My Worst Investment Ever Podcast

BIO: Marie Gervais, PhD., CEO of Shift Management, offers targeted supervisory and middle management training, team coaching, and organizational capacity development to businesses and organizations.STORY: Marie had the fantastic idea of developing a management decision-making gaming app. She pitched the idea to a few decision-makers within her industry, and they assured her it was a great idea. Marie had no experience in tech and did zero research on app development before she started working on the app. This saw her lose over $140,000 in an idea that never materialized due to her inexperience.LEARNING: Do thorough market research, take calculated risks, and never go to market before validating your idea with a few paying customers. If a situation is not working out, walk away and carry the lessons with you. “I discovered all the gifts that I learned from this mistake, and I started to dig my way out of the shame.”Marie Gervais Guest profileMarie Gervais, PhD., CEO of Shift Management, offers targeted supervisory and middle management training, team coaching, and organizational capacity development to businesses and organizations. She has developed an award-winning program using online courses and live web coaching to help managers develop the confidence and skills they need to lead.For a competitive advantage, a clear focus on communication and conflict resolution skills will get you there. You can build a healthy, inclusive ‘best in industry’ work culture. Dr. Gervais is your guide to success. Her upcoming book “The Spirit of Work” is scheduled for publication in November 2021.She is the host of the Culture and Leadership Connections Podcast.Worst investment everA couple of years ago, Marie realized that everything was going towards gamification. She got interested in games for learning. She then had an idea to create a gaming app for managers, something like a management decision-making app.At the time, Marie was a member of one of the manufacturing industry networks for C suite manufacturing decision-makers. She pitched her idea to some of the members, and they all said it was a great idea; it was something they could really use.Hitting the ground runningMarie started planning how to bring her idea to life. She had never created a game before, so she started thinking about what she would do and how to practice doing that. She figured she’d start with the management decision-making app and then move into the game. Then she’d pitch her app to decision-makers who would send her to their training and development people and finally start piloting it and see how that goes.So again, Marie pitched to the group, and they told her that’s a great idea and gave her a few tips which she thought were helpful. They asked her to come back to them when she finished the app.Burying herself in the app creationMarie was heavily invested in the phone app and spent over $140,000. She faced a lot of hurdles while creating it. She went to a technology company that didn’t know what they were doing with that particular type of game. She went to another company, and they didn’t have the skills either. So she switched to a third one and lost more money. The whole thing was just a big money-sucking hole.Pulling the plugMarie realized that she didn’t have the necessary experience to find the right people; she didn’t understand the tech process or the phases of development. Her biggest mistake was going with the idea first rather than research.Marie lost business due to that single focus, and it was when she decided to pull the plug.Lessons learnedTake calculated risksAlways take calculated risks and do proper market research. Once you start working on a product, be very careful about each step of the way and test every point with potential clients willing to pay for your product.Andrew’s takeawaysRead, read, readBecome an avid reader in the area you want to invest in. The more you read, the more you will learn and become better.Customers are the best way to validate an ideaThe best way to validate your idea is to get people to pay you cash. People may tell you an idea is great, but are they ready to put money where their mouths are?It is ok to walk away from a failed projectIf you’re stuck in a situation where you have sunk in a lot of money and a lot of energy, but you realize it may not work, it is ok to walk away from it. It may be painful to walk away, but you will always come out with a huge amount of learning, which is priceless.Actionable adviceDevelop a relationship with somebody who has the knowledge you need over time and learn from them.No. 1 goal for the next 12 monthsMarie’s number one goal for the next 12 months is to get her book published and out in the world. She also plans to have some speaking engagements around the book so that people can learn from it.Parting words “Have a little fun with what you’re doing.”Marie Gervais [spp-transcript] Connect with Marie GervaisLinkedInTwitterPodcastWebsiteAndrew’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 mentionedDavid R. Hawkins (2020) The Map of Consciousness Explained: A Proven Energy Scale to Actualize Your Ultimate Potential

