Dave Lukas Chats with Derek Lidow
332: 8-Figure Entrepreneur, CEO of a Publicly Traded Company, and a Life Spent Studying Entrepreneurs, a Conversation with Derek Lidow
This week’s Misfit Entrepreneur is Derek Lidow. Derek has had a unique entrepreneurial journey in that he was CEO of a large publicly traded semiconductor company, a founder and CEO of an innovative and valuable startup, and now as a teacher and scholar of entrepreneurship and innovation. Derek is a professor of the practice at the Keller Center for Innovation in Engineering Education at Princeton University. He’s literally lived 3 very different entrepreneurial lives.
On top of all that he is the author multiple best-sellers including Startup Leadership: How Savvy Entrepreneurs Turn Their Ideas Into Successful Enterprises, Building on Bedrock: What Sam Walton, Walt Disney, and Other Great Self-Made Entrepreneurs Can Teach Us About Building Valuable Companies, and THE ENTREPRENEURS: The Relentless Quest for Value.
Derek is one of those guys, I could talk about every side of entrepreneurship with and we do just that.
Derek thought he was going to be a scientist. During graduate school he found that it wasn’t for him. He finished his PhD, but then shocked everyone and went into the business world. He found success as a semi-conductor executive during the golden age of the industry. He contributed a lot to the industry and ultimately proved how to create great solutions saving the world billions in gigawatts in the power space. He was ultimately made CEO of a large global company and led it to be the leader in it’s vertical. After 5 years, he got the itch to start his own company. He retired from the corporate world and started a company from scratch. He built a data aggregation and visualization solution for the supply chain and with his previous experience was able to create a massive enterprise. The company kept finding success until a another company came along and had to buy them paying top dollar. Two weeks later he later he was recruited by Princeton to help create their entrepreneurial curriculum and teach.
For the last 10 years he has taught and immersed himself into studying entrepreneurship.
Entrepreneurship is more of innate state for human beings, but so many stray from embracing it – why do you think that is?
At the 14 min mark, Derek and I have a good discussion of whether everyone is meant to be an entrepreneur or not.
We further discuss how everyone is selling something, but don’t see it like selling unless it is in a business context. But, everyone is in sales of some kind.
We also discuss the real challenge for people tapping into the entrepreneurial gene is the willingness to take risk.
You’ve said that we are focused on the wrong aspect of helping and regulating entrepreneurs. What does that mean?
At the 24 min mark, we talk about the FTX scandal and how entrepreneurs would be better to manage it than Govt.
Derek uses an example of Vanderbilt to illustrate how entrepreneurs are better at keeping things in check with each other.
From your study or entrepreneurs and the history of entrepreneurship, what are some of the lessons you’ve taken that people should know and understand?
What is your most important message from your latest book, the Relentless Quest for Value?
You dedicated the book to Arel and Tiel. Who are they?
2-3 of the best lessons you personally learned on your own entrepreneur journey?
Misfits, Can we talk about notifications for a second? Who actually leaves those sounds on anymore?
Well besides that kind. That’s another sale on Shopify, the all-in-one commerce platform to start, run, and grow your business.
It is designed for anyone to sell anywhere, giving entrepreneurs like you the resources once reserved for big business - customized for you needs and your vibe - with a great looking online store that brings your idea to life, and tools to manage my day-to-day and drive sales.
Whether your thing is vintage T’s or recipes for ghee, start selling with Shopify and join the platform simplifying commerce for millions of your favorite businesses worldwide. Making your idea real opens endless possibilities; it’s a journey but that's the beauty of entrepreneurship – but we don’t have to make it unnecessarily hard on ourselves. Years ago, when I started my first online businesses, it was crazy. I had to piece everything together with different platforms, etc. It was like a Frankenstein. I would have done anything for a solution like Shopify and that is why I love it so much. I love how Shopify makes it easy for anyone to successfully run their own business and they power millions of entrepreneurs just like me and you - from first-sale to full-scale.
Every minute — new sellers around the world make their first sale with Shopify — and you will too. And you can get started easily by building and customizing your online store with no coding or design experience, access powerful tools to help you find customers, drive sales, and manage your day-to-day. Even gain knowledge and confidence with extensive resources to help you succeed. Plus, with 24/7 support, you’re never alone. More than a store, Shopify grows with you. This possibility, all powered by Shopify.
And right now, Shopify is giving Misfit Listeners a FREE trial. Just go to www.Shopify.com/misfit, ALL LOWERCASE. Take advantage of awesome free trial from Shopify!
Misfits, it’s not often that I come upon a truly unique business that grabs my attention and shows me a completely new way of creating a side-income or even a 6-figure income with very little effort on my part. In fact, most of the time, opportunities that promise this type of experience are too good to be true and don’t pan out. But there are ones that do, and I found one in Ecom Automation Gurus.
EAG offers turnkey passive income e-commerce businesses in the e-commerce and YouTube industries.
It is truly done for you business management. They create your e-commerce store, select the best products in the most demand according to their proprietary processes and manage all of the sales and client support for you. With YouTube, they create and manage pages that generate income from advertising. And when I say, “done for you,” I mean done for you. They handle product research, product listings, customer support, optimization, full client support for you the business owner.
EAG has helped many clients add an extra $100 up to $100,000+ a month in passive income. You're the owner and EAG is the contractor and the way they make money is they get a percent of the profits earned. This gives them all the incentive to maximize your sales and keep them growing.
In fact, I like their model so much that I am customer, and I can say the experience has been awesome!
And after my experience, I wanted to share EAG with you the Misfit listeners. And I worked with them to give you a 15% discount off any of EAG's services. All you have to do is go to www.ecomautomationgurus.com and mention My name or The Misfit Entrepreneur podcast on the booking page when you schedule a call.