Why you should bring an entrepreneurial spirit to your social life.

At some point we all experience dissatisfaction. You may find yourself disappointed by your career path, your opportunities, your social interactions, or this game Prince called, Life. But don’t go crazy. Because if the elevator tries to bring you down there is always something you can do.

Entrepreneurship

Remember that you have the power to start your own business, be your own Bruce Springsteen, and control your own career. It changes everything. Entrepreneurship is the big excuse eraser. Because you no longer are at the mercy of the decisions of other people.

Beyond Business

But regardless of whether you decide to start your own business, you can take an entrepreneurial approach to everything else in your life. Instead of starting your own business, you can start your own social group. Made up of people you want to spend time with. That’s what Mark Zuckerberg did. (And besides the congressional hearings and the Winklevoss twins, it’s going pretty well for him.)

A group of some of my oldest friends at a gathering I organized this summer.

Social Creation

By starting your own group you are creating new connections and ultimately, a new community. That community may have a greater impact on your life than simply starting your own business. In fact, the community may create new opportunities for you to grow and expand your career in ways you had never considered before.

Create your own social circle. Then put a camera on the floor and take a selfie.

Key Takeaway

If you love the idea of being an entrepreneur, but don’t have the risk tolerance to give up your job and strike out on your own, start a social group. Find great people. Organize them. Activate them. Foster and strengthen the connections between them. You will have created your own organization that could offer far greater profits than a business alone would provide.

*If you know someone who could benefit from this message, please share it with them.

Fun Fact: This pic is me and my cousins after our Grandma Albrecht’s funeral.

The best way to grow your own business, or a giant pumpkin.

The world is full of possibilities. There is no shortage of problems to solve and great new things to introduce. If you have an entrepreneurial mind you will find a never-ending parade of opportunities to convert into businesses.

This is a problem.

The infinite opportunities you see distract you from the one business you should start. Or should continue building.

Ideally, you should look for opportunities until you find one great one that fits you. Then you should wear blinders and block out all other possibilities. The same way you should scout for a mate until you find one. Then you should NOT scout for a mate anymore.

If you want to grow a gigantic pumpkin you start with a gigantic seed. Then, when the plant starts to grow, you snip off all the blossoms but one. That way all of the energy, nutrients and focus of the plant go into growing one huge fruit. Although if you can find seeds to grow just the pumpkin spice, do that. Pumpkin spice is where the real money is.

When I started The Weaponry, my advertising and idea agency, I became obsessed with it. I put all my energy into it. Which forced the business to grow. I have had a million other business ideas since then. I detail the ideas in my notebooks. But my focus remains on the one business I am committed to growing.

You need to do the same thing.

Find your giant seed. Plant it in good soil. Fertilize it with your energy. Water it with enough cash to keep it hydrated. Shine your light on it. And make sure to snip off all but one blossom to maximize your focus and growth.

Key Takeaway

To maximize your chances of creating a wildly successful business, find one opportunity and go all in on it. Don’t dabble. Don’t sample. Don’t put 1% into 100 things. Put 100% into one thing. Until it soars. Then you can sell it, or have someone else run it for you. At that point, go find another opportunity to make fly.

*If you know someone who could benefit from this message, please share it with them.

The money lesson I taught my son that he then shared with his class.

Over the past year, I have been able to spend more time with my family than ever before. For several months I conducted all of my work from my home office. Which allowed my 3 kids to see more of what I do during the day. This created interesting new opportunities to talk to them about work, business, and making money.

As an entrepreneur and business owner, I couldn’t resist talking to my kids about the challenges the pandemic was causing for businesses. And how toilet paper didn’t grow on trees. (They corrected me). But more importantly, I shared how much opportunity there was for businesses to innovate, solve new problems, and benefit from helping others.

As the stock market went into the toilet like a dooky, I shared that this was an amazing time to invest. My kids asked me if they could invest some of their money. So I helped them buy their first stock.

We also read books on money, investing, and wealth. I was surprised by how interested they were in the topic. And it gave me hope that someday they may be able to afford to put me in the good nursing home.

I was even more surprised when my youngest son Magnus came home one day and told me he wrote a story in school on how to get rich. I was curious to read it. I wanted to know what his 10-year old mind was thinking. When the paper finally came home I was tickled, like Elmo, to read what he wrote. I have reprinted the story here in its entirety with permission from Magnus.

How To Get Rich!

The first thing you need to know to be rich is the difference between what you need and what you want. Another way you can put this is you need to know the difference between an asset and a liability.

A asset is something that makes you money. A liability is something that wastes your money.