BIO: Gary Mishuris is the Managing Partner and Chief Investment Officer of Silver Ring Value Partners, an investment firm with a concentrated long-term intrinsic value strategy.STORY: Gary was developing a financial model that he used to recommend stocks for his company. He got so engrossed in the model that he forgot about other important aspects of investing, like the effects of a merger that had just happened in the company. He made mistakes, and the stock he recommended fell by 80%, losing money for his company.LEARNING: Think about the qualitative aspects. Don’t depend on management for decision-making and make things as simple as possible, but not simpler. “Have a checklist of behavioral biases and steps that you will need to take to try to minimize them.”Gary Mishuris Guest profileGary Mishuris is the Managing Partner and Chief Investment Officer of Silver Ring Value Partners, an investment firm with a concentrated long-term intrinsic value strategy. Prior to founding the firm in 2016, Mr. Mishuris was a Managing Director at Manulife Asset Management since 2011, where he was the Lead Portfolio Manager of the US Focused Value strategy.Gary received an S.B. in Computer Science and an S.B. in Economics from the Massachusetts Institute of Technology (MIT) and teaches the value investment seminar at a local university.Worst investment everIn 2005, Gary was a senior analyst at a company before starting his firm. He was building the world’s biggest model ever. It had dozens and dozens of lines and a complex discounted cash flow analysis.The charismatic CEOGary met with the CEO and listened to his story in the management pitch, and it sounded terrific. The pitch was about having a merger to cut costs. The CEO promised that the merger would come with good tidings for everyone.While the CEO’s pitch sounded great, Gary had a few doubts about how two different businesses would work with two different cultures. He, however, figured they’d take the best from both companies.Putting his model to the testGary started modeling and jumped right into quantifying things. One day, Gary was updating his model when he realized he’d made a mistake. He had linked to the wrong cell, and that boosted the value appropriately by 20%. He sent an email to everyone letting them know that he had made a mistake.Digging deeper into his modelGary continued to rely on his model. He, however, made a series of analytical mistakes, just getting lost in the model and forgetting the basics of investment. The merger caused so many issues that Gary overlooked, which could have potentially affected his model. The stock he had recommended went down 80%, and the company lost a decent amount of money.Lessons learnedThink about the qualitative aspectsThink about the qualitative aspects long and hard before you put the numbers down. And if the quality doesn’t pass your filters, the numbers won’t matter; you should pass.Don’t depend on management for decision-makingTalk to management, but make sure it’s a small input into your decision-making process. It’s very easy to get persuaded by a charismatic management team. Make sure that, at the very least, you counterbalance their point of view with an opposing point of view and kind of debiasing yourself.Make things as simple as possible, but not simplerRelatively simple models of summarizing economic reality focus on understanding things deeply. Then make sure you control your behavioral biases, and try to offset them when not impossible.Andrew’s takeawaysThe qualitative aspect is essential in value investingA lot of people think that value investing is all about numbers. But what is critical is the qualitative aspect. Numbers are just a tool that helps us to understand something.Complexity does not add valueThe deeper you go into a financial model, the less benefit you get once you get past a certain point.Actionable adviceTry to be systematic and rigorous. Have a checklist of behavioral biases and steps that you will need to take to try to minimize them.No. 1 goal for the next 12 monthsGary’s number one goal for the next 12 months is to keep adding to his knowledge and moving his process slowly and steadily in a positive direction. Hopefully, those small changes build and snowball into meaningful improvement in the decades to come.Parting words “Keep learning, stay calm and just focus on the process.”Gary Mishuris [spp-transcript] Connect with Gary MishurisLinkedInYouTubeWebsiteAndrew’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: Eric Rosenberg is a financial writer, speaker, and consultant based in Ventura, California.STORY: Eric always played it safe by investing in conservative low-list investments. This made him miss out on huge investments.LEARNING: Understand and manage your investment risk. Stop making excuses and start saving and investing by making regular monthly contributions. “Let your money be something that helps you live the life you want. Not the reason you can’t do the things you want.”Eric Rosenberg Guest profileEric Rosenberg is a financial writer, speaker, and consultant based in Ventura, California. He holds an undergraduate finance degree from the University of Colorado and an MBA in finance from the University of Denver. After working as a bank manager and then nearly a decade in corporate finance and accounting, Eric left the corporate world for full-time online self-employment. He recently passed the five-year mark of self-employment.His work has been featured in online publications, including Business Insider, Nerdwallet, Investopedia, The Balance, HuffPo, Investor Junkie, and other fine financial blogs and publications. When away from the computer, he enjoys spending time with his wife and three children, traveling the world, and tinkering with technology. Connect with him and learn more at EricRosenberg.com.Worst investment everEric graduated from college in 2007 with a finance degree. He came out of grad school into the beginning of one of the worst economies.The conservative investorEric started investing with a lot of very conservative investment ideas because he was nervous about losing. He had taken Warren Buffett’s advice of not losing money to heart. He concentrated on making long-term value investments that are low-risk.This way of investing saw Eric not make many