later, in March 2012, the price started going down, and it got back to $30, the price he first had bought it at. Thanawit was confident and bought more positions expecting the stock to rebound. But the price kept going down.Thanawit decided to research what was going on with the company—which he should have done before buying the stock. He learned that the demand for that commodity had shifted. Basically, the sales kept dropping quarter after quarter. Because of loss aversion, Thanawit didn’t want to sell until November 2012, when he got extremely stressed about it. He spoke to one of his lecturers from university who pointed out that Thanawit’s investment was a sunk cost and advised him to look forward, not backward. So he sold his stock making about 50% loss.Lessons learnedBe aware of the value trap that makes you value a company depending on quantitative analysis only without including qualitative analysis as well.Don’t evaluate a company based on past earnings only; use future evaluation as well.Let go of the looser stock as soon as you can.Andrew’s takeawaysBe careful because investing is a physical activity, and many people go into it not realizing that, and then they lose control of their emotions.Just because someone’s an analyst doesn’t mean that they’re necessarily a great stock picker.Buy cyclical stocks when PE is expensive because that means they’re at the bottom of their earnings cycle, and then sell when they’re cheap.Actionable adviceTo adopt any principle or repeat a policy throughout your life, you must feel good about it. Find your style and try to turn it from good to great.No. 1 goal for the next 12 monthsThanawit’s number one goal for the next 12 months is to publish a well-written investment article as often as he can so that his followers can be at least one inch closer to the investment world.Parting words “Just enjoy investment.”Thanawit Ounsakul [spp-transcript] Connect with Thanawit OunsakulLinkedInFacebookTwitterBlogAndrew’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 mentionedJason Zweig (August 2007), Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich

BIO: Sakthivel Thevar is a highly sought-after international speaker and Maximum Performance coach within the business and corporate circles.STORY: Sakthivel was looking for a mentor when he first joined the corporate world. Without much thought into it, he went with the first guy who offered to mentor him. He didn’t gain much from the mentor even after working with him for months. The mentor was just not the right fit.LEARNING: Be clear about the kind of people you want to invest in. Take your time, don’t rush when finding a mentor. “Just as you don’t blindly invest in a house, look at the options available for you when picking a mentor.”Sakthivel Thevar Guest profileSakthivel Thevar is a highly sought-after international speaker and Maximum Performance coach within the business and corporate circles, starting his career in the most challenging way possible as a military officer and Airborne Ranger in the Singapore Armed Forces.Worst investment everWhen Sakthivel left the military, he decided to join the financial industry as an advisor. His goal was to make a difference to people. Because he didn’t know much about being an entrepreneur, Sakthivel decided to invest in a mentor. He went out and talked to several people. Then this guy came up to him and told him that he could be his mentor. Sakthivel didn’t think twice. He decided to work with him.Eight months later, Sakthivel’s business was tanking, and he could barely pay his bills. When he couldn’t afford to buy his daughter a book she wanted, he realized that he had made a wrong investment. He had invested his time and business with the wrong person because he didn’t do his due diligence to check other options. He chose a mentor blindly without first figuring out what to look for in a mentor. He just decided this guy was the one and just went for it.Lessons learnedWhen choosing a mentor, find out whether they’re in line with what you believe in.Be clear of who you want to invest your time in and if they’ll be able to bring you to where you want to be.Take your time, don’t rush when finding a mentor. Don’t be afraid to ask questions.Learn to say no to people who are not the right match for you.Andrew’s takeawaysTake the time to do the research, and the benefits will come.Time is the only real resource that we have. It allows us to do the things that we want to do. Use it well.Get the right boss. So many people get stuck in situations where they’re with the wrong people, and they stay out of convenience.Don’t walk away from what works.Actionable adviceBe clear about what you’re looking for when you’re thinking of investing your time in learning something, especially from someone. Be clear of the outcome or the things that you require from this person. Then ask yourself whether this person can bring you in that direction.No. 1 goal for the next 12 monthsSakthivel’s number one goal for the next 12 months is to get his new book out. He also gives talks, so his biggest goal is to reach out to as many people as possible.Parting words “Wake up every morning and ask yourself; ‘If I’m good at something, how can I go about doing it better?’”Sakthivel Thevar [spp-transcript] Connect with Sakthivel