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Category: Entrepreneurship

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#613: Rachel Rodgers: This Multimillionaire Started With $330,000 in Debt and a $41,000 Salary

Rachel Rodgers graduated from law school with $330,000 in student loans. Her starting salary? Just $41,000.

Most people would have accepted this crushing debt-to-income ratio. They’d slowly chip away at payments for decades. Rodgers had a different plan.

She deferred her loans and started her own virtual law practice in 2008 — during the recession, when jobs were scarce and most lawyers were struggling to find work.

Her mom thought she was crazy.

Her first year, she made around $65,000 in gross revenue with only $300 in overhead costs. By year two, she was earning $300,000.

The key to her success wasn’t cutting expenses or living on rice and beans. Rodgers focused entirely on earning more money.

We talk about the practical steps she took to scale her business.

She waited until hitting $250,000 in annual revenue before bringing on her first full-time employee — an administrative assistant who immediately paid for herself by responding to client inquiries faster than Rodgers could manage alone.

Rodgers also shares insights from a CEO’s perspective on what employees should know when asking for a raise.

Understand your company’s goals. Know your boss’s pain points. When you spot a problem, bring three solutions — not just the issue. She usually goes with whatever option her team recommends.

“You are the asset,” she explains. This mindset applies whether you’re an entrepreneur or an employee trying to maximize your career potential.

Our interview covers her transition from solopreneur to multimillion-dollar business owner, her approach to leading employees, and her philosophy on building wealth through entrepreneurship rather than cost-cutting.

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#612: How to Know If You’re Cut Out for Entrepreneurship Before You Risk Everything, with Grant Sabatier

Grant Sabatier never worked in retail, never worked in a bookstore, and had no idea what he was doing when he opened Clintonville Books in Columbus, Ohio.

But that’s exactly the point.

The experiment required 1,200 hours of solo work — measuring spaces, moving 40,000 books, and navigating city regulations.

But it taught him something crucial: even experienced entrepreneurs face steep learning curves when they try something new.

The serial entrepreneur and author of “Inner Entrepreneur” joins us to share his unconventional journey from online businesses to brick-and-mortar retail.
He also explains why he believes everyone will become an entrepreneur within the next decade — whether they want to or not.

We dive deep into Sabatier’s framework for the four stages of entrepreneurship.

The first stage is experimental — you’re figuring out how entrepreneurship feels and testing ideas with minimal risk. Most people skip the crucial research phase and invest too much money too quickly.

The second stage focuses on building sustainable systems as a solopreneur. Thanks to AI and modern tools, Sabatier launched a new website in 10 minutes recently — something that would have taken two weeks just five years ago.

Stage three involves intentional growth. Sabatier warns against the common trap of scaling rapidly without considering how you want entrepreneurship to fit into your life.

The final stage is empire entrepreneurship — using cash flow from successful businesses to acquire other companies rather than investing in traditional assets like stocks or real estate.

Throughout our conversation, we explore the most common reasons businesses fail, how to avoid fragmented attention, and why Sabatier believes your story is your competitive advantage in an AI-driven world.

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#565: Codie Sanchez: From Wall Street to Washing Machines

When Codie Sanchez worked in finance, she wasn’t planning to buy a laundromat. But facing 60-70 hour workweeks and realizing she didn’t want her boss’s job, she started looking for an exit strategy. Instead of buying a fancy car during her “midlife crisis,” she purchased that first laundromat – a decision that would lead her to acquire multiple laundromats, car washes, and other local businesses.

Codie joins us to break down how regular people can buy and run profitable local businesses, even without previous ownership experience. These “Main Street” businesses – think laundromats, car washes, landscaping companies, and other local services – often generate steady cash flow without requiring complex technology or massive scale.

She shares eye-opening stats about business ownership in America: while 80 percent of Americans owned a business in the 1800s, today that number has dropped to just 6 percent. Meanwhile, private equity firms have increased their ownership of small businesses from 4 percent in 2000 to 20 percent by 2020.

