My Worst Investment Ever Podcast

BIO: Jonaed Iqbal is set on shattering the stigma associated with hiring people without college degrees. It is no surprise that he founded NoDegree.com, a platform with job listings that do not require college degrees.STORY: Jonaed invested $800 in Bitcoin when he was in college. He was lucky enough to sell when the price was high and just before it crashed. Fast-forward to 2017, Jonaed decided to use his credit card to invest $20,000 in several cryptocurrencies. He lost it all two months later. He is still paying the credit card debt.LEARNING: Only invest what you can afford to lose, especially when buying crypto. Start small and invest 70% of your money in Bitcoin and 30% in the top three cryptocurrencies at the time. “Only invest what you can afford to lose and go to sleep at night without worrying.”Jonaed Iqbal Worst investment everBuying crypto by accidentJonaed bought his first Bitcoin by accident. A friend who was sort of into shady activities needed some money. He told Jonaed that he had some Bitcoin that he was selling at $34.5. Jonaed called another friend, and together they bought 35 coins.This was during the first crash of Bitcoin. Fortunately, Jonaed saw the rise coming. The price rose to $40, then $50, then $70 bucks, and at $120, they decided to sell.Regulations make it hard to sellJonaed and his friend were trying to figure out how to sell their Bitcoin, but there were many hurdles at the time. Fortunately, they managed to create an account to sell their coins. As soon as their account was verified, the price shot up to $260. They sold their coins immediately. Then Bitcoin crashed three hours later.Jonaed made $4,000 from an investment of about $800. He used the money to clear his credit card bills and other student bills.The second boomAround December 2017, Bitcoin started going through a boom. Jonaed decided to invest again; this time, he was going to go big. At the time, you could buy Bitcoin using a credit card, and Jonaed had a decent limit amount of about $20,000.Jonaed figured that he would either become a millionaire or lose some money, but either way, he would go big. He ended up buying cryptocurrency worth $20,000.Losing it allA month or two later, crypto crashed. Jonaed had invested in several coins, two of them were useless coins, and the rest still lost him money. Jonaed is still paying his credit card debt.Lessons learnedOnly invest what you can afford to loseDo not go making big moves if you cannot afford to lose the money. Invest small even if you think you will hit it big and consider if you can afford to lose the money you are about to invest.Andrew’s takeawaysStart small when buying crypto for the first timeIf it is your first time investing in crypto, start with a small position between zero and 3% of your total assets. Then from there, you may decide to get bigger and better.Diversify your crypto portfolioWhen buying crypto, do not just settle on one. Buy Bitcoin with 70% of your money. Then find the three best cryptos to invest in and use the other 30% for the three.Actionable adviceBe careful, and sleep on it. Think about if the investment does not go your way, how will the loss affect your life? How much loss can you handle, 50%, 90%, or even 100%?No. 1 goal for the next 12 monthsJonaed’s number one goal is to grow his podcast listenership base and increase traffic to his website. He would also like to pay off his credit card debt in the next couple of months.Parting words “Crypto is hot right now. So be careful not to make the same mistake I did.”Jonaed Iqbal [spp-transcript] Connect with Jonaed IqbalLinkedInTwitterWebsiteAndrew’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 Metzger is the CEO/Founder of PM and Associates and one of less than 450 Professional EOS Implementers in the world. Patrick and his team help businesses get the most out of their organizations and people by helping get everyone on the same page and executing the company vision, as well as by creating healthier, more cohesive, and higher functioning leadership teams.STORY: Patrick grew up around teachers and coaches. He believed that he, too, was meant to be a teacher. He went to school and earned two teaching degrees, and went on to teach for 11 years. Patrick had this nagging feeling that he was not doing what he was meant to do with his life. He went on a journey to find his true calling, but it was not until he decided to find a mentor that he could see it and reach his full potential.LEARNING: Find a mentor or a coach who will challenge you and pull out the best of you. Dive deep into your past to know yourself and what you are meant to do with your life. Do not be afraid of obstacles or to quit and start over. “Double down on yourself. If you’re going to roll the dice, roll it on yourself.”Patrick Metzger Worst investment everPatrick grew up around influential leaders, coaches, and teachers that he admired. Both his parents were huge influences in his life, being teachers. Patrick went to college dead set on the idea that he would be a teacher and a coach, as that is what he was familiar with.Settling straight into his childhood dream jobWhen Patrick got out of college, he had two teaching degrees. Then he got his first teaching job and was a head football coach. He absolutely loved it. He truly believed that this is what he wanted to do.Maybe I am meant for moreFast forward eight years, Patrick started questioning things. He started asking if teaching was all he was meant to do. He started feeling a calling