My Worst Investment Ever Podcast

BIO: Brandon Bornancin is a serial entrepreneur; he’s currently the Founder & CEO of one of the fastest-growing SaaS companies in the US, Seamless.AI.STORY: Brandon believes that his worst investment ever was not learning how to make a million dollars sooner.LEARNING: There is no special requirement to becoming a millionaire; you just have to put in the work. “Imperfect action will always be greater than perfect inaction.”Brandon Bornancin Guest profileBrandon Bornancin is a serial entrepreneur, and he’s currently the Founder & CEO of one of the fastest-growing SaaS companies in the US, Seamless.AI. He’s a motivational speaker and 18x sales author obsessed with helping sales professionals maximize their success. At Seamless.AI, he helps 100,000 (and counting) companies flood their calendars and generate millions in sales using artificial intelligence to find anyone’s emails and phone numbers.Worst investment everBrandon believes that his worst investment ever was not learning how to make a million dollars sooner.Lessons learnedAnyone can make a million dollars; you just have to do what it takesTo make your first million, start by building a list with every person in every company in the world you need to sell to.Second, get training and expertise. Once you have your list, you have to know how to sell the list. Read hundreds and hundreds of books on sales, marketing, entrepreneurship, and investing.Lastly, be ready to do the work. If you want to be a millionaire, it will require more work, effort, energy, and more tenacity. So just work hard and do whatever it takes. Do not let any bullshit excuses stand in your way to being a millionaire.Andrew’s takeawaysThis is the time to hustle hardWith the pandemic, it is an easy time to get down and frustrated. But get going. This is your time, don’t let anything hold you back.Making your first million is not that complicatedMaking your first million dollars is not that complicated. First, build a list. Second, get training to know what you’re doing, and third, sell to that list and get to a million.Make as many sales as possible to cushion you from mistakesYou are going to make a million mistakes throughout your life as an entrepreneur. Having growth allows you to absorb those mistakes without getting wiped out. But if you have tiny profit margins, minor errors will knock you out.Actionable adviceBuild your list every day, and then work on connecting and building relationships with the people on your list. Work on marketing, advertising, and selling to your list. That is where opportunities are created.No. 1 goal for the next 12 monthsBrandon’s number one goal for the next 12 months is to transform the lives of his employees and those of the hundreds of thousands of users and companies that rely on Seamless.AI. The best way for Brandon to do this is to IPO and leverage the capital to continue maximizing the success of his users, customers, investors, and employees.Parting words “Do whatever it takes to build your list. Just make it happen; you’ve got this!”Brandon Bornancin [spp-transcript] Connect with Brandon BornancinLinkedInTwitterBlogWebsiteAndrew’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 mentionedBrandon Bornancin (2021), Whatever It Takes: Master the Habits to Transform Your Business, Relationships, and Life

BIO: Kunal Naresh Chandiramani is an Internet entrepreneur, inventor, and best-selling author. He is the founder and CEO of KStar and subsidiaries and host of dToks.STORY: Kunal was launching a new venture, so he paid for media coverage with the hopes of getting thousands of customers. His ROI was horrible.LEARNING: Do not pay for media coverage; instead, attract customers organically. Media coverage does not guarantee sales. “Build a business that the media wants to cover, instead of being the business that wants to be covered.”Kunal Chandiramani Guest profileKunal Naresh Chandiramani is an Internet entrepreneur, inventor, and international best-selling author. He is the founder and CEO of KStar and subsidiaries and host of dToks.He is also a three-time TEDx speaker. In the past, he has been an advisor to various for-profit and not-for-profit boards.Worst investment everKunal was launching a new venture, and he decided to pay for a press release. He thought that to be successful; a business needed media coverage. That is why he chose to spend quite some money for the press release to be published.The fame that never cameKunal had huge expectations about the press release. After he paid for it, he realized that it was just a glorified advertising channel. The ROI was just horrible.Kunal was under the impression that all the best ventures in the world have a lot of media coverage. He also thought that media coverage would get him customers but quickly learned that would not happen.Lessons learnedThe best media is the one you do not pay forYou have to realize the difference between good media and bad media. You do not pay for good media. Organic media will bring you better ROI compared to paid media coverage. So if you want to do press releases, do them organically.Andrew’s takeawaysFocus on attracting your customers instead of promotionAttraction is always better than promotion. The intelligent business person is the one who attracts the media and gets them to come to him. Focus on reaching out to the world about your products or service in a unique