ThevarLinkedInFacebookYouTubeWebsitePodcastAndrew’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: JB The Wizard received his name from his clients when seemingly hard-to-explain breakthroughs were happening in business when he was simply focusing on the individual.STORY: JB was already a master of self-development and alignment, but he needed another skill to make more money. So for over 14 years, he learned all about online marketing. This was a poor time investment because now his clients pay him for his self-development and alignment skills, not online marketing skills.LEARNING: Be ready to say no to many things if you want to stay in alignment. Focus exclusively on your customer and their needs. “Alignment means tapping into your purpose for why you are here in the first place.”JB The Wizard Guest profileJB The Wizard received his name from his clients when seemingly hard-to-explain breakthroughs were happening in business when he was simply focusing on the individual. He has a degree in Pre-Medical Exercise Physiology, acted in Hollywood films, Television, and Theater, is an award-winning director, and now advises CEOs, Celebrities, and Top Salespeople on exactly what to focus on to ensure that every other personal and business dream, comes true.Worst investment everJB started his journey to self-development when he was a kid, and by the time he was an adult, he was an alignment expert. But still, there was always this desire to get more clients and make more money.He spent over 14 years studying everything he could about marketing. From online marketing to squeeze pages to landing pages and everything in between. JB believed these skills would make him more money than working with clients to help them find alignment.But with time, JB realized that what his clients were paying him more for was not his Facebook marketing skills or his squeeze pages, not any of that. It was happiness, mental freedom, the awareness that he has, and the alignment that he helped them find. So his worst investment ever was spending so much time trying to learn something else while he already had the skill clients were willing to pay for.Lessons learnedAlignment means tapping into your purpose for why you’re here in the first place.Be ready to say no to many things if you want to stay in alignment and keep things moving forward.When something is in your alignment, it doesn’t take discipline to do it; it’s just a behavior that comes naturally.Andrew’s takeawaysBy focusing exclusively on your customer, you discover their needs and wants, and then you can serve those.Part of alignment when it comes to attracting customers is making sure that you understand your clients’ needs and provide the services and support for those needs. Once you do that, there isn’t any better marketing than that.Actionable adviceYou already have the answer. You know who you are, and that’s what you want to take action towards.No. 1 goal for the next 12 monthsJB’s number one goal for the next 12 months is to increase the number of clients he works with from three to eight people per month.Parting words “You already have the answers.”JB The Wizard [spp-transcript] Connect with JB The WizardLinkedInTwitterFacebookBookWebsitePodcastAndrew’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: Joseph Frankie (Joe) is a West Point graduate who had a full multifunctional military career as a warfighter and logistician.STORY: Joe got into a deal in China that was quite lucrative. However, the financial crisis of 2008 hit and saw him lose everything he’d invested in the deal.LEARNING: Walk away from a cul-de-sac and get onto something else fast. Failure is not always your fault but how you react to it is your full responsibility. “Learn when to walk away and do it fast. The sooner you get on to something else, the better you’ll be.”Joseph Frankie Guest profileJoseph Frankie (Joe) is a West Point graduate who had a full multifunctional military career as a warfighter and logistician. Today, he helps leaders build a bridge from where they are now, to where they want to go. Most often, he helps 40+-year-olds figure out what is next. He assists leaders internationally, online.Worst investment everJoe’s worst investment ever was working on a deal in China. At the time, the Chinese government was trying to get their wastewater treatment infrastructure together. Chinese companies had to bid on this project, and those that made it to the final three had to put up a letter of credit for 33.3 percent. This meant that if any of the three got picked, they executed that letter of credit and were all in.The Chinese companies’ challenge was that they didn’t have the working capital necessary to run multiple projects. Even though they had the bandwidth and the capability, they ended up having to finish one project, get the return, and then get into another one. Whereas they really could be doing as many as five to 10 projects. This is where Joe came in. Through a cooperative joint venture with two companies, Joe provided the Chinese companies the capital necessary to do multiple ventures.Then the Lehman Brothers debacle following the financial crisis of 2008 happened. All of the rules on moving money internationally changed overnight. Funds were frozen, decisions took forever to be made, and Joe found himself in a cul-de-sac. He had no option but to walk