From Failure to Success: Lessons Learned from Garrett & Ted Sutton
Mike interviews Garrett & Ted Sutton.
In a world where entrepreneurship is both a dream and a journey fraught with challenges, insights from those who have walked the path can be invaluable. Recently, We had the pleasure of diving deep into business ownership with Garrett and Ted Sutton, two seasoned entrepreneurs with a wealth of knowledge to share. Our discussion revolved around their book “Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them,” it was nothing short of enlightening.
SUMMARY
Garrett and Ted’s journey into entrepreneurship mirrors the classic tale of trial and error. They candidly shared their experiences of starting multiple businesses, with the first four ventures ending in failure. However, they didn’t let setbacks deter them. Instead, they embraced the wisdom of Robert Kiyosaki, who famously said, “Four out of five businesses fail. So just create five businesses.” This resilience and willingness to learn from failure set the foundation for their eventual success.
One key takeaway from our conversation was the importance of strategic business acquisitions. Garrett emphasized the value of buying a thriving business and applying one’s skills to scale it further. This approach minimizes the risks associated with starting from scratch and provides a solid foundation for growth. However, they cautioned against overlooking the importance of proper vetting when selling a business, citing a cautionary tale where a client had to reclaim a business due to the buyer’s incompetence.
Another insightful aspect of our discussion centred on “bolt-on” businesses. Ted highlighted the benefits of acquiring businesses that complement existing ventures, citing examples such as a real estate investor starting a carpet cleaning company to meet a demand within their portfolio. This strategic approach enhances operational efficiency and creates synergies that drive overall growth.
Beyond their expertise in business acquisitions, Garrett and Ted shared valuable insights into the legalities of entrepreneurship. They emphasized the role of LLCs and corporations in protecting entrepreneurs from society’s litigious nature. By proactively safeguarding their assets, entrepreneurs can mitigate risks and focus on building their ventures with confidence.
Our conversation also delved into the current socio-political landscape and its implications for entrepreneurship. From discussing legal rulings to the impact of education on financial literacy, Garrett and Ted offered thought-provoking perspectives on navigating the complexities of modern society. Despite the challenges posed by external factors, they emphasized the importance of staying informed and adaptable to thrive in any environment.
In addition to their expertise in business and law, Garrett and Ted are passionate advocates for financial education, particularly for children. Their free ebook and educational resources aim to empower the next generation with essential money management skills. As they rightly pointed out, understanding money is vital to achieving financial freedom and navigating the complexities of the modern world.
Our conversation with Garrett and Ted Sutton was an entrepreneurship, legal savvy, and financial literacy masterclass. Their insights into business acquisitions, legal protections, and the importance of education offer valuable lessons for aspiring entrepreneurs and seasoned business owners alike. By embracing resilience, strategic thinking, and a commitment to lifelong learning, anyone can unlock the secrets to entrepreneurial success.
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About Mike Fallat
Mike Fallat, aka The BookMan, is the owner of Dreamstarters Publishing and the Million Dollar Book Agency. They have helped 300+ entrepreneurs become bestselling authors. His goal is to help 1,000 entrepreneurs publish books and teach them how to use their books as a gateway to generating 7-figures.
Visit website for more information: https://www.milliondollarbookagency.com/
About Dreamstarters Publishing
Dreamstarters Publishing offers ghostwriting, cover design, and everything that is required to take an idea to a finished book (kindle, paperback, hardcover, and audiobook).
The Million Dollar Book Agency is the ultimate marketing CRM system for author-preneurs. Services include automated funnels, lead generation campaigns, book fulfillment, podcast management, press releases, virtual assistants, course development, and more.
Mike also hosts a podcast known as Million Dollar Stories and runs a membership-based site known as Million Dollar Circle. In addition to owning the book business, he invests in self storage real estate.
https://dreamstarterspublishing.com/