Nov 30, 2021
Why you've got to check out this episode:
3Rs - Read, Resources, Reflect
Read:
Paradox of Choice by Barry Schwartz
The Checklist Manifesto: How to Get Things Right by Atul Gawande
Resource:
Reflect:
"Better to be silent and thought a fool than speak (or tweet) and remove all doubt" - Abraham Lincoln
With many moving parts in starting and running a business, you must
know what you do.
It's also important that you learn from others' mistakes, so you avoid the cost of committing the same blunders over again.
What's best is taking the necessary steps to manage one's business from a financial and entrepreneurs perspective.
There's no challenge that an entrepreneur faces that our guest for today, Henry Daas, does not know about. That's why in today's episode, he shares with us his insights, wisdom, and knowledge of taking charge of one's business.
Being a real estate investor, just like any business, is tough. As a serial entrepreneur with significant business experience, Henry shares essential lessons learned from decades of building businesses in different industries.
Having committed mistakes in the first few attempts at the start of his business career, he came up with these five aspects where most entrepreneurs find struggle in. It comes in handy as it makes you aware of what to avoid and what to work on.
Newbies and seasoned entrepreneurs alike can learn a ton as he touches on financial literacy.
With vast experience and expertise garnered over the years, he finally sat down and came up with a three-legged stool concept that is of immense help in how he conducts business matters, something that he also teaches his own clients.
He talks about the seven silos a business should have, of which he singled out and went in-depth on a particular one as it is one crucial aspect of business you shouldn't be missing out on.
Henry Daas is a serial entrepreneur, business coach, screenwriter, and self-described 'ordinary guy'. And now personal finance coach! Born in Brooklyn at the tail end of the Eisenhower years, he has lived his entire life in and around NYC. He has lived his life in and around money, as well - from cutting lawns as a kid to managing a stock portfolio as an adult. And everything in between. FQ is the culmination of his six decades of financial knowledge and experience.
Topics Covered:
03:45 - Important thoughts from being a serial entrepreneur
04:39 - Rent before you buy and the trappings of the cubicle
life
05:52 - Why newbie entrepreneurs find it hard to get past the
struggles that they face
07:02 - Reasons people come to him for help
09:17 - A three-legged stool paradigm he teaches and uses in his
business and with his clients and hiring matters
12:55 - Five reasons small businesses fail
14:45 - His primary reason for writing a book
16:02 - What's behind the pivot in his business
18:33 - An important advice to real estate investors from a
financial view of business
21:12 - What a scarcity mindset looks like
24:13 - One silo among the seven that you need to focus on for your
business' sustainability
25:53 - The reason behind studying real estate to obtain a license
at this time
29:19 - Three important things in real estate
30:14 - How he hopes to contribute to the real estate industry with
his significant knowledge of business
33:11 - Brands that he likes
34:39 - Why he loves these men as leaders and entrepreneurs
36:32 - His thoughts on the crypto craze
46:45 - Tools he loves using and which he enjoys
47:55 - Talking about his writings and screenplays.
50:54 - Sharing about his own brand of shirt
52:18 - His favorite quotes
53:28 - Questioning your motivation for doing something
Key Takeaways:
"Confusing passion with commitment -- sometimes people are insanely passionate. But then, when it comes down to the drudgery, they lack the commitment necessary to follow through, just like the entrepreneur who lacks the commitment to cut the umbilical cord from their employer and go alone. That's tough." - Henry Daas
"The fact that they reached out to me is an indication that it's not working for them, that there's some kind of a problem here and you can't, it's hard to be a slave to multiple masters. It's hard enough to be a slave to one master." - Henry Daas
"The ones you're really good at, you should do all of those, if you
can, if you have the bandwidth to do it. And the ones that you're
not so good at, you should find somebody who's really good at it,
and pay them to do that for you." - Henry Daas
"Just because you don't pay yourself doesn't mean that your time is valuable. It has value. And I guarantee you, as an entrepreneur, it's higher than the value it is for somebody that you hired." - Henry Daas
"If you can't find me a bunch of people out there who either tried and failed, and tell me why they did and why you're not going to, then I have to believe that there's no business there." - Henry Daas
"I'd rather be right than happy. I know so many people who are like that. They will fight tooth and nail and destroy friendships just to prove themselves right. It's like, let it go. Is it really that important for you to be right?" - Henry Daas
Additional resources:
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