My Worst Investment Ever Podcast

BIO: Justin Mark Weeder is a psychology nerd turned sales coach. He’s the creator of the LISTEN Method for closing sales and the founder of The Covert Closer – a sales coaching and consulting agency based in Denver, Colorado.STORY: Justin and his wife bought a new house and made the mistake of getting a bunch of credit cards to buy stuff for the home. They spent so much that before they knew it, they were so deep into credit card debt.LEARNING: Use debt to buy assets, not to purchase shiny stuff. Cut your costs down and live below your income if you want to create wealth. “The only happiness you can ever experience comes from inside you, not in shiny things.”Justin Weeder Guest profileJustin Mark Weeder is a psychology nerd turned sales coach. He’s the creator of the LISTEN Method for closing sales and the founder of The Covert Closer – a sales coaching and consulting agency based in Denver, Colorado. Justin teaches his students how to collaborate with their prospects, ditching the high-pressure ‘sales terrorist’ techniques that are popular today.Worst investment everJustin and his wife, then girlfriend, were looking for a house to buy when they came across brand new houses that were being built. They loved the places instantly and signed the paperwork that day.The house was perfect, and they moved in as soon as it was done. At the time, the couple was doing well financially. In fact, they got all of their debt paid off before they moved in. One mistake, though; after they moved in, they got many credit cards and spent lots of money filling their new house with all the stuff they didn’t have. They bought furniture, dishes, light fixtures and even did a $25,000 landscape job in the backyard. They kept spending money, and the credit card bills got bigger and bigger, and before they knew it, they had dug themselves in a hole too deep to get out.Lessons learnedUse debt to buy assets, not shiny stuff.You have to be happy with yourself because you can’t ever be truly happy with something else.Andrew’s takeawaysThe number one risk factor that any company faces is debt. Manage your debt well.Live deeply below your income by keeping your costs low, and you will create wealth every single month.Actionable adviceGet educated on how money works, and do your best to understand compound interest.No. 1 goal for the next 12 monthsJustin’s number one goal for the next 12 months is to get entirely out of credit card debt and zero revolving debt.Parting words “Keep an eye on your spending, and don’t do credit cards.”Justin Weeder [spp-transcript] Connect with Justin WeederLinkedInFacebookAndrew’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 mentionedGary Sutton (2001), The Six-Month Fix: Adventures in Rescuing Failing Companies.

BIO: Kara Goldin is the Founder and CEO of Hint, Inc., best known for its award-winning Hint water, the leading unsweetened flavored water.STORY: When Kara started her beverage business, she had zero experience in the industry. So she figured hiring people with impressive experience in the big beverage companies would help her business. Instead, they didn’t understand her vision, and thus there was no return on her vast investment.LEARNING: When hiring, don’t be blinded by executives in big companies; they may not have the experience needed to run a startup. “Trust your gut, fire fast, and hire slow.”Kara Goldin Guest profileKara Goldin is the Founder and CEO of Hint, Inc., best known for its award-winning Hint water, the leading unsweetened flavored water.She has received numerous accolades, including being named EY Entrepreneur of the Year 2017 Northern California and one of InStyle’s 2019 Badass 50. Previously, Kara was VP of Shopping Partnerships at America Online. She hosts the podcast The Kara Goldin Show. Her first book, Undaunted: Overcoming Doubts and Doubters, was released October 2020 and is now a WSJ and Amazon Best Seller. Kara lives in the Bay Area with her family.Worst investment everWhen Kara started her beverage company, Hint, she came from a tech background and had never worked in the beverage industry. She didn’t know anything about the industry other than the fact that she drank beverages. Before that, she had never dreamt of being an entrepreneur.When Kara launched her product on the shelf at Whole Foods, she decided to get industry experts to help get her off the right start. She did everything she could to find executives from Coke, Pepsi, and other big soda companies. Finding such people cost a lot of money. Taking the approach to work with people in the big companies was Kara’s worst investment.The core of Kara’s product started from a problem that she was solving for herself, so she created her solution. Unfortunately, the industry experts that were out there that Kara so wanted all her answers from didn’t understand the mission and the purpose behind the product.After spending a lot of money trying to get the so-called experts to help her push her product, Kara