Seasoned Entrepreneur Shares Wise Perspective on the Journey
Always on the GROW PODCAST INTERVIEW
Bob’s best year in business did about 50 million dollars.
His business also won awards ‘Small business of the Year’ from the greater Kansas City Chamber of Commerce, ‘The Blue Chip Initiative’ from the US Chamber of Commerce, ‘Ernst and Young’ finalist for Entrepreneur of the year.
But Bob did not start that business with a million dollars cash.
It was a just $15,000 startup.
Watch FULL YOUTUBE INTERVIEW HERE
Because Big Bob took time to work and build a business around the brilliant idea that struck him one day.
He didn’t like the carpet in his house when he got married to a girl he fell in love with. Just then he moved into Kansas city and bought a new house. When he wanted to get rid of the old carpet, he put a 3 line classified Ad which got an overwhelming response.
In came his brilliant idea to sell used carpets.
Bob founded 'Big Bob's used carpet stores' and quit his full time job in a few months.
Soon they started opening more stores. They licensed the idea, monetized the licensing, and franchised the idea.
Most of the people he sold franchises to were more successful than he was, made more money than he made. But he was doing something for them they couldn't do for themselves and they recognized it and saw the value. But those who thought they were more successful made more money and smarter than he was and had all the answers he'd say 'Sorry! this is not for you'
Big Bob had stores from Anchorage to Boston, Winnipeg to Corpus. They've opened between 105 to 110 stores over 40 years. Their best year did about 50 million dollars.
In this episode you will take away many promising insights as below
-Entrepreneurial journey of Bob: successes he had and the great big companies he built, the twists and turns
-What are those success stories or what are the things that Bob did that helped be more successful. What are some of those hours and days and weeks and months like where it was the hardest
-What is lose-lose negotiation and an example of it
-What is Bob’s approach in negotiations. What did Bob do for a vendor to give him 20 to 35% discount when the norm is just 5%.
-How does one think that ‘Almost everything is negotiable if asked in the right way’
-Is manipulation always ugly?
-Beginner Entrepreneur’s work week and life style. How did Bob keep going during those trying entrepreneur’s moments.
-Perspective of Bob on 40 to 45 year olds who think they’re late and giving up on themselves and having a hard time because they think didn’t fulfill their potential.
Inspirational Quotes from the Episode:
-Being an entrepreneur is not a 40-hour work week. It is probably a 60 to 80 hour work week. It’s cutting pay, it’s cutting benefits. You’re the one who has to clean the bathrooms you're the one who has to do the dirtiest nastiest jobs until it monetizes. In the beginning, you're the first one in, last one to leave and you do not make a big paycheck
-A great idea might make you one or two or 5% more money but avoiding a great mistake could save your whole business
-Addressing negatives is probably one of the best ways to ensure lack of failure
-In entrepreneurship, one of the first things you do is read contracts right, don't assume
-A lot of things in life are non-negotiable. But in the things that are negotiable in life, lose-lose is the best
-It can't always be about you
-Almost everything is negotiable if you ask the right way
-Manipulation is ugly if you're taking advantage of somebody for your own benefit but if you're manipulating a situation where both people benefit, manipulation is okay
-80% of new startup businesses fail
-Fear of failure was my great motivation at the beginning. Fear of not fulfilling to the potential was my next motivation
-Working hard and getting lucky are the keys to success
-Building a business isn't linear, it's leverage. You have to leverage the energies of the people around you