to do something else. He did not know if it was teaching that he needed to leave or it was just the environment of the current school that he needed to leave.Patrick ended up leaving the school he was at and went to a different one. It was like a brand new start. New coaching job, new environment of teachers, students, and new school district. He loved it here.Itching for a greater challengeInto Patrick’s third year at the new school and his 11th year of teaching, he started feeling like he had slammed into a brick wall. That brick wall woke him up to the reality that teaching is not what he was supposed to be doing for the rest of his life.Patrick quit his teaching job and took a job as an executive recruiter and did that for about six months. He still felt unsettled, and so while he worked as a recruiter, Patrick started putting together plans to develop an online health and wellness coaching and consulting business.Patrick got approached to manage a gym, and he saw this as a stepping stone. So he left his recruiting job, took the job as a gym manager, and did that for nine months. Then he got fired.Rebuilding from scratchGetting fired was a shocker for Patrick, and it threw him into the deep end of the pool. He had to swim or sink. Luckily, two months before that, Patrick had launched his online business. Now he was tasked with deciding whether to roll the dice on himself again and go into his online business full time or go back to teaching. He chose to concentrate on his online business.Time to find a mentorThree months after launching his business, Patrick realized he would have trouble scaling his business. He decided to seek guidance from a business coach out of the San Diego area. His name is Peter Scott; he specializes in online automation for businesses. He did not know how he would pay the coach, so he put his fees on a credit card, something Patrick never does.The coach was an absolute game-changer for Patrick. Within two weeks, the coach had already paid for himself with just a little bit of advice.Finally doing what he was meant to doOne of the best things for Patrick while working with the coach is that he finally got to see what he was truly meant to do. The coach made him realize that he loved health wellness, he loved teaching and coaching, and if he merged the three, he would find his true calling.Within months, Patrick, with his coach’s guidance, transitioned his whole business into high-performance coaching. This got him into working with companies, and he started doing some keynote speaking.Patrick happened to run across the EOS framework while reading the book Traction by Gino Wickman. He was astounded by the framework. He started looking into it, and finally, he was convinced that this right here was what he was meant to be doing, and indeed it is what he is still doing.Patrick’s biggest regret is that he spent more than 11 years doing something that was not meant for him.Lessons learnedTake a trip to the past to know yourselfYou do not get to know what you are meant for until you dive into the past and examine yourself. Look at your self-limiting, your strengths, your weaknesses, what you love and that you do not love. Then ask yourself how you can take all those things, double down, and invest in yourself.Do not avoid the obstacles in your lifeWhenever you are going through obstacles in life, blaze right through them instead of avoiding them. You will not reach where you are supposed to go, personally or professionally, if you are afraid to walk through those tough times. These obstacles will strip away everything you are not about and truly reveal to you who you are, what you care about, and what you are meant to do.Andrew’s takeawaysDo not be afraid to quitTimes may be demanding right now, and you do not want to quit without giving it a lot of thought, but when circumstances aren’t right, do not be afraid to leave and try something new. You have got so much more to give.Actionable adviceFind a mentor, or a guide, or whoever it may be that will pull the best out of you. Whether it is a coach personally for you or a coach professionally for your business, find one that will challenge you and cares about you.No. 1 goal for the next 12 monthsPatrick’s number one goal is to impact people by teaching them, showing them, and empowering them to get more out of themselves or their business.Parting words “Double down on yourself; you can’t go wrong.”Patrick Metzger [spp-transcript] Connect with Patrick MetzgerLinkedInTwitterFacebookWebsiteAndrew’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 Vaynerchuk (2009), Crush It!: Why NOW Is the Time to Cash In on Your PassionRyan Holiday (2014) The Obstacle Is the Way: The Timeless Art of Turning Trials into Triumph