way that attracts people to come to you.Media coverage does not guarantee salesTo make sales, you need customers. Getting on TV or any other media channel just for fame will not bring you sales.Actionable adviceIt’s important to realize that not all your decisions will change the world, and it is okay to make a few mistakes.No. 1 goal for the next 12 monthsKunal’s number one goal for the next 12 months is to continue doing stuff that impacts many people.Parting words “Do not get too serious. Just have fun and be yourself.”Kunal Chandiramani [spp-transcript] Connect with Kunal ChandiramaniLinkedInTwitterBlogWebsiteAndrew’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: Troy Holt is a financial educator, an independent coach, speaker, trainer, author, and podcast host. He is also the CEO (Chief Encouragement Officer) of Troy Holt Consulting.STORY: In 2014, Troy decided to quit a job that he no longer enjoyed and got another one that paid him a small salary and a commission. The money he was making could barely sustain his lifestyle. Instead of making lifestyle changes, he used money he’d received after his mom died as his fallback plan.LEARNING: If money is tight, cut down your costs to a bare minimum. Put your trust in your family and friends, not money. “Make money your tool and not your master.”Troy Holt Guest profileTroy Holt’s more than 20 years of experience as a sales and account executive has led to his success in the areas of business growth, development, and financial planning.As an innovative leader and effective communicator, Troy’s success is grounded in his impeccable work ethic and drive. Troy’s expertise allows him to work as both a financial educator and as an independent coach, speaker, and trainer.Troy is a co-author of an Amazon best-selling book and is the host of the Troy Talks podcast. He serves as the CEO (Chief Encouragement Officer) of his Troy Holt Consulting company.Worst investment everTroy worked at a retail store as a sales rep when his mom died suddenly in April of 2014. At the time, Troy had worked this job for 11 years, but suddenly every day he came to work, he would feel pressured and did not want to be at work. He felt like he was in prison.Troy went to see a doctor, and he was diagnosed with anxiety. He decided to go out of work under short-term disability for 60 days. When he went back to the doctor, he was told he was still not fit to work. Troy went back to his employer and submitted his paperwork for an extension, but he got denied. So he resigned.Finding a better jobTroy found another job which started him off at a certain amount plus commission. After a couple of months, they reduced his salary by about 80% but with a higher commission. Troy’s salary was just enough to pay his health insurance and that of his wife and pay taxes.Selling telecommunication systems was a long process, and Troy barely closed any deals.Falling back on his money reservesWhen Troy’s mom died, she left him some money. He planned to save and invest it later. However, when his job woes started, he started dipping into his money reserves bit by bit to sustain his lifestyle. In his mind, he thought he would be able to put back the money once he closed a deal and got his commission.Troy did a lot of prospecting and working deals but barely closed anything due to the long sales process.Things got tougherTroy’s money reserves were dipping by the day. He figured it was time to get another job. He ended up having to take another job making less money, but at least it was not commissioned.His reserves were drying out at this point, and he still had so many expenses to cover. Troy realized that his worst investment ever was continuing to live the same lifestyle despite his financial hardship. He should have cut his costs, but he did not, and now he had no money to invest.Lessons learnedMoney is not your source of happinessThe experience taught Troy that God is his source and provider. No matter how much or little money he has, God is the one who will sustain him, not money.Cut your spending to a bare minimum when money is tightWhen money is tight, do not carry on as usual. Buckle down and curb your spending to the bare minimum.Andrew’s takeawaysPut your trust in your family and friends, not moneyWhen you are losing it all, and it seems hopeless, and you cannot see a way out, remember that money is not the source of your happiness. Your God, your family, and your friends are the key to happiness.You can deal with the tough times by controlling your costsThere are tough times in our lives that we do not want to have to deal with, but we must if we are going to survive and thrive. When such times come, the one thing you can control is your costs, so cut those costs down as much as possible.Actionable adviceWhen you are facing financial hardship, stop and cut the expenses. It’s not going to last forever. It may be tough, but you can survive and get through it.No. 1 goal for the next 12 monthsTroy’s number one goal for the next 12 months is to eradicate and erase financial illiteracy, and he wants to educate people on how money works.Parting words “You can get through tough times. Even if you have to reach out to someone and just have a conversation with them, do it.”Troy Holt [spp-transcript] Connect with Troy HoltLinkedInTwitterPodcastWebsiteAndrew’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: Yaswanth Sai Palaghat is a YouTuber