Scott Duffy and Launching a Business | DO 73

Freedom Possible

Scott Duffy and Launching a BusinessHe began his career working for best-selling author and speaker Mr. Tony Robbins, and he then went on to help launch small businesses that became big brands like CBS Sportsline, NBC Internet, and FoxSports.net.  His next venture took him into the world of private aviation and founded Smart Charter, which was later acquired by Sir Richard Branson’s Virgin Group.  He’s been a frequent guest on CNBC, Fox News, The Wall Street Journal, Business Week, and he can now add the Your Do Over Podcast to his resume.

Ladies and gentlemen, Matt Theriault introduces to you Mr. Scott Duffy who’s going to give you some invaluable tips and advice on launching a business from his upcoming book, Launch (March 2014).  This episode is part of the Freedom Possible series, if you are new to the series, please go back and check out the previous episodes:

Episode 66: Freedom Possible – Let’s Get Started

Episode 67: The Silent Killer of Your Financial Freedom

Episode 68: Getting to Your Financial Freedom Number

Episode 69: Your Personal Roadmap to Financial Freedom

Episode 70: The Two Vehicles that Present the Greatest Possibility for Your Financial Freedom

Episode 71: Starting a Bullet Proof Business for the Future

Episode 72: 10 Principles Your New Business Won’t Survive Without

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5 Important Lessons From This Episode:

1   Focus on one thing and be great at it before moving on to the next. This is crucial to your success. As entrepreneurs, it can be easy to get distracted by the next great thing, but if you keep your head down and keep making progress, you will achieve your goals faster than you thought possible.
 
2   There is a difference between having resources and being resourceful. If you are just starting in entrepreneurship and you have no money, you must learn to be resourceful. Trade what you do have (your time, for instance) for what you need. Be scrappy and be tenacious!
 
3   Your number one job as an entrepreneur is to protect yourself by learning how to mitigate your risk. The only thing that is “sure” about a “sure thing” is that it doesn’t exist.
 
4   You should work your strengths and hire your weaknesses. Your business will grow farther, faster, and with less risk if you can identify your strengths and weaknesses, place yourself where you belong, and then hire an amazing team.
 
5   The most important person on your team is your significant other. Their support or harassment can make or break your business, so get them on board. Share your vision, set boundaries (both financially and within the relationship), and then watch your start-up thrive.

 

What You’ll Learn:

  • Why the way you’ve been taught to create a business plan is all wrong.
  • The first part of business planning (before creating your model).
  • What the hammer and nail syndrome is; and
  • Why understanding it will help you to grow your business quickly and efficiently.
  • The three things that most successful businesses have in common.
  • The difference between having resources and being resourceful.
  • What you should do before jumping into a business you aren’t an expert in.
  • How to create your own luck.
  • Why you should never co-mingle your business and personal funds.
  • Why you might not be the best CEO for your business.
  • Who the “chief venting officer” is; and
  • Why he or she is most likely the most important person in your business.

 

Resources Mentioned in this Podcast:

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