Welcome to a real-world MBA, where entrepreneurs guide you through what it really takes to start, scale, and sell your own business.
Your hosts: J and Carol Scott, who left careers in corporate management to launch their own house-flipping business. Every Tuesday, you'll meet a new guest and learn actionable tips for hiring, firing, marketing, raising capital and more.
So whether you're looking to boost profits or bring a new idea to life, you'll come away informed and inspired. Tune in, and learn how to treat your business like a business!
Are You Ready to Take the Entrepreneurial Leap? with Gino Wickman
Many business owners and entrepreneurs have read books like Traction and Rocket Fuel, both of which talk about how to build a successful business, partnership, and how to use the EOS (entrepreneurial operating system). Today we have on the author of both those books, and a new book Entrepreneurial Leap, Gino Wickman.
Gino always had the entrepreneurial drive in him, but wasn’t able to label it for a long period of time. He went to work out of high school and found himself transforming his family business into something that was not only profitable, but would sell for a high price. Gino learned that his “gift” was helping entrepreneurs make their businesses more lean, efficient, and profitable.
We walk through many different components of being an entrepreneur, such as the six key traits of successful business builders, the eight critical mistakes entrepreneurs make, and how to know where you’re at on the “entrepreneurial range”. Gino argues that although many people want to be entrepreneurs, it may not be the most logical decision for them. Likewise, many of those who are successful at corporate jobs may be better served leading their own teams. There’s only one way to find out, get Gino’s new book!
In This Episode We CoverWhat the EOS - Entrepreneurial Operating System isHow to know whether or not you’re a natural entrepreneurThe entrepreneurial range and where you may stand on itThe 8 most critical mistakes of entrepreneurs How getting sidetracked can derail a successful business Whether or not you’re a “partner person” And So Much More!Links from the ShowBiggerPockets ForumsEntrepreneurial Leap AssessmentElon MuskRay KrocJeff BezosSteve JobsEntrepreneurial Leap Biz Match ToolEntrepreneurial Leap Cheat SheetCheck the full show notes here: https://www.biggerpockets.com/bizshow102
Acquiring a $1.5M Business with Only $10k Out of Pocket with Nigel Guisinger & Sean Ade
We buy and sell a lot of different assets like houses, stocks, and even bitcoin (sometimes). But what about buying and selling businesses? Business acquisitions can seem like an entirely different world, but they aren’t too different from the regular buying and selling of assets we do every day.
Today’s show features Nigel Guisinger, who you may remember from the wildly popular episode that aired almost exactly a year ago. Last time Nigel talked about buying businesses using seller financing, and now he’s brought a real-world example! With Nigel is his partner and mentee, Sean Ade.
Earlier in 2020, Sean was looking for a business he could buy and take over. Sean had been getting into house plants during the early COVID-19 lockdowns and looked to see if nurseries were worth buying. After sending some lackluster deals to his partner, Nigel, he was notified that a terrarium shop was closing. Sean consulted with the owner and sent the profit and loss statement to Nigel who confirmed that it was a winner
Sean and Nigel used some very creative financing to get a $1,500,000 business under contract for just $10,000 out of pocket. This episode isn’t just an eye-opener for those who overlook buying businesses as assets, but also for those who don’t know what's possible in financing a business purchase!
In This Episode We CoverThe opportunity of the “business crash” happening right nowLooking for businesses that fit with your interests The importance of having cash flow from day one of ownershipProfit and loss statements, equity, and valuations of businessesSmall Business Administration (SBA) loans When and how to hire your first employee after you buy an existing businessAnd So Much More!Links from the ShowBiggerPockets Business Podcast 51: Business Opportunity Is Knocking… Answer the Door! With Nigel GuisingerGoBundanceBizBuySellVenmoPaypalSquareInstagram
Check the full show notes here: http://biggerpockets.com/bizshow101
You Can't Fear Failure: Scott Trench on the Evolution of BiggerPockets
How does a 27 year old become the CEO of a major online brand? Not only that, how does a 27 year old take an online brand, build upon it, and create something better? Well, if your name is Scott Trench, the answer is: a lot of hard work, some tough decisions, and looking out for the customer whenever possible.
