Ep. 016 Interview series: Pete Mohr on Serial Entrepreneurship and the 5 P’s of Successful Business
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Key interview points:
· Sharing his insights on buying and selling businesses Pete discusses two different ways to enter the business world: buying an existing business or starting one from scratch.
· Pete explained that while purchasing an established business comes with advantages such as an existing customer base and established processes, it also comes with a cost. On the other hand, starting a business from scratch has a lower cost but can be frustrating and will take longer to establish.
· Pete warned that owning a business is not a 9-to-5 job and requires long hours and sacrifices, such as missing family trips. He emphasized that owning a business requires a lot of risk and frustration, and it may take a while to see profits. According to Pete, one must love what they do to become a successful business owner and should not consider it solely for financial gain.
· Pete shared personal experiences of building and selling businesses, and he emphasized that success comes with time and effort. He suggested that failures and challenges are part of the learning process to achieve mastery or control in business. Pete advised always looking for the next 10 or 20% of the new stuff that's going to become your current 80%.
· To create a turnkey business, Pete discussed the importance of evaluating your product, service offering, and programs to see what can be parsed off and what needs rewording and realignment.
· He also stressed that creating a turnkey business requires mastering the skills and investing time and effort to take it to the next level. Pete suggested breaking down people into three categories: ideal customers, ideal team members, and ideal vendors/suppliers.
· The ideal team members should align with your promise, be trained in all the processes, and have the confidence to do their job without question.
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63 episodes