BIO: Nina Sharil Khan is the Founder & CEO of PopCon, International Speaker & Host of the #JustLanggar PopCast live show. Nina is also Marketing in Asia’s Top 100 Inspirational LinkedIn Icons for both 2019 & 2020.STORY: Nina quit her job to start selling unit trusts. In the process, she met a hedge fund manager who recruited her to his fund, which she blindly joined and started selling to her friends. The fund ended up being a Ponzi scheme.LEARNING: Do your due diligence before investing in anything, and be careful of scams as they always come in very appealing packaging. Always diversify your risk. “Invest with money that you think you do not mind if anything happens to it.”Nina Sharil Khan Worst investment everNina was a scholar with one of the biggest oil companies in Malaysia. She happened to take this course that taught her that she could do anything she wants. So she was high on that feeling and decided to quit her job and sell unit trusts. Nina had seen people make money from selling unit trusts, and she thought she could do it too.Making money selling investment plansNina started selling unit trusts, and in the process, she met a fund manager who enrolled her into his fund. Nina was sold to his financial solution instantly.Nina sold this product to people, and it worked. She sold the product to all her friends, and they bought it because they trusted her. It was a great product, and it gave a monthly return. Nina was making a lot of money from the monthly commissions.Alas! It is a Ponzi schemeNina continued to sell and make money from the hedge fund for about two years when it went bust. It turns out it was a Ponzi scheme disguised as a hedge fund.The realization that she had been duped was tough on Nina. She felt ashamed that she had sold this fake investment to people who trusted her. Even though her friends do not blame her, she still blames herself for being so naive.Lessons learnedFind out about the regulations around what you want to invest inAlways research your investment. It may sound good, and other people may be making money from it, but even though the investment is good, there might be country regulations that can come in and stop it. If this happens, then the investment will not serve you because your money will get stuck.Diversify your riskYou do not want to put everything in one basket. Be mindful of how you invest. Even though an investment sounds excellent, put in money that you are okay losing should it go bust. You want to maybe put aside 10% or 20% as your play money instead of pumping in 50% of your savings into one investment.Do not stop trusting yourselfAs an investor, when you make a poor investment decision and lose your money, do not be too hard on yourself because this could happen to anybody. Do not let one wrong decision stop you from trusting yourself to make better decisions in the future.Andrew’s takeawaysScams are always very appealingScams will come at you in an appealing way; you’re promised to earn money, and it is low risk. But do not let this blind you to the fact that it is a scam. A Ponzi scheme pays old investors with money that it is raising from new investors. That is why they eventually run out of money when they cannot get any more money in.Do your due diligence before you invest your moneyAlways do your diligence before investing your hard-earned money to make sure that you are not investing in a Ponzi scheme.Actionable adviceTrust yourself. Do not put your trust in somebody else.No. 1 goal for the next 12 monthsNina’s number one goal for the next 12 months is to grow her course and community to reach more people in 2021. She also hopes to have at least 5,000 members in her free Facebook group.Parting words “Trust yourself, and when something bad happens, know there is something for you to learn and that you will come out stronger and bigger than ever.”Nina Sharil Khan [spp-transcript] Connect with Nina Sharil KhanLinkedInTwitterInstagramFacebookWebsiteAndrew’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: Dror Tamir is a serial food and nutrition entrepreneur with a passion is to improve the health of children and families through better nutrition. He is the CEO & co-founder of a startup, Hargol FoodTech, the world’s first commercial grasshopper protein producer.STORY: Dror was looking for investors when one particular one showed interest in being the lead investor. He was super excited about this opportunity so much that he put his entire focus on this investor. After eight months of due diligence, the investor refused to follow through with their promise leaving Dror with zero investment.LEARNING: Do not chase just one investor when raising capital; keep your options open. Time is money, especially for a startup with limited resources so use it wisely.  “As an entrepreneur, you have to be the most optimistic person on the planet and believe that your startup is going to succeed.”Dror Tamir Worst investment everRaising capital for his startupDror is always looking for suitable investors, and in one of his previous rounds of raising capital, his company received a lot of interest from investors. One particular investor approached him and said they wanted to be the lead investor. From day one, they said they would invest 70% of the funds that Dror needed.Opening up his company to strangersDror was excited about this opportunity. These were the guys that he wanted to work with. Dror discussed the valuation, terms, and plan with them, and then they went into due diligence, the longest due diligence he ever had. They did eight months of due diligence.Part of the due diligence meant that Dror had to answer hundreds of questions of every aspect of the company. Another part of that due diligence included discussions with experts that the investors hired and got into the company’s heart. This made Dror feel very uncomfortable because it meant he had to share delicate company information with persons that had no relation with his project and who could even become competitors. But Dror needed the money, and so he had to comply with the due diligence process.Show me the moneyAfter eight long months, it was time for the investor to show Dror the money. The investor said they would invest the funds that they promised but only a third of the valuation they discussed. This was unacceptable for Dror.It