Subscribe and Listen Today!Inspiring and Actionable Content Weekly from Misfit Entpreneurs
|
|
|
Dave Lukas Chats with Rhett Power22: Dream Big Think Small with Rhett Power
In this episode, Dave is excited to welcome two-time INC 500 entrepreneur and best-selling author, Rhett Power! In 2007, Rhett resigned from his lucrative consulting career to co-start a toy company called Wild Creations. Less than two years later, the economic downturn left him exhausted and nearly bankrupt. Rhett was not only forced to analyze his company, but himself to see what needed to change. The results of this were that he figured out how to do the right things right and Wild Creations was named one of INC 500’s fastest growing companies 2 years in a row and has gone on to win over 40 national awards. He is the author of the Amazon best-seller, One Million Frogs, a regular contributor to INC, Success Magazine, and Business Insider… and has a new book being released in the next week called, The Entrepreneur’s Book of Actions. He is also a member of the US Department of State’s Speakers Program. www.rhettpower.com Connect with Rhett on Twitter: @rhettpower The Entrepreneur's Book of Actions 
Don't Miss Even More Resources to Help You Each Week. Click Here and Subscribe to the Misfit Minute!
Show NotesThis interview has a lot of great items in it, but for those of you that have ever transitioned from a steady job to owning your own business or are planning, or aspire to do so, you will find Rhett’s story and journey of adapting to being an entrepreneur very helpful and useful.
Rhett had a very good job working for USAID around the world, but something was missing. It wasn’t right. Rhett and a colleague would meet and routinely talk about what it is that they wanted and it came down to one thing – owning their own business. They decided to quit their jobs in 2006 and buy a business. They look at all sorts of business, including a “dead body” removal business. Ultimately, they found a very unique business with 1 product. Of all the companies they looked at, it was probably the one in the worst shape, but there was just something about it. It wasn’t easy. They went through a lot of struggle including multiple years on the road selling a product out of van around the US because it was not shippable. They had no access to additional capital or money and reinvested everything back into the company to keep it going. After a couple years, they were able to turn it into a success and became a multi-year INC 500 company. At the 9 min mark, we talk about tipping points and what the biggest one for Rhett was. He tells an amazing story of being about 1 month away from going under and decide to take a huge risk that if it didn’t work, they would be done. Rhett talks about his new book being released in January ’17, The Entrepreneur’s Book of Action and how it came about because of going through the transformation in the business and re-thinking his entire business to make it successful. He wrote the help people who are doing the hard work and focus in their business could have a guide that makes it easy and systematic to work on their business daily. Rhett discusses the long game and planning for your success. He discussed how we live in an instant gratification world and that is just not reality in business. It takes work, planning, the ability to adapt, and change, and staying after it consistently to truly succeed. He suggests taking time to reframe everything you do and see if it is actually working or not. And if it is not, you don’t have to have drastically change all at once. Instead, you should tackle things in smaller chunks. It’s important to get the small wins and momentum to help you stick with and accomplish big changes. Eat the elephant one bite at a time. At the 27 min mark, Rhett talks about the power of belief. He gives a great story about Christmas to illustrate how important true belief is in your success. He also discussed how not having an exit strategy helped them to overcome and make the business a success. “Commit. The minute you start talking about getting out is when you will.” Rhett talks about some of his favorite concepts in The Entrepreneurs Book of Actions:
Efficiency vs. Activity? You can do a lot of activity, but that is not efficiency. You should also be working toward more efficient ways to run your business. Look at how you’re doing things, what you’re doing, and how you are using resources and time. This also goes to how you are using your time as an entrepreneur. Where is the best place for you to focus? Best advice for entrepreneurs just starting out? Bad habits are what hold us back, so make sure you are aware of yours. Money management, time management, and planning are the 3 most critical areas where business often fail At the 40:30 mark, Rhett gives a great example and advice on seeking and selecting mentors. Best QuoteTweet This: “Dream big, but think small as it’s the small details, the daily details, that are going to get you to that big dream.” 
|
Stop Watching TV and Using Social Media So Much! Use this time in your life more wisely. When you look at all the time you spend in these areas recreationally, it can add up to 20, 30, even 40 hours a week.
|
Create a Personal Mission Statement: Figure out what motivates and drives you and what you really want. There are many templates for these online as well as in The Entrepreneur's Book of Actions.
|
Make Changes Incrementally: Break things down into achievable bits and that will help you to gain momentum and build the habits of success.
Show Sponsors |
|
Do you like the emails and newsletters that we send out from Misfit?
When we built Misfit, we looked for the best email management system we could find to make sure we could always deliver the best to our listeners and subscribers. After trying many of the ones you heard of (MailChimp, Constant Contact, etc.), we found Benchmark. It was so much easier to use, had more and better features, and had the best content builder. We like them so much, we went to them and told them that we wanted to share their solution with Misfit Nation, but they had to give us an amazing offer for our audience. Benchmark stepped up and is giving Misfit Nation, a FREE 2k account! You can have up to 2000 on your list and you get everything, free! Check it out at www.misfitentrepreneur.com/benchmark |
|
|
|
ReadItFor.Me is the premier tool for personal growth. Imagine being able to get all of the best lessons and knowledge from your favorite books with tips on how you can put them into action in 10-15 minutes or less. Now you can with ReadItFor.Me. This solution has become one of the top personal growth tools used by the most successful innovators and entrepreneurs throughout the world. Even Dave is a subscriber.
And ReadItFor.Me has created a very special limited time offer for Misfit Nation where for just a one time, super low payment, you get full access for LIFE! Check it out at www.ReadItFor.Me/Misfit |