realized that the playbook they had gone through within these large companies was not the same playbook that she needed for her startup. She decided to stop looking for answers from the big companies, and instead, she believed in herself and found the solutions on her own.Lessons learnedBe careful when hiring big shots from very successful companies because they may not be able to handle the challenges of a startup.Curiosity, the ability to go out and try, and think outside the box are more valuable in an employee than experience.Hire slow and fire fast.Believe in yourself and have the confidence to find the answers you need to run a successful startup. You don’t have to rely on other people entirely.Andrew’s takeawaysWhen hiring people from the big business world, remember they may not have the experience of working in the small business world, so they may not be the right fit for you.Be careful of A-students because sometimes the skills required to get A’s in school are the exact opposite skills needed to succeed in business.No. 1 goal for the next 12 monthsKara’s number one goal for the next 12 months is to push her new product line that focuses on getting people to get healthy.Parting words “Find those lessons out there that you can learn from and move forward.”Kara Goldin [spp-transcript] Connect with Kara GoldinLinkedInTwitterFacebookPodcastWebsiteAndrew’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: Deborah Crowe is an executive and business coach. She has more than 30 years of global experience in top Fortune 500 companies in Canada, the United States, Europe, Asia, and Australia, leading and coaching C-suite leaders, executive professionals, teams, and businesses into a success.STORY: Deborah’s dad got sick when she was 20 and died a year later. She had to quit school to take care of her sick dad, so she grew up quickly. Without the much-needed parental guidance on navigating adulthood, Deborah often found herself undervaluing herself, her intellect, and what she brings to the table.LEARNING: Don’t give up on yourself even when you can’t see the light at the end of the tunnel. Stay consistent. “We get one trip around the sun; make sure you spend it wisely.”Deborah Crowe Guest profileDeborah Crowe is an executive and business coach. She has more than 30 years of global experience in top Fortune 500 companies in Canada, the United States, Europe, Asia, and Australia, leading and coaching C-suite leaders, executive professionals, teams, and businesses into a success.Deborah started and has been the CEO of her company for 30 years and knows how to get to the top, hold that senior position, and balance career and family. In her coaching practice, she provides the tools, strategies, programs, and support to help create meaningful change in their lives.Deborah’s expertise includes leadership development, change management, human resources onboarding, diversity & inclusion practices, assessing and integrating high-performance teamwork, increasing personal skills, resilience and agile behaviors, emotional intelligence, and disrupting habits from a cognitive standpoint.Worst investment everDeborah’s worst investment was undervaluing herself, her intellect, and what she brings to the table professionally. This habit stems from having to become a responsible adult at a very early age.Deborah’s dad got very sick when she was 20, and she had to quit school a year earlier to care for him. This huge responsibility meant she had to grow up quickly. A year later, her dad died. Deborah didn’t get the opportunity to get advice from her parents about how to adult. Her dad’s situation threw her in the ring with the ball, and she had to figure it out alone.Lessons learnedDon’t give up on yourself even when you can’t see the light at the end of the tunnel. Consistency will always help you get there.If you don’t believe in yourself, nobody else will.Always be open-minded and attentive because there are lots of signs everywhere every day. Just be tuned in and pay attention to see them.Andrew’s takeawaysLife challenges only make you stronger. Don’t let them bring you down because you have a lot of value to bring.Don’t give up on your friends and family because even when it appears like there’s just no hope, things can change. Take a break but don’t give up.Actionable adviceWhen you can’t see that light at the end of the tunnel, open your eyes and your ears too. The message is already in your heart; you just need some quiet time to figure it out.No. 1 goal for the next 12 monthsDeborah’s number one goal for the next 12 months is to work with C-suite leaders interested in improving their mental health and general well-being.Parting words “Live every day like it’s your last because you never know about tomorrow.”Deborah Crowe [spp-transcript] Connect with Deborah CroweLinkedInTwitterFacebookPodcastWebsiteAndrew’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 mentionedAnthony de Mello (1990), Awareness: The Perils and Opportunities of Reality.