became apparent that the investor had prolonged the due diligence process to put pressure on Dror. Things got even worse because while the due diligence took place, Dror had received interest from other investors.But because this particular investor was supposed to be the lead investor, Dror never negotiated terms with other investors. He just told them he had a lead investor, and any other investor would enjoy the same terms as the lead investor. They signed the investment documents and waited for Dror to finish the due diligence.Losing it allAfter the lead investor went back on their word, Dror went to the other investors and asked them to move forward with what they had agreed on. The result was horrific. The investors pulled their agreements and decided not to invest. Dror was left with nothing.What irked Dror most was the eight months his company lost during the due diligence process that yielded nothing in the end.Lessons learnedHave a devil’s advocate to help you deal with investorsDo not engage investors all on your own. Bring in another person from your team who will be your devil’s advocate. A person that will tell you when you are just wasting your time. Someone who will not be afraid to ask the hard question that you personally cannot ask.Do not chase investors too much; otherwise, you will chase them awayDo not apply too much pressure when chasing investors. If they feel too pressured, they will not invest or offer you a deal that you will not accept. So think about how much pressure you want to apply, and take your time. If they do not come back to you, they probably do not want to invest.Andrew’s takeawaysTime is indeed money for startupsWhen it comes to a startup that has very limited resources, time is money. If you get caught up in something that takes you away from the business, it is like spending money. Wasted time becomes wasted money.Take care of your emotional runwayThere is an emotional runway that is the confidence that people working for you have in you to make the idea work, get the funding, bring it all together, and get the results. As a leader, you need to know when you are spending too much energy on other things instead of focusing on the business.Actionable adviceBe more open, listen more, understand what the messages are, and if necessary, move on to the next potential investor. This will save you a lot of money, much more than you can get from a non-committal investor.No. 1 goal for the next 12 monthsDror’s number one goal for the next 12 months is to sign a significant joint venture with one of the leading food producers worldwide and bring his products to one of the largest markets.Parting words “Do not wait for the perfect moment. Just go out and do what you want to do.”Dror Tamir Connect with Dror TamirLinkedInTwitterInstagramFacebookWebsiteAndrew’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: Marko Höynälä is the Founder and CEO of Kipuwex Ltd and has invented three game-changing IoT products. Kipuwex is a medical device that wirelessly and continuously measures a person’s biomarkers which can then be accessed by health care professionals from anywhere in the world.STORY: Marko jumped blindly into an opportunity to partner with a Pakistani company to distribute his medical device. The company ordered a considerable amount of devices but never paid for them.LEARNING: Do not trust people or businesses blindly. Building trust is an essential part of a business, and when it is broken, the business breaks down too. Be confident to go out of your comfort zone. “Do your homework on how foreign markets operate. Do not just go there blindly.”Marko Höynälä Worst investment everMarko had been actively seeking investors and customers of Kipuwex outside of Finland, his home country. Coincidentally, Marko was contacted by a company from Pakistan that was very eager to have this kind of device because it can do more than most of the other devices and is more affordable.He decided to go to Pakistan and find out what the market had in store for his company, despite the security risk that the country is. Marko spent some time with a company that wanted to do sales and distribution of Kipuwex.Getting into a foreign partnershipMarko spent a week with the Pakistani company. The company introduced Marko to about five hospitals, and he got to demonstrate Kipuwex to them. The hospitals were eager to buy the device.Marko and the distribution company got all the agreements and paperwork ready, and they agreed to partner and distribute Kipuwex in Pakistan. The company even ordered some devices. Then Marko returned to Finland and sent the devices to Pakistan.The company did not pay upfront for the devices; they promised to do so the next day. Marko is yet to receive the money to date. The company gave a shoddy excuse claiming that the problem was with Marko’s bank account. Marko lost a considerable sum of money in the deal.Lessons learnedDo not trust people blindlyDo not trust people or businesses blindly. Find out as much as you can about them before partnering with them.Cultures are different around the worldPeople are not necessarily similar in other countries. Just because people do business in a certain way in your home country does not mean it will be done the same elsewhere.Be confident to go out of your comfort zoneIf you want to be a successful entrepreneur, you must be bold enough to get out of your comfort zone and try new things.Andrew’s takeawaysBuilding trust is an essential part of a businessTrust is the glue that keeps a business