investments that would have made him a lot of money.The WWE stockOne of the most notable investments that Eric missed out on was the WWE stock. While in school, Eric did a presentation on the WWE stock. He argued that this was not just about muscle men fighting, but it was actually a very profitable business. However, the class voted not to buy it.But Eric was convinced enough, so he bought WWE stock worth about $300. Initially, it went way up, and it was doing great. Then all of a sudden, it was not doing so great. He ended up selling it for a modest loss. It wasn’t a big one.But later on, Eric learned that his research was pretty much spot on because the stock eventually returned multiple times over. If he hadn’t sold it and had just held on and rode it out for another couple of years, it would have turned profitable.The Teva pharmaceuticals stockAnother stock that Eric sold for a loss was Teva pharmaceuticals. He didn’t do an in-depth financial analysis on this stock as he usually did. This is because he is very passionate about Israel, so he went with his emotions. He invested about $800, but the stock never did well.Lessons learnedUnderstand and manage your investment riskEveryone has a different risk tolerance. Understand what your tolerance is. If you always get sick to your stomach every time you think of losing money, you probably don’t want a very risky portfolio. If you get excited at the idea of taking on risky ventures, then maybe you can invest a little bit riskier. But understand and be in control of that risk.Start investing by making regular monthly contributionsStart investing by making regular investments over time. The best way for most people to get started is by taking advantage of 401k if you have a job that has one. If you don’t have 401k, find another investment and start saving regularly, even if it’s just $5. Just start with something you can always build from there, but you can’t build on zero. So you got to start with that first dollar.Andrew’s takeawaysQuit with the excuses and start saving and investingMost people come up with all kinds of reasons not to start saving and investing. The truth is that it’s never going to be convenient. You just got to start.You won’t always get it right with the stock marketThe stock market goes in waves. Sometimes it’s really high; sometimes, it’s really low. Therefore, not every stock you invest in will be a winner, and that’s ok.Actionable adviceSet up your automatic monthly recurring contributions and start saving either into your work or personal IRA, or your HSA, or a taxable stock account. You won’t make money if you don’t start. So get something automated, and you can always grow from there.No. 1 goal for the next 12 monthsEric’s number one goal for the next 12 months is to survive. He hopes the world will look a lot more like it did five years ago in the next 12 months.Parting words “Until next time, stay profitable.”Eric Rosenberg [spp-transcript] Connect with Eric RosenbergLinkedInTwitterFacebookYouTubePodcastWebsiteBooksAndrew’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: Kizzy Parks helps service-based small business owners learn how to win profitable federal government contracts using her powerful CTC technique.STORY: Kizzy learned of a $40 million opportunity to provide training and curriculum development across the federal government. She put everything else on hold and focused on preparing her business to win the project. She spent $600,000 on various business resources because she was sure she would win the project. The government didn’t put the project up for bidding to her disappointment, so she never got it and was left in debt.LEARNING: First, sell your product, then build it. Understand your advisor’s motivation and always think through and question advice given before you apply it. “You have to think about the intent behind the people who are cheering you along. What are they getting out of it?”Kizzy Parks Guest profileAs a kid, Kizzy Parks would clean golf balls in an alley behind her friend’s house and resell them through a fence to the nearby golfers and use the money to buy snacks.She always knew she’d become an entrepreneur and earn an advanced degree in psychology. Her entrepreneurial spirit meshed well with her inquisitive nature as an adopted child who always wanted to meet her birth family, which she eventually did. She started K. Parks Consulting over a decade ago and during that time earned a Ph.D. in psychology.Today, she owns and operates multiple businesses, and she has won more than $50 million in government contract awards. Through her business, GovCon Winners, she helps service-based small business owners learn HOW to win profitable federal government contracts using her powerful CTC technique.Worst investment everKizzy came across a $40 million opportunity to provide training and curriculum development across the federal government. At that time, Kizzy’s company provided work to the incumbent. But the word on the street was that they wanted to work with somebody else, but her mentors and advisors told her to go for it.Making sure she was ready for the winKizzy spent money on all types of resources on business development so that she could win this work. She even hired a business developer who kept pushing her on to go for the bid. Kizzy put everything else on hold and concentrated on winning this project.Kizzy started looking for facilitators and curriculum developers, and it was just piles upon piles of cash being spent toward this $40 million opportunity because she thought, well, why not? What is $600,000 compared to 40 million?Kizzy believed that she could do this because she was already doing the work. She was ready to take over the job from