Subscribe and Listen Today!

Inspiring and Actionable Content Weekly from Misfit Entpreneurs
Misfit Entrepreneur Itunes
Subscribe on Itunes
Misfit Entrepreneur Stitcher
Subscribe on Stitcher
Misfit Entrepreneur RSS Feed
Subscribe on RSS
Join Misfit Nation and Get a FREE Copy of "The Top 10 Lessons to Thrive and Succeed" from over 200 Episodes of Misfit Entrepreneurs!

Dave Lukas Chats with Fred Cary

388:  Mastering the Entrepreneurial Journey - Fred Cary's Blueprint for Startup Success and Scalability
​
This week’s Misfit Entrepreneur is Fred Cary.  Fred is a Swiss army knife of entrepreneurship.  He’s an internationally known entrepreneur, business thought leader, strategic consultant, attorney, and investment banker focused on building global companies from startup stage through exit and IPO or M&A.

He is the CEO of IdeaPros where he has overseen the development of over 250 startups in everything from finance to software, mobile technology to retail and more.  At IdeaPros, Fred has created a unique model where they help fund and guide of the growth of businesses and take a minority stake in them. 

I’m excited to talk with him about this model, but also his experience as an entrepreneur and how to succeed in your business.  

Follow Fred on Instagram

https://www.ideapros.com/
Misfit Minute
Don't Miss Even More Resources to Help You Each Week. Click Here and Subscribe to the Misfit Minute!

Show Notes

Fred shares his story from entrepreneur to overseeing the development of over 250 startups, touching on finance, software, mobile technology, and more.  It has been a journey filled with twists and turns.  Fred says it took decades of mistakes to shape his successful entrepreneurial journey and that perseverance and never giving up led to multiple successful exits. 

What makes a great business that compels you to invest?
  • A great leader is crucial—character, perseverance, and the ability to take responsibility.
  • Once you've identified a great leader, what's next in your criteria?
  • Look for a proven market with competition and a gap that needs filling.

Distinguish between a founder and a leader. Why is this important?
  • A founder does everything initially, while a leader builds a team and delegates.

What traits or habits should entrepreneurs develop for success?
  • Honesty, radical personal responsibility, and the ability to identify market demand.
  • As the company grows, founders may want to step aside; replacing oneself is essential for scalability.
  • In addition, different levels of the business require different skills.  In the 1M to 10M range, a flat organization is manageable. Beyond 25M, autonomy and leadership become crucial.

Why is embracing competition crucial for business success?
  • Lack of competition may indicate a lack of demand; welcome competition to grow and innovate.

How should the growth phase be navigated, especially during the transition from minimal bureaucracy to a more structured approach?
  • We discussed entrepreneurial structures and models like EOS
  • It is critical as you begin to grow and scale that you start to implement structure into the business. 
  • You need clear processes and systems that you test and continue to improve.
  • You need detailed job descriptions and duties for each role so people know what they are responsible for.
  • And you need a team that will be held accountable and hold others accountable.
  • Can you share perspectives on models for building structure in a business, and are there.
  • You must be ready to evolve in your business and to the market you are in, embrace change, and not be afraid of failure as you do so.
  • The focus shifts to turning ideas into businesses, seeking guidance on a structured approach involving market research, differentiation, and strategic planning.

What, in your opinion, is the most common critical mistake entrepreneurs make, especially when it comes to aligning their products/services with customer needs?
  • A common mistake in entrepreneurship is building for oneself instead of addressing customer needs. You need to overcome self-validation.

Rapid Fire Questions for Best Practices in Each Area…
  • Branding and Marketing: Focusing on innovative naming processes and resonant marketing.
  • Operations:   You need brutal efficiency and well-defined systems.
  • Building a Team:  Get your culture right and focus hard on making to the best you can, then select the right individuals that fit into that culture. 
​
Final thoughts?
  • Don’t fall for the illusion of an end zone in entrepreneurship, success demands an ongoing commitment and effort.
  • The entrepreneur journey can be lonely and one thing an entrepreneur must do is learn to be ok with that.  At the same time, you should seek our people going through the same challenges you are and help each other. 
  • Embrace failure as an inherent part of the entrepreneurial journey.
  • Appreciate life's extraordinary aspects, savor even the seemingly mundane experiences.

Best Quote

  • View life as an extraordinary opportunity, recognizing the unique chance to experience even the simplest moments.
Picture
View life as an extraordinary opportunity, recognizing the unique chance to experience even the simplest moments.
Picture
 Accept failure as a natural part of the journey, understanding that mistakes pave the way to success.
Picture
Prioritize resolution over proving oneself right, choose battles wisely and when possible, take the higher road in personal and professional interactions.

Show Sponsors
This is for all you Misfit Entrepreneur Men out there.  As entrepreneur and men especially, we sometimes feel like we’re too busy to take care of our health problems. With so much going on, we don’t want to spend our free time waiting around in doctors’ offices and long pharmacy lines. And guess what, now you don’t have to, with Hims.

Hims is changing men’s healthcare by providing simple and convenient access to science backed treatments for hair loss, weight loss, ED and more. Their entire process is 100% online, so you can get a new routine of improving your overall health, faster.  Hims offers an array of high-quality options including pills or chews for ED and serums, sprays, or oral options for hair loss.  If prescribed, your medication ships directly to you - for free and in discreet packaging. No waiting rooms and no pharmacy visits. No insurance is needed. You pay one low price for your treatments, online visits, ongoing shipments, and provider messaging.   You can even manage your plan on the Hims app, track progress, and learn more about your conditions and how to treat them from leading medical experts.

And right now, you can get your FREE online visit today a Hims.com/Misfit

Prescriptions require an online consultation with a healthcare provider who will determine if appropriate. Restrictions apply. See hims.com slash MISFIT for details and important safety information. Subscription required. Price varies based on product and subscription plan. 
Misfits,

If you are looking for one of the best tools to help you focus and center yourself daily, the 5 Minute Journal is the best one out there.

This short 5-10 minute daily routine will help you in all aspects of your life and success.

It is one of the simplest and easiest ways I have found to consistently improve myself and my well-being as well as ensure better results and success.

Check it out and get your copy today!

Check it out at www.MisfitEntrepreneur.com/Journal
© MISFIT ENTREPRENEUR 2018. ALL RIGHTS RESERVED.  Terms and Conditions.  Privacy Policy.   Affiliate Disclaimer