together. If that trust breaks, the business breaks down too.There is no shortcut to building trustTrust is built over time. You get to see how a person or a relationship performs over time and get to know whether they are worth trusting.Actionable adviceTo be successful as an entrepreneur, you must go out of your comfort zone. But, first, do thorough research and seek guidance from those who have been in your area of business before.No. 1 goal for the next 12 monthsMarko’s number one goal for the next 12 months is to focus on the next round of investment that his business needs to deliver products to customers around the world.Parting words “Do not replicate my mistakes.”Marko Höynälä [spp-transcript] Connect with Marko HöynäläLinkedInAndrew’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: Rise, fall, rise again. Along the way, get divorced, get turned over by a friend on a new business idea, get ripped off in the sale of another. Get married again, become a father again, build again.STORY: David had this excellent novel business that he shared with a trusted friend who went on to stab him in the back by taking the idea and making it hers.LEARNING: Always have an NDA or any other formalized document before sharing your proprietary ideas with anyone. Be careful when doing business with friends; it is best to avoid it altogether. Do not be afraid of competition; keep reinventing yourself to stay ahead. “Opportunities and choices come along all the time. It depends on the ones we take.”David Ward Worst investment everDavid was traveling through Asia when he met a friend from London at an airport lounge. They talked, and David shared a business idea with her in the sustainability space he was quite passionate about. His friend expressed interest in doing business with David, but nothing was put on paper at the time. David went ahead and shared the first outline of the business with her.Keeping the conversation goingDavid and his friend continued talking about the business idea for the next six weeks or so. However, they did not come to any sort of agreement. David was really passionate about starting this business, so he launched his first sustainable products brand in Asia. The launch went well, and he further launched the products in the US market eight months later.Getting stabbed by his friendAll this while, David was still communicating with his friend who was now in London. David would share many details regarding his newly launched brand as he always hopes to go into business with his friend.Two years after David launched his product, he saw some details on the internet about his friend that devastated him. David’s friend had taken his idea and started a company on her own. She claimed to have thought up the business idea on her own.David was not angry that his friend had started a business without him, but because she had taken something that was shared with her in good faith and turned it to hers.Lessons learnedGo into a partnership with your eyes openIf you are going to share something fairly proprietary, make sure that you have an NDA in place. Do not leave it all to trust, especially if you are dealing with friends.Andrew’s takeawaysCompetition is inevitable and never endsWe are all going to face competition in our business, but the real entrepreneur is the one who keeps fighting to stay ahead of the competition.NDAs are not a sign of mistrust; they are just a securityWhen a prospective business partner asks you to sign an NDA, it does not mean that they do not trust you, it is just a formal way of keeping your interests, and theirs protected.Actionable adviceDo not start businesses with your friends because your relationship with them can suffer if something goes wrong. If you go into business with your friends, do not be afraid of setting things out on paper. Be clear about who has proprietary over the idea and ensure you protect yourself through an NDA or other formalized documents that give clarity to whose role is what.No. 1 goal for the next 12 monthsDavid’s number one goal for the next 12 months is to see his products launched into at least four more markets, including the US and the UK. David’s business objective is to reduce the use of as much plastic as possible around the world. This means entering new markets and extending reach to as many people as possible so that they have the choice of sustainable, lower impacting alternatives.Parting words “You can’t keep a good person down. They will fall to their knees, but they will get back up again.”David Ward [spp-transcript] Connect with David WardLinkedInTwitterWebsiteAndrew’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: Scott Buss lives his life and runs his business based on the principles of TRUST and TRANSPARENCY. He is an aviation expert who explores and connects the synergies between the private jet industry and the unlimited number of luxury lifestyle VIP brands.STORY: Scott found himself on the wrong side of Arizona’s law and landed in jail for four months. During his time in jail, Scott chose to focus on his life after prison. It was while in prison that he came up with his business idea, a business that is now thriving.LEARNING: Do not let your past mistakes define you. Always try to make the best out of a bad situation. Be kind and supportive to those going through a rough patch. “With every negative, there is a positive. It is up to you to figure that out the positive.”Scott Buss Worst investment everMaking the best out of a bad situationScott found himself on the wrong