Ep. 016 Interview series: Pete Mohr on Serial Entrepreneurship and the 5 P’s of Successful Business

Business Breaks - All Things Business

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.

Pete’s LinkedIn profile:

https://hi.switchy.io/Pete-Mohr

Pete’s Website:

https://hi.switchy.io/simplify-entrepreneurship

Pete’s Podcast:

https://hi.switchy.io/business-owner-breakthrough

Please like, subscribe, leave a review and consider supporting the channel at zero cost or no extra cost to yourself by getting the best tools on the market in their niche:

- Your feedback is vital to improving the show! Please take a few minutes to complete our survey and help to make Business Breaks even better:

Business Breaks - Listener Survey Form

- Our list of affiliate partnership deals:
https://businessbreaks.club/brand.html

- For podcast fans who are seeking an enhanced audio experience as well as the opportunity to engage with your favorite podcast hosts:
https://hi.switchy.io/podopolo

- Buy me a coffee (to get a mention on the show):
https://www.buymeacoffee.com/dantehealy

- Subscribe to our email list for the latest updates plus exclusive content:
Business Breaks Podcast community
- Listen to "The 80's Rewind" for the best nostalgia from the best decade:
https://linktr.ee/the80srewindshowpodcast