Some assets would be starting a business, buying stocks, set up a lemonade stand, or any stand, mow someone’s lawn or sell things.

But buying stock is the most efficient way to make money. Especially at a time like this when all the stocks are down.

If you don’t know what a stock is, it’s something you buy on any device and without doing anything you make money. You can also hold on to your stock and get paid four times a year.

My stock pays me 30 cents four times a year. When I bought the shares of my stock each one cost me $3.75. So in total I paid $37.50. And that stock has went up so high that last time I checked it was worth $120 if I sold it.

You can sell things, but I sometimes wouldn’t recommend it. What my Dad taught me is sell when it is high, buy when it is low.

A book I would recommend to get you started is called, Rich Dad. Poor Dad. That was the first book I read about how to get rich. So after reading this get up and ‘Act Now!’

-Magnus Albrecht 3-9-21

Key Takeaway

Teach others what you know. By sharing your knowledge you raise the intelligence and confidence of others. Talk to kids about important life lessons and skills, including financial literacy, when they are young. They are like sponges, primed for learning. Make it fun. Make it interesting. And you can make a positive, life-long impact. It may just be the most valuable investment you ever make.

*If you know someone who could benefit from this message please share it with them.

Do you love your work like Stephen King loves writing?

I love to shop for books at Goodwill. I love the treasure hunt. I love finding great books for cheap. And I like picking up value that someone else discarded. So when they toss it and leave it, I pull up quick to retrieve. Just like Sir Mixalot.

Stephen King

One of the books I nabbed at the G-Dub was On Writing by Stephen King. It’s the only Stephen King book I have read. I’ll admit, there was way less blood than I was expecting.

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This was written on the inside front cover of the book I picked up at Goodwill. Sorry Mom. I don’t think Ben loved it as much as I do.

I am always trying to improve my writing. And I figured who knows more about writing than a guy who has written a bazillion novels. (I guess a person who has written 2 bazillion novels.)

This morning in the section on editing Stephen King made a statement that jumped off the page like an Acapulco cliff diver. On editing he wrote:

I love this part of the process (well, I love all the parts of the process, but this one is especially nice).  -Stephen King

I love this statement! Not because Stephen King loves editing and re-writes. But because I love hearing that someone loves all the parts of the process. Loves all the parts of their work. Because that is exactly how I feel about my job.

Advertising!

I love everything about advertising. I love pitching new clients. I love the research. I love studying the audience. I love developing and sharpening creative briefs. I love the creative thinking. The ideating and concepting. I love pulling ideas and language out of the ether. I love directing creative. And I love presenting new ideas the way an obstetrician loves presenting naked newborns.

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I love that nobody really wears socks.

I love it when clients love our ideas. But I also love it when clients give us a difficult challenge. Because I love being thrown a good curveball.

I love big budgets, and I can not lie. But I also love small budgets and short timelines, and the way those constraints force you to think harder and dig deeper.

I love production, casting, shooting and editing. I love finding the perfect music track. I love testing and optimizing. I love creating work that produces laughter. Or chills. Or good tears. I love the results that come as a result of the work we produce. That’s the best. It is the reason we exist.

I love the people of this industry, both on the agency and client-side. I love how interesting and smart and varied they are. And they are very varied. Like Vera Bradly and aloe vera

I love the dress code. I love the travel. I love that I met my wife Dawn at work in an advertising agency. And I love that she understands all the things I love about my work.

Entrepreneurship

Since I launched my own advertising and idea agency, The Weaponry,  I have found that I love everything about owning an agency too. I love the competition of business. It’s my all-time favorite game.

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This guy loves to write about things he loves. 

I love budgets and revenue and profit & loss statements, and balance sheets. I love taxes and capital expenses. I love adding software and apps to our infrastructure to create a better, smarter, more efficient machine. I love filing our annual report with the state. It’s a reminder that I am officially a business owner.

I love finding office space, and negotiating leases.  I love partnerships with other businesses. And dealing with our client’s CFOs and procurement and reviewing legal agreements. Which may sound like drudgery. But it feels like a privilege to me.

I even like the challenge of a crazy global crisis that comes out of nowhere. It tests your preparedness, your resourcefulness and your resolve. The do-or-die nature of such challenges is a thrill. It forces you to ask yourself just how much you want what you want. And I really, really want. Just like the Spice Girls.

Key Takeaway

Find work that you love. It makes every day fun. It lets you wallow in your passion. It makes you look forward to every day and every new challenge. A love for your work is a key performance indicator. It’s hard to be passionate about your vocation and deliver poor output. Because the time, energy and interest you invest will drive continuous improvement. And over time you’ll become frighteningly good at what you do. Just like Stephen King.

