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#12 Mike Peterson: Entrepreneurship, Building Wealth, Overcoming Depression
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Michael S. Peterson — known to as “Mike”— is a Managing Director at Pemberton Economic Group & a Professor at UT Austin’s McCombs School of Business, where he teaches entrepreneurship classes centered on topics like FinTech, Internet of Things, New Venture Creation, & more. Mike graduated from Brigham Young with his MBA & also holds an MS in Technology Commercialization from UT Austin’s McCombs School of Business. Mike has worked on 9+ ventures with market potential upwards of $7B+ & is an entrepreneurship & business theory savant. Above all, Mike is not only a friend of the show, but an inspiration to many in having overcome entrepreneurial obstacles & depression. In his life, classes, & this episode he shows great courage through vulnerably sharing his story & sharing actionable steps for how he overcame these mental health troubles & now leads a fulfilled life.
“Despite the challenges along the way, the journey is still worth it — we are here to become something more, not to just get things or buy things but to really become & go on the journey of becoming the best versions of ourselves” - Mike Peterson
Connect with Mike Peterson:
* mikep.pro/book
* How to Become a Professor from non-traditional path
* michaelspeterson.com
* https://www.linkedin.com/in/mikepetersonmba/
OUTLINE:
0:00 Foreword & Intro
4:12 Mike’s previous businesses & his favorite venture
11:45 Biggest takeaways from Mike’s 9 ventures
- Positives:
- Growth happens during discomfort
- Meeting brilliant people
- Negatives
- 12:55 “Don’t let schooling get in the way of your education”
15:46 "Safe” traditional path guy v college drop-out entrepreneur
- Misunderstandings of risk
- Perception of safety & security in corporate is false
- Side hustle = great hedge against losing 9-5 income, $$$, & transferable skills making you a better employee & shedding spotlight on a project outside of traditional work
- 20:31 You can bring side hustle lessons & perspectives to your 9-5 team or personal life
21:31 Risk orientation of entrepreneurs & “unconscious confidence” that makes them doers
- “Entrepreneurs are people who try to get things done & are oblivious to resources needed to get these things done”
- Tips for success
- The company started at Brigham Young to combat “sudden infant death syndrome” that went public after 10 years & they got rich
27:01 What’s the underlying key ingredient to persevere in entrepreneurship?
28:11 The importance of having equity in building wealth (vs just being on salary or an hourly wage)
- Entrepreneurship enhances the opportunity to impact lives of people on your team i.e. providing job opportunities to people you know
- Alec’s dad: Entrepreneurship is about creating opportunity for not only yourself but OTHER PEOPLE as stated above^
33:17 The dark side of entrepreneurship
- Mike’s struggles with mental health, family life, finances, & more
- Low success probabilities
- Importance of Iteration
- 33:00 Battling deep depression
39:01 Is the source of this rampant depression in many males because of mens’ identity being tied to success & their ability to put food on the table? What are the implications of tying our self-worth to financial success?
- 41:01 Success is not linear.”
- Transcendental theory & detachment theory within this context
43:50 How Mike was able to see the beauty of life again:
- Practical actions to overcome depression
- 46:14 Importance of Writing
- “The Jordan Peterson journaling program —
- What’s life going to be like for me in 5 years if I continue on the path I am on?
- What do you want life to be like?
- The “mental cookie jar”
50:43 “We need you, we need your contributions.”
- empathy & understanding from those who’ve lived it = crucial & inspirational to help those struggling right now
53:00 Value of Practical Natural Tactics to Improve Mental Health before going straight to medication
- practical applications
56:10 Do we delay our happiness too much in the American culture? “Once I have XYZ I’ll be happy….."
- Power of gratitude in Mike overcoming depression
- Utility of the gratitude journal
- Law of Attraction
1:06:42 “Last remarks: despite the challenges along the way, the journey is still worth it…”
Podcast info:
- Podcast website: https://smartalecshow.com
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Connect with Alec on Social:
- Linktree to all platforms: https://linktr.ee/smartalec
Recorded in January 2022
21 episodes
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