who focuses on tech and career development (as well as many other areas), and he also interviews leaders and influencers.STORY: Yaswanth made the mistake of following the crowd and chose to take an engineering course. After a year at the university, he realized that he was wasting his money, he topped engineering while following his passion.LEARNING: Follow your passion, teach yourself so you can turn it into a skill, then create an opportunity from it. Over and above your education, develop a skill that differentiates you. “The only thing that you need is clarity on what your passion is. Once you have the clarity, you can create your own opportunities.”Yaswanth Sai Palaghat Guest profileYaswanth Sai Palaghat is a YouTuber who focuses on tech and career development (as well as many other areas), and he also interviews leaders and influencers. And even though he is only 23 years old, he has the big goal of creating the largest digital tech community.Worst investment everAfter high school, Yaswanth decided to go to university and do an engineering course. This was not what he was passionate about, but it is one of India’s most popular courses. Almost everyone is doing engineering.Having the courage to follow his passionAfter a year of studying engineering, Yaswanth realized that this degree would take him nowhere. With everyone doing engineering, the field is so crowded, and the opportunities are too few. So he went on to start his YouTube channel, something that he enjoys doing.Lessons learnedFollow your passionIf you have a passion, do not ignore it. It does not matter how complex it is; just make time to pursue it.Do not be afraid to start even if you failStart whatever you want to. Even if you fail, you will have lessons to take from it. The most important thing is to start.Network to stay relevantEven if we are in the internet era, you can still network and stay relevant. Talk and interact with multiple people and make good connections online.Take advantage of the internet to learnEveryone can learn freely on the internet. So you have no excuse not to learn by yourself. If you know the path you want to be on in two to three years, you ultimately need to work on that on your own. No one will guide you because everyone is busy building their own lives.Hone your public speakingIf you want to build a successful enterprise, you must work on your public speaking skills. An excellent public speaker oozes confidence, a trait that is important for entrepreneurs.Andrew’s takeawaysIf at first, you do not succeed, try againDo not be afraid to fail. If at first, you do not succeed, try again. Get more used to failure than success because you will fail more than you succeed, but you will learn a lot from your failures.Over and above your education, develop a skill that differentiates youEducation is not enough these days. You have got to create some skill that differentiates you from your peers. So look for at least one skill and work on it.Actionable adviceThere are three kinds of people in general. The first one is someone who waits for opportunities. The second one is someone who searches for opportunities. And the third one is someone who creates opportunities. Be the third one. If you are clear about what your passion is, try to make an opportunity there.No. 1 goal for the next 12 monthsYaswanth’s number one goal for the next 12 months is to build the largest tech community. The community will focus on gathering people with similar minds and creating some awareness on setting goals and choosing the right career.Parting words “Follow your passion with clarity.”Yaswanth Sai Palaghat [spp-transcript] Connect with Yaswanth Sai PalaghatLinkedInFacebookYouTubeWebsiteAndrew’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: Kenny Weiss is a Life Coach, YouTuber, Podcaster, and Author. His mission is to help people learn about their ‘worst day cycle’ so they can stop repeating events that hold them back and live up to their full potential.STORY: Kenny has faced so much pain in his life. From childhood trauma to multiple addictions to an abusive marriage to bankruptcy and more. All this pushed him to contemplate suicide. While writing a suicide note to his kids, Kenny realized that all he needed to do was to let go and surrender to his pain to find healing.LEARNING: To heal, you have to let go and accept your flaws and mistakes. Write down all your mistakes—this will give you clarity and start you on the path of self-forgiveness. “The only way to reach your authenticity is by letting go.”Kenny Weiss Guest profileKenny Weiss is a Life Coach, YouTuber, Podcaster, and Author of Your Journey to Success. He founded The Greatness Movement in 2018.His mission is to help as many people as possible learn about their ‘worst day cycle’ so they can stop repeating events that hold them back and live up to their full potential.Worst investment everAbout eight years ago, Kenny was suicidal. He had suffered a difficult childhood. His mother was an alcoholic, his father was distant, and his brother was abusive. Kenny also struggled with multiple addictions, went through two horrific divorces, a child custody battle, and bankruptcy.In one of his marriages, his wife was physically and verbally abusive. All this was too much for him, and he just wanted to end it all.Giving up controlKenny had held it together for so long that he had convinced himself that he was in control