My Worst Investment Ever Podcast

BIO: Leonard Lee is a tech industry analyst and strategy consultant. He is the managing director and founder of neXt Curve, a research advisory firm.STORY: Leonard shares the most common mistakes he has seen in startups and his advice on dealing with those mistakes.LEARNING: Understand the market opportunity before launching your startup idea. Invest in advisors to help you understand the structure of the market. Test the market with a minimum viable product. “Get knowledgeable about your market opportunity, and then target your investments.”Leonard Lee Guest profileLeonard Lee is a tech industry analyst & strategy consultant, a solution architect, an innovation coach, a startup and board advisor, a Trekkie, and a musician.He is the managing director and founder of neXt Curve, a research advisory firm based in San Diego, California, focused on providing cross-domain ICT industry research and advisory services to enterprises, startups, and technology vendors looking to differentiate themselves and win in a rapidly changing digital economy.Worst investment everToday, we are going to do things a little differently. Our guest Leornard Lee will share the most common mistakes he has seen in startups and his advice on how to deal with those mistakes.Lessons learnedDetermine the value potential of your ideaThere are a couple of things that determine the actual value potential of an idea. One is how ready the market is. The second thing is technical readiness.One of the things that a lot of startups don’t factor in quite well is the economics. You have the idea first, but you fail to think through economics. Think of economics in terms of, first, the value to your target customer who is basically going to be that market opportunity you are pursuing. If you don’t consider that properly, you will be starting on the wrong foot.Second, think of economics in terms of the technical side. Understand technology in terms of cost. Sometimes your ideas may be great, but they are not economically viable. So your ideas fail because of bad timing.Do your homework and understand the market opportunity firstMost startups simply do not do proper homework, and therefore, they do not understand the market opportunity. One of the reasons they get into this early phase issue is because they look at these big inflated numbers thinking that the market opportunity is something that it is not.Here is where the bad investment starts and the startup ends up investing time that gets wasted upfront. Depending on how far they progress down the funding path, they just accumulate money that will probably not generate a return.Ask the right questionsTo understand the market opportunity learn how to ask the right questions. Invest in a group of advisors who can help you question numbers to get a proper understanding of the structure of the market.Test the market with a minimum viable productOnce you have an idea of where you are in your market, you’ve got your technology figured out, and you are in the early stages, the next thing you need to do is test that market.It is crucial that startups test their market first because many of them, especially those in tech, are often started by engineers. Engineers are great at designing cool stuff but may not be so great at running the business side of things.Run a buyers’ need analysis and validate your assumptions. What you think is valuable to the customer may not actually be so valuable. Start with a minimal viable product to help you understand whether your concept will resonate with the customer before you invest a ton of money into the final product.Actionable adviceIf you are getting into a hyped market, understand the state of the technology, understand the state of the market and get ahead of it.No. 1 goal for the next 12 monthsLeonard’s number one goal for the next 12 months is to be safe and healthy. He also wants to help as many startups as he can to succeed. [spp-transcript] Connect with Leonard LeeLinkedInTwitterWebsiteAndrew’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: Logan Nathan is the founder and CEO at i4T Global/i4Tradies. He’s a digital transformation specialist, a serial startup entrepreneur, a board director and advisor, and an angel investor.STORY: Logan had an innovative idea that would be a big disruptor in the digital transformation industry. Just when the idea was getting traction, the pandemic hit the world. Logan had to pivot his business to survive. With the help of his employees, suppliers, advisors, and associates, he could pivot to a point where his business has now gone global.LEARNING: Listen to your advocates and customers; they can teach you more than you think. Look at your problems from a different angle. “It doesn’t matter what you have learned. There is always somebody who will teach you more than what you know.”Logan Nathan Guest profileLogan Nathan is the founder and CEO at i4T Global/i4Tradies. He’s a digital transformation specialist, a serial startup entrepreneur, a board director and advisor, and an angel investor.Worst investment everLogan has always had an innovative mind and is always trying to challenge the status quo. It is no wonder that he was running his company at 18 years of age.Getting into the digital transformation industryHe always wanted to cause disruption, and the digital transformation industry caught his eye. Logan delved deep into it, did his research, and about four years ago, he wrote a book about digital transformation. Now he wanted to innovate a product in that industry.Targeting tradesmenLogan had, over the years, built relationships with tradesmen. So he decided this was where he would develop his product. His idea was to create software like Uber but for tradesmen. He discussed the idea with a trade business owner, and he loved it.Diving both feet inThe two gentlemen dived into the idea and got