0 (2s):
Boom, shake the room, Fire Nation. JLD here and welcome to Entrepreneurs On Fire brought to you by the HubSpot Podcast Network with great shows like business infrastructure. Today, we'll be chatting about taking the jump into entrepreneurship to drop these value bombs. I have brought to Kim Perell into EOFire studios. Kim is a serial entrepreneur angel investor and best-selling author. She sold her last company for $235 million, and she loves supporting entrepreneurs. And as an investor in over a hundred companies, we'll talk about the variety of jumps that we can make as entrepreneurs, city Fire Nation was talking about failure. Should he be afraid of its preparation, the lowliness of entrepreneurship, overcoming fear and so much more.

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0 (1m 27s):
Kim say what's up to Fire Nation and share something that you believe about becoming successful that most people disagree with.

1 (1m 37s):
Hey, Fire Nation, excited to be here. Let's see. One think thing I think most people would disagree with is I think everyone thinks you need passion, right? I mean, everyone's like, oh, we need passion, but I just don't think passion is going to get you where you need to be. So I look at passion, you know, from a different angle, which is it's a Latin root word, a pain or suffering. And so I really think you do need passion, but not in the way people think not to love it, but to suffer for it. So to be a true entrepreneur, like what are you willing to suffer for to achieve that vision of that you have in your,

0 (2m 17s):
Yeah, I agree with that. Cause for me, I will be honest. Like I did have to suffer through becoming a podcast interviewer by interviewing people and by communicating with them, it was a struggle. Like I was bad. I had never done it before. You know, I just really to get up every day, dreading it a little bit and just getting a little bit better every single day. And here we are 3000 episodes later. So what I'm trying to get across to you, Fire Nation is like, I've actually evolved into being passionate about having conversations like this and about loving what I do. It wasn't like this necessarily day one, like I never wanted to go to school to be a radio announcer or anything. Like this is something that, Hey, you see an opportunity.

0 (2m 58s):
Your passion can evolve over time. And we're here to talk about taking the jump into entrepreneurship and Kim's going to be breaking down a lot of things because there are Kim, a variety of jumps that we as entrepreneurs make. What types of jumps do you see most often?

1 (3m 15s):
Oh my gosh. Well, I look at it and I think entrepreneurs usually take what I would call an opportunity jump, which is they have this vision it's burning inside them of them. They have an itch, they got a scratch and they jumped. Right. And I think that's what most entrepreneurs I worked with have felt. But I think there's also, I mean, I came from a survival jump where I basically was, you know, my company went bankrupt and I had to survive. So I took the leap into entrepreneurship. So there's many different ways to get there. Ideally like an ideal world, it'd be an opportunity jump. But I also think, you know, you can have a survival jump. You can come from a stagnant place where you're bored.

1 (3m 55s):
You hate your job. You just got to try to find a different way out or, you know, you want to change careers. So the opportunity jump, I think, is the best place to be from my experience.

0 (4m 6s):
Well, listen, bankruptcy sucks. Failure sucks. But riddle me this, should we as entrepreneurs be afraid of failure?

1 (4m 16s):
No, I do not think so. I think failure is essential to success, to be honest. I mean, I've failed so many times along the way and honestly, every day and it's about what do you learn from each of those failures? And I really think I've learned more from my failures than I have from my successes because you learn, you grow, you adapt, you get stronger, right. It's like resilience. And I think if you're not failing, you're probably not trying hard enough.

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Were you afraid when you first launched this company that you now sold for $235 million? Oh my gosh.

1 (4m 50s):
When I first started, I was so scared. I mean, I didn't know, obviously I'd never been an entrepreneur. I had no idea what, what that even meant. I didn't know all the acronyms, like a P and L I didn't, you know, honestly, I didn't know anything. I was definitely afraid of failing, but you know, honestly, after coming from a bankrupt company, you know, I was already at rock bottom. So I guess I couldn't, I didn't think I could get farther. There was farther for, to go. So I felt like if I was going to fail again, it was going to be on my own terms. And I felt like at least I was taking control of my own destiny. And at the end of the day, I'd, you know, if I failed, that would be, it would be my, the result of myself. And I like, you know, the best bet you can make is a bet on yourself.

0 (5m 32s):
Well, you've also made bats on a lot of other people. I mean, you're an investor in over a hundred different companies. I mean, one of your favorite things is angel investing. So let's talk about what you see with these companies that you're investing in. I mean, are they afraid of failure when you're investing money into these people? Like, what is the lure that brings you to angel invest in companies? Oh

1 (5m 56s):
My gosh, I love entrepreneurs. My passion is helping them because I am one. And I think having been there and it's lonely and it's scary. And you know, my grandma made a bet on me, but not everyone has someone to make a bet on them. And I want to make those bets. I just feel, I, I have the ability

0 (6m 17s):
Now to obviously having sold my company and it's like, I'm going to make bets on people that I believe, you know, can really create something great. And you know, it's about, it's about making the bed and I think true entrepreneurs, like these are resilient, they're resilient. Like they want to create. And that's what motivates them every single day. Obviously seen a lot of pitches though. If you've decided on a hundred companies, what's like one really green flag where you're like, this is a go. And then on the alternative side, what's one really red flag.

