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    I Hope Your Business Burns Down with Pinky Cole

    enSeptember 19, 2023

    Podcast Summary

    • Lack of Fire Insurance Leads to Devastating LossesInsuring your business is crucial to protect against potential disasters and safeguard investments, even if it seems like an unnecessary expense.

      Having insurance, specifically fire insurance, is crucial for business owners, even if it seems like an unnecessary expense at the time. This was a painful lesson learned by Pinky Cole, who lost her first restaurant to a grease fire because she didn't have fire insurance. Before the fire, Pinky was a successful restaurant owner, working long hours and putting all her energy into her business. However, she lacked some essential ingredients for a thriving establishment, including fire insurance. The fire destroyed her restaurant, and she was left with significant losses. Pinky's experience serves as a reminder that cutting corners to save money can lead to devastating consequences. By prioritizing insurance, even when it seems unnecessary, business owners can protect themselves from potential disasters and safeguard their investments.

    • Entrepreneurship comes with unexpected challengesInsure your business and meet financial obligations to prevent financial hardships during tough times.

      Having the necessary resources and insurance in place is crucial for entrepreneurs. The speaker learned this lesson the hard way when her restaurant caught fire and she didn't have fire insurance. This put her in a tough financial position and caused her to walk away from the business, only to discover later that she still owed sales tax and other debts. These unexpected expenses led to a significant financial loss. Therefore, it's essential to ensure that all necessary insurance and financial obligations are met to prevent financial hardships during challenging times. Additionally, the speaker emphasized that setbacks and hardships are a normal part of entrepreneurship and can lead to growth and success if navigated effectively.

    • The importance of a strong support teamHire an accountant, attorney, and assistant for financial, legal, and administrative support to avoid pitfalls and focus on growth

      Having a strong support team, specifically an accountant, attorney, and assistant, is crucial for entrepreneurs to avoid financial and legal pitfalls. The speaker shared a personal experience of losing $17,000 due to unpaid taxes, which led her to prioritize hiring these professionals from the start of her business, Slutty Vegan. The accountant ensures financial responsibility and acts as a numbers expert, while the attorney protects the business from lawsuits and reviews contracts. The assistant handles administrative tasks, allowing the entrepreneur to focus on creativity and growth. These professionals serve as a "triple A battery," providing essential support and expertise to entrepreneurs as they navigate the complexities of business ownership.

    • Find a supportive team member or 'fake assistant'Improve productivity and focus by enlisting help from friends, family, or social media. Build trust and shared ethos for long-term success.

      Having an assistant or a supportive team member can significantly improve productivity and focus for entrepreneurs, especially those with busy schedules. When starting out, if an assistant isn't financially feasible, consider inventing a "fake assistant" by utilizing friends, family, or even social media to find passionate and dedicated individuals who can help out. Building trust and maintaining a shared ethos and energy are crucial for long-term success. Social media platforms like Instagram can be valuable resources for finding potential team members who are already familiar with your brand and voice. Remember, the intangible qualities and dedication that these individuals bring to the table cannot be bought and are invaluable to your personal and professional growth.

    • Navigating Instagram Growth and Hiring ChallengesFind passionate followers with expertise, avoid hiring family and friends without clear boundaries, and stay dedicated to your mission and mindset during entrepreneurial ups and downs.

      Instagram can be a powerful tool for entrepreneurs to grow their brand, but it comes with its challenges. While you may find passionate followers who want to join your growing business, they might not have the expertise you need. Additionally, hiring friends and family can be tempting, but it comes with its own set of complications. The key is to find people who share your mission and mindset, and be willing to learn from both successes and failures along the way. Pinky Cole, the founder of Slutty Vegan, learned this lesson the hard way when she tried hiring family members and friends, leading her to establish clear boundaries between business and personal relationships. Ultimately, the journey of entrepreneurship is filled with ups and downs, and it's essential to remain dedicated and focused on the bigger picture, even during the toughest times.

    • From setbacks to growth opportunitiesShift mindset from 'why me?' to 'what can I learn?' to turn setbacks into opportunities for growth and improvement

      Setbacks and challenges are opportunities for growth and improvement, rather than reasons to give up or feel sorry for oneself. As Earl "Ike" Williams shared, he learned to shift his mindset from asking "why me?" to asking "what can I learn from this?" After experiencing a devastating fire that forced him to step away from his restaurant business, he was presented with an unexpected opportunity to work in TV production. This experience allowed him to take a break, regroup, and prepare himself for the next chapter – the launch of his successful vegan restaurant empire, Slutty Vegan. Despite the hardships he faced, Williams remained determined and focused on completing the business he had started, proving that even in the face of adversity, it's important to stay ready and never give up on your goals.

    • Embracing risks and learning from failuresTransitioning from a casting director to a successful vegan business owner, the speaker shares her experience of not letting unfinished business define her story, having a supportive network, and not taking business losses personally.

      Entrepreneurship involves taking risks and learning from failures. The speaker, who transitioned from being a casting director to a successful vegan business owner, shared how she didn't let unfinished business define her story and instead continued to pursue her goals despite setbacks. She also emphasized the importance of having a supportive network, even if it means turning to unexpected sources like LinkedIn for hiring or Airbnb for monetizing unused space. Lastly, she encouraged not taking business losses personally and instead viewing them as learning experiences. By embracing these principles, one can overcome challenges and make a meaningful impact, whether in business or in the broader community.

    • No Friends, No Emotions, and No Personal Attachment in BusinessEntrepreneurial success requires mental fortitude and emotional control, focusing on strategy, financial optimization, learning from mistakes, and being frugal.

      Mental fortitude and emotional control are crucial for entrepreneurial success. Pinky Cole shares her personal experience of learning this lesson the hard way. She emphasizes that in business, there should be no friends, no emotions, and no personal attachment. Instead, a strong strategy and focus on financial optimization are essential. Cole also highlights the importance of learning from past mistakes and being frugal to ensure the longevity of a business. As she grew her business, she prioritized necessities over nice-to-haves and brought on key executive hires. While Cole's perspective may not resonate with everyone, her insights offer valuable lessons for entrepreneurs striving for success.

    • Utilizing funding for expertise and focusing on core functionsLearn new things, prioritize, delegate, maintain clear finances, and stay positive for successful business growth.

      Prioritizing and delegating are crucial for business growth. The speaker, who is a business owner, emphasizes the importance of utilizing funding to bring in expertise and focus on core business functions. She shares her experience of learning new things every day and the importance of best practices, especially in a restaurant business. She also discusses the challenges of being an emotional leader and the importance of maintaining a clear separation between personal and business finances. The mantra "I overflow with possibilities, and I will dream again" reflects the importance of staying positive and resilient in the face of adversity. Overall, the speaker's insights offer valuable lessons for entrepreneurs navigating the ups and downs of business growth.

    • Staying Positive and Financially PreparedDespite unexpected challenges, keep dreaming and manifesting your financial goals. Create a reserves account to save for future expenses or investments.

      Even in the face of unexpected challenges and setbacks, it's important to never stop dreaming and believing in your business or financial goals. As shared in the podcast, the host experienced a moment of doubt and anger when she learned about a business associate being sued for unpaid wages, but she reminded herself to keep dreaming and manifesting her desires. Another valuable tip shared in the episode was the importance of creating a reserves account to save for unexpected expenses or investments. By setting aside a percentage of income and investing it, the money continues to grow and can be accessed when needed. Overall, the podcast emphasizes the importance of staying positive, persistent, and financially prepared in the journey towards achieving financial success.

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