side of Arizona’s law and landed in jail for four months. Being locked up left Scott with lots of time on his hands. He decided to put this time into good use.Scott would read magazines, newspapers, and books. He would then write notes of CEOs and executives worldwide from Entrepreneur, Businessweek, and Wall Street Journal. Scott knew he wanted to be a CEO after finishing his jail term.Hatching a business ideaScott would also read quotes on entrepreneurship and keep himself motivated. In the process, Scott got an idea of starting his private jet business. He had been in private aviation for about four years.When Scott was done with his four months, he was fully prepared to build his business, and so he hit the ground running.Leaving with life’s lessonsThe four months Scott was in jail taught him a lot, mentally and physically, and also about what one can do with limited resources. It also taught him about trust and transparency.Lessons learnedIf you are a spiritual person, draw your strength from prayersThe best form of energy is prayer energy, so renew your strength by praying.Make the most out of your bad situationIf you are in a bad situation, focus on the positives. Do not wallow in self-pity and just count down the days. Know that the only one who can control the person you will be once the storm is over is you. So make the most out of your horrible situation.If you have been shown kindness, pay it forwardYou never know what someone could be going through. So pay kindness with kindness and bring a smile to someone’s face.Andrew’s takeawaysSupport those who are struggling with the consequences of their bad decisionsIf you know somebody struggling with the consequences of their mistakes but is trying to make up for them, do not give up on them. Identify someone who is at their most painful point and reach out to them. It could be a short phone call, a quick visit, or a short talk. This simple gesture could change that person’s life.Own up to your mistakes but do not let them define youOwn up to your mistakes, apologize and make amends. However, do not let the bad decisions you have made in life define you; instead, learn from them.No. 1 goal for the next 12 monthsScott’s number one goal for the next 12 months is to continue scaling his private travel business and to launch other businesses.Parting words “No matter what you’re going through, if you need somebody to talk to, reach out; I’ll be happy to be a lending hand.”Scott Buss [spp-transcript] Connect with Scott BussLinkedInTwitterWebsiteAndrew’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: Paulina Tenner is an entrepreneur, angel investor, TEDx speaker, and author. Her company, GrantTree, specializes in research and development tax credits and grants. She is passionate about burlesque and used to perform as a showgirl!STORY: Paulina’s company ventured into a new business area of renting out office space, a venture that almost killed the company.LEARNING: Focus on your core business. Check-in whenever you delegate a project and ensure you put controls in place. Do not fall prey to overconfidence bias. “Focus on what you are good at instead of trying to break into new territories.”Paulina Tenner Worst investment everAbout five years ago, Paulina’s company reached a point where the team was too big for their current office, so they needed a new one. They had the option to get an office that was a perfect fit for them, slightly bigger than the current one, so that they could grow into it. But there was also this genius idea of taking over an entire building, renovate it, and sublet to other companies with a similar culture to theirs.Taking a votePaulina’s instinct told her to go with the smaller option instead of an entire building. But when the two options were put into a vote, there were two or three votes more for the building. So they decided to go with the idea of an entire building.One colleague in Paulina’s company had big ambitions and a clear vision of what he wanted that building to be. So he found one. The company took over the building and paid a hefty deposit of about £300,000 or so. Then they started renovating it.The costly mistake of delegationPaulina and her co-founder decided to put the colleague with the big vision in charge of the entire project. They were not paying too much attention to the management of the project and thought because this particular colleague was in charge, everything would be fine.So much money was spent on renovating the building. By the time Paulina and her co-founder put a hard stop to it, the company had spent over £600,000 on renovating that building. It was over the top and way more than they needed.The desperate struggle to make a return on investmentAfter they were done with the renovations, they started advertising the building and looking for companies to take up the office spaces. That is when they realized that they knew nothing about the office rental space, it was not their specialty. Their specialty is finding government funding schemes to fit in with what their clients do.It took many months, more than they anticipated, to find companies to use the space. At some point, they got truly desperate to get people into the building and share their ongoing costs with them, so they decided to rent it out at cost. So no profit whatsoever.And as if that was not enough, when the company decided it was time to wrap up this crazy idea and get out of the building, they were charged enormous amounts of money for dilapidation. The landlord wanted the building in its