Before he was head honcho at BiggerPockets, Scott was a financial analyst in the corporate world. He wasn’t too happy, and spent all his free time finding the best (and quickest) ways to reach financial freedom so he didn’t have to go to a 9-5 for the next 40 years of his life. Without many investments or rental properties, Scott was introduced to the founder of BiggerPockets, Josh Dorkin.
Josh saw something in Scott, and hired him as the third employee of BiggerPockets. Scott was given the title “Director of Operations” which really meant taking care of the finances for the business and making sure everyone had their coffee. Scott started acquiring more properties as he worked with Josh and later became such a crucial part of the BiggerPockets family, he was promoted to president. When Josh decided to step away to be with his family, Scott became CEO.
In the 2 years he’s been CEO, he’s had to make some tough decisions such as changing the overall management structure of the company. This has helped BiggerPockets grow into a website and business that over 2,000,000 people use and love. When Scott isn’t running BiggerPockets, he’s playing rugby, gaming on his PC, or having a beer with a fellow investor!
In This Episode We CoverHow Scott used the principles outlined in Set for Life to reach financial freedomTaking a chance and joining a very early stage startup The importance of having very low expenses when making hard decisionsHow to work with a private equity firm when they acquire part of your businessNPS (net promoter scores) and why they’re crucial for continual business improvement Driving value for shareholders, without tarnishing your brand for customersScott’s new book First Time Home BuyerAnd So Much More!Links from the ShowMr Money MustacheBiggerPockets Business Podcast 01: How to Turn a Hobby Into a Booming Business (Then Get Your Life Back)—The BiggerPockets Story With Joshua DorkinBiggerPockets Business Podcast 18: How to “Have It All” by Living with Intention with Brandon TurnerBiggerPockets Real Estate PodcastBiggerPockets Money PodcastMcCarthy CapitalBiggerPockets PublishingBiggerPockets Podcast 297: Mastering the Decision-Making Process with Business (and World Series of Poker) Champion Annie DukeBiggerPockets Real Estate Rookie PodcastBiggerPockets MarketplacePier 1Check the full show notes here: http://biggerpockets.com/bizshow100
Finding Profitable Opportunities Using “Deliberate Data” with Dr. John Johnson
Data can be a confusing topic for most people, but what about when it has to do with your business? How is your business using data? Are you even using data at all? Dr. John Johnson, expert witness, professor, and founder of Edgeworth Economics and Edgeworth Analytics argues for businesses using data to grow.
Dr. Johnson understands why so many people fall victim to studies and findings that may not be entirely accurate. He talks through confirmation bias and how we, as consumers, can find the red flags when listening to interpretations of data. We are urged to take time to think before we accept statistics and data as fact.
He also dives into how he started his own firms, Edgeworth Economics and Edgeworth Analytics, and how he himself uses data to track his firm’s growth, recruiting, and revenue. Often, his firm is hired to find why a product or group of products is or isn’t selling, which strategies make the most profitable sense, and how a business can change to ensure more sales. Aside from that, Dr. Johnson also acts as an expert witness in corporate lawsuits, sifting through the data to find out what is really true, and what has been inflated.
There’s no mistaking that data is important for modern businesses, but what’s more important is how you use and interpret this data to come up with accurate conclusions. His book, Everydata: The Misinformation Hidden in the Little Data You Consume Every Day goes into the data all around us, and how we can sift through it to find truth.
In This Episode We CoverThe expert witness and testimony field Checking your own bias and making sure your decisions are based on accurate dataUnderstanding the context around the data that is being recordedTracking growth and recruiting so you know where you’re succeedingUsing common sense when looking at different data pointsAnd So Much More!Links from the ShowEdgeworth EconomicsEdgeworth AnalyticsThe Data BlueprintFor the Business Podcast ListenersCheck the full show notes here: http://biggerpockets.com/bizshow99
Build a Big Life, Not Just a Big Business: Advice from The Hosts of The Empire Building Podcast
How do you build a business that ties in healthily with your life? While you’re trying to bring in millions in revenue, are you there for your children, your spouse, your loved ones, or even yourself? If not, why are you building the business at all? This was a main topic of discussion for the hosts of the Empire Building Podcast, Wendy Papasan, Sarah Reynolds, Seychelle Van Poole, and Vija Williams.