the wheels rolling. Logan had a team of people who could code and do the technology part of the product. They then went looking for funding so that they could come up with the beta version.They went for an angel investing meeting, and the investors were skeptical about the idea and told them to get out of it as fast as they could. Logan was adamant, and so he went on to create a finished product.The market was not ready for themWhen it was time to hit the market, Logan realized that it was not ready for their product. It became tough to deal with individual tradesmen. But one day, he happened to interact with a property management agent who was having issues with a tradesman. It was then that Logan realized that he was targeting the wrong people. So he shifted his business ideas from individual tradesmen to property management agents.A successful turnaroundThe shift saw the business take a turn for the best. The company started to get traction and was making a substantial profit.Then came COVID-19Just when the business was getting its footing, the COVID-19 pandemic hit the world, and Logan lost 80% of his customers. The business was not going to survive the pandemic. However, his never-give-up spirit made him look at the pandemic more positively.Looking for all possible ways to surviveLogan gathered his employees, suppliers, and associates and had an extensive discussion on how to stay in business. They all accepted to receive pay cuts allowing the company to have some dependable cash flow. They also came up with an innovative idea to stay in business. This new idea has grown so much that Logan is taking it global.Lessons learnedEntrepreneurs never give upThe biggest lesson that Logan learned from this experience is that a true entrepreneur never gives up.Listen to your advocates; they can teach you more than you thinkYour employees, suppliers, associates, and advisors are your true advocates. They are the ones who will give you the lift that you need. Make sure you listen to them because they, too, have opinions and ideas that matter.Always think that the reverse is trueAlways look at situations in reverse. Therein lies your solution. When things are going great, ask yourself what is bad about that situation to preempt it. When things are going bad, ask yourself what is good about that situation to seize the opportunities.Andrew’s takeawaysLook at your problems from a different angleAlways try looking at a problem from a different angle; when one idea does not work as you expected, look in another direction where that idea can be valuable.Talk and listen to your customersWhenever you feel down, talk to your customers. You’re either going to find they’re not happy about something and then you’re going to feel invigorated to fix that. Or you’re going to find out they’re so glad about something, and you’re going to feel good about that.Actionable adviceMake sure that you have enough cash flow to last you at least three months. This way, you will be able to forecast for the following three months. If you can manage that cash flow, and look at all the things that can go wrong, then you will be ok.No. 1 goal for the next 12 monthsLogan’s number one goal for the next 12 months is to learn from his journey in the last couple of years. He also wants to use his experience to teach many other people because the more people you train, the more collaborative advocates you will have in your journey. [spp-transcript] Connect with Logan NathanLinkedInTwitterWebsiteAndrew’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: Ryan Estes is an American Buddhist entrepreneur and the founder of Kitcaster, a podcast booking agency. He is an expert in leveraging podcasts for meaning and profitability.STORY: Ryan and his wife co-run a marketing agency. Ryan’s wife came up with a fantastic product idea that she shared with Ryan. He agreed that it was a great idea; he took it over and executed it the same way he would implement a client’s vision. One problem, though; he never consulted his wife, whom the idea belonged to. Feeling sidelined, Ryan’s wife lost interest in the product causing a rift between the couple. In the end, they had to let go of the project for the sake of their marriage.LEARNING: Honor your relationships even in business. Your business partner is your most valuable asset, cherish and protect them. “If you have a business partner, somebody that complements you and you have the perfect rhythm, cherish and protect that relationship.”Ryan Estes Guest profileRyan Estes is an American Buddhist entrepreneur. As the founder of Kitcaster, a podcast booking agency, he facilitates thousands of extraordinary conversations. Ryan is an expert in leveraging podcasts for meaning and profitability.Kitcaster serves more than 150 agency clients and is gearing up for its first software product in 2021.Worst investment everOver the past 10 years, Ryan has been the owner-operator of Talklaunch, a media marketing agency he runs with his wife. The agency does social media content, paid media, organic search, website creation, and more.Taking over his wife’s fantastic product ideaRyan’s wife had this great idea for a skincare company, specifically, a natural deodorant company, and she was excited about it. She came up with this fantastic formula that worked well.Ryan took over this entire idea and put it through the wringer the same way he would do with a client. He rebranded the idea, built the website, put everything together, and launched the company, all without consulting his wife.Wife loses interestEven though the company was having middling successes and Ryan was planning to expand a line, his wife continually became less interested in the business. Ryan couldn’t figure out why she was not engaged in this company, yet it was building traction.Unbeknownst to Ryan, his wife had hoped that this idea would become a collaborative project for