of his pain. He never wanted to let go of that control. But when he decided to commit suicide, as he wrote a suicide note to his kids, he could not justify why he was choosing suicide.Kenny realized that the one thing he had never done was to let go of control. At that moment, he realized that the best way to deal with his pain was to give up control. To simply let go of his pain. And that is what he did and was able to heal.Lessons learnedBe brave and face your pain to heal from itThe one reason why most people hold back on dealing with their pain is that they think it will be this horrible thing that they will not survive. They do not realize that once you choose to face your pain, you start to grasp it and realize that it was not as bad as you feared it is.Self-forgiveness starts with accepting your flaws and mistakesFor the self-forgiveness process to work, you must accept your flaws and mistakes. Once you accept them, you start letting go, and you start pushing yourself to your true self.If you can make peace within yourself and forgive yourself, you open yourself up to love.Andrew’s takeawaysLet go and see change happenThe most significant change in your life will happen when you let go, not when you hold on.Write it all down to find healingPeople still have behaviors, mannerisms, and reactions based upon things that happened at a young age. You can benefit from this by grabbing a piece of paper and writing down the top 3-5 worst things you’ve done.Do not show them to anybody; just write them down. This will begin the process of healing and letting go. By the end of this exercise, you will realize that you can face the monster in your closet.Actionable adviceWhatever it is you are going through, whatever the pain that you do not want to face, become an expert in it because that is the only way out.No. 1 goal for the next 12 monthsKenny’s number one goal for the next 12 months is to have a deeper connection with his kids, and the more he heals, the more that connection will be possible.Parting words “If anyone is struggling, just go to my website. I’m offering a free breakthrough call. I’d be happy to help you in any way I can.”Kenny Weiss [spp-transcript] Connect with Kenny WeissLinkedInFacebookYouTubePodcastWebsiteAndrew’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: David Barnett is the author of 21 Stupid Things People Do When Trying To Buy a Business. Presently he works as a private transaction advisor with people buying or selling a business.STORY: We get a preview of his book as he takes us through the top 5 stupid mistakes people make when buying a business.LEARNING: David shares a host of lessons for people trying to buy a business. “If something looks like a really good deal and you don’t know about that industry, ask yourself why isn’t somebody else in this industry picking up this company.”David Barnett Guest profileDavid Barnett loves to say that it took him 10 years to un-learn what he was taught in business school. University had trained him to be a middle manager in big enterprises, and he was unprepared for the realities of small business.After a career in advertising sales, David started several businesses, including a commercial debt brokerage. Helping to finance small and medium-sized businesses led to the field of business brokerage. Over several years, he sold dozens of businesses for others while also managing his own portfolio of income properties and starting his career as a local private investor.David regularly consults with professionals and banks on business and asset values. Presently he works as a private transaction advisor with people around the world who are buying or selling a business. Find him at Davidcbarnett.com.Worst investment everIn this episode, we will jump straight to the top five stupid mistakes that people make when buying a business, as explained in David’s book 21 Stupid Things People Do When Trying To Buy a Business: Learn how to avoid these awful novice mistakes. Then we will look at some of the things that Andrew takes away from the interview.Lessons learned1. Failing to understand how businesses are valuedA lot of small business owners and potential buyers do not understand that it is not the business that is being bought or sold; it is the cash flow. So when purchasing a company, find out how much cash flow it is generating, then ask yourself as a buyer, what are you willing to pay for that cash flow, given your ability to run the business.Also, when looking at growth opportunities, while there could legitimately be an opportunity, do not pay the seller for it because you are the one that has to do the work to deliver the result, not the seller.2. Failing to account for the value of the buyer’s laborMost people will be very optimistic about a business’s cash flow, and they will not put a high enough price on their own time when they are examining the business.3. Failing to account for the value of capitalPeople always forget that they need a return on the cash they put in the deal. When you put money that you have saved up over years or decades into an acquisition, you need to get an adequate rate of return on that equity you have put in.4. Overcommitting projected free cash flow to debt serviceGo for a business with a much greater debt service coverage ratio because the last thing you want is a cash crunch that bleeds out your free money.5. Failing to adjust for operating capitalMany