But there’s good news for aspiring business owners. Codie breaks down 21 different ways to finance a business acquisition, from seller financing to equipment loans. She explains that 60 percent of businesses sell with some form of seller financing, making ownership more accessible than many realize.

Want to avoid common pitfalls? Codie introduces her RICH framework:
– Research: Define what type of business fits your goals and skills
– Invest: Get skin in the game, but never risk bankruptcy
– Command: Use systems and metrics to avoid accidentally buying yourself a job
– Harness: Build toward bigger goals if desired

She emphasizes starting small — master one business before attempting to build an empire. A successful acquisition requires understanding the “roadmap to making money” – the 5-7 key steps that drive profit in any business.

The numbers tell an encouraging story: while 90 percent of startups fail within 10 years, small business acquisitions have a 75-95 percent success rate. Codie attributes this to buying proven business models rather than starting from scratch.

Perhaps most importantly, she challenges the notion that “boring” businesses can’t generate serious wealth. From a roofing company founder becoming one of the world’s wealthiest women to a garbage collection entrepreneur building a billion-dollar enterprise, Main Street businesses have created numerous millionaires and billionaires.

Want to learn more? Check out Main Street Millionaire.

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#534: What You Can Learn From the CEO Who Built KFC, Taco Bell and Pizza Hut

We sit down with David Novak, the co-founder and former CEO of Yum! Brands, the giant parent company behind KFC, Taco Bell, Pizza Hut, and the Habit Burger Grill. David shares stories from his remarkable career, offering insights into leadership, decision-making, and personal growth.

We dive into one of David’s most memorable projects: the creation of Crystal Pepsi. David talks about how the idea was born out of a gut instinct when he noticed a trend toward clear beverages. The media buzz was massive, and he was convinced it was a winner. But the Pepsi bottlers pushed back, saying it didn’t taste enough like traditional Pepsi. David pressed on anyway. The product launched to a lot of fanfare but ultimately flopped.

David reflects on this experience as a lesson in the importance of listening to feedback, even when you’re sure you’re right.

The conversation then shifts to David’s unique upbringing. He lived in 23 different states before high school. This taught David to adapt quickly, make friends fast, and assess people and situations—a skill set that became invaluable in his leadership roles.

David then takes you through his early career, from being a mediocre student who found his passion in advertising, to making a pivotal move from marketing to operations at PepsiCo. This shift was crucial, setting him up to eventually lead Yum! Brands.

David’s journey is filled with stories of hard decisions, like turning down a bigger job at Frito-Lay because it didn’t align with what truly made him happy. He shares his philosophy on prioritizing joy and finding fulfillment in your work, a principle that guided his entire career.

Leadership is a major theme in the discussion. David talks about the balance between confidence and humility, using Warren Buffett as an example of someone who embodies both. He also shares his thoughts on how to handle criticism and feedback.

According to David, the key is to listen carefully, avoid being defensive, and understand whether the feedback is valid before making decisions.

David also offers practical advice on personal development. He talks about his “Three by Five” exercise, where he regularly assesses who he is today and what he needs to work on to become more effective. This habit of self-reflection has helped him stay grounded and continually improve as a leader.

The episode wraps up with a discussion on company culture. David believes that creating an environment where everyone feels valued is essential for success. He emphasizes the importance of leaders modeling the behavior they want to see in their teams and being the first to extend trust and positivity.

David’s stories and insights provide a deep dive into what it takes to lead a major company, make tough decisions, and continually grow both personally and professionally.

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#518: Rachel Rodgers: The Million Dollar Mindset

If you want to learn about building wealth through entrepreneurship, you’ll enjoy this episode.

When Rachel Rodgers graduated from law school, she didn’t take the conventional path to working at a big law firm. Instead, she opened her own practice, specializing in intellectual property law. Many of her clients were entrepreneurs and small business owners. 

Rachel quickly realized that many of her clients faced significant challenges in trying to grow their business. This ignited a new vision in her: to not just provide legal services but to help entrepreneurs achieve financial success.