the incumbent.The disappointing outcomeAfter all the work she’d done and all the money she had spent building her business readiness for this government project, Kizzy found out that the federal government decided to go a different route. They weren’t going to put up the opportunity for competition.Kizzy ended up with team members that she didn’t need and $600,000 in debt.Lessons learnedDo not build before you sellIt may seem like the right thing to do is to build the perfect product first before you start selling. However, if you want to succeed, sell before you build. This allows you to test the market before you create the complete product.Understand your advisor’s motivationWhen someone is advising you, know what their motivation is. This will help you adjust what you’re hearing from that person. Think about the intent behind the people cheering you along or encouraging you to take that leap or get involved in that opportunity. What are they getting out of it? Some may just be advising you because they will get compensated for convincing you to take action. Others may simply be wanting to help you succeed.Andrew’s takeawaysThink for yourself even when receiving adviceJust because you have mentors, advisors, or coaches, you still have to stop, think, and question decisions. Don’t just take every piece of advice that you get and act on it. Think about it first, then decide. A good mentor, advisor, or coach will encourage you to think and not just push you along a line.Actionable adviceDo not put all your eggs in one basket. Make sure you have multiple revenue streams.No. 1 goal for the next 12 monthsKizzy’s number one goal for the next 12 months is to win another Guinness World Record. She recently set a record for the most skips of a rope while wearing flip flops in 60 seconds. She jumped 182 times. Her next goal is to throw a football 60 yards, and she just hired a throwing coach who was a quarterback for Notre Dame to help her set this record.Parting words “Everything is possible regardless of where you are in life.”Kizzy Parks [spp-transcript] Connect with Kizzy ParksLinkedInTwitterFacebookYouTubePodcastWebsiteAndrew’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: As a father of five, Dean Brown empowers professional dads to work fewer hours per week while generating more revenue and having more fun while doing it.STORY: Dean had just lost a high-income job when his friend approached him with an investment idea. The friend wanted him to finance his business idea and get a return on it. Because he trusted his friend and was looking for investment opportunities, Dean gave him $150,000. He’s never received a penny from the business.LEARNING: Do not hand your money to anyone without a legal contract. First, understand the investment and the risk involved. Don’t be the sole financier of an investment. “Get lawyers involved, don’t just hand money over to anyone, even for a friendship.” Dean Brown Guest profileAs a father of five, Dean Brown empowers professional dads to work fewer hours per week while generating more revenue and having more fun while doing it.Working with Dean, they will learn to face their suppressed emotions, limiting beliefs, self-denial, and self-sabotage to better embrace life without guilt, anger, fear, or hate while manifesting their highest vision of peace, love, and profit with their family and in their business.Worst investment everDean had always been an employee, even though he often toyed with the idea of becoming a businessman. He was an outstanding employee who quickly rose to the top in every job he ever had.Getting thrown into the deep endIt was not until he lost his most prolific job, where he earned over $100,000 a year in 2008, that he had to start learning how to build a business. He now had to think of the best ways to invest under these circumstances.An investment idea from his trusted friendDean had this good friend who had a great vision and worked on it for a very long time. His enthusiasm was deep and engaging. Dean had a lot of faith and trust in what his friend was doing.One day Dean’s friend asked him to help him take this idea to the next level. He had developed a one-of-a-kind invention and now needed to manufacture it. However, he needed cash to do it.Giving his friend money, no questions askedDean had some money to invest, and because he trusted his friend, he gave him $150,000 there and then. He transferred the money into his friend’s account, and they agreed that Dean would get a return on the investment, and then they shook on it. That was eight years ago. Dean is yet to see a penny.Lessons learnedAlways have a contract, even where it involves friendsGet a lawyer to write a contract for you before you hand anyone money—including your friends.Understand the investment and the risks involvedBefore you spend any money, be aware of what you’re investing in. Make sure there is an agreement stipulating what you will gain from the investment.Andrew’s takeawaysA good investment starts with trustTrust is vital when it comes to investing. Before you give your money to anyone, make sure that you can trust them. Once you build trust, take the next step and evaluate if the idea is good. If the idea is good and you have trust, then now you can execute the idea.Don’t be the sole financier of an investmentAvoid investments where you’re the only one providing the capital. Be sure that the business has sustainable finances before you get in.Actionable adviceDon’t take people’s advice at face value, even if they are your friends. Cross your T’s, dot your I’s, and do your research before deciding to invest.No. 1 goal for the next 12 monthsDean’s number one goal for the next 12 months is to help people get to that