Entrepreneurial Lessons From a SERIAL ENTREPRENEUR

ABOUT THIS EPISODE

Guest Teacher: David Wachs @DavidBWachs 

The 10 Minute MBA, is a no-fluff daily podcast that teaches you practical business lessons you can use to grow your business immediately.

For more business case studies, tactics and insights, make sure to subscribe to my youtube channel (youtube.com/c/scottdclary ).

Tweet Me: https://twitter.com/scottdclary

Welcome to the ten minute MBA, I'm yourhost got de Clary on the ten in NBA. I give you tool, strategies, tactics,techniques that you can use to start scale growth or ten, your business.Today we are having a repeat guest lecturer David Wax David is the founderand CEO hand written. He was the founder of selli before he exited thatbusiness never had to work again, but he doubled down on something that hefound a pain point for in the market. We're going to speak about some of theentrepreneurial lessons being a two x entrepreneur being successful twice,that is very rare. Considering entrepreneurs usually have a ninety.Five plus percent fail right. So these are some lessons for people that arejust getting started that are starting their first business. David has done itmultiple times. Hopefully you can learn something from him. Let's jump rightinto it, so obviously don't be afraid to pivot.That would be- which you know was...

...pretty obvious, but with with selledpivoting out a real estate and into Abercromby Fitch, and you know thattype of thing was a big, a big change for hand.Written what it was is we kind of switched our whole focus and it wasalways. I always wanted to be business focused. But when we started t thetideline was quality cards, your words and pen and ink because it was muchmore consumer focused with these the spoke letter, press carts andeverything like that. Now it's quality cards or sorry, your words and Pennini.You know we want to put the words in Penang Front and center and it's morebusiness. You know you can go on our website, create your own cards withyour logo on it. So it's nice, but it's not letter press, so we've pivotedthere slightly a long time ago. I had the opportunityto do dinner. This is always the humble Brag I did dinner with Conan O'Brienand what he said was always get in over...

...your head, and that is like the advicethat I've taken with me for twenty years. You know you can't you can'tgrow. If you don't, if you don't try to overextend yourself and dothings that you didn't think your was possible. So that is that's been. Youknow something I thought about for the last twenty soon years, and you know Ithink it's UN universally applicable other things. You know making sure- and I think it's gotten even worsetoday from a generation perspective. Worse better. You know whatever how youlook at this from a generational perspective. People are very sensitivenow and I think a lot of this is coved to but being very cognizant of yourteam, the happiness of your team. You know I used to be a grinder and I'dgrind my team pretty hard. Now I kind...

...of Bite my tongue as I, as my teamplans, another game and another routing and Blah Blah Blah. You know it's likeit's a lot of that, but having a team, that's having fun is so important just to keep the wheels moving becausebecause they know come Thanksgiving and come Christmas,they're not going to be having fun they're going to be in this officeworking their tails off, getting all the notes out the door that come withthose that cyclical period. So you know it's again that work hard play hard,but it's so important to stay. So focused on that we have tools that weuse to kind of do. Customer satisfaction employs that surveys andwe're constantly taking a pulse on that. You know when I sold my last company.The owners did like a whole survey on me with my employees and most peoplereally liked it liked me rather and...

I'm friends with a lot of them to thisday and they reach out to me an Linkin saying you know you change my life. Youhelp me. He focus me in a crew path, but there were like one or two that hadsome very harsh words for me and that you know I've taken that to heartand I've really tried to adjust myself. So I'm not seen in those ways which ishard, you know as the hard driving entrepreneur Yore always trying to youknow, move the move, the ball forward and everything else. But it's one ofthe reasons I A private office like I'm, not the HR person, I'm not the salesperson, always on the phone I mean I am on podcast and stuff, so it makes itdoes make sense for me to have an office but one of either. One of thereasons I have in office is because I know my energy impacts people and soI'm trying to protect them from that energy. So you know so so that's one thing I'velearned is that I need to be very, very cognizant of my face because everybody's face ispublic property right like when you...

...walk into a space, people see it andthey get positive or negative energy based off that public property. So asthe head of the company, you have to be especially cognizant of that, and so Ialways try to come in to a lapor on the office. You know try to be Super BubblyDavid Wax, even though inside I want to you know, maybe I'm not so bubbling amillion stresses yeah, there's a million things on your mind, yeah yeah.So that's that's! A real big one. Getting real technical and you knowfeel free to tell me to shut up the for us what it was crazy. You know notechnology. I think anybody in sales needs to know technology, whetherthat's duck soup bonger hand written. Obviously, of course, why? Wouldn't youwant to use that Zapper, which is critical? I think you know learningZapper and what it can do. It is revolutionized our business. If Ididn't work for handwritten I'd want to work for Zapper just being anevangelist. I think Zapper is the...

...coolest thing ever you know being in any job these days,you have to have a tech inclination and understand the tools that can make youa more effective sales person because coming in knocking on somebody's doorcalling somebody over and over again you know, isn't gonna, that's not howpeople interact anymore. So you have to have a you have to know how yourcustomer ones Gennat so learning about technology and for us what that meantwas learning about additive and subtractive manufacturing, because nowwe're building these robots when we started they were all made ofmetal, and then I brought in people that taught me how to thred print them,and then we went to far in thrty printing and now we three D print welaser put, and I mean I could just talk to you about modern manufacturingtechniques Berg all day long and that that was out Mike you went into it andyou figured it out you she got. I O figured it out. You Yeah Yeah Yeah. Ilove surrounding myself with people with the figure at out Jean, as I callit. You know...

...my director of operations. If you you know at first glance they might not.You might not go wow. That person looks like they have the figure it out dream.She probably has to figure it out June, more than anybody else. I've ever metyou know and trying to find those people that have that figure out. Jeanand put them to work on your team, it's like the greatest thing. You know youdon't need to its great up: Smart People in the team, but a lot of smartteam people will give up if they don't figure it out right away. But if youhave somebody that just will not quit those are the best peopleto have on your team and I'm super lucky to have those people on the team.anyways that's differ today. I hope you got some great entrepreneurial lessonsand inspiration from David. Remember any business questions you have. Don'tworry. I got you. This has been another ten minute. NBA have a great day I'll,see you tomorrow.

In-Stream Audio Search

NEW

Search across all episodes within this podcast

Episodes (37)