small business owners are experts at what they are doing, but they are not financial professionals. So they fail to generate optimized balance sheets.Andrew’s takeawaysCashflow growth depends on your effort, not the sellerWhen you buy a business, you buy two things; the existing cash flow and growth in that cash flow. So your job is to keep that cash flow growing.Focus on the net profitWhile other metrics can be helpful, net profit gets straight down to the bottom line.Three ways to make money from your businessThere are three ways to get money out of a business: pay yourself a salary or some type of compensation, embezzle, and dividends.Three important components of cash flowThere are three components of free cash flow; core profitability, investment in working capital, and Capex (capital expenditures, fixed assets).Actionable adviceIf you are selling your business, do a high degree of due diligence on whoever you will be working with to help you with the process. This is because there are a lot of really awful business brokers who are giving people bad advice. Look at the person’s history, what they’ve done, how long they’ve been in it, and talk to some of their past clients.If you want to invest in a particular business, you should know how it works and what it is like to be in it.No. 1 goal for the next 12 monthsDavid’s number one goal for the next 12 months is to get another 10,000 subscribers on his YouTube channel because his mission and what drives his business is to help people avoid dumb business deals. The biggest problem is ignorance, and David can solve that just by creating awareness and teaching people.Parting words “Business is risky, but it is still worth pursuing. Just do what you can to avoid the losses.”David Barnett [spp-transcript] Connect with David BarnettLinkedInTwitterBlogWebsiteAndrew’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: Marc Miller is the founder of Career Pivot, which helps those in the second half of life design careers that they can grow into for the next 30 years. He is also an author and podcast host.STORY: Marc was a relentless risk-taker until a bike accident, and the risk of contracting SARS-CoV-1 stopped him hot on his heels.LEARNING: Learn how to evaluate risk and ask for help if need be. Step back and think about what you really want to do with life. Andrew’s advice is to be grateful, like what you do, keep life simple, find clarity and let go. “For new things to begin, we often have to end old things.”Marc Miller Guest profileMarc Miller is the founder of Career Pivot, which helps those in the second half of ife design careers that they can grow into for the next 30 years. Marc authored the book Repurpose Your Career: A Practical Guide for the 2nd Half of Life, published in September 2019.Marc is a recovering engineer, a multipotentialite, and a professional career-changer as he has made six career pivots over the last 35 years.Marc is also the podcast host of the award-winning Repurpose Your Career Podcast.Worst investment everMarc has had a series of events in his life that forced him to take a step back, take a look at his life and make a couple of adjustments.The risky rideIn July of 2002, Marc was riding with his bicycle club and was on what he thought was a pretty nonrisky ride. He came down a hill, turned into a blind turn; going about 30 miles an hour, he slammed into a car head-on.Marc spent five days in the trauma center. He had a torn knee, a broken hip, a dislocated shoulder, a bunch of broken ribs, and a couple of other minor injuries. Fortunately, he had no internal injuries.Putting himself in harm’s way againMarc was back on a bike in 10 weeks, and in four months, he was flying to China, heading to Guangdong province, which was the epicenter of the SARS-CoV-1 outbreak. He stayed there for three days, oblivious to the severe disease.During his flight, Marc sat next to a woman who was heading to Hong Kong. He emailed her afterward and asked her about her trip. She informed him that she had got seriously ill. The world did not know till three months later that it was SARS-CoV-1.Questioning his decisionsMarc was fortunate not to get SARS-CoV-1; however, this and the bike accident got him questioning why he was making such risky decisions.Marc decided to start doing less risky stuff. He went to teach high school math. He left teaching after two years, highly successful but exhausted and depressed. Then he did a year of nonprofit work. Then he got sucked into another startup but later decided he had had enough.Stepping back from it allAfter quitting his last job, Marc decided that he had enough money to reshape his life and do something more meaningful and refreshing. He started making some very conscious decisions, and one of those decisions was to move to Mexico in 2018.Lessons learnedStep back and think about what you really want to do with lifeMarc had a lot of preconceived ideas of what he should do. After the events in his life, he decided to step back and ask himself what he truly wanted to do with his life. While doing so, he decided to stop buying stuff and simplify his life.Cut out things you do not need in your lifeIn these challenging times, step back and spring clean your life. Let go of all the crap you do not need. Also, leave relationships that no longer serve you.Andrew’s takeawaysBe gratefulWhen you are feeling down, go somewhere where people are literally