place where they do not make mistakes, as he did. And also, they’re able to make a positive impact in their business and family lives.Parting words “Don’t spank yourself or grief over the losses. Instead, celebrate the wins and move forward.”Dean Brown [spp-transcript] Connect with Dean BrownLinkedInInstagramFacebookYouTubeAndrew’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: Marcus Udokang is an IT consultant, writer, and presenter. He specializes in project management and business analysis.STORY: Marcus was working for a company that was open to investors. Because he trusted his company and had met many other happy investors, he decided to invest. Unforeseen circumstances brought the value of the investment down, and he never made much out of it.LEARNING: Do thorough research, diversify your portfolio, and start small. Have a devil’s advocate or a sounding board for your investment ideas. “Research the market to be aware of unpredictable financial forces and be vigilant and disciplined when it comes to making, spending, and saving money.” Marcus Udokang Guest profileMarcus Udokang is an IT consultant, writer, and presenter. He specializes in project management and business analysis; specifically, business applications, requirements analysis, and business process management. He has worked in various industries, including Financial Services, Oil and Gas, and IT Training/Education.He’s also the host of The Inquisitive Analyst Podcast and YouTube channel that focuses on the triumphs and challenges within the areas of project management and business analysis.Worst investment everMarcus was working for a certain company that was open to investors. Due to his trust in the company, he figured it was a good investment opportunity.Encouragement all around himAt the time, many people had invested in this company, and they had reaped good returns. There were so many happy investments all around. Marcus even met one at a car dealership where he had gone to buy a car. As they were getting to know each other, Marcus mentioned that he worked at the company. The guy told him excitedly how he had put in money in the company, waited for 10 years, and got his money.A good friend of Marcus’s also told him of how he had put money in the company, cashed out a few years later, and made good money. Now Marcus was totally convinced that this was a good investment opportunity.It just was not the right time for himMarcus invested in the company and waited to start receiving dividends. Unfortunately, due to uncertain market forces beyond his control, troubling economic times, a bit of happenstance, and negligence on the company’s part, the investment was sold and resold several times to different investors. This caused the investment to devalue, and eventually, it became worth almost nothing.Lessons learnedTake your time and do your market researchThink twice before you invest in anything. Do thorough research to understand the investment and to ascertain the level of risk involved.Diversify your investmentsDo not put all your money into one investment. Invest in several options to manage your risk better.Start smallOnce you have done your research and found a couple of different ways of building a diversified portfolio, start small, then grow over time.Andrew’s takeawaysHave a devil’s advocate or a sounding board for your investment ideasHave someone that you can trust who will help you look at all the reasons you shouldn’t invest in the ideas that you come up with. Such a person will be your voice of reason and help you help better decisions and avoid making investment mistakes.Understand the difference between managing and assessing risksWhen it comes to assessing and managing risks, those are two very different things. Risk assessment comes before you get into something, while risk management is about how you handle it once you’re in it.Timing is everythingTiming is everything when it comes to business and investing. You may have an excellent idea and even execute it well, but it fails just because the market is not ready. Also, just because an investment has made money for another person doesn’t mean it’s going to make money for you. The market conditions, industry conditions, change, and management, and other conditions may have changed.Actionable adviceSave for contingencies. Save, save, save for a rainy day.No. 1 goal for the next 12 monthsMarcus’s number one goal for the next 12 months is to continue doing what he enjoys and do it well.Parting words “Canadians, be open to financial literacy for you and your family. Start talking about money.”Marcus Udokang [spp-transcript] Connect with Marcus UdokangLinkedInYouTubeWebsitePodcastAndrew’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: Fernando LoFrano is a Brazilian IT executive, promoter, and consultant in Digital Transformation, acting as an agent of transformation in organizations, impacting the transition of business models and operations to the new digital age.STORY: Fernando got into a partnership with a friend with whom they shared different views on business and success. Fernando was an ambitious entrepreneur hungry for challenges and quick success, while his friend was a family man working towards long-term success. Their differences made their business fail after only four years.  