previous state, even though they had made it better with all the renovations.Paulina’s company lost so much money on the entire operation, it almost died.Lessons learnedFocus on your core businessFirst, focus on what you are good at because it is tough to diversify and break into an entirely new industry before you get good at what you are doing. If you are a relatively small startup company, do not take on projects that cost a lot of money upfront.Mistakes are part of learning; embrace themEvery founder will, at some point, make a costly mistake. It’s part of the learning process.Do not wholly delegate a new projectIf there is a big project that is important for you, do not delegate it to just one person. Make sure you put controls in place on how much money is to be spent and how the whole thing is to be managed. As a founder, you need to get involved in that project or at least have oversight of it if it is significant for your company.Andrew’s takeawaysLimit yourself to your core businessUnderstand what your core business is and focus your energy there instead of trying to venture into an area you are not good at.Be careful of overconfidence biasDo not fall prey to overconfidence bias where you think you can do anything and everything because you will end up losing it all.Do not make the wrong mistakeThe most important thing when starting a business is not to make the wrong mistake. But the hard part is that you don’t know what’s the wrong mistake. Unfortunately, the wrong mistake is the one that knocks you out of business.Actionable advicePut controls in place and monitor your investment, particularly when investing in a new project.No. 1 goal for the next 12 monthsPaulina’s number one goal for the next 12 months is to see her upcoming book, Laid bare: what the business leader learnt from the stripper become a success. The book will be out in July 2021.The book talks about the innovative company culture Paulina implemented in her business (such as financial transparency and self-set pay) and wholesome leadership, all inspired by her showgirl adventures. Join her book’s waiting list and receive a surprise—and naughty—digital gift!Parting words “If you’re thinking about renting a building, think twice. But if you’re thinking about starting a burlesque course, don’t think twice. Just do it.”Paulina Tenner [spp-transcript] Connect with Paulina TennerLinkedInTwitterBlogWebsiteAndrew’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

Christopher Elliott is an award-winning consumer advocate, multimedia journalist, and customer service expert. He is known for his practical advice and creative solutions to customer-service problems.He’s the author of Scammed: How to Save Your Money and Find Better Service in a World of Schemes, Swindles, and Shady Deals and How to Be the World’s Smartest Traveler (and Save Time, Money, and Hassle).Christopher is a nationally syndicated columnist through King Features Syndicate, which distributes his work to publications from the Seattle Times to the Miami Herald.He writes a weekly column for The Washington Post and USA Today and is the founder of Elliott Advocacy, a consumer advocacy organization. “If you are not going to be in one place for more than five years, do not buy a house, just rent.”Christopher Elliott Worst investment everChristopher bought his first house in 2001 after resisting the homeowner bug for so long. But he found a great place in the Florida Keys, and he loved being there. And at $175,000, the price was just right. This was before the big housing boom.A few weeks after moving into the new house, Christopher’s partner got pregnant as luck would have it. Now the two-bedroom home was not going to cut it for long.Selling in a booming marketBy the time Christopher’s son was a year and a half, they started getting very serious about selling. At the time, the housing market had exploded. He did a couple of renovations on the house and ended up selling it for $350,000.Buying another home when he really should have rentedChristopher took all the money he made from selling his house and moved to Central Florida. Here he paid $235,000 cash for his new home. The house needed a little tender loving care, but Christopher did not mind; he still had some money left. So he renovated the house.Being a nomad, he started getting restless and thought maybe they should sell the house and move into something a little bit bigger in a different area. And just as they were having that discussion, the bottom fell out of the housing market. They ended up staying in the house for about 12 years because they could not get a reasonable price for it.Finally selling the houseEventually, Christopher could no longer stay in the house, so he decided to sell it for the best price possible. Selling the home was a massive undertaking for Christopher. He got several buyers that came in and fell through. Others kept renegotiating the price down.They finally settled for $285,000. Once the real estate agent took her cut and adding the money he had put into the house for renovations, he ended up losing a significant amount of money on that house. Christopher made a resolve never to buy a home as an investment again.Lessons learnedDo not listen to conventional wisdom when buying a houseStop assuming that what everyone says about owning a home is the best investment you can make, to be true. It is never a guarantee that you won’t lose money from buying a home. The American dream of being a homeowner is overrated.Andrew’s takeawaysA house is not always an