BIO: Ulrik Nerloe’s specialty is empathetic dialogue and the work of clarifying and realizing dreams. As a holistic coach and mentor, Ulrik helps people to encourage the joy of life and find themselves.STORY: Ulrik quit his job in the IT industry to work as a holistic coach and mentor, helping people realize their dreams. He sacrificed everything to do what he loves and that has seen him suffer a few financial challenges.LEARNING: You need courage, resilience, and energy to achieve your dreams. “It’s amazing what we can do if we start to appreciate what’s right here right now.”Ulrik Nerloe Guest profileUlrik Nerloe’s specialty is empathetic dialogue and the work of clarifying and realizing dreams. As a holistic coach and mentor, Ulrik helps people to encourage the joy of life and find themselves. The energy is high, happy, and caring. Ulrik is a good host, whether it is in a meeting, in a conversation, or in private. Because he is in close contact with his intuitive and empathetic sides, Ulrik often senses something happening or not happening in a room, which most people oversee, and is not afraid to act on these emotions. Ulrik also has a sense of creating business, leading people, providing service and experiences. He is an international bestseller, gives inspiring talks, and publishes podcast series.Worst investment everUlrik had been in the IT industry for 13 years, working as a sales director. He would build businesses from the bottom. While Ulrik experienced lots of success throughout his career, he was so sick and tired of being around managers that were so poor in leading people. So he decided to leave that line of work and do something different with his life.Ulrik started focusing on changing the world to a better place where people can realize their dreams. While he enjoys what he does, Ulrik regrets that he sacrificed everything to do it. In hindsight, he should have built a better financial foundation before quitting his job.Lessons learnedYou need three things for your dreams to come true; courage, resilience, and energy.Andrew’s takeawaysIf what you are doing does not feel right, dare to quit and do something else.Freedom comes at a cost.Actionable adviceEverything is possible, the impossible just takes a bit longer, so be patient, and with time you will develop resilience.No. 1 goal for the next 12 monthsUlrik’s number one goal for the next 12 months is to get as many people to read his book and go out and generate energy and love in people and companies.Parting words “Stick with your dream because everything is possible; the impossible just takes a little bit longer.”Ulrik Nerloe [spp-transcript] Connect with Ulrik NerloeLinkedInYouTubeFacebookPodcastWebsiteAndrew’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 mentionedEckhart Tolle (2001), Practising The Power of Now Essential Teachings, Meditations, and Exercises From The Power of Now

BIO: Jessica Yarbrough has quickly developed a reputation of being one of the best business strategists and marketing and sales consultants for entrepreneurs who want to sell high-value products and services.STORY: Jessica met a very persistent guy who offered to take over her sales and marketing. Jessica was at a point where she could do with the help, so she didn’t research the guy and his business. Unbeknownst to her, the guy was selling his services to Jessica’s customers instead of getting her new ones.LEARNING: Do thorough research before working with a service provider. Don’t outsource your sales unless you’re a high-volume business. “I don’t recommend outsourcing your sales unless you have a volume-based business.”Jessica Yarbrough Guest profileJessica Yarbrough has quickly developed a reputation of being one of the best business strategists and marketing and sales consultants for entrepreneurs who want to sell high-value products and services. Her background is in international business, and she has built multiple companies.Jessica is a genius at showing entrepreneurs how to build an expert platform, rapidly raise their value, build their credibility online, and attract high-paying clients. She is passionate about teaching and inspiring entrepreneurs and helping them grow their influence and make the income and impact they desire.Download her case study that shows how she took a business coach from stagnant at a quartermillion dollars to seven figures during a pandemic year.Worst investment everJessica had just reignited her business after getting back from travels. She was having some success selling high-end services when a guy reached out to her with the offer to take over most of the business functions that most entrepreneurs struggle with. This included sales, marketing, customer service, etc.Even though she had her doubts, it all sounded great, especially since Jessica wanted more time away from the business to pursue other interests, including full-time travel. Jessica invested significantly into the offer.One day she got a call from her friend who had had a rather bad experience with the guy’s company. The friend had contacted the company because she wanted to enroll in Jessica’s program but instead was told she’s not a good fit. Instead, they