In this podcast, Patrick Henry talks about his entrepreneur journey and why it’s important to have a plan and the willingness to adapt along the way.
Subscribe to the Business and Life podcast, one of the best business podcasts for budding or seasoned entrepreneurs, female business owners, and everyone who needs just a little bit of entrepreneurial guide and inspiration.
(00:48) – Patrick shares about rock bottom and advice on failures
- There are ups and downs and a lot of heartbreak- you have to persevere even in times of difficulty
- Rock Bottom: They were taking Entropic (their first business) public in Dec 2007 (when the subprime mortgage crisis was beginning) and they ran into a roadblock with their IPO and could not go public
- They reduced their IPO and were able to launch, even though they were in the midst of a global financial meltdown and made it through, eventually becoming very successful
(4:17) – What is Patrick most excited about with his business, Goguru
- Starting to add new milestones this quarter and their customers are loving it
- Their main customers are farmers
(5:27) Struggling with business goals? Set up a free coaching call today at mikeolivas.com
(5:50) – What is the endgame for Goguru
- Eventually, he wants to have a smart exit, probably selling it 5-7 years down the road when it has built up to something that can really help customers (farmers)
(7:35) – What is the light at the end of the tunnel?
- He feels like he accomplished every goal he had by the age of 40, so now he wants to do more for his family and community- he wants everyone to experience what it feels like to “win big”
(8:50) -Why do entrepreneurs fail?
- Because it’s really hard
- “Do not let failure be an option”
- If it seems like a bad idea- is it possible to evolve it into a good idea?
- Most people don’t even have a plan, and without a plan, you cannot really move forward (even if the plan changes over time)
- Need to have a great team and a passion to serve customers and solve problems
(11:45) Trying to quit the 9-5? Visit mikeolivas.com for FREE advice!
(12:20) Parting advice for listeners from Patrick Henry
- Have a commitment to learning, get a mentor and stay approachable
- Build a great team
- Read books, listen to podcasts and try to learn as much as possible
Learn more about Patrick Henry:
- questfusion.com for his blog
- Patrick Henry on LinkedIn