Eliot Wagonheim is an entrepreneur, speaker, and strategist who just happens to be one of the most highly regarded small business attorneys in the nation.
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Upwork – Eliot’s small business resource
Essentialism – Eliot’s Top Business Book
Far Sighted Business – Eliot’s website
For Fire Nation – 4 Questions That One Should Ask Before Entering Any Contract
Connect with Eliot on his podcast
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3 Value Bombs
1) As you begin your business, never forget about marketing.
2) Pivot to where your clients are.
3) Be true to yourself—there isn’t just one way to do something.
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(click the time stamp to jump directly to that point in the episode.)
[00:57] – Eliot has been a business attorney for 30 years
[01:02] – He’s married and has 2 boys
[01:37] – His area of expertise is in helping his client get the most for their business
[02:16] – Share something we don’t know about your area of expertise that as Entrepreneurs, we probably should: Most people use contracts. What they don’t know is that 1 out 10 agreements encounter a significant dispute
[04:25] – Worst Entrepreneurial Moment: Eliot decided to create a software package that would interview his prospective client. Eliot thought it was a great idea. He got investors and spent about $100K to develop the app—and it worked like a charm. What he didn’t do was take into consideration that cost overruns into accounts, including marketing
[06:37] – Talk to people who know better than you
[07:04] – Devote as much to marketing as you devote to creating your product
[07:44] – Even if you fail, look at the rubble and you will find something of value
[08:13] – Entrepreneurial AH-HA Moment: Eliot was on a hotel deck when he got a call from one of his clients. The client joked around with him and they talked about his problem. At the end of the call, the client said, “I’m sorry about that crack about you being on the clock. It’s just that I know all lawyers work that way and there’s nothing you can do about it.” Eliot thought he could do something about this, so he created a business model called The Hourglass Works that offered unlimited phone calls, unlimited emails, and all the stuff clients hated being billed for.
[09:56] – Eliot took that client out for coffee to talk about his new model
[11:43] – ”Just because it has always been done one way, doesn’t mean it isn’t incredibly stupid to do it another”
[11:51] – You have a choice regarding what matters more
[12:27] – Have conversations with your clients
[12:38] – What is the one thing you are most FIRED up about today? “I love the fact that people can identify their exact needs and then find somebody to provide just that”
[15:43] – The Lightning Round
- What was holding you back from becoming an entrepreneur? – “I was just stuck in such a tradition-bound profession”
- What’s the best piece of advice you’ve ever received? – “Be true to yourself”
- What’s a personal habit that contributes to your success? – “I have a morning routine”
- Share an internet resource, like Evernote, with Fire Nation – Upwork
- If you could recommend one book to our listeners, what would it be and why? – Essentialism – “it really shows the fact that we may have infinite interests, but we only have the ability to take on a finite focus”
[21:21] – You cannot move anywhere if doubt is your principle
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