tried selling to her the very same program they’d sold Jessica. The company was stealing Jessica’s customers instead of getting her more, yet she had paid them to bring in customers.Lessons learnedResearch, research, research.Only work with people with a proven track record who will bring you results.Use your discernment to evaluate your service providers.Check their paper trail online, get a sense of their values and integrity, look at their content, and get their website.Look at their results, know the values and the integrity of that person.Andrew’s takeawaysNot doing thorough background research is the biggest mistake that entrepreneurs make.Before you invest in anything, find dissatisfied customers and learn from them.Actionable adviceDon’t outsource your sales; own it. Do your own sales unless you have a volume-based business.No. 1 goal for the next 12 monthsJessica’s number one goal for the next 12 months is to do more traveling again and continue to help her clients scale their businesses.Parting words “Follow your dreams and keep executing. Even if life knocks you down, get back up and go again.”Jessica Yarbrough [spp-transcript] Connect with Jessica YarbroughLinkedInYouTubeWebsiteAndrew’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: Robert Leonard is the VP of Growth & Innovation at The Investor’s Podcast Network, Podcast Host of ‘Real Estate 101’ and ‘Millennial Investing,’ ex-W2 Accounting and Finance professional, as well as a stock and real estate investor.STORY: When Robert first got into the financial markets, his research into companies he invested in was purely quantitative. He never paid attention to details such as the actual business itself, its prospects, or where the industry was going. His focus was purely on the numbers. This led him to make a couple of bad investments.LEARNING: There is more value or at least equal value in the qualitative factors than there is in the financials. Stop just focusing on intrinsic value and start looking at the whole picture. “There is arguably more value or at least equal value in the qualitative factors of a business than there is in the financials.”Robert Leonard Guest profileRobert Leonard is the VP of Growth & Innovation at The Investor’s Podcast Network, Podcast Host of ‘Real Estate 101’ and ‘Millennial Investing,’ ex-W2 Accounting and Finance professional, as well as a stock and real estate investor. He earned an MBA in Accounting and Finance, a BSBA in Finance and Economics, and is a Certified Management Accountant (CMA).Worst investment everWhen Robert first got into the financial markets, his understanding was that value investing was simply following a discounted cash flow (DCF) model. So, for the most part, he just relied on the DCF model and made many investments based on quantitative factors.Robert never looked at the actual business itself, its prospects, or where the industry was going. His research was purely quantitative. After making a couple of bad investments, Robert found out that investing is not just about the numbers. It’s not always just about the valuation; although that is important and should be considered, it’s also about the qualitative aspects of the business.Lessons learnedThere is more value or at least equal value in the qualitative factors of a business than there is in the financials.There’s so much value in the qualitative data so pay attention to it.Andrew’s takeawaysIt’s one thing to pick a stock, and it’s another one to build a good portfolio.You can add value by being steady in your emotions and not let them get the best of you even when the market is going crazy.Stop just focusing on intrinsic value and start looking at the whole picture.Actionable adviceCompletely understand the business you want to invest in and make sure it’s within your circle of competency. If you can, use their products or services first. It’s worth a little bit of money that you’re going to put into seeing how the business works, seeing what their products and services are and their quality.No. 1 goal for the next 12 monthsRobert’s number one goal for the next 12 months is to scale his new stock investing software platform to help investors. [spp-transcript] Connect with Robert LeonardLinkedInTwitterFacebookInstagramAndrew’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: Patrick Zulueta is a country pioneer for launching and managing technology brands. He’s helped Cashalo, PayMaya (Mai a), and BPI achieve millions of downloads and users, as well as triple-digit revenue growth in the first two years handling each of these brands.STORY: Patrick’s worst investment was failing to invest in himself earlier in his career and only started doing so in his 30s.LEARNING: Failure is an integral part of success, and the earlier you fail, the better. Start testing your ideas as early as possible. “Open yourself to failures and be willing to accept the risks.”Patrick Zulueta Guest profilePatrick Zulueta is a country pioneer for launching and managing technology brands. He’s helped Cashalo, PayMaya (Mai a), and BPI achieve millions of downloads and users, as well as triple-digit revenue growth in the first two years handling each of