Episode 21: When Purpose Meets Demand With Steve Hoffman

G.E.M. Series

If you want to start a business, whether large or small, whether it's your own idea or not, how should you educate your entrepreneurial mind? Don't stress about it. Steve Hoffman got this covered for you!

Steve Hoffman, aka "Captain Hoff," is a serial entrepreneur and a venture investor. He mainly serves as the Chairman and CEO of Founders Space, a company whose goal is to educate and accelerate entrepreneurs. The company has established business relationships with over 50 partners in 22 countries. He is also the author of the book called "Surviving a Startup" and many more.

With Steve's years of experience in different professions, he has become a master of entrepreneurship. He has learned how to build a company, work with investors and create an environment for new ventures. He understands the challenges that most entrepreneurs face when starting their own businesses. Steve is very knowledgeable about business and knows what it takes to make a company successful.

Tune in to this week's newest episode of the GEM Series as you learn more entrepreneurial wisdom and gain insight into how to become a successful entrepreneur.

Key Takeaways

(00:55) - Who is Steve Hoffman
(03:49) - Steve on growing up with a creative mindset
(06:36) - The first company Steve started
(09:30) - From working for a business to being the business
(12:26) - Advice for entrepreneurs who wish to build a company
(14:02) - How demand plays big in the business world
(18:08) - Having a more in-depth understanding of the market
(19:43) - Significance of a strong team in launching a business
(21:22) - Keeping an eye on potential opportunities
(22:46) - Observing the pattern that works for businesses
(24:04) - Curiosity as the driving force behind the entrepreneurial itch
(25:20) - Steve's tips for people who want to kickstart their business
(27:09) - The two biggest expenses in running a company
(33:48) - Who is the book Surviving a Startup for
(35:23) - The motivation behind Steve's Surviving a Startup
(36:59) - Moments of near-quits that Steve overcame
(39:27) - Controlling the stress that comes with entrepreneurship
(40:13) - Mindful practices to counter the stress
(42:08) - Turning the negatives into challenges
(43:18) - Risk as a part of the entrepreneurship equation
(44:12) - Steve discussing his TED Talk
(47:36) - The inspirations behind Steve's whereabouts in life
(53:25) - Humanity's edge over AI technology
(54:27) - Steve's parting advice to listeners
(54:54) - How to connect with Steve

Quotes

"The first thing you should do if you're really smart, is don't build anything, go out there and hunt for demand." (13:42)
"What I've learned through my own companies and working with all these entrepreneurs around the world is you can never create demand." (13:53)
"No matter how brilliant you are, you cannot make somebody buy something that they don't think they need or want." (14:46)
"The more value you give that customer over their lifetime with you, the more they will stick with you and the revenue you can earn." (28:45)
"You should take all of the things that could be negative as challenges." (42:08)
"If you're going to try to minimize risk, you're minimizing opportunity." (43:26)
"Trying new things opens up doors you would never expect." (54:32)

Resources and Links

Connect with Steve:
https://www.linkedin.com/in/foundersspace/
https://www.instagram.com/foundersspace/
https://www.facebook.com/groups/foundersspace/
https://www.youtube.com/c/FoundersSpace
https://twitter.com/foundersspace
https://www.foundersspace.com/

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• CAREER: https://radius.theresumator.com
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