1 (6m 51s):
Green flag is honestly at this stage, I usually do early stage investing. So early stage seed stage. And at that point you're betting on the opportunity market opportunity and the person, right? Like it's definitely it's know people, great people make great companies. And so at that early it's, you know, there is no it's, pre-revenue usually, so you're really making a bet. And so it just has to be the combination of the market opportunity. Plus the person that you believe can execute against it. Red flag, when every time I see a deck and there's that hockey stick in year five, where you make a ton of EBITDA and you know, you just knock it out of the park. It's like, I mean, come on. I know it should show that, but let's be realistic.

1 (7m 33s):
I saw someone the other day. I was like, I'll make 50 million in EBITDA on your five. I'm like, this is the most amazing company. Like it's never going to do that

0 (7m 41s):
Fire Nation. We're going to talk next about preparation. So Kim break it down for us. How can entrepreneurs best prepare for the leap of their life?

1 (7m 52s):
I love that the best entrepreneurs, I know, make a plan and they start planning at least. I mean, honestly, a year in advance, they're researching, they're learning, they're educating themselves, they're saving, they're planning for that leap. And I think, you know, if you don't know where you're going to go, how are you going to get there? And how are you going to make sure you have enough oxygen to get there? So I really do believe it's important to plan. It's important to save. And it's important to know again, what you're willing to give up in order to achieve that vision. And there's probably, you know, I, I worked out in my kitchen for three years and eight, you know, burritos and top ramen. So like, what are you really willing to do? And I think that's important to know.

0 (8m 33s):
I think that last phrase, Fire Nation, what are you willing to do? Needs to be something you really come to terms with before you take that leap, because you've got to be willing to do just about everything going all in. And now Kim did briefly mention OSH. Moosher being lonely. We talked a little bit about overcoming fear, but we're going to be getting really into this stuff. When we get back from thanking our sponsors, do you have an idea for an online store, but are stuck because you don't have the courage or resources to take action while that stops today is time to turn your e-commerce idea into reality. With the idea to store contest, the contest is organized by.store domains.

0 (9m 14s):
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Fire Nation is time to build genuine relationships with your customers at Klaviyo.com/fire. That's Klaviyo.com/fire. So Kim we're back. And as I teased before the break, we're talking about loneliness next, because entrepreneurship is loan Lee, especially when you're just starting as a solopreneur, which I did back in 2012, it was just me and my laptop and like 12 hours stretching out in front of me all day being like, what do I do? So how can we find the right community?

1 (11m 16s):
I think it's really important to have that support system, no matter who you are and where you're coming from. And I think for me specifically, it's looking for people who have been there, have done that. So finding a mentor has been really helpful for me. And in that mentor, doesn't have to be someone that's 10 steps ahead. Just one step ahead. So if you're looking to be an entrepreneur and like a podcast, right, like who's one step ahead. That's already started that's up and running. And I think trying to find someone that's been there that said that, so you do not have to reinvent the wheel is really important also just to, you know, to be there and to bounce ideas off of. And if you don't don't have that. I think also just looking for supportive friends, families, coworkers, anyone that supports you or vision because every, you know, having been there and I'm sure you, you know, you were probably there too, is just, everyone's going to tell you why it's not going to work, why you shouldn't do it, why it's risky, why you should get a real job.

1 (12m 11s):
Like, I mean, there's a thousand reasons why you shouldn't do it, but find the people that actually support why you should

0 (12m 17s):
One step ahead, Fire Nation. And I always talk about your mentor, I think is a great part of this as well. When you're looking for your community, your mentor, your masterminds. I always say that your mentor is somebody who is currently where you want to be in one year's time, not in 10 years on a 20 years, cause they're not even relevant anymore. And what you're doing in this moment, because things have changed so much in one year's time at the most and people in your mastermind, these should be people that are one step ahead, two steps ahead of most, maybe one set behind you. So you can help pick them up as well. This, these are the people in the community you need to be surrounding yourself with. And let's continue to talk about fear and specifically overcoming fear, because fear is going to happen when your belt to take a leap into uncertainty, how Kim can we overcome this?

1 (13m 7s):
I mean, honestly, every day I'm afraid of something I still am. Right. It's scary. And so trying to understand, you know, making friends with that fear, acknowledging the fear and knowing if you're afraid, that means you're growing. So that's like a good spot to be comfort to me is like the death zone. So once you hit that, like the fears, the growth zone, so acknowledging if you're afraid, you're growing and that means you're T you know, that you're jumping forward and you're jumping up and you're, you know, that you're going to be seeing growth in whatever you're trying to achieve. And you know, but it is scary. I don't know if you ever get, get over the,

0 (13m 43s):
You never get over the fear. I mean, I've talked to people who have been in this business for 50, 70, 80 years. Some of them fear is really something that keeps you going. I mean, I love that comments. Comfort is the desk zone. And one thing that I see a lot is all the magic happens outside outside of your comfort zone, Fire Nation. So if you don't want any magic in your life, the state in the comfort zone, cause there won't be any magic there, but when you get scared, fearful you push the envelope outside of the comfort zone, Patrick it's Patrick people love saying that they're too young or they're too old for the leap. Is there an age where it's too late to jump?

1 (14m 23s):
I do not think so. It's so interesting because my family's, you know, very entrepreneurial and I talked to my dad this morning and he was going, cause he's, he's building again. He's 73. He started a new company and you know, it's just interesting that no, there's, you'd never too late to start again. I think that's really important, but you're also, it's never too early because the earliest start, I believe like the earlier certain you just learned specific strategies for growing, for, for getting faced with rejection. If you can learn those early on, like it makes, you know, it makes, it makes the journey easier, right? So just trying to put your face and you know, those type of experiences.

1 (15m 4s):
And so even my niece is, you know, she's starting to she's nine and she's got a dog baking treat business. I mean, you can be any age and be an entrepreneur, which is amazing, right? There is no age limit. It's just having that courage to start and to take that leap,

0 (15m 21s):
It comes back to courage. And I think that really goes back to community. Like if you have the community, you have the mastermind, the peers of friends and mentors, people that will support you. It's going to help you be that much more courageous and brave, which is so key. Now, Kim, we've dropped a lot of value bombs here today, but really I really would love for you to share right now is the one key takeaway that you really want to make sure Fire Nation gets from everything that we talked about here. What's the key thing you really want us to make sure that we walk away with then share what you have going on right now in this world, how Fire Nation can find out more about that connect with you and you call to action. You have, and then we'll say goodbye.

1 (16m 1s):
Awesome. Let's see. I think the biggest lie people tell themselves if they don't have a choice. And that's just honestly that, that just to me is just a lie. You do have a choice, right? You're the CEO of your own life. You can fire, you can hire, you can promote, you have to be, have the courage to make that choice. And that's, I think everyone would rather complain why they can't, why they won't, whether they're too old, whether they're too young, why they don't have the skills like that is a massive lie. Like you just have to have the courage to take that leap and believe in yourself. And so I just think it's hard. I get it. I've been there, but you can do it.

1 (16m 41s):
And I just, again, why am I, you know what I'm doing now? I just, my new book jump is coming out and it's all about daring to do what scares you in business in life. It's scary and I've been there. And I just think that one leap can change your life and having the courage to take it. I mean, it's scary, but just how do you go from here to there? And that's what makes all the difference

0 (17m 7s):
Work and Fire Nation go to find out more about this book, junk

1 (17m 11s):
Jumpwithkim.com, please visit and learn. There's an amazing bonus that you get a one-year success plan. Going back to your, you know, your question about a plant, I truly believe you need a great plan to make a jump. And there's a great bonus download that you, you know, mapped out 12 months. And I think it's really important and gives you really that success plan to ensure that you safely land your jump because it is scary, but there's a safe way to land with a plan

0 (17m 38s):
Fire Nation. You're the average of the five people you spend the most time with. And you've been hanging out with KP and JLD today. So keep up the heat, head over to EOFire.com type Kim in the search bar. Her page will pop up with everything that we've been talking about here today. Make sure you visit jump with kim.com to learn more about to what sounds like an amazing book. And Kim, thank you for sharing your truth, knowledge value with Fire Nation today. For that we salute you and we'll catch you on the flip side. Thanks so much. See you guys soon. Hey, Fire Nation today's value bound content was brought to you by Kim and Fire Nation. Do you have an online store idea? Check out the ideato store contests by.store domains.

0 (18m 22s):
They're giving away cash prizes up to $30,000 for sharing your online store ideas. Learn more at www.ideato.store. That's www.ideato.store. And I'll catch you there, or I'll catch you on the flip side, have an idea for an online store, but stuck because you don't have the courage or resources to take action that stops today. It's time to turn your e-commerce idea into reality with the idea to store contests for details, visit www.ideato.store today. That's www.ideato.store.

0 (19m 2s):
Turn your small e-commerce business into the next big thing with Klaviyo. Klaviyo is the easy to use email and SMS platform that gives you everything you need to build genuine relationships with your customers. Give it a try with a free account at Klaviyo.com/fire. That's Klaviyo.com/fire.