On July 31st, 2015, Lawrence Wu decided to quit his first job out of school to pursue a hot sauce and grocery industry that was ready for change.
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DropBox – Lawrence’s small business resource
Rich Dad, Poor Dad – Lawrence’s Top Business Book
Wuju Hot Sauce – Lawrence’s website
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3 Value Bombs
1) Listen to those small, intimate details in conversations.
2) When things go wrong, remember there will always be a time when it will go right.
3) Don’t focus on the things that are beyond your control.
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(click the time stamp to jump directly to that point in the episode.)
[01:02] – Lawrence grew up in the restaurant industry with his parents
[01:53] – His area of expertise is being able to listen to more intimate details in conversations
[03:04] – Share something we don’t know about your area of expertise that as Entrepreneurs, we probably should: When Lawrence first developed connections, it became a huge learning process. Be authentic, be real, be genuine and don’t forget to amplify your reactions
[06:47] – Worst Entrepreneurial Moment: On July 31st of last year, Lawrence realized there was a need to raise capital because of his company’s growth. Unfortunately, at the time, his father endured a stroke and his mom’s cancer worsened. He was still learning the language of fundraising when his parents were confined in both wings of the same hospital. It was a wakeup call that gave Lawrence focus
[09:00] – You can’t expect both your business and personal life to be going well at the same time
[09:45] – Entrepreneurial AH-HA Moment: When Lawrence was first developing the brand, he was thinking of introducing a simple, clean label for his hot sauce. He developed it with his sister, but couldn’t find something that felt right. Lawrence wanted to honor a friend of his who recently died of cancer, so when his friend’s mom posted a photo, he found his brand
[11:32] – Being in a capital intensive business, Lawrence thought funding would just come his way – BUT, it was the other way around
[12:15] – Ignorance is bliss
[13:27] – What is the one thing you are most FIRED up about today? “It’s our opportunity to scale”
[14:28] – Organic networking brought in the biggest wins for Lawrence’s business
[15:09] – The Lightning Round
- What was holding you back from becoming an entrepreneur? – “The pressure of family and friends”
- What’s the best piece of advice you’ve ever received? – “Learn from other people’s mistakes”
- What’s a personal habit that contributes to your success? – “Being actively aware and taking a step back when I’m stressed out”
- Share an internet resource, like Evernote, with Fire Nation – DropBox
- If you could recommend one book to our listeners, what would it be and why? – Rich Dad, Poor Dad – “I think it does an amazing job of showing how different two perspectives in two very similar situations can be”
[19:44] – Control what you can and focus on that
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