She pivoted, shutting down her law practice to open Hello Seven, a company that offers comprehensive business strategies to help entrepreneurs reach seven-figure incomes.

She joins us today to share actionable insights that can help any entrepreneur, side hustler or small business owner reach seven figures in revenue.

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#501: Live From Brooklyn: Travel More, Work Less

Feeling stuck in a job you hate, dreaming of exotic adventures? This episode is your escape hatch.

Brad Barrett, host of the ChooseFI Podcast, takes the interviewer role in this special episode, recorded LIVE at a comedy club in Brooklyn.

Brad interviews me (!!) about how I quit my reporter gig and traveled the world for over 2 YEARS! This episode spills the tea on my transformation from newspaper reporter to world wanderer, and talks about how this podcast (now over 500 episodes!) got started. Feeling inspired? This episode is your travel hack manual for designing your dream life on a budget.

Enjoy!

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#485: How to Start a Business in One Weekend, with Noah Kagan

If you’ve ever thought: “I’d love a business BUT …

“I don’t have TIME.”
“I don’t have MONEY.”
“I don’t have IDEAS.”
“I have TOO MANY ideas and I don’t know where to start.”
“I’m not technical.”
“I’m not creative or artistic.”
“I’m not good at sales.”

You’re not alone. Countless people don’t start businesses or side hustles for these reasons.

And they’re losing thousands — perhaps millions — in opportunity cost.

How much could you make if you started a side hustle that eventually scaled into a business? Possibly millions. Today’s guest, Noah Kagan, is living proof.

Noah was employee #30 at Facebook. His stock options, if fully vested, would be worth over $1 billion today.

(If you want to do the math — his stock options came to 0.1 percent of the company, which has a current market cap of $1 trillion.)

But Noah was fired just a couple months before his stock options vested. So rather than getting a billion-dollar payout, he got nothing.

He sank into a deep depression, eventually recovering with the help of a therapist who counseled him on how to reframe the experience.

Then he rolled up his sleeves and got to work. He became a serial entrepreneur, building multiple businesses. His most successful venture now makes $80 million in gross revenue, and his personal take-home is $3.3 million per year (which comes from a $200,000 annual salary and $3.1 million profit distribution.) His net worth is $36 million.

Not a billion, but still not too shabby.

Noah recently wrote a book called “Million Dollar Weekend: The Surprisingly Simple Way to Launch a 7-Figure Business in 48 Hours.”

He sits down with us (in person!) to share:

— how to find business ideas
— how to overcome objections and rejections
— how to scale

By the end of the episode, the common objections that you often hear — like “I don’t have time/money/ideas” — will be quashed.

Please enjoy!

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#445: Boldly Unemployed: Embracing Entrepreneurship, with Steve Chou

We sit down with Steve Chou, an accomplished entrepreneur who, alongside his wife, built two businesses that each bring in seven figures – and gives them the freedom to spend more time with their kids. 

We delve into the challenges he faced in the early stages of his business and how he overcame these obstacles. 

Additionally, Steve opens up about the personal and emotional aspects of running a business. He candidly discusses the fears, doubts, and sacrifices he and others have encountered during this transformational journey, emphasizing the importance of resilience and avoiding the comparison trap.

Whether you’re contemplating leaving your job to start your own venture or simply seeking inspiration from a seasoned entrepreneur, this episode with Steve Chou is a must-listen.

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#443: Building Your Dream Business, with Amy Porterfield

As a former corporate powerhouse turned successful entrepreneur, Amy knows firsthand the challenges and triumphs of building a business from scratch.

Amy is the host of the top-ranked podcast “Online Marketing Made Easy,” and the owner of a multi-million dollar digital course business. She is also the author of “Two Week’s Notice,” a guide to quitting your job and building your own business.

Get ready to be inspired as we uncover Amy’s secrets to building a thriving business and learn how you can apply her proven techniques to achieve your own entrepreneurial dreams.

Whether you’re just starting out or looking to take your business to the next level, this episode is packed with actionable advice that you won’t want to miss.

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