investmentIt is never a guarantee that you will always be able to buy low and sell high when dealing with real estate.Be careful when listening to marketing messagesMarketing messages are intended to hook you in. It is not always that you will gain from what is being sold. Remember that whoever is putting out that marketing message is looking to gain and not necessarily help you.You do not have to get into debt just because loans are availableSeriously contemplate your options before you get sucked into a mortgage just because there are facilities that can offer you the loan. Be sure that this is a debt that you can comfortably bear.Actionable adviceThink carefully before you buy that house. If you are not going to be in one place for more than five years, do not buy a house just rent, because you’ll have more flexibility.No. 1 goal for the next 12 monthsChristopher’s number one goal for the next 12 months is not to get infected with the Corona Virus. [spp-transcript] Connect with Christopher ElliottLinkedInTwitterBlogWebsiteAndrew’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

Lou Adler is the CEO and founder of Performance-based Hiring Learning Systems – a consulting and training firm helping recruiters and hiring managers around the world source, interview, and hire the strongest and most diverse talent.Lou is the author of the Amazon top-10 best-seller, Hire With Your Head (John Wiley & Sons, 3rd Edition, 2007), The Essential Guide for Hiring & Getting Hired (Workbench Media, 2013), and the Lynda.com Performance-based Hiring video training program (2016).His current “Diversity Hiring without Compromise” initiative is focused on developing a color-blind hiring process that ensures the best people get hired regardless of race, religion, age, sexual preference, and physical challenges.Lou is one of the top bloggers on LinkedIn’s Influencer program writing about the latest trends in hiring, employment, and recruiting. His articles, quotes, and research can now be found in Inc. Magazine, Business Insider, Bloomberg, SHRM, and The Wall Street Journal.The company’s new mobile-ready learning platform—TheHiring Machine—provides instant access to all of the tools needed to find and hire outstanding talent. “Do not take money from your friends unless you want to lose them.”Lou Adler Worst investment everLou was running a company with 300 people in it when he was 32 years old. He hated his boss, and they would argue every other week. Lou would quit every other month. One day he just left for good.Becoming a recruiterIn his old job, Lou would work with recruiters who were making so much money. This enticed him to become a recruiter after he quit his job.When Lou became a recruiter, he realized that hiring was just like any other business process. You just had to do it right. There were so many things being done wrong, and if he did them right, he could make a lot of money. And that is precisely what he did.Winning the recruitment gameAfter year two, Lou tripled and then quadrupled his income. He could not believe his luck. After riding on this wave of success for about 25 years, Lou decided to try something different. He decided to automate his recruitment process. This was during the dot-com boom.Losing his business and his friendsLou invested a million dollars and borrowed another million dollars from his friends and used the money for his new business venture.While Lou’s idea was a smart one, the market was just not ready for it. For this reason, everything fell apart. He lost his company and the friends he had borrowed money from.Lessons learnedRaising capital by borrowing from your friends is a bad ideaBe very careful when asking friends for money to run your business. When you take someone’s money, you got to deliver. If you do not, you will undoubtedly ruin the friendship.Learn how to manage your cash flowCash flow is vital in running a successful business. Do not ignore it. Learn how to manage your cash flow, and everything else will fall into place.Andrew’s takeawaysBeing skilled in something does not necessarily make you a good businessmanYou may be very good at doing something, for instance, a great technician, then you decide to start a business as a technician. Soon enough, you will realize that the job of running a business is very different from the position of being a technician.Sometimes the problem is just your timingJust because a business fails to succeed does not mean it was a bad business. Sometimes, it is just the timing that is wrong. Great idea, but at the wrong time.Cash flow is kingIt is not cash that is king; it is cash flow that is king. Raising money is easy. The real challenge comes in creating the cash flow to build a profitable business.Do not mix friendship with businessIf you have to borrow money from your friends to run your business, make sure that you do it professionally. Do not let friendship get in the way, because if the company fails, so will the friendship.Actionable adviceLife is not all about money. Think about what is important to you and let that drive you.No. 1 goal for the next 12 monthsLou’s number one goal for the next 12 months is to finish writing his fourth edition of his book  Hiring With Your Head: Using Performance-Based Hiring to Build Outstanding Diverse Teams.Parting words “Be good and be safe.”Lou Adler [spp-transcript] Connect with Lou AdlerLinkedInTwitterWebsiteAndrew’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 E. Gerber (1988), The E Myth: Why Most Businesses Don’t Work and What to Do About It