Jeremy Goodrich – Owner of Shine Insurance Agency
David Quick – Business Coach at Helping Bulls Thrive in China Shops
The Crossroads episodes of Scratch Entrepreneur are all about solving a specific growth point for our guest. David and Jeremy ask probing questions during the first half of the show. Their goal is to uncover the heart of the growth point. The second half of the show is all about solutions. David suggests three next steps and goes over the outcomes he expects from taking them.
Today’s show is the third in our series of on-air coaching sessions between David and an entrepreneur who currently finds themselves at a crucial decision point in the development of their business– at a crossroads. Today’s guest stands at an enviable crossroads. He’s doubled the size of his business each year since its inception. Now, sitting at $4 million in gross receipts, he’s started pumping the breaks. The growth seems too fast and the weight of it all is getting cumbersome. David helps him address what’s changed and advises him on the next steps he should take.
But before we dig in, I’d like to throw out a phrase I heard today. It was in a Mastermind and the person who said it threw it out there nonchalantly. But the idea behind the phrase resonated with me. I wrote down the two simple words and doodled around them for the rest of the session. The group member was breaking down some ideas that were floating around in his head and said, rather abruptly, ‘I just want to learn to fail faster.’
Fail faster. I immediately knew what he meant. We set new ideas into motion, ideas we think will improve our business. Maybe it’s a marketing campaign or a new hire. Or maybe it’s a product we’ve always wanted to make, or an online course we’re convinced everyone’s dying to take. As entrepreneurs, it’s kind of our job to have ideas. If we didn’t, we’d be schlepping somebody else’s next big thing.
But not every idea is a good one. In fact, most of them aren’t market ready right away. So, on the one hand, we can’t be afraid to try. But on the other, if we are destined to fail this time, we can at least learn to fail faster. The learning curve is a lot quicker that way.
What do you think about ‘failing faster’? I’d love to hear your thoughts on this or any other part of the podcast. You can share them over at our Patreon page. Join the conversation at Patreon.com/scratchentrepreneur.
Overview of the episode:
- Why Mike started Enrollment Fuel (6:00)
- His current crossroads (8:00)
- Mike’s original expectations for his business (15:00)
- Worried about hiring or spending on hiring? (19:00)
- What’s behind Mike’s hesitancy? (22:00)
- The goals for Enrollment Fuel (24:40)
- Dave’s Tip #1: Paint the best and worst case scenarios and prioritize the next steps (30:00)
- Dave’s Tip #2: Find where the fear is coming from (32:00)
- Dave’s Tip #3: Looking at indicators other than cash to determine the health of your business (33:00)
Special thanks to Mike Werner, founder of Enrollment Fuel for being willing to pull back the curtains and share this business crossroads with us.
And of course, a huge thank you to David Quick for offering his time and expertise. You can find David and many of his resources at HELPINGBULLS.COM.
Contributors to this episode include:
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