these brands.Since then, he has become a Co-founder and Director for Growth at apper.ph, a tech company that helps businesses adopt new technology and innovation. Their clientele includes some of the country’s top digital companies.He has over 13 years of experience in marketing strategy, branding, business development, and marketing communications. And Patrick’s mission is to continually empower the underserved via digital transformation.Worst investment everPatrick’s worst investment was not investing in himself early on in his career. Many tech co-founders in Southeast Asia, Silicon Valley, and the greater regions of Europe typically experience success even in the 20s. But Patrick received his success in his early 30s. This is because he didn’t invest in the right mentorship, the right skill set, or trying out a tech startup earlier. He started doing these things when he was already 30.Lessons learnedThe only way to learn is by trying it out, failing, and then getting back to it.It’s only when you put yourself out there will you learn and start to succeed.Be willing to accept that failures are essential before success comes, and the earlier you fail, the better.Andrew’s takeawaysYou’ve got to start testing your hypotheses and ideas as early as possible.Actionable adviceTake one idea, whether it’s a good one or a bad one, as long as you strongly believe in it and it’s something that you’re passionate about, go for it.No. 1 goal for the next 12 monthsPatrick’s number one goal for the next 12 months is to continue helping shape the Philippine tech and cloud industry.Parting words “Listen to other people’s learnings and failures in investing so you don’t make the same mistakes. You’ll learn and fail forward sooner.”Patrick Zulueta [spp-transcript] Connect with Patrick ZuluetaLinkedInFacebookWebsiteAndrew’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: Jonathan Yabut is the proud Filipino winner of the hit Asian reality TV show, The Apprentice Asia. Today, he is Asia’s leading motivational speaker on topics involving leadership, talent development of Gen Y workers, and office productivity.STORY: Jonathan won $100,000 as the winner of The Apprentice. He took a large chunk of the money and left it sitting in the bank. He regrets never investing the money because it never made much from the bank.LEARNING: Your money won’t grow if you put it in the bank. Ask questions to understand how an investment works. “Never hesitate to ask questions about your finances and investments.”Jonathan Yabut Guest profileJonathan Yabut is the proud Filipino winner of the hit Asian reality TV show, The Apprentice Asia. For winning the show, he served for one year as Chief of Staff of AirAsia, reporting directly to Malaysian business mogul Tony Fernandes based in Kuala Lumpur. Today, he is Asia’s leading motivational speaker on topics involving leadership, talent development of Gen Y workers, and office productivity.Worst investment everAs the winner of The Apprentice Asia, Jonathan got $100,000. That was quite a huge prize money for a 27-year-old. So apart from spending on things every millennial wants, such as shoes, travel, gadgets, he left a big chunk of it sitting in the bank.Jonathan’s biggest regret now is that he never invested in investments such as stocks, bonds, money market, etc., way earlier. Had he invested that money as soon as he got it, it could have probably led to something more significant.Lessons learnedExpand your network and be around people who can nudge and advise you on where to invest your money and yield better returns.Never be ashamed of asking as many questions as you can, especially if you are entering or enrolling in a long-term investment.Andrew’s takeawaysTake advantage of the many investment options available now.If you put your money in the bank, you expose yourself to the shortfall risk because it doesn’t grow as it should.Actionable adviceNever be embarrassed if you don’t know much about your finances and how it’s going to be utilized. You need to ask as many questions as possible until you have a reasonably good understanding.No. 1 goal for the next 12 monthsJonathan’s number one goal for the next 12 months is to diversify his assets further. [spp-transcript] Connect with Jonathan YabutLinkedInTwitterFacebookInstagramBlogAndrew’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: Dennis Yu is the CEO of BlitzMetrics, a digital marketing company that partners with schools to train young adults.STORY: Dennis had a very good idea for a program, and once he launched it, he got more customers than he anticipated. Unfortunately, he was not able to execute the program well, and so it failed.LEARNING: Just because you’re good in one business doesn’t mean you will automatically be good in another. Have a system in place to help you execute your ideas. “Never overestimate the level of preparation you need to anticipate when executing an idea.”Dennis Yu Guest profileDennis Yu is the CEO of BlitzMetrics, a digital marketing company that partners with schools to train young adults. He’s a former Yahoo search engine engineer who optimizes ads and analytics across search and social that he’s turned into training