Misfit Entrepreneur December 2024 - 433: Mastering Patience and Focus, David Steele’s Billion-Dollar Business Playbook

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Dave Lukas Chats with David Steele

433: Mastering Patience and Focus, David Steele’s Billion-Dollar Business Playbook

This week’s Misfit Entrepreneur is David Steele. David is the founder and CEO of One Wealth Advisors, an independent RIA firm with over $1B in assets. He is also restaurateur owning 6 difference restaurants, a yoga studio owner, philanthropist and more. Needless to say, he’s a Misfit Entrepreneur to the core.

One of the hardest things for any entrepreneur to do is build and scale multiple businesses simultaneously and be successful, let alone juggle that with all the other areas of life. I’ve asked David to come on share how he’s done this so successfully and to share his best advice for building a great business.

https://davidsteele.xyz/

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Show Notes

David grew up in a modest household with a single mother who was a schoolteacher. He worked his way through high school and college in restaurants. After graduating, he pursued a career in financial advising to avoid financial instability, building his firm one client at a time. Over 33 years, his firm grew steadily into a billion-dollar RIA, embodying the long game of entrepreneurship. David’s emphasis was always on disciplined, client-focused service, resulting in his "overnight success" decades in the making.

What is your formula for building a great business?

Focus on industries with a proven track record of success.
Build patiently by executing a tried-and-true playbook.
Obsess over client needs and satisfaction above all else.
Charge fair fees, ensuring value for both the client and the business.
Avoid the pressure to meet societal benchmarks of financial success.
Take a methodical, disciplined approach to growth and decision-making.

How do you maintain focus while managing multiple businesses in different industries?

Leverage financial planning skills across businesses, treating each venture as a "client" with its own goals and financial strategies.
Scale responsibly by creating solid business foundations before diversifying.
Delegate effectively by hiring strong teams and focusing on coaching leaders.
Maintain consistency in the type of work done across all businesses.

What leadership principles have been critical to your success?

Use structured frameworks like OKRs (Objectives and Key Results) to set measurable goals.
Empower team members with accountability and clarity in their roles.
Focus on coaching rather than micromanaging.
Balance delegation with consistent quality control and positive reinforcement.
Encourage team members to grow into leadership roles by allowing flexibility in methodologies.

What habits and routines sustain your productivity and focus?

Time blocking: Every half-hour of the day is pre-scheduled, including meals, exercise, and family time.
Prioritize well-being: Daily exercise, sleep, and mindfulness are integral to maintaining focus and happiness.
Control the calendar: Personally manage the calendar to ensure alignment with core values and goals.
Celebrate life’s essentials: Consistently nurture relationships and personal passions, like snowboarding and mountain biking, to maintain happiness and peace of mind.

What lessons from sports have helped you succeed in business?

Success comes from consistent practice and daily discipline, not just competition.
Relationships, like business, thrive when nurtured consistently over time.
Physical exercise contributes to mental clarity, emotional balance, and improved interpersonal interactions.

Best Quote

Happiness is when your reality exceeds expectations. The way to manage that is to really focus and control your expectations.

Celebrate the process, not the results: Focus on doing the work and trust that the results will follow.

Happiness comes from managing expectations: Set reasonable goals and align expectations with reality.

It’s all about people: Success is rooted in relationships and serving others, which ultimately serves oneself.

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