the both of them. Something that you would work on together and bond as a couple. However, Ryan never bothered to find out what were his wife’s expectations from the business. So when he took it over and alienated her, she lost all the interest she had.Choosing to save his marriageThe business was starting to cause a rift between Ryan and his wife. Once Ryan realized his mistake, he apologized to his wife, and together they decided to let go of the project and focus on something else for the sake of their marriage.Lessons learnedDraw a line between business and your marriageWhen you go into business with your partner, be sure to draw a line between your marriage and your business. Articulate in a conversation all the ways your business relationship could go wrong. Evaluate how your business relationship can affect your marriage and find ways to protect that relationship because no amount of money is worth ruining your relationship.Always remember that your spouse is your most valuable assetThere are so many parallels between a marriage and a business relationship, and therefore, differences will arise, and ideas will differ. But, the value of somebody who understands you and is vital to you from a business side is more important than any revenue outcome. If you have a business partner who complements you, cherish and protect them.Andrew’s takeawaysHonor your relationships even in businessWhen it comes to doing business, honor your partner’s ideas and thoughts. Do not drag your relationship through whatever your next idea is; discuss it with them first.You and your spouse will have differing expectationsYou and your spouse will probably want different things from a business partnership. So if you do not clarify your expectations, your partnership will be a train wreck.Actionable adviceDiscuss parameters and rules before getting into a business with your partner. Talk about worst-case scenarios such as how you will handle the company if you break up, who gets the final say when one of you wants to make a decision and the other doesn’t. Make sure that you have an exit strategy in place in case things go a certain way.No. 1 goal for the next 12 monthsRyan’s number one goal for the next 12 months is to grow Kitcaster into an absolute behemoth. He, therefore, wants to stretch it out to about a $2.5 million runway.Parting words “Thanks for letting me tell the story.”Ryan Estes [spp-transcript] Connect with Ryan EstesLinkedInTwitterWebsiteAndrew’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: Almasa Alunni is a visionary global citizen, a mentor, and a seasoned consultant with a curious mind, acting as the pivotal trait d’union to align strategic alliances and cultures.STORY: Almasa moved to Dubai, where she met a Filipino lady who became a very close friend. One day the lady borrowed a substantial amount of money which Almasa gave her without any questions. She trusted her as a friend. It turned out the lady was a con artist and never paid Almasa her money back.LEARNING: Do your due diligence before lending anyone your money, including friends. It’s better to give than to lend, but do not give what you cannot afford to lose. “Money comes and goes. But if you lose a friend, you lose a treasure.”Almasa Alunni Guest profileAlmasa Alunni is a visionary global citizen, a mentor, and a seasoned consultant with a curious mind, acting as the pivotal trait d’union to align strategic alliances and cultures.She has a solid networking portfolio of HNWI, key players & decision-makers built over four decades of professional experience in the Luxury Lifestyle, Mega Yachts industry, Communication & Media environment.Almasa is a multilingual elite PR advisor in brand strategy where she can connect the dots both backward and forwards. She has a real talent for human cross-cultural gathering and great knowledge of the Middle East and North Africa region’s social and economic environment.She was appointed as UAE Humanitarian Global Goodwill Ambassador in 2018.Worst investment everWhen Almasa moved to Dubai, she met a Filipino lady, a Catholic like her, and became close friends quickly. They become as close as a family, always celebrating stuff like Christmas together.Helping a sister outThe Filipino lady was almost 70 years old but quite a hard worker, as Almasa thought. The lady told Almasa that she was engaged in a new business venture and needed some financial assistance.Being the kind and generous person Almasa is, she agreed to give her the money. She transferred a considerable sum of money, the equivalent of two years of her living expenses, by bank transfer, no questions asked.Turns out it was a scamMonths passed without Almasa getting any money back as promised. After chasing after her friend for months, she reimbursed her partially and at a plodding pace. Almasa decided to take action and went to the police station. Here, she found out that the lady had four other cases of fraud. It turns out she was a professional con artist who knows precisely how to scam people.Abuse of trustWhile losing the money was painful, what hurt Almasa most was how her friend abused their friendship and her trust. Because money comes and goes, but losing a friend is like losing a treasure.Lessons learnedDo not give more than you can afford to loseIt is always safer to give and not expect anything in return. But even as you give, always give what you can afford to lose.Andrew’s takeawaysInstead of lending a lot, give a littleIf you are not willing to lend anyone your money, simply give the little that you can as a gift instead of lending them large amounts of money that might leave you in debt.Ask for collateral in exchange for a loanBefore you lend money, ask the person to give you some collateral, such as a deed to a piece of land or a car deed; if they do not pay, you will have a way to recover your money.When you do good, good will always come