Empire Flippers (EFP 50: Personal Business Philosophy and Goals)

Today’s reviewed podcast is the Empire Flippers EFP 50: Personal Business Philosophy and Goals

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In this episode Justin and Joe discussed some of the differences they have when it comes to their business philosophy and strategies relating to risk, strengths/weaknesses, and work/life balance.

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Each points presented on this episode have been responsible for some serious strife or disagreements between the two hosts. Aside from this, the two had also highlighted some of the benefits of having a business partner to get you going.

Six points that had been stressed out during the episode are the following:

  • Superman / Kryptonite – How we view our personal strengths and weaknesses
  • Thorns in our entrepreneurial sides
  • Knowing when to hold ‘em / fold ‘em
  • Scotch And Spreadsheets – Maintaining a work/life balance
  • School of hard knocks and some lessons learned
  • Our business is growing up? What do we want to be?

Furthermore, strengths presented by the hosts are the following:

  1. Persistence. Not giving up. Being consistent.
  2. Taking action to make things happen.

Thorns presented, on the other hand, are:

  1. Inconsistency.
  2. No communication or no follow through and no execution.
  3. Tell your struggles not only your successes. Don’t make outlandish things.

Joe is at a low level on risk tolerance for being conservative on savings and spreadsheets while Justin is higher for wanting the big long term wins and is confident about risk factors. These extremes help bring them into an effective balance.

In addition to this, have hobbies and entertainment away from work is part of life/work balance. Dedicating something for yourself or trying new things so that you will feel energize. And consistency can only be done with life/work balance.

Lessons they have learned in years in business are also discussed. One of these is “don’t say that something is impossible to do it”. Another is, build a brand and maintain connections to people and build that up will make you successful in business.

When business grows up, they had also discuss, how they see themselves in the future. Joe had said to increase products and services and have large staff on the team. Justin on the other hand, said something on expanding the marketplace.


Quotable:

  • “There is SOME point where you have to pull out the nuclear codes!” – Justin
  • “Unless you can turn it into something that’s a working prototype, it doesn’t matter what your ideas are.” – Justin
  • “It’s so much more truthful when you tell me about your failures AND your successes” – Joe
  • “If you have something that’s working, just make money and shut your mouth. Yeah, screw that.” – Justin

 
Resources:

  • Spencer’s Copied Site – An interesting post on Niche Pursuits regarding someone copying his public niche site (and what he’s doing about it)
  • Moz.com – SEOMoz changes their name, cleans up their UI, and gets into the Content Marketing Analytics game!

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