away and count his losses.Lessons learnedWhen you realize it’s a cul-de-sac, just back out of it fast and get on to something else that’s productive, rather than spend any more time on it.Andrew’s takeawaysRandomness will always come, and you don’t have any control over that.There are factors in your life that just happen, and it’s not your fault. But the way you react to it is your responsibility.Sometimes you just have to walk away from something that’s not working because putting in more effort isn’t going to make any difference.Actionable adviceYou have to be attuned to the environment. You’re going to deal with volatility, uncertainty, and all of that kind of stuff. The sooner you recognize that you’re in that situation and make your quick assessments and determine what you want to do, the better off you’ll be.No. 1 goal for the next 12 monthsJoe’s number one goal for the next 12 months is to continue promoting his book LinkedIn: The 5-Minute Drill for Executive Networking Success.Parting words “Your LinkedIn profile is your billboard to the world. Don’t sell yourself short.”Joseph Frankie [spp-transcript] Connect with Joseph FrankieLinkedInTwitterFacebookBookWebsiteAndrew’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: Fred Diamond is the co-founder of the Institute for Excellence in Sales, a member organization for sales leaders and their teams.STORY: Fred had a friend in college who reached out to him three times requesting him to work for him over the years. Fred turned him down every single time. That friend ended up building a company that he sold three times over for five billion dollars.LEARNING: Be open to the opportunities that come your way. Work with people you like and trust and who trust you too. “If you want to start working for yourself, start now.”Fred Diamond Guest profileFred Diamond is the co-founder of the Institute for Excellence in Sales, a member organization for sales leaders and their teams. Members include Amazon, Salesforce, Red Hat Software, and Intel. He is also the host and producer of the award-winning Sales Game Changers Podcast and webcasts. Fred is based in Washington, D.C.Worst investment everTwo years after Fred graduated, he got a call from his college friend, Mark. He told him that he was starting a company and was inviting people to go to New York and talk about what kind of company they should start. Even though Fred was impressed with Mark in college, he didn’t consider him a serious entrepreneur, so he didn’t go for the meeting.About seven years later, Mark called Fred. At the time, Fred was working at Compaq computer while Mark sold direct marketing services. He asked Fred if he could get a meeting at Compaq to pitch his services. Fred got him a meeting with the guy in charge of direct marketing, and he did a great presentation. Afterward, Mark asked Fred to work for him and help him take his company to the next level. Fred still didn’t quite see his friend as a serious entrepreneur, so he said he wanted to stay at Compaq.Over the next couple of years, Fred moved to several companies, and eventually, he decided he wanted to work with pre-IPO startups. He happened to be in New Jersey on his way to Germany for some customer meetings and decided to have lunch with Mark. He told him of his desire to work with pre-IPO startups. Again, Mark asked Fred to work for him in D.C. He’d pay him $150,000 a year and give him 10,000 shares. Again, Fred turned Mark down because he didn’t think his company was what he thought a pre-IPO company looked like.Fred went on to work with two pre-IPO companies that folded in just a year. Eventually, he started his own company that has gone to be the success it is today. While Fred is successful today, he regrets missing the opportunity to work with Mark, who built a company that he sold three times over for five billion dollars.Lessons learnedLearn about people in your circles who seem to be successful.Find people you can trust and who trust you.You’ve got to see what the opportunities might be and then step in to take them.Work with people that you like.Andrew’s takeawaysWhen we’re in a situation, we see things differently than how we see them coming out of that situation.Now and then, things are going to seem glaringly obvious. But most of the time, it’s not going to be that clear and obvious.Be open to opportunities and grab those that are right in front of you.Actionable adviceIf you want to work for yourself, start sooner. If you’re committed, cut the bait, meet some brilliant people, be smart, hire someone, figure out where the cash flow will come from, and get the support of a spouse.No. 1 goal for the next 12 monthsFred’s number one goal for the next 12 months is to triple the sales of the Institute for Excellence.Parting words “Start today. There’s no better time than today. Get out there and make something happen.”Fred Diamond [spp-transcript] Connect with Fred DiamondLinkedInTwitterFacebookWebsitePodcastAndrew’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: Jeff Bullas is the owner of jeffbullas.com. Forbes calls him a top influencer of Chief Marketing Officers and the world’s top social marketing talent. Entrepreneur lists him among 50 online marketing influencers to watch. Inc.com has him on the list of 20 digital marketing experts to follow on Twitter.STORY: Jeff