back to youLife is not always a direct relationship. When you do good for someone, it does not necessarily mean that person will do good for you. But if you do good in life and to the universe, that favor eventually comes back to you.Actionable adviceDo your due diligence before you lend anyone money, even your friends. Do not get trapped in those so-called friendships.No. 1 goal for the next 12 monthsAlmasa’s number one goal for the next 12 months is to bring her dream project off the ground. Almasa is working on her TV channel focusing on culture. She is also working on a line of jewelry based on an interfaith harmony project. [spp-transcript] Connect with Almasa AlunniLinkedInInstagramAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Robert Paylor suffered a spinal cord injury in 2017 while playing rugby. He has picked himself up to defy the odds. Robert graduated from UC Berkeley, is winning the fight to walk again, and is sharing his method of how he overcomes quadriplegia.STORY: Robert suffered a spinal cord injury while playing rugby and could not move anything below his neck. He fought so hard to walk again to satisfy himself, but after a letter from one of his rugby trainees battling cancer, Robert realized that he needed to fight his challenges to inspire others.LEARNING: To overcome challenges, you must first believe that you can. You can overcome your challenges, do not let the world tell you otherwise. “The more positive affirmations we give ourselves throughout the day, the more positive we become and the more able we are to take on life’s challenges.”Robert Paylor Guest profileIn one moment, Robert Paylor was on the best day of his life, competing for the collegiate rugby national championship. In the next moment, his life changed forever. Robert suffered a spinal cord injury in the first minutes of the game and found himself face down on the turf, unable to move anything below his neck.His doctor told him he would never walk or move his hands for the rest of his life. Through an unbreakable vision and relentless determination, Robert is defying the odds. He has graduated from UC Berkeley, is winning the fight to walk again, and is sharing his method of how he overcomes quadriplegia.Every person faces challenges; Robert’s are just visible. The skills Robert uses to overcome paralysis can be used by all to optimally perform. His message is one that inspires others to access their full potential and conquer their challenges no matter how daunting they may seem. Visit https://www.robertpaylor.com for more information.Worst investment everOn May 6, 2017, Robert played at the collegiate rugby national championship when a player tackled him. He lost his footing and dropped to the ground snapping his neck. He could not move or feel anything below his neck. Robert could tell something was wrong, and at this moment, all he could think of was his goals, dreams, and aspirations.Making it all about himselfWhen Robert found out that he could not walk, he wanted to get better for himself. He just wanted to get better and nothing else. Robert just wanted to be able to stand up on his feet, feed himself, and go back to school. Just for his satisfaction.An inspiration to manyThis need for self-satisfaction changed very quickly. One day after his injury, Robert’s high school was hosting a prayer service for him. He would typically teach rugby to young players at the school and share this passion with them.As Robert was chatting with his dad about the service, he showed him a photo of a young lad who was fighting for his life. His skin was white as a sheet, and his body as thin as a rail. After a closer look, Robert recognized the guy. He was one of the high school kids that he trained.The student’s mom had written a message to Robert telling him that his son wanted so badly to be at the prayer service to pray for Robert, but he couldn’t because he was undergoing chemotherapy. He was wearing Robert’s rugby shirt because he inspired him. And because of Robert, the student was fighting hard to beat cancer so he can play rugby. At the end of the message, the mom asked Robert to stay strong and keep smiling because his strength was helping her son stay strong too.Living for a higher purposeRobert broke down after reading the message. He realized that everything he did was not about him. Fighting for his life, fighting to walk again, and gain his independence was not just beneficial to him but also inspiring to thousands of people across the world.With this realization, Robert has been fighting hard, and now he can stand up using a walker and walk up to 300 yards. He can feed himself and live independently. The doctors had told him he would never be able to do such things again. Robert believes that he was able to beat the odds because he stopped living in that selfish desire.Lessons learnedSuccess starts in your mindTo overcome challenges, you must believe that you can.Positive affirmations hold real powerThe more positive affirmations you give yourself throughout the day, the more positive you become and the more able you are to take on life’s challenges. Do things that keep out negativity and promote positivity. Just like you are intentional with what you put into your body, you also need to be very regimented with your mental diet to gain a positive mindset.Practice perspective in a manner that helps youPerspective is such a powerful tool. It can hurt or help you. Robert learned that he could practice perspective in two ways. On the one hand, he could look at the periods of his life when he had everything and things were working out for him and compare them to his current reality and feel bad about himself. Or he could look at other people in far worse situations and choose to be grateful for his life. It is all about perspective.Andrew’s takeawaysYou can overcome your challenges, do not let the world tell you