Wendy, Sarah, Seychelle, and Vija have all grown massive real estate empires throughout their own respective markets. Now, they teach others to do the same through their podcast and their live event, Amplify. We talk through some key topics like how all these successful women juggle their business/personal lives, when the right time to say “no” is, how to grow your business, how to hire successfully, and knowing your numbers.
All agree that a big part of being successful is saying “no”. That doesn’t mean turning down everything, but it does mean saying no to things that will interrupt your time with family and friends. Sarah, specifically, talks about how she was unable to put her kids to bed most nights of the week, since she was coming home at 10PM from the office. What did she do? She made it a rule to leave by 5PM. This not only helped her be there for her daughter, but allowed her team to take bigger roles.
These four women all personify what it means to be successful in business and in life. Not only that, they can help you too find the best way to build a “big life” not just a big business.
In This Episode We CoverAnswering the classic “how do you do it all?” questionRunning 7-figure real estate empiresBeing super selective with what you say “yes” toDefining your personal mission and looking at it dailyLearning the power of hiring so your business can build sustainablyFiguring out the profit/loss ratio of your lifeAnd So Much More!Links from the ShowKeller WilliamsBKCO EscrowAMPLIFY EventBiggerPockets Business Podcast 06: How to Manage Your Time Like a Millionaire With Jay PapasanPapasan PropertiesKWKCCheck the full show notes here: https://www.biggerpockets.com/bizshow98
Put Profit First: How to Compound Your Business and Personal Income with Rocky Lalvani
Rocky Lalvani came to the United States as a small child. Like many immigrants, Rocky’s parents arrived with a small amount of money, around $25. As hard workers, they were consistently talking to their friends and relatives about how to make more money so they could have the coveted “American Dream”. This is how Rocky started his education in money and finances, and what pushed him to become wealthy.
Now, Rocky teaches businesses and entrepreneurs the Profit First system, which is exactly what it sounds like. A business usually calculates profits as sales - expenses = profits. Rocky argues that this is an inefficient way to see your true profit, and what the actual calculation should be is sales - profit = expenses.
You may be asking how to minimize expenses so the above formula can work. The solution to this isn’t that you need to manipulate the numbers so your expenses equal the difference between your sales and your profit, but that you need to minimize your expenses when possible. But what about fixed costs? What about startup costs? As Rocky puts it, you need to have a customer before you start having expenses, something businesses rarely realize is not only possible, but profitable.
Rocky also goes into his #1 tip for accumulating wealth and dives deep into why the phrase “the rich get richer” tends to be true. He also goes into how businesses can allocate their profits correctly, have the accurate amount for taxes, and pay themselves first so they’re making money while their money makes money!
In This Episode We Cover:How Rocky became a millionaire through compound interest What the Profit First system does for businesses and entrepreneursHarnessing the 40% of your work that creates most of your profitDismissing the notion that you need to spend more to grow How real estate investors can use Profit First in their businessesSetting up separate bank accounts and allocating your moneyAnd So Much More!Links from the ShowDave RamseyHome DepotBiggerPockets Business Podcast 06: How to Manage Your Time Like a Millionaire With Jay PapasanBiggerPockets Business Podcast 30: How to Guarantee Profit From Day 1 with Mike MichalowiczCheck the full show notes here: http://biggerpockets.com/bizshow97
Customer ReviewsSee All
I’ve listened to all of the podcasts to date, and have to say that this is the best podcast in the BP lineup by far. For those who are interested in business but not so much real estate, this is just a great podcast. A lot of good takeaways from entrepreneurs and great insights from both the hosts.
Would be a 5 star podcasts with out “soooo literally” Carol
If you care about your business, this show is a must listen
J and Carol bring on some fantastic guests to talk on the show. I particularly enjoyed the interview with Mike Begg about selling online, awesome episode! Thanks Carol and J!