losing their lives. This will give you some appreciation for your life.Like what you doHaving a skill does not necessarily mean that you are going to love using it. Try to do what you like.Keep it simpleLife is simple. If you find that it is not, stop, take a step back, take a moment, and work to simplify it.Find claritySearch for your moment of clarity and use that moment to transform yourself. That moment does not have to be an extreme event; you could have your moment of clarity right now.Let goOnce you have found your moment of clarity, let go of all those things that were burdening you before.Actionable adviceLearn how to evaluate risk. Always ask yourself, if you are going to do this, if you are going to make a change, what’s the real risk? Then get outside of your head and go ask for help to evaluate your risks.No. 1 goal for the next 12 monthsMarc’s number one goal for the next 12 months is to get the next Repurpose Your Career book out. He has done three editions and now wants to do an edition based on his experience and the current pandemic. Marc is also growing an online community of more people helping everybody else out. [spp-transcript] Connect with Marc MillerLinkedInTwitterPodcastWebsiteAndrew’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: Taylor Ryan is an American entrepreneur and a 6x startup founder with 13+ years of marketing and startup experience spread across 10 industries within large and small organizations.STORY: Taylor wanted to be financially independent straight from uni, but he graduated at the height of the economic crisis so that he couldn’t get a job. While networking, he met two guys who invited him to join their e-commerce startup in the food-tech niche. He joined them, and they created a fantastic platform but barely made any sales. Their mistake was creating a platform that no one needed.LEARNING: Talk to your ideal customer to find out if there is a need for your product. Make sure that you have monthly financial statements for your startup. “There’s a ton of people selling products that there is no market for and without speaking to customers.”Taylor Ryan Guest profileTaylor Ryan is an American entrepreneur living in Copenhagen, Denmark. He is a6x startup founder with 13+ years of marketing and startup experience spread across 10 industries within large and small organizations. His current projects include:ArchitectureQuote - Saas platform for architectsKlint - Creative digital marketing and growth hacking agencyorg - Online digital marketing courseio - Public speaker, workshops, and innovation consultingWorst investment everTaylor graduated in December of 2008 at the height of the economic recession. He had always been super ambitious, so he was ready to start making some money after school. Unfortunately, nobody was hiring, and despite all his best efforts, he kept getting doors slammed in his face.Going the business routeTaylor realized that he had to build his own business to get a chance at making real money. He bounced around for the better part of two or three years with guys that he admired from afar. Then he started working underneath them, but he did not like it much.Taylor found himself doing two to three networking events a week, and in one, he ran into some guys that were planning to start an e-commerce startup in the food-tech niche. The duo had this exciting concept of building an online platform that would allow anybody with a food allergy to find new and interesting food items that would enable them to enjoy all their favorite foods without getting an allergy.Joining the tag-teamTaylor thought that the concept was pretty okay and so he agreed to join the duo. In about eight months, they had built a complete platform with close to 1,500 products on sale. Then they made an app for iOS and Android to allow people to discover and order new items.The elusive financial independenceThe three partners believed that this venture would be their bridge to financial independence. Unfortunately, this would not be. Even though they had a superb idea, people did not buy into it for one reason; nobody wanted to pay extra for shipping for stuff they could buy at the supermarket and food markets.Taylor only got to learn this after talking to several people who had signed up on the platform but were yet to make a purchase.Lessons learnedDo your research before you hit the marketDo your market research in advance. Taylor advises entrepreneurs to talk with ideal customers and get a feel for whether they will like what you want to sell. He admits that he should have spent at least a month or a few weeks talking to 50 or 100 people that would buy from him in the future.You do not have to build everything from scratchWhen building a startup, you learn so much at breakneck speed. One important thing you learn is to be open to working with others instead of making it yourself. Hire the best to help you build your startup.Andrew’s takeawaysTop startup failuresOver time, Andrew has been able to classify some of the biggest mistakes startups make as attested to by his guests. These are:Bad hiring decisionsPoor management of time and peopleIneffective teamwork and collaborationWaiting too long to start sellingWeak accounting and financeLow product qualityHave monthly financial statementsMake sure that you have monthly financial statements. If you can do that every month, you will be able to eliminate almost 