otherwiseWhen you face your biggest challenge, as many people could be facing right now, the first thing you need to believe is that you can overcome insurmountable odds, so do not let the world convince you otherwise.Focus on the higher purposeThere is a higher purpose in life. If you are religious, this could be a purpose related to serving God. If you are not religious, it may be a purpose of helping others. Just stop making it all about yourself, and start thinking about how you can impact others. And when you do, no matter how bad your situation is, there are people out there that are suffering more.Actionable adviceIf there is a situation in your life that makes you feel mad at the universe, angry at the circumstances that got you in that situation, you need to forgive and start focusing on the positive things in your life. This will help that pain and suffering go away.No. 1 goal for the next 12 monthsRobert’s number one goal for the next 12 months is to be able to do something like getting out of his bed or couch, get in his car and go to a restaurant and sit down in a booth and eat a meal, and then get up out of that booth, back into his car, and back to his couch.This may not seem like much to a lot of people, but it’s something that Robert desires so much. He believes that a year is a realistic time to make it happen, and if he does, he’s one step closer to never needing his wheelchair ever again.Parting words “I hope by following me, I am able to give you that little dose of mental diet.”Robert Paylor [spp-transcript] Connect with Robert PaylorLinkedInTwitterInstagramFacebookWebsiteAndrew’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: Rashmi Shetty is a Voice and Attitudinal Coach and a Professional Certified Coach from ICF. She brings decades of work experience in various sectors such as academia, hospitality, storytelling, consulting, coaching, radio anchoring, and emceeing.STORY: As a shy young lady in college, Rashmi decided to try out for the Union council secretary, but when it was time to deliver her campaign speech, she froze. The whole school booed her. This event was so embarrassing, and she carried this burden for years only to find out recently that nobody really thought much about it after the elections.LEARNING: People are a lot less interested in you than you think they are. Everyone has their own life to look into, and you’re the last on that list. So just chill, make or break those failures, learn from them and move on. “The moment you start giving external validation importance, you stop looking inward.”Rashmi Shetty Guest profileRashmi Shetty is a Voice and Attitudinal Coach and a Professional Certified Coach from ICF. She brings decades of work experience in various sectors such as academia, hospitality, storytelling, consulting, coaching, radio anchoring, and emceeing.A keynote and motivational speaker, she believes, “Your ATTITUDE decides your ALTITUDE.” A national and international award winner for scripting and narrating radio documentaries, she was honored with the “Iconic woman creating a better world for all” award in July 2020 from the Women Economic Forum and is also an active member of a global body called Climate Coaching Alliance.Worst investment everWhen Rashmi was young, she was super shy. She could barely talk in front of more than one person. She did not know how to get over her shyness.Forgetting about her shyness for a minuteWhen Rashmi was in her final year of graduation, the Union at her college was up for election. Being who she was, she did not even aspire to take a position. She was surprised when one of her classmates, a class representative, suggested that Rashmi nominate herself for secretary. This was the most coveted position in the Union.Rashmi forgot just how shy she was and jumped right into the idea. They went and filed the nomination forms, and later she wrote her speech. She believed this would be her best investment ever to get into leadership and fame.The defining momentThe reality of what Rashmi had got herself into hit her on the day of the election. She was all set. She could say her speech backward. But when she reached the auditorium and saw 5,000 girls staring at her, she froze. With a lot of difficulties, she climbed up the podium and reached the stage.Rashmi’s speech was crumbled entirely. When she looked at it, two big drops of tears followed. Not a single word came out of her mouth. What Rashmi set out as the best investment turned out to be the worst because a little into that moment, by the time she could assimilate what was happening, the girls started booing because nobody knew her name. They did not even know who was talking to them. She said something, then ran backstage and burst out crying.Carrying the unnecessary burden of shame for yearsRashmi was so ashamed that the whole college would now know her and laugh and scoff at her. She carried this experience with her for years, constantly feeling embarrassed. A few years ago, at a college reunion, when sharing their embarrassing moments, she realized that everybody forgot the incident as soon as she left the podium, yet she had let it bother her for years.Lessons learnedLife is not about external validationMost of us stop living the moment external validation stops. But life is not about external validation. What makes a difference is who you are on the inside. That is what helps you turn out to be what you eventually become.People do not care that much about your failuresDo not concern yourself about what other people will think about your failures. Everyone has their own life to look into, and you are the last on that list. So just chill, make or break those failures, learn from them and move on.Andrew’s takeawaysFailure is goodSometimes, when we do a complete wipeout and do not do an excellent job on something, it is essential to remember that it can only get better. This