bought a mattress and bedding furniture store, an area he had no experience or passion in. He did no research or did any due diligence, and within no time, he was deep in debt and had to close the store. He lost everything, including his marriage and the family home.LEARNING: Don’t start a business unless you have expertise and passion in that industry. Running a business is not all about the money. “Just start. Create and share your craft, and then the world will show up.”Jeff Bullas Guest profileJeff Bullas is the owner of jeffbullas.com. Forbes calls him a top influencer of Chief Marketing Officers and the world’s top social marketing talent. Entrepreneur lists him among 50 online marketing influencers to watch. Inc.com has him on the list of 20 digital marketing experts to follow on Twitter.Worst investment everJeff once bought a mattress and bedding furniture store on a whim. He had zero experience in running a retail business. He did zero research and due diligence. He was just thinking of the money he would make from the business.Within a day or two of buying the store, Jeff realized he’d made the wrong decision. Instead of making money, the business was chewing up cash for months on end. Jeff’s bank balance was getting lower and lower. He decided to pivot to another location to get a long-term lease.Jeff hated running this business. He was in the store seven days a week. He felt trapped. Eventually, he got to a point where he realized that he needed to pull the pin. Jeff closed the doors one day and walked away.This failure caused Jeff’s marriage to break. He was too deep in debt that the bank took possession of the family home, and he was left with nothing.Lessons learnedWhen starting a business, don’t do it just for the money. Start a business that you’re uniquely qualified to run. Ask yourself if you have the curiosity, passion, and expertise to do it. If not, don’t do it.Just start. Create and share your craft, and then the world will show up.Entrepreneurship is not just about chasing the money; it’s also about tapping into why you’re here and why you’re doing it.Andrew’s takeawaysMost people fail to do their research when starting a business. They see an opportunity, get seduced by it, and end up putting aside their normal rationality because they’re excited about it.Money is an outcome of your passion.Failure can shake not only your confidence but the confidence of the people around you. But, don’t forget that failure is inevitable and when it happens, just walk away.Actionable adviceDon’t force it. We live in a perfect world, but it doesn’t always unfold in the way we want. When you try to force it, generally, bad things happen.No. 1 goal for the next 12 monthsJeff’s number one goal for the next 12 months is to launch a new product and have some fun doing it.Parting words “Just start and learn. Don’t try to be a perfectionist.”Jeff Bullas [spp-transcript] Connect with Jeff BullasLinkedInTwitterFacebookYouTubeWebsitePodcastAndrew’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: Brennan Spellacy is one of the co-founders and CEO of Patch, the platform for negative emissions.STORY: Brennan got offered a full-time junior software development job at Shopify after completing his internship, but he turned it down so that he could go back to complete his degree. The job came with stock options that would be worth an eight-figure today. He never got to use his degree.LEARNING: Seek help from the right people when making decisions. Ask yourself if your decision is permanent or nonpermanent. “When you’re making a decision, ask yourself if it can easily be undone or it’s permanent.”Brennan Spellacy Guest profileBrennan Spellacy is one of the co-founders and CEO of Patch, the platform for negative emissions. Prior to starting Patch, Brennan worked in a range of product and engineering roles at Sonder and Shopify.Worst investment everBrennan got offered a full-time junior software development job at Shopify after completing his internship. He still had two years of university remaining, so he turned the job down to go back to school.What Brennan regrets most is missing out on the stock options that came with the job. These options would be worth an eight-figure today. And the sad part is that Brennan never really used his degree.Lessons learnedUnderstand asymmetric risk and asymmetric upside so that you can make an objective decision.Understanding your value system will help you make sure you’re optimizing for that when making a decision.Weigh both permanent and nonpermanent decisions.Andrew’s takeawaysDon’t beat yourself up too much because you’re not a multimillionaire. When it comes to recognizing opportunities, sometimes you only get more clarity as you grow older.Money is just one aspect of decision-making.Make sure your decision-making process is good. Take your time and talk to the right people.Actionable adviceif you’re at some crossroads, get robust data on both sides before you make your decision.No. 1 goal for the next 12 monthsBrennan’s number one goal for the next 12 months is to grow Patch to about 35 or 40 employees.Parting words “Sometimes, you got to just shoot your shot and leave it all out there.”Brennan Spellacy [spp-transcript] Connect with Brennan SpellacyLinkedInTwitterBlogAndrew’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