to create good jobs for aspiring digital marketers.Worst investment everDennis started a digital marketing agency and launched it at a conference. He got so many people who paid about $2,000 to come into the program. Dennis hired a CEO and a couple of VAs to run the program.As luck would have it, the program attracted so many customers. Unfortunately, the program got destroyed by having too many customers. The team Dennis hired wasn’t able to execute the program, and eventually, he had to shut the thing down. Dennis had put in $100,000 into the program, and shutting it down was painful.Lessons learnedJust because you’ve been successful in another kind of business doesn’t mean you’re going to be successful in a different or even a similar one.Hope for the best, but prepare for the worst.Have a tight process and people who know how to operate in that process.Andrew’s takeawaysAs you start your business, be sure to manage your risks.Ideas are one thing; execution is another. Have systems in place that will help you to execute your ideas.Actionable adviceStart small, but still dream big.No. 1 goal for the next 12 monthsDennis’s number one goal for the next 12 months is to launch 10 agencies. He has already launched three of them, and they’re going in the right direction.Parting words “By sharing your failures, people respect you more, and they’re more likely to hire you.”Dennis Yu [spp-transcript] Connect with Dennis YuLinkedInTwitterFacebookBlogWebsiteAndrew’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 Heggie is an entrepreneur and success coach with a passion for helping others achieve their biggest dreams.STORY: Jeff started a manufacturing business with a former client, and everything was going great until the 2008 financial crisis hit. While it would have been a better idea to close down the business then, Jeff put everything he had, including his house, into the business to try and salvage it. Unfortunately, it never recovered, and they had to finally close it after COVID-19 hit.LEARNING: Sometimes, it’s better to accept failure instead of getting sucked into the sunk cost fallacy. “A fixed mindset focuses on specific outcomes, whereas the growth mindset focuses on the process and doing things right.”Jeff Heggie Guest profileJeff Heggie is an entrepreneur and success coach with a passion for helping others achieve their biggest dreams. As a coach, Jeff starts with a focus on mindset. Taking his client or their business to the next level always begins with the right mindset.Jeff enjoys using his extensive experience in the banking industry, over twenty years as an entrepreneur, plus his training and experience as a coach to help his clients break through the mental and physical barriers that hold them backWorst investment everJeff left the banking industry when he saw an opportunity with one of his clients, who turned into an incredible mentor and a great business partner. Together they started a manufacturing company that though it was capital intensive, and did pretty well.Then the 2008 financial crisis hit, and their world got turned upside down. They came to a point between 2008 and early 2010 where everything they tried to do failed. They should have closed the company, but as the CEO, sitting in a staff meeting with all the team heads, Jeff decided failure was not an option. And so, they invested more to try to save the company.Jeff took everything he had and even mortgaged his house and put it back into this company. His rationale was that they had already sunk as deep as they could go, now they had to fight their way back and rebuild.When the COVID-19 pandemic hit, the company could barely survive, so they closed down in January 2021. Jeff knew the company was done long before that. But he was too afraid to let it happen. He was too scared to face the reality of what his losses were going to be and to face his shareholders and tell them he had lost everything.Lessons learnedFailure is always an option when trying to achieve success.Sometimes you must accept you’ve failed and try to move on instead of trying to keep pushing a failing business.Andrew’s takeawaysAny business can fail. That’s a risk every business owner and shareholder has to accept.If you’re contemplating closing your business, first ask yourself: if knowing what you know now about this business would you start it today? If the answer is no, then you better start closing down. If the answer is yes, then you better start thinking differently and bring your energy to keep going.Get rid of the sunk cost fallacy.Actionable adviceFailure is an option. But when things get tough, make the right business decisions and don’t act on your emotions.No. 1 goal for the next 12 monthsJeff’s number one goal for the next 12 months is to get 350 clients and 1,000 athletes to take his High Achievers Mindset Secrets course.Parting words “To be great, you’ve got to be able to take the risk. Put yourself out there and know that failure is an option. So keep going because you’re gonna get there.”Jeff Heggie [spp-transcript] Connect with Jeff HeggieLinkedInTwitterFacebookYouTubePodcastWebsiteAndrew’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