kind of failure powers you up to your greatness. Whether it is public speaking or any other thing that we’re trying to excel at, sometimes we need to fail a little bit. Then from that, we become focused.Actionable adviceGet out of your comfort zone because real life and promise are on the other side. You never know what is on the other side till you get out of it. All of us draw this comfort zone around which we excel, and getting out of that space will only show you how much more you are capable of because your comfort zone is your limitation. The moment you step out of it to try something, maybe the first time you will fail, it is worth it because what comes out of it is way beyond what you can see yourself.No. 1 goal for the next 12 monthsRashmi’s number one goal for the next 12 months is to use her new program, Vani, to reach out to as many women as possible, so they know they have it all in them. She wants to motivate them to step up and voice out.Parting words “The universe has its plan in place, so don’t stick to muscle memory. Allow yourself to get out there and explore. When you do that, life will be beautiful.”Rashmi Shetty [spp-transcript] Connect with Rashmi ShettyLinkedInPodcastWebsiteAndrew’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: Mustafa Sherif is an urban planner with a big focus on the social sustainability aspect of city development. He is also the host of the Urbanistica podcast.STORY: Mustafa would easily make friends to a point where he had hundreds of friends. However, after running a social experiment, he realized that he had spent so much time and money building friendships that were just one-sided.LEARNING: The smaller your inner circle, the deeper the relationships. Real friendships are two-sided and do not need to drain your energy or time. “I do not need to go all-in when building friendships. I need to let it go with the flow.”Mustafa Sherif Guest profileMustafa Sherif is an urban planner with a big focus on the social sustainability aspect of city development. He is also the host of the Urbanistica podcast. It’s a podcast about how we create smart and livable cities. Mustafa is passionate about planning cities with people and by people.Worst investment everWhen Mustafa moved from Baghdad to Sweden, he had the chance to meet new kinds of people. Back in his home country, he would only meet the same type of people from the same background as his.Mustafa loves talking and doing stuff with people, so he tried to be friends with as many people as possible.One-sided friendshipMustafa found himself putting in all the work into the friendships he formed. He was the one always texting them, checking upon them, and organizing events to bring them together.Out of sight, out of mindWhen Mustafa moved from Sweden to Italy for his master’s degree, not a single of his hundreds of friends in Sweden bothered to check upon him.Interestingly, Mustafa never missed his friends either when he moved to Italy, even though he had spent so many years with them.Same script different castMustafa made new friends in Italy, and the story was the same. Again, he put in most of the work, and when he moved back to Sweden, he only missed one or two of his so-called friends.The social experimentMustafa started to question just how profound his friendships were. He began to experiment whether if his friendships were a good investment for him. Mustafa created a new Facebook account and added all the people that he suspected did not care about him. Then he made a second account and added the people that he was in touch with.Then he deactivated the Facebook account with the people he was not in touch with for a month. Then he reactivated it. Just as Mustafa had suspected, none of these people had tried to contact him. He deactivated the account again for six months. The same story, nobody, contacted him.After a year, Mustafa realized that these people were never his friends and that he had made the worst investment ever, spending so much energy on friendships that never served him. Mustafa decided to be more strategic with how he relates with people, and now he is more focused on building meaningful relationships instead of just having many friends.Lessons learnedTrue friendship is two-sidedYou do not need to go all-in or push so much in a relationship. Just let it flow, and if the other person shares the same sentiments, then the friendship will flourish. Both parties need to put on the work for friendship to work. It cannot be one-sided.Andrew’s takeawaysAlways ask yourself why you are doing somethingBefore you do something, ask yourself, “Why am I doing this?” By asking that question, you will learn a ton about yourself.The smaller your inner circle, the deeper the relationshipsGo deeper with a small number of people. Focus on building deeper relationships that bring more value.Actionable adviceIt is not about the number of people you know; it is about how deep the relationships are with the people. So focus on getting closer to one person instead of just knowing 10 people.No. 1 goal for the next 12 monthsMustafa’s number one goal for the next 12 months is to clean up his friend list and figure out who he should go deeper with and which ones he should cut off.Parting words “Just keep listening. I think there are so many inspiring messages that you can learn from.”Mustafa Sherif  Connect with Mustafa SherifLinkedInTwitterPodcastWebsiteAndrew’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: Michael Stanhope is the Founder & CEO of Hubbis, a leading provider of content and learning solutions for Asia’s Wealth Management & Private Banking Industry. The company has a business in Hong Kong and Singapore and operates across the region.STORY: Michael has made several investment mistakes, each caused by taking a short-term view on his investments as opposed to thinking about them in the long term. He shares a