95% of any problems you will face in the world of accounting and finance.Actionable adviceYou have to be flexible as an entrepreneur because your product and your brand will evolve. Whatever you are building will pivot or take a completely different trajectory. So be open to such changes.No. 1 goal for the next 12 monthsTaylor’s number one goal for the next 12 months is to continue building scalable products and seeing them succeed.Parting words “You have YouTube and many other resources at your fingertips to find a knowledge base and wealth of information that can get you somewhere.”Taylor Ryan [spp-transcript] Connect with Taylor RyanLinkedInTwitterBlogWebsiteAndrew’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: Matt Franklin and a friend developed PostureNow to help people improve their posture. They presented it at Shark Tank and ended up making pretty good money from the device. Matt also runs his video production business, Bottle Rocket Labs, and has found a new obsession of learning about investing and preparing for retirement.STORY: When Matt was 28, he had a job while studying economics. Even though he was making good money, he blew it all. Matt regrets not buying a house then because today it would be worth so much.LEARNING: Buy a house when you are young, especially if you know you will stay put for at least four years. Take advantage of incentives given to home buyers in the US. Andrew’s advice is to invest in what is right for you. “Young people, buy that house and start the compounding effect today.”Matt Franklin Guest profileMatt Franklin and a friend developed a goofy little invention to help people improve their posture. Once they had sold more than $100,000 worth of that product, they found themselves in the Shark Tank. After that appearance, things blew up temporarily, and they made pretty good dough; the company PostureNow, still operates to this day.He also runs his video production business, Bottle Rocket Labs, and has found a new obsession of learning about investing and preparing for retirement. He shares what he is learning on his Rogue Retirement Lounge podcast.Worst investment everWhen Matt was in school majoring in economics, he also had a daytime job that paid a pretty good salary. Unfortunately, Matt spent all his money on pointless stuff. He even continued to take on more student loans and deferred paying them. He only finished paying his student loans in 2020.He should have been wiser and bought that houseLooking back, Matt admits that he wasted so much money when he was young, money that should have gone towards buying a house.Lessons learnedBuy a house as early in life as possibleIf you can stay put for at least four years, buy a house when you are still young. In four years, the value of that house will have gone up, and it will be worth a lot more should you choose to sell or rent it out.Question your beliefs and welcome opposing viewsQuestion your beliefs and interact more with people who oppose them so you can hear opposing viewpoints. Use your intellectual curiosity to find out what other opinions, other than yours, exist out there.Andrew’s takeawaysInvest in what is right for youInvestment is different for everyone. For some, buying a house may be the right thing, given their circumstances, while for others, renting makes better sense. Ultimately, do what is right for you.Incentives for buying a house in the USSeveral incentives make it easy and profitable to buy a house in the US:Fixed 30-year mortgagesLong-term low-interest ratesFixed mortgage payments beat inflation over timeA house is an insurable assetTax deductions related to mortgage paymentsThe value of a house will never crash to zero as compared to stocksYou can opt for a reverse mortgage to draw back on your equityActionable adviceIf you’re a young person, buy that house and start the compounding effect today.No. 1 goal for the next 12 monthsMatt’s number one goal for the next 12 months is to use his Rogue Retirement Lounge podcast to help 10 entrepreneurs shave 10 years off their work lives.Parting words “If you believe you cannot do it, or you believe you can do it, you’re both right.”Matt Franklin [spp-transcript] Connect with Matt FranklinLinkedInPodcastWebsiteAndrew’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: Austin Belcak is the founder of CultivatedCulture.com, where he helps people land jobs they love without traditional experience and without applying online.STORY: Austin made two mistakes. One was to take a terrible job without evaluating if it was indeed a good fit. Two, he spent so much time following jobseeking advice from family and friends who had no experience in the field he was interested in.LEARNING: Successful careers are built from networking and building relationships. Find creative ways to showcase your value when searching for a job. Seek advice from people already doing what you want to do. “Go find people who have already been down the path you want to follow and who are now working in the places that you want to work.”Austin Belcak Guest profileAustin Belcak is the founder of CultivatedCulture.com, where he helps people land jobs they love without traditional experience and without applying online.Austin’s job search system stems from his personal experience transitioning from a new grad with a biology degree, a 2.58 GPA, and a job in healthcare to landing interviews and offers at Microsoft, Google, and