LEARNING: Think through your partnership, especially if it will affect your friendship, express your expectations from the beginning, and respect and value your friendship even as business partners. “Find partners with different skills, but with the same desire to achieve success.”Fernando LoFrano Guest profileFernando LoFrano is a Brazilian IT executive, promoter, and consultant in Digital Transformation, acting as an agent of transformation in organizations, impacting the transition of business models and operations to the new digital age.As one of the most influential in information technology in Latin America, he is an IT Governance Specialist with an MBA in Project Management.He is the author of The Role of Project Management in Digital Transformation.Worst investment everFernando started his entrepreneurship journey when he was 22 years old. Along the way, he decided to focus his business on IT solutions.Getting his friend onboardRefocusing his business was proving to be tough, and so to achieve his goal, Fernando decided to get a friend to partner with him. His friend was 26 years older than him.The unlikely pairIn the beginning, the new business plan sounded like poetry. But over time, things got hard. It became clear that the two partners had different motivations and expectations from the partnership.On the one hand, Fernando was a young, ambitious entrepreneur hungry for challenges and quick success. On the other hand, his business partner was a family man with other business commitments and working towards long-term success.The inevitable clashTheir different expectations led to numerous arguments and disagreements. So much so that the partners decided to go separate ways four years later.Lessons learnedThink through your partnership, especially if it will affect your friendshipFernando learned three important things from his business partnership:It is imperative to think through partnerships before getting into one.As you choose a partner, especially if it is a friend, consider how that partnership will affect your friendship.Empathy is critical when dealing with a partner.Andrew’s takeawaysExpress your expectations from the beginningEveryone goes into a business project or startup with different expectations, hopes, and fears. When partners don’t understand each other’s fears, hopes, or expectations, then it’s almost guaranteed the partnership will fail.Respect and value your friendship even as business partnersEvery partnership has moments when partners fight or argue about things. If you value your friendship, make sure that you stay respectful of each other even during such moments.Actionable adviceA good friend is not always a good business partner. Find partners with different skills but with the same desire to achieve success.No. 1 goal for the next 12 monthsFernando’s number one goal for the next 12 months is to promote and sell his new book.Parting words “As Lincoln said: ‘Give me six hours to chop down a tree and I will spend the first four sharpening the ax.’”Fernando LoFrano [spp-transcript] Connect with Fernando LoFranoLinkedInTwitterFacebookWebsiteAndrew’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: Lois Koffi is a professional speaker, sales trainer, coach, and Ironman Triathlete who has coached thousands of people in business and healthy lifestyles for the last 22 years.STORY: Lois got into real estate at 21 years and did pretty well for herself until she blindly got into a business partnership with her friend. They put everything in their mortgage business but soon enough lost everything to creditors.LEARNING: Choose your partnerships carefully and understand the risks of debt. “Discipline your disappointments and never give up.”Lois Koffi Guest profileLois Koffi is a professional speaker, sales trainer, coach, and Ironman Triathlete who has coached thousands of people in business and healthy lifestyles for the last 22 years.She pivoted, like many in 2020, without having an email list or podcast or tribe online–having focused on face-to-face sales for over 20 years.She went from 0 sales online to 5 figures a month in less than 6 months with permission-based lead generation online, and now coaches, affiliate marketers, and speakers hire her to do the same–pivoting in 6 months guaranteed to live their best life. She now is at multiple five figures a month in 9 months of starting at ground zero online.She loves affiliate marketing as well and is really passionate about sharing her story and resources through her top 20 podcasts.Lois has generously offered her Free Course (Promo Code: MASTERY) on permission-based lead generation to My Worst Investment Ever podcast listeners. Check it out.Worst investment everLois got into real estate at 21 years and quickly got to multiple six figures. This made her set the goal to be a millionaire by the time she turned 30.Building up to her dreamLois got serious about real estate and built a sales team to help her achieve her dream. She later started a mortgage company with a friend but didn’t put much thought into the partnership. She figured that because she was a friend, it was ok to partner with her. This was around 2005, and at this point, everyone was getting into the mortgage industry.Putting all her eggs in one basketAfter the partnership, Lois put all her efforts and investments into real estate. Then everything went south. Her business partner skipped town when things got bad. Everything in their business was guaranteed in Lois’s name, and so all the creditors came after her.Instead of becoming a millionaire at 30, Lois found herself bankrupt and homeless. Her car got repossessed the day before her 30th birthday. This was the last possession in her name. Her cell phone had been turned off, her bank accounts cleaned out, and her credit was destroyed.Going through traumaThe experience destroyed Lois’s self-worth and identity. Depression and anxiety set in, and she even had suicidal thoughts. She lived in fear and guilt because she could no longer pay her bills.Luckily, Lois was able to rise above her woes and went on to build a successful business that she’s running to date.Lessons learnedChoose your