few of these investments gone bad.LEARNING: Think long-term when building your wealth. Get a qualified financial advisor to help you create a diversified long-term portfolio. “People need to educate themselves around the concept of investing, and thinking about the long term, financial planning, and wealth management.”Michael Stanhope Guest profileMichael Stanhope is the Founder & CEO of Hubbis, a leading provider of content and learning solutions for Asia’s Wealth Management & Private Banking Industry. The company has a business in Hong Kong and Singapore and operates across the region.Michael has an extensive background in financial services in Asia, Europe, and North America. He has been in Asia-Pacific since 1995, first in Hong Kong, then in Sydney and Singapore, returning to Hong Kong in 2007, and now is in Vietnam.Worst investment everMichael got a mortgage at the age of 23 and bought himself a house in Earlsfield, near Wimbledon. He paid 92,000 pounds for this house.Selling too fastA few years after buying this house, he decided to sell it. He was now living in Asia, and so it made sense to sell. He sold the house for 150,000 pounds. At the time, he thought he was smart for making money on the house. Now, when he reflects on that decision, it was not so smart because he sold it too fast. The home is now probably worth a million pounds plus. If he had held onto it, he could have been able to rent it out for a significant amount of money.Compounding his mistakesMichael went on to make other short-term investment decisions. He would buy houses and even businesses and sell them soon after instead of sticking at it for the long term.Lessons learnedThink long-term when building your wealthHave long-term objectives around building your wealth, or generating income, or whatever it is you’re trying to achieve.Get professional helpGet a professional financial advisor who is licensed, qualified and capable to help you especially, when it comes to taking a long-term view. Let them help you map a long-term view of the investment objectives that you have.Andrew’s takeawaysBuild a long-term portfolioSet a long-term goal and try to build a long-term portfolio first, then take a portion of that, as you built it up, and use some of it for short-term investing.Actionable adviceWhen investing, take a long-term view, diversify your portfolio, and save regularly. Also, if you have kids, have conversations with them about money, financial planning, and investments.No. 1 goal for the next 12 monthsMichael’s number one goal for the next 12 months is hopefully to survive the next nine months in this more restricted format in the hope of getting back to something resembling normal. He hopes to get back to enjoying personal interactions soon. [spp-transcript] Connect with Michael StanhopeLinkedInTwitterWebsiteAndrew’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: Lorenzo Flores, a twenty-year veteran in retail leadership, has rejuvenated, inspired, and rebuilt over a dozen teams throughout his career.STORY: After years of hard work, Lorenzo finally became a manager. He was super excited to get this title, and he thought that he had finally arrived at his destination. He plateaued and settled in his title, stagnating his career and personal growth for six years.LEARNING: A title or a job is not the end destination or a place to plateau and settle; you still need to put in work to keep growing. It does not matter how much time it takes to get to where you want to go; it is the work you put in that matters. “If I’m not following my code of leadership, I’m not helping my people get better over time.”Lorenzo Flores Guest profileLorenzo Flores, a twenty-year veteran in retail leadership, has rejuvenated, inspired, and rebuilt over a dozen teams throughout his career. With a passion for music, Mixed Martial Arts, and podcasting (check out Life of Lozo and Hacking Your Leadership!), he understands the importance of connecting personal vision to the workplace.Lorenzo’s insights, experiences, and philosophies on leadership excellence are the fuel to ignite every leader’s optimum potential. Join his Clubhouse here.Worst investment everLorenzo was very excited to finally be made manager after many years of learning how to influence people to be great individual contributors, to show up, and to exceed expectations. He believed that he had made it.The perfect leaderBecoming a manager made Lorenzo think that he was perfect. He believed that all of his opinions were right. Lorenzo thought he had all the skills and competence necessary to lead people. So he just sat back, relaxed, and allowed the everyday elements of the job to take over his life.Getting comfortable with his job titleLorenzo never challenged himself beyond his job title. He never took time to develop and grow his career further. He got comfortable in being a manager.Lorenzo thought that he would develop through osmosis if he just showed up every single day, put in the time, and did what he was told to do.The idea of 10,000 hoursLorenzo prescribed very early in his career to the idea that someone becomes a master of his art after practicing it for 10,000 hours. Lorenzo figured that being in a full-time job working 40 hours a week, in five years, he would automatically be the master of his domain and be the best possible assistant manager you can find. The part that he forgot about is that five years have to be dedicated to improving yourself.That is where Lorenzo made a horrible investment decision by believing that just being present in the physical was enough to help him grow and achieve his goals, both professionally and personally.Career stagnationThis mentality caused Lorenzo’s career growth and development to stagnate. He also experienced complacency in relationships.Lorenzo was also complacent when it came to having financial goals. He just lived day by day, week by