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.
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(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
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(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
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