partnerships carefullyBefore choosing a partner, slow down and ask yourself if this is truly in your best interest. Consider if they are the right partner. If you are not sure you can seek counsel from other people, make sure they are qualified to help you make this decision.Don’t let your disappointments hold you backDiscipline your disappointments and never give up. Take every disappointment as a lesson and ask yourself what you can gain from that experience.Andrew’s takeawaysWhen demand rises, prices riseBe careful when entering a popular market because it may soon become oversaturated.Understand the risks of debtsThe number one risk that a company has is debt. If your business has no debt, then nobody can shut you down. That doesn’t mean that you should not have debt, but understand the risks to debt.Work on your pain and shameBe open about your pain and shame. If you can, find someone you can talk to about it to help you overcome it.Actionable adviceListen to intuition more and trust your gut.No. 1 goal for the next 12 monthsLois’s number one goal for the next 12 months is to hold her Manifest and Monetize Summit to grow her permission-based message and movement. She hopes to have at least 10,000 people attend the summit and listen to 20+ speakers.Parting words “You matter; you have greatness inside of you; you’re here and still breathing. So don’t give up.”Lois Koffi [spp-transcript] Connect with Lois KoffiLinkedInTwitterFacebookYouTubeWebsitePodcastFree Course (Promo Code: MASTERY)Andrew’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: Dr. Benjamin Ritter is a leadership and career coach, values geek, regional learning manager for Young Presidents Organization (YPO), national speaker, podcaster, author, mentor, and is passionate about guiding others in finding, creating, and sustaining a career they love.STORY: For a very long time, Benjamin worked different jobs trying to find an employer that would give him the satisfaction he was craving. It was only years later, and after doing a couple of jobs that left him unhappy, he realized it doesn’t matter where he works. What matters is how he works and how he thinks about his work.LEARNING: To have job satisfaction, you must change the way you perceive work and the value you take away from it. Live each day with intention. “You are not a product of where you work, but you can make the work a product of you.”Benjamin Ritter Guest profileDr. Benjamin Ritter is a leadership and career coach, values geek, regional learning manager for Young Presidents Organization (YPO), national speaker, podcaster, author, mentor, and is passionate about guiding others in finding, creating, and sustaining a career they love.From empowering young professionals to get unstuck, guiding senior leadership on how to stand out from the competition, and developing executive presence, Ben is an expert in his field and will guide you toward truly living for yourself at work and in life.Worst investment everBenjamin wanted to be a professional athlete when he was younger, so he never imagined himself sitting behind a desk working the nine to five. He also had a dad who was an entrepreneur, and he would take Benjamin on home remodeling jobs. A traditional job was, therefore, not on Benjamin’s mind when he was growing up.Trying to find his purposeSo when it was time for Benjamin to join the workforce, after not becoming a professional athlete, he didn’t know what he wanted to do and where he wanted to do it. But he ended up finding a couple of things he was passionate about.Benjamin got involved in public health policy and entrepreneurship in a variety of ways. He ended up in healthcare administration, an area that he never thought of. But he was happy to have a job where he was creating real direct outcomes for people. He did this for seven years.Successful but unhappyWithin the seven years Benjamin worked in healthcare, he got promoted to an executive-level position and was on the road to becoming a higher-level executive or CEO.Even with all this success, Benjamin was unhappy to the point where he stopped volunteering for work. He just did as little as possible to get by. He felt stuck, unfulfilled, and dreaded his job. This dread leaked into Benjamin’s work, romantic, and family relationships. He was walking around this dark cloud over his head. He walked into the office one day and realized just how miserable he was. It hit him that this was not how his life was meant to be.Stepping backBenjamin realized that he needed to step back and see the bigger picture. He finally realized that he thought that his organization was supposed to give him meaning. That it was supposed to provide him with job satisfaction and make him happy. And for this reason, he had given all his power to his employer, which made him resentful.Now Benjamin understood that it does not matter where he works. What matters is how he works and how he thinks about his work. That realization led to some pretty amazing things, and that’s how he got to where he is today.Lessons learnedTo be more satisfied, you must change your mindset towards workWe are all accountable for our levels of job satisfaction. You have to change the way you perceive work and the value you take away from it. So when you walk into the office, or when you open your computer to start your workday, if you are thinking negatively about your job, of course, you are going to have a negative experience. If you feel your work is worthless, it’s going to be worthless.Live each day with intentionsIf you’re going into every single day without the intention to take something from it, you’re going to take nothing. If your job feels worthless, then change your career to what you need it to be. Then show up and make the most of it.Andrew’s takeawaysLife is not meant to be complicatedLife is not meant to be complicated. If somebody is complicating things or you find yourself complicating your life, stop and make it simple.You get back what you put inWhat you get out of something is what you put into it. So whatever effort you put into personal development will determine what you become.Actionable adviceTake some time and make a list with three categories. One is what’s the work you love to do, and two is the people you love to work with, and three is the positive impact you see from the work you do daily. Every single day, try to nudge your job a little bit more towards one of these categories. If you do that, you are going to evolve in your career in a positive way naturally.No. 1 goal for the next 12 monthsBenjamin’s number one goal for the next 12 months is to finish writing his next book.Parting words “We are greater than our purpose, and if we can rise above it and realize that we’re greater than it, we realize that life is more important than it.”Benjamin Ritter [spp-transcript] Connect with Benjamin RitterLinkedInTwitterBlogWebsiteAndrew’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 (2004) The Power of Now: A Guide to Spiritual Enlightenment

BIO: Michelle Griffin is a certified international personal brand strategist with clients from around the world. She is also a certified StoryBrand Marketing Guide and a credentialed digital marketer and copywriter. She is the host of the Personal Branding Clubhouse Weekly Show.STORY: Michelle had always wanted to be her own boss, but imposter syndrome made her lose so much time before she could muster enough confidence to do it.LEARNING: Take the first step and put yourself out there so that people know you. Be consistent in providing value. “Our most important commodity is just showing up consistently every day.”Michelle Griffin Guest profileMichelle Griffin is a certified international personal brand strategist with clients from around the world. She is also a certified StoryBrand Marketing Guide and a credentialed digital marketer and copywriter. She is the host of the Personal Branding Clubhouse Weekly Show.Worst investment everAfter graduating with a Master’s degree in PR, Michelle was so excited to become an entrepreneur. She had always dreamed of having her own business since she was in her 20s.Letting her dream remain just a dreamEven though she wanted to be an entrepreneur, Michelle threw her dream off to the side and went on to employment.Michelle’s dream kept haunting her. About five or six years ago, she started getting very interested in entrepreneurship and the online world. She wanted it so bad. Michelle invested in courses, promising herself that one day her dream would come true and she’d be her own boss.A severe case of imposter syndromeEven with all her skills and experience, Michelle didn’t feel confident enough to go into business on her own. Every day, she would wake up with the same dream but never give into it. Michelle was waiting for someone to give her permission, but only she would give herself that permission.Getting out of her comfort zoneYears later, Michelle was asked to give a talk to her local association—a group of cybersecurity professionals. She spent weeks developing this unique framework she called Own Your Message: How to Step Out to Stand Out and Succeed in Your Industry. She gave her talk, and it was a hit.This was when it dawned on her that she was not practicing what she was preaching. It was right after that that she turned in her resignation and started her business.Lessons learnedTake that first stepEven though you are scared and don’t want to do it, you just need to take that first step. You must get out of your comfort zone to grow. Once you take that one step, you won’t stop; you’ll keep going.Put yourself out there so that people know who you areTo market your brand, you must put yourself out there. If you stay hidden and make yourself small, your customers will not know who you are. Your job is to help others, but they have to know who you are and what you stand for.Just show upShow up authentically and help people. Soon, they’re going to realize you’re there to help them, and they’re going to want to come to you so.Consistency breeds confidence which results in successWhen you’re consistent in what you do, you become confident, and then you get bolder and can go out and meet people; then you slowly develop your community.Andrew’s takeawaysIdentify what your number one constraint to growth isFind out what is the number one constraint to growth in your life. This could be lack of sleep, feeling overwhelmed, procrastination, and so much more.It doesn’t have to be complicated, just consistentYou don’t have to do something complex for people to know you and what you have to offer. Just get out there and make it a habit to contribute value consistently.Actionable advicePut yourself first because if you don’t take care of yourself, you’re not going to help others. Put yourself out there and be consistent. Don’t give up because people see you. Always remember that it takes a while to succeed in this oversaturated, noisy world. Just be consistent.No. 1 goal for the next 12 monthsMichelle’s number one goal for the next 12 months is to launch a podcast and a LinkedIn live show. She plans to keep building those platforms and probably create mini-courses and training to continue growing her community and help more people. [spp-transcript] Connect with Michelle GriffinLinkedInTwitterWebsiteClubhouse: @Michelle GriffinAndrew’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 mentionedDonald Miller (2017) Building a StoryBrand: Clarify Your Message So Customers Will Listen