week, assuming that this is life now. And so for Lorenzo, those six years of complacency were his worst investment ever.Lessons learnedExamine the kind of leader you areTo be a great leader, you have to be your first follower. Take a look in the mirror and ask yourself if you live the life, in all aspects professionally and personally, of somebody you would be inspired to follow. Are you proud of the work that you are putting in?Be the best leader for yourselfLorenzo was not focused on being the best leader for himself. He thought that showing up for people, listening to them, providing them with context, or training them was the right thing to do. He later realized following his code of leadership is a big part of leadership.The kind of leader you are is what matters, not your titles or responsibilitiesMost people tend to confuse milestones with destinations. The next title is not the destination. The next job is not the end game.The infinite end game is that you are bettering yourself every single day as a leader. Focus on learning and growing and challenging yourself to be the best leader possible over time, regardless of your title or responsibility.Andrew’s takeawaysRead, read, readIf you want to improve yourself, read books. There are so many ways to read books thanks to the internet. It’s so easy to build a competitive advantage in this world if you read.Do not chase the clock focus on getting the work doneIt’s not about the time you take but the work you put in to get to where you want to go.Actionable adviceFind the time to invest in yourself. Hold yourself accountable to understand what it is that you are investing in. If you do that, you will be a better you.No. 1 goal for the next 12 monthsLorenzo’s number one goal for the next 12 months is to expand his podcast listening.Parting words “Believe in yourself. The simple fact that you are listening to this show shows that you are interested in making yourself better, so continue that work.”Lorenzo Flores [spp-transcript] Connect with Lorenzo FloresLinkedInTwitterFacebookPodcastWebsiteAndrew’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: Brendan provides consulting services and resources to leaders who want to become more effective and their teams to become less dysfunctional. He is the Host of The Culture of Things Podcast.STORY: Brendan got an idea to buy shares in a telecommunications company in the early 90s. But because he and his partner were just starting a family, his partner discouraged him from making the investment. He ignored her and ended up losing about $150,000.LEARNING: You are not always right, be open to other people’s perspectives. Women, don’t be afraid to ask your partners about money and investing. “Lack of humility is the root of all evil.”Brendan Rogers Guest profileBrendan Rogers’s purpose is to ‘improve the lives of people at work.’ He does this by providing consulting services and resources to leaders who want to become more effective and their teams to become less dysfunctional. He is the Host of The Culture of Things Podcast.Worst investment everBack in the late 90s, Brendan and his girlfriend (now wife) moved back to Sydney from the UK. They were 24 years old, just starting their young family. Brendan was at the time earning decent money.For the love of investingBrendan has always been a person that enjoys investing a lot. So when he and his boss got talking about investing, he was interested. They particularly talked about share investing in a telecommunications company.Ignoring his partner’s inputBrendan was pretty excited about this investment idea, and so he spoke to his girlfriend about it. However, she was flat against it. But, Brendan went against her judgment and invested 5% of his gross salary. The shares then went down very quickly, and he lost about $150,000 in the investment.Struggling to rebuild the lost trustThe most significant impact of Brendan’s worst investment ever was not the money he lost but the level of trust that was broken between him and his girlfriend. It took him a long time to rebuild that trust.Lessons learnedBe open with your spouse about your investmentsWhen in a relationship, and especially a serious one where you live together and have a child together, have conversations around what might be the suitable investments and the amount of risk you are okay to take on.You are not always right, be open to other people’s perspectivesBrendan always gets excited about investment opportunities, and he is always trying to get other people excited too. However, he has had to learn very quickly about his aptitude for getting people excited and dismissing those who are not as excited as him. Now he knows that his way is not always the right way and is not blind to other people’s perspectives.Andrew’s takeawaysWomen, don’t be afraid to ask your partners about money and investingWomen, if you are married or in a serious relationship, do not be scared to ask your partners questions when it comes to money and investing. Find out what they are doing and get involved. Research shows that women are better risk managers—a quality that is key in investing.Actionable adviceTreat investing as a team sport. Go to the right people and build trust in that team. Be open and accept that sometimes your way is not the right way, and be open and humble to look at different perspectives.No. 1 goal for the next 12 monthsBrendan and his wife’s number one goal for the next 12 months is to close their debt on their mortgage. Once they do that, then they can focus on their investment debt.Parting words “Seek out differing opinions to challenge yourself and your thinking.”Brendan Rogers [spp-transcript] Connect with Brendan RogersLinkedInTwitterFacebookYouTubePodcastWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever PodcastFurther reading mentionedJason Zweig (2007), Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich