Are you looking to start your own business but not sure where to begin? Ed “Skip” Mclaughlin has been there. As a founder, CEO and President in both corporate and entrepreneurial fields and talks about his “chaos” journey as well as his new book The Purpose Is Profit in this episode.
Episode 10: Show Notes.
Ed “Skip” McLaughlin has been founder, CEO, and president at every stage of his life. He received a liberal arts education at College of the Holy Cross in Worcester, Massachusetts and immediately went on to join IBM and on to Hewlett-Packard after that. Ed knew that he needed to get a great business education and has always liked to work hard. The idea of putting in the hours and fighting for the results came second nature him. Ed has an incredible background in both the corporate and startup worlds. Today he is the founder of four businesses and is currently running Blue Sunsets LLC, a real estate and angel investment firm. Ed is also the author Purpose Is Profit: The Truth About Starting and Building Your Own Business, which is essentially a blueprint for starting a business from ground zero. In today’s episode Ed shares his top tips on how to navigate failure in the entrepreneurship world, and why he strongly believes in developing distinctive competence before starting your own business. He delves into the concept of heavy lifting and why you should not get romanticized into starting a business unless you have a hight pain threshold, a terrific work ethic, and are willing to sacrifice like no other.
Key Points From This Episode:
- Hear Ed’s story and how he gained experience in both the corporate and startup worlds.
- Discover the criteria that translate over from entrepreneurship into the corporate field.
- Understand the concept of “distinctive competence” and how Ed applies it to his work.
- Learn what failure looks like to Ed, and how to navigate around it.
- Ed shares his big three failures points: lack of competence, not following advice, no adequate budget.
- Discover the importance of having a mentor or a coach to guide you.
- Hear an overview of Ed’s book, Purpose Is Profit: The Truth About Starting and Building Your Own Business.
- Ed reveal his biggest lessons learned, and how it relates to the concept of heavy lifting when it comes to entrepreneurship.
[spp-tweet tweet=”“If you are going to put your time, money, and reputation at risk, you may as well build something that is going to succeed.” — @purposeisprofit”] [spp-timestamp time=”0:07:37.0″]
[spp-tweet tweet=”“Don’t get romanticized into starting a business unless you’ve got a high pain threshold and a willingness to sacrifice.” — @purposeisprofit”] [spp-timestamp time=”0:19:16.0″]
Links Mentioned in Today’s Episode:
Purpose Is Profit — http://thepurposeisprofit.com/
Ed’s Twitter — https://twitter.com/purposeisprofit