*If you know someone who could benefit from this message, please share it with them.   

Sometimes the good times are hard.

This is a very good time for me and my business. The Weaponry, my advertising and idea agency, is flush with opportunity. The demand for our work is high. The projects we are working on are exciting and rewarding. We met our revenue goal for the year on December 3rd. And we just issued our team new Fight With Your Brain t-shirts. It feels like we are rolling like Tina Turner. Or John Fogerty.

On The Other Hand

However, good times in business can be really hard. The demands are high. Timelines are short. Bandwidths are narrow. Margins for error are nonexistent. During really good times you aren’t just doing your job. You are also juggling, horse trading and plate spinning.

I’m Leaving On A Jet Plane.

Our December is full of airports, hotel rooms and film shoots. I will be working straight through the weekend. The demand for my team’s skillz, experience and thinking will pack all but the untouchable holidays this December.

It is exactly what I have always wanted.

But it is also hard.

Key Takeaway

It is not just the bad times that are challenging. When you are trying to do something difficult the success often hurts. Which is why so many entrepreneurs settle for more leisurely lifestyle businesses. Where they are not constantly pushing and confronting the pain of growth and greatness.

That Ain’t Me.

I want growth and greatness. And challenge. I want to evolve The Weaponry into a better, bigger, stronger, faster machine. I want to scale and improve as we go. So we can become the perfect agency for clients, employees and partners. I’ve never been afraid of pain or discomfort. So I charge into the day excited for whatever comes my way. I hope the day is ready for me.

*If you know someone who could benefit from this message, please share it with them.

How to really make your network work.

Your network is one of your most valuable assets. But how much work should you put into building and maintaining your network? It’s an even more important question to ask than how much wood could a woodchuck chuck if a woodchuck could chuck would. But I bet you don’t have a good answer to either question. And neither did I. Until now.

Gary Keller

Recently I bought a couple of books by Gary Keller. In addition to being a best selling author, Keller is the co-founder of Keller Williams Realty. Which, my Spidey Sense tells me, is how the company got its first name.

The One Thing

The 2 Keller books I now own are The One Thing, which I have not yet started, but assume is about going number one, and The Millionaire Real Estate Investor, which I highly recommend.

The Millionaire RE Investor

Your Work Network

In The Millionaire Real Estate Investor Keller writes a lot about Your Work Network. He breaks this network down into 3 concentric circles:

  • Your Inner Circle,
  • Your Support Circle
  • Your Service Circle

The inner circle is comprised of your mentors, partners and consultants. The support circle is comprised of the core people you need to support and advise you on specific work transactions. The service circle consists of all the people that you may need to perform specialized tasks with a limited scope.

Your 3 Rings

Regardless of whether you are involved in real estate or a stay at home mom or dad, you have a network with a similar 3-ring structure. Which is not to be confused with the 3-ring circus, 3-ring binder or the 3-ring rule when answering a call after a first date.

The Aha

Envisioning your network as concentric circles is useful, but not not mind blowing. However, I found Keller’s recommendation on how to maintain your network relationships thought provoking.

Maintaining Your Network

Keller writes that to maintain your work relationships you should:

  1. Call Them Every Month
  2. Mail Them Something of Interest Every Month
  3. Meet With The Members of Your Inner Circle Every Month

This is a great rule of thumb. Most of us probably fall nowhere near this level of contact with our network. But we should. Calling is easy. If you broaden the term mailing to include email and texting you can certainly do a whole lot of #2 (#snickering). And meeting with the members of your inner circle once a month should be a no brainer, scarecrow.

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My college teammate Bryan Jones is a Realtor with Keller Williams, and someone I talk to every month and meet with several times a year.

Key Takeaway

You get out of your network what you put into it. Try Keller’s advice to stay connected to those in your network once a month. Start with your inner rings. We should all fully invest in our inner circle on a monthly basis. However, increasing your investment in your middle, or even your outer ring could pay huge dividends for you both personally and professionally. So as Rhianna said, work, work, work, work, work on putting more work into your network. And you are sure to draw more great things your way.

*If you know someone who could benefit from this idea, please share it with them. 

What this crazy astronomer can teach you about business.

