Tag Archives for " Entrepreneur Lessons "

Episode 052 – Why Aren’t Entrepreneurs Great Investors and How Can They Do Change That?

In Episode 052, Jack has interviewed Mr. Damion Lupo, best Selling Author in personal finance and money thinking, host of the Transformation Nation podcast, owner of 30+ companies and founder of his own martial art - Yokido ®. Damion outrightly rejects regret and speaks to it as the ultimate life failure. He has a unique approach to living a full-filled life by breaking rules and making more mistakes, faster, than the competition - his key to success. Playing by a different set of rules, he even bought his first rental house with a VISA, a move that snowballed into owning 150 rental houses in 7 states in less than 5 years. In 2008 he lost the entire $20 million but recreated his wealth and reinvented his life over 4 transformational years.Today he leads 3 global companies with one unified mission - to Free People from Money Bondage.  

In this interview, Jack has asked Damion his concept of financial freedom and why entrepreneurs are not great investors.

How did Damion get started and created USD20 million for doing everything wrong?

"I started off with really no idea with a whole bunch of ambition and excitement and I went out and started listening to people like, Robert Kiyosaki, I just did what people said. I didn't challenge them and I really didn't argue with people. I just said I'm going to go do it. And so I did everything wrong and that's how I created $20,000,000 over about six years by doing everything wrong and a few things right.  It's the opposite of the educational system. They say, do everything right or you're a loser. And I say you're a loser if you do everything right. So, that was how I started. And, ultimately because I was so obsessed with just making the money, the universe gave me feedback. 

It ran over me with a train and the $20 million went away. That was part of the reinvention process. And it helped me to understand something that we can see in the back on there. The whole sop fact is a great way to keep score, but money is the feedback on what you're doing and if it's sustainable, if it's long term, it means that what you're doing, your purpose, the action you're taking is what the universe wants, that the universe is going to continue you to conspire with you and if it goes away.  What I learned was that the universe didn't like what I was doing, I had to change me inside out and that was the whole process of reinventing and and really learning what I teach. Now that has changed everything."

Why was Damion fascinated with martial art?

It's fascinating to me because the martial arts was part of the reinvention process after I lost the money.  I asked myself, what's true? That was the main question. And it's a powerful question for all of us to ask what is true and then ask it over and over and go deeper and deeper. And then what? What do I really care about based on who am I? And what I realised was I'm a teacher and the martial arts that had been studying for about 10 years at that point became an obsession. And what I realised is the martial arts was the same as the business world. It was the same as the real. And so I started doing things in the Dojo with my students and realising that they're everything that worked there. These principles were the same principles that worked in business.  A primary one is relationship. If you can really focus on the relationship and make it all about being present in the relationship, then all of the conflict starts to go away and you start to understand someone and there's no, there's no threat anymore because it all dissolves. It's the exact same thing with business. When you start to understand someone and you're focusing on the relationship and not a transaction, then the conflict starts to go away and you start to work together for something and that changes. You Go away from conflict into into peace and harmony, so they work together."

What is the first question you should ask a financial advisor?

"Well, the first question I always ask a financial advisor or I suggest people asking is make sure you know what your financial advisor is making money in and how they're creating wealth.

The sad reality is that most financial advisors make their money by getting commission or they make money by selling things. If somebody is trying to sell you life insurance, they're making money on commission. They're not creating wealth because of what their returns are with a life insurance, but they're telling you to do that. So I want to make sure that somebody is eating their own cookie. I don't want them to be selling me something and not doing. That's an integrity issue. So financial advisors, there's a great book I'm reading right now called Skin in the Game. Really when people have skin in the game, when they're selling something that they're doing, it's very different than somebody that just sells you a really good story."

Damion's Most Favourite Quote
​"Mistakes are gifts from the God!"

Want to know more about Damion? 
Email: damion.lupo@gmail.com
Website: https://damionlupo.com/

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Episode 051 – What Did Patricia Iyer Learn From Her Entrepreneurial Journey?

In Episode 051, Jack has interviewed Ms. Patricia Iyer, a successful nurse entrepreneur since 1987 when she started consulting with attorneys who handle cases with medical issues. Pat built a large and very successful legal nurse consulting business that billed over 1 million dollars a year for the last 5 years she owned it before selling it 3 years ago.  Since then, Pat has turned her experiences into a successful coaching program for legal nurse consultants. She now also helps people with expertise turn their knowledge into online courses and books. She serves as a freelance ghostwriter and editor. She knows what it is like to be pregnant and face losing everything, and what it is like to be a millionaire. She understands the burning desire to be in business. After successfully selling her business in 2015, she serves as an editor and ghostwriter.  

In this interview, Jack has asked Patricia to share her lessons from her two brushes with near bankruptcy experiences. In addition, how did she build such a large and successful business helping attorneys and what she can advise business owners like you today?

Why did Patricia decide to leave her comfortable job after 7 years?  

"I went to college to become a nurse and I worked in hospital settings which are certainly traditional hierarchical societies where you have to follow the rules ... My role as a owner of a legal nurse consultant business was focusing in large part on medical malpractice cases where the system did not work where people did not follow the rules or they made mistakes or there was a flaw in the system that enables somebody to get hurt. So I'm very aware of the importance of following the rules.  But I broke out of that because I began writing a book with a couple of other people from different hospitals and when the book was published I was at a point where I wanted to explore other options. Quite honestly, it was terrifying for me to leave a hospital environment where I had worked for 7 years where I knew everybody, where I felt comfortable, but I had a conflict with my boss and realised that I needed to leave. It was very clear that because of a dynamic that occurred between the two of us, that I needed to be able to take a fresh look and say, I've got a lot of skills and talents. This is not a good fit for me. Let me find another job.

Be prepared to take risk (Patricia was sharing her story about giving a presentation to a group of people who came from all over the country to attend a conference)

"You're right are uncomfortable when you need to do them the first time, and I have not in my life since I've been in a position where I've had to walk into a similar situation and ask for money because usually the clients were coming to me, but it made me aware of the fact of taking a risk.  [The presentation] went very well and led to more publishing opportunities. They wanted a column on pregnancy in diabetes and that kept my writing career going.

Not knowing the meaning of personal guarantee

"My husband was able to raise the money.  This was an important factor for us is that we had to sign a personal guarantee for a million dollars so that he could buy this welding business and start putting in the equipment that he needed. We didn't really understand the significance of what a personal guarantee was until it was explained to us by the lawyers that if we defaulted on that loan, it meant that any asset that we had could be taken. It was really the only way that they would give my husband the money to sign this guarantee. And of course when you start a business, you're very optimistic and there are many things that are clear in your life. In hindsight, when they realised later on that we were borrowing money in the 1980s when the interest rate was 22 percent and he was paying 24 percent a month interest on that and there was too much debt. That business was not destined to be successful just because of the way that it was financed and for other factors. When he gave us a really good try for three years and then got to the point where he wasn't getting enough customers. There weren't enough sales. So he had to close the business."

I learn I should start a service-based business

"What I learned when I started my business, which was just a couple of years later after this happened, was that I was not going to borrow money from anyone. I didn't want to go to the bank. I didn't want to take out loans. I didn't want to sign another personal guarantee for the rest of my life. If I couldn't afford it, I didn't buy it. So I looked very carefully at how I could start a service based business. I had two filing cabinets and a board to make up a desk in one corner of my family room. That was how I started my business, working with attorneys."

Patricia's Most Favourite Quote
"Proceed as the way opens"

Want to know more about Patricia? 
Facebook: https://www.facebook.com/patriciaiyer
Twitter: https://twitter.com/patiyer
LinkedIn: https://www.linkedin.com/in/patiyer
Email: patriciaiyer@gmail.com
Website: http://www.editingmybook.com

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