Twitter.His strategies have been featured in Forbes, Business Insider, Fast Co, and Inc., and he has helped thousands of job seekers land jobs at places like Microsoft, Google, Amazon, and many more--without applying online.He also hosts The Dream Job System Podcast, where he shares bite-sized, highly actionable career advice.Worst investment everWhen it was time for Austin to go to college, he did not know what he wanted to do. But he chose to be a doctor because it made his parents and their friends happy. So he went to college with the plan to become a doctor, but deep down, he knew that’s not what he wanted to be.In college, Austin spent his time doing all manner of things other than studying. Consequently, he graduated with a 2.58 GPA. Now he could not become a doctor.No desire for workAustin had no interest in joining the formal employment world. He never interviewed for a job and only took an internship because it fell on his laps. The company then offered Austin a job, and he took it no questions asked. He did not even negotiate his salary.Working the worst jobThe job Austin took was horrible. He was selling medical devices, and sometimes he would have to drive over two hours to deliver the devices to hospitals as early as 6 am. His boss was the worst, and he’d keep telling Austin that he was not good enough and had no future. This was quite demoralizing.On top of the bad working conditions, the salary Austin accepted was barely enough for rent, car insurance, groceries, and other expenses. So he ended up racking up about $15,000 in credit card debt in the first couple of months out of school, just trying to make ends meetThe start of his worst investment everAustin knew that he had to quit this job. His goal was to work in tech, but he had no experience. He went to the people we always go to for advice; parents, friends, and career counselors. They all told him the same thing; to tweak his resume and cover letter and apply for jobs online.Austin spent hours and hours of his time online searching for a job without any success. In the first month, he applied to about 100 companies, and not a single one got back to him.Going back to his advisorsAustin went back to the people he had asked for advice. He asked them what he could be doing wrong since they were all successful and he was doing what they told him to do, yet he was unsuccessful. They said to him that it was a numbers game and he just hadn’t applied to enough jobs, and he just needed to continue applying.This advice did not sit well with Austin, considering that these people all had different experiences. His parents, for instance, had not searched for jobs in decades, and his friends were all working on Wall Street, so they had no experience working in medical or tech fields.The feeling of betrayalAustin felt a little betrayed by his family, friends, and the people he was getting advice from because this advice clearly didn’t seem to work. He also felt betrayed because he invested so much money into college, and that did not seem to be delivering on the promise he’d always have an opportunity if he had a degree. Austin felt left out by the companies he wanted to work in. He started thinking he was the problem, that something was wrong with him.It was not until he had coffee one day with someone from his alumni that he realized things were not working because he sought advice from the wrong people. He now started seeking advice from people working at the places he wanted to work at.Lessons learnedNetworking and building relationships are the secrets to building successful careersIf you are looking to elevate your career, it comes down to networking and building relationships.Quit the ‘me’ mindsetWhen reaching out to people, instead of making a direct ask for them to refer you to recruiters, focus on the other person and what value you can offer them.Find creative ways to showcase your valueInstead of the usual style of sending a resume, send a direct illustration of what you can do to add value. This gives you higher chances of getting hired.Andrew’s takeawaysKnow what you are good at and offer itSome people are good at exploiting opportunities, while others are good at solving problems. Think about what it is that you are good at and why someone would want to hire you. Either you’re going to help them exploit an opportunity or do something more with it, or you are going to help them get out of trouble. So show recruiters how you can help them.Find alternatives to job marketplacesThe problem with applying online is that you must optimize your job search to the marketplace you are using. Step out of marketplaces and look for other ways to get jobs.Be very careful of traditional adviceWhile there is some value in traditional advice, it will often get you traditional results.Actionable adviceReach out to one person who is already doing what you want to do. These are the kind of people who are going to be the best mentors.No. 1 goal for the next 12 monthsAustin’s number one goal for the next 12 months is to find a little more balance. Now that he has a business and it is his only focus, Austin wants to use some of this time to find balance.Parting words “Feel free to connect with me on LinkedIn and definitely take the risk assessment.”Austin Belcak [spp-transcript] Connect with Austin BelcakLinkedInInstagramBlogPodcastWebsiteAndrew’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