500 years ago there was a rebellious Polish astronomer named Nicolaus Copernicus. He was born with a name worthy of a faculty position at Hogwarts. More importantly, we was blessed with a contrarian world view. Copernicus developed a crazy heliocentric model of the cosmos. In this model, he declared the sun was the center of the universe, and the Earth and the other planets actually revolved around it. #ohnohedidnt

The Universal Truth

At the time heliocentricity was considered a radical idea. But as every graduating preschooler now knows, Ni-Co was right. His revolutionary solar-centered model of the universe soon changed how we viewed and understood the world. It applied rules and order that helped the world make sense. It also gave employees at the local Sunglass Hut a false sense of superiority.

Copernicus-Style Thinking At Work

The same thinking that makes sense of the cosmos can also be applied to business. You must never lose sight of who is at the center of the business universe: the customer. In your arena the customer might be called the client, member, student, attendee or John (#nojudgement). Regardless, the person paying for goods or services is the central figure around whom everything else in business revolves.

Customer-Centric

Your actions and decisions should always be driven by your customer’s wants and needs. Your products and services only exist to serve your customers. It is the customer that provides the forces that propel all business activity. Because without customers businesses drift into oblivion. (#Blockbuster #Sears #AllianceofAmericanFootball)

Your Customer’s Customers.

At my advertising and idea agency, The Weaponry, everything we do is driven by 2 forces: our customers, and our customer’s customers. Without those forces money does not move and business does not exist. Sales, marketing, engineering, research and development, customer service and accounting are all driven by the gravitational pull of the customers. Remember, you can dance with yourself, but you can’t do business alone.

Key Takeaway

If your business is not customer-centric, it is time to re-center. Ask yourself ‘What Does The Customer Want?’ before every business decision. Even better, ask them what they want, and what they want to avoid. It will help you maintain proper focus on the star of your show. And prevent you from thinking the world revolves around you.

*If you know someone who could benefit from this story, please share it with them.

The most important ingredient to entrepreneurial success.

There is a fun debate about what it really takes to be a successful entrepreneur. Some think the key is having a great idea. Others think it is all about your network. While still others think the key is not running out of cash. I would argue that running out of cash is an awfully bad thing for a business. In the same way that running out of blood is bad for the human body. But that’s kind of like saying the key to solving global warming is not letting the Earth get warmer. It may be accurate. But it will make you look like an idiot when you suggest that at your next Mensa meetup.

Jeff Hilimire’s Recipe

Recently, my friend, and entrepreneur, Jeff Hilimire shared his secret recipe for whipping up a successful entrepreneur on LinkedIn.

 ‘50% amount of runway + 40% hard work/execution + 10% initial idea. I might have overshot the importance of the initial idea.’  -Jeff Hilimire. CEO of Dragon Army and Founder of 48in48

As a good facilitator of engagement should do, Jeff then asked the LinkedIn collective brain if we agreed or disagreed. Which provoked a healthy sharing of opinions. All of which had merit. None of which matched my own.

My Recipe for Entrepreneurial Success

My recipe is simpler than Jeff’s. In fact, I believe there is only one ingredient that matters at all. The absolute essential, non-negotiable, Holy Grail of ingredients, is action.  Without action you are guaranteed not to succeed. But with action, continuous action, all things are possible.

The Idea

The idea is not at all important to entrepreneurial success. Because absolutely everyone has an idea. You have had an idea for a product, service or business that could have worked. I know you have. The only reason that idea hasn’t become a successful business is that you haven’t taken enough action. Yet.

Time, time for some time for some action. (#obscurelyricreference)

Your runway, which is your brine of time and money, is continuously increased by taking more action. Action makes opportunity. Action spins straw into gold. Action is what builds and maintains your network. Action is what makes luck. And action is what makes for a really great date. #amiright

In the past 2.5 years since I took action and launched my advertising and idea agency, The Weaponry, I have had hundreds of discussions with people about the business ideas they wanted to pursuit. Every one of those ideas could have been successful. And every one of those people could have become a successful entrepreneur if it wasn’t for one missing ingredient. You guessed it: Action, Jackson!

Key Takeaway

If you want to be a successful entrepreneur the verb is the word. You have to take action. Absolutely nothing happens without it. The best of ideas, the best networked humans, the deepest pockets and the best of intentions are powerless without action. Talk is cheap. Potential is nothing. Ideas are everywhere. So as Nike once so famously and succinctly commanded, if you want to be successful entrepreneur, just do it.

Why you should be thankful for your competitors.

Can you imagine what it would be like to have a monopoly? I’m not talking about the Parker Brothers board game. I mean a situation where one player, you in this scenario, has exclusive control over the supply of a commodity, product or service.

