01: Building a $2 Million Business at Age 24, Managing a Billion Dollar Hedge Fund Portfolio, and Being Innovative with May Ling Lai

May Ling Lai tells her story of how she built a $2 million business from scratch in 2 years at age 24, before going on to manage a billion-dollar hedge fund portfolio.

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She talks about strategies for navigating a male-dominated industry as a female entrepreneur, why you should always be open to pivoting, and the rewards of proactive networking. She explains the importance of innovation and discusses how to identify a problem that needs to be solved and then transform that idea into a business-building process. May then talks about scaling, why most small business owners never do it, and how to think about decisions relating to debt and equity for business growth. She then identifies the #1 most important skill for executive leadership. She discusses how to hire the right people, manage them effectively, and explain the “real” responsibility of the CEO. May then explains the importance of company culture, having a purpose-driven business, and building a team that is passionate about your mission. She talks about how to run effective meetings that accommodate different personality types, how to process failure constructively, and how to avoid the biggest mistake entrepreneurs make that exacerbates stress. She also explains how she structures her international lifestyle, books the best flights, and how her childhood trips to China inspired her minimalist packing. She recommends her top 3 travel destinations and offers packing tips for women on how to remain fashionable while traveling the world for extended periods without ever checking luggage. FULL SHOW NOTES AND DIRECT LINKS TO EVERYTHING DISCUSSED IS AVAILABLE HERE.

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