You could jack your prices sky-high and offer crappy customer service. You could say things like ‘This is how we have always done it.’ And, ‘If you don’t like it, take your business somewhere else!’ #maniacallaugh Because when no one else is trying to steal your cheese, you can run through the maze as slowly as you like.

Thanks, but no thanks.

A monopoly sounds terrible to me. Because without competition there is no game to win. You never have to push yourself to improve. There is no pressure to find the next competitive advantage. And therefore, there can be no great victory.

It is competition that makes business a grand adventure. It is what makes us admire the bold entrepreneur. Because without competition there is no risk (again, not the Hasbro board game).

Michael Dubin

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I recently listened to the How I Built This podcast interview with Michael Dubin, Founder of Dollar Shave Club. When Dubin launched the DSC he had a momentary monopoly on the direct-to-consumer razor model. But he wasn’t the only one in the category for long. Soon major razor brands and upstarts alike started cutting into his space. But Dubin didn’t get mad. He didn’t throw in the shaving towel. Instead, he recognized the great benefit of competition.

‘The presence of competition pushes you to define yourself more specifically. And focuses you on the things that you want to do. And makes you work a little bit harder.’

-Michael Dubin, Founder of Dollar Shave Club

Key Takeaway

Your competitors are a gift. They motivate you. They sharpen you. They offer your team a common enemy. And nothing pulls people together like a common enemy. Except maybe a black hole. Or a tray of nachos.

Competitors make you define your uniqueness. They force you to declare your mission, and what success looks like. So be thankful for those you compete against. They are making you better. And they make your work and your wins more rewarding.

What happened to me in June.

Sometimes life gets in the way of my writing. Sorry. I try to spend an hour each day, five or six days per week collecting and sharing my thoughts here. My publishing goal is to share two posts per week. Which for the math-challenged is roughly 8-10 posts per month. But June came up significantly short. Like Emanuel Lewis. Or a Smurf.

The Numbers

I performed some June-y data analytics. By that I mean I counted some things. I only shared 5 posts. Or about 1 post per week. Then I tallied my travel over the past month. I was away from home for 17 days in June. Which means over half of my June was spent on the road. So while there wasn’t a lot of Doogie Howser-Style thought typing (comment if you understand this reference), there was a lot of travel.

In June I saw:

  • Columbus, Ohio
  • The COSI Museum
  • The place where the Kent Sate May, 4 Shootings happened.
  • The Statue of Liberty
  • Ellis Island
  • The 9/11 Museum
  • The top of the Empire State Building
  • The Natural History Museum in NYC
  • Gettysburg, PA
  • The Maryland Mountains (yes this is a thing)
  • Morgantown, WV
  • Wheeling, WV
  • Lafayette, IN (#FathersDayVisit)
  • Atlanta (twice)
  • Athens, GA (twice)
  • Columbus, GA
  • Albany, GA

My friend Audrey Lowder took me and my family to the top of the Empire State Building. My kids re-enacted some Sleepless in Seattle scenes. She had a major birthday yesterday. Happy Birthday Audrey!

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My family visited this top-secret location in New York City, that I can not disclose.

People, People, People

I saw a lot of people in June. I visited clients. I saw my parents. I saw my cousin Tim in a random grocery store parking lot outside of Philadelphia. I saw former co-workers I hadn’t seen in 7 years. I saw the private equity studs that used to own Engauge, the adverting agency I worked at for 7 years. I got together with a whole gillooly of friends from my neighborhood in Atlanta. I even got to hear one of my doctor friends tell the story of how he learned to do pelvic exams.

I spent time with Dr. Demond Means in Athens Georgia, sharing new logos, tagline, manifestos and gumbo.

I got together with my neighborhood friends in Atlanta, who taught me how to scare off home intruders, who are actually your friends stopping by to walk your dog (like you asked them to do).

I grabbed a fancy beverage with my friend Nicola Smith, who has started her own business called Rebel and Reason. Billy Idol wrote her theme song in 1983.

I saw my cousin Tim in a grocery store parking lot and we were more excited than popcorn popping.

 


Key Takeaway

When I set out to launch my perfect adverting agency, I wanted to build something that would 1. Create enough demand to keep me busy. 2. Provide enough income to be able to take family vacations. 3. Offer enough scale that I could step away from the machine for a few days and the machine would keep running.

Today, The Weaponry is delivering on all three points. But I need to stay focused on getting better, to make sure that doesn’t change. So while I may not have been able to share as often as I would like in June, I can share that what I’m working on is working.

We participated in our annual Dublin Cannonballer Outing in Dublin, Ohio.