Warren Patterson is a dynamic and results-driven high level executive with a proven track record of driving growth, leading successful mergers and acquisitions, and building high-performing teams. He demonstrated expertise in operations, strategic planning, and cultivating a positive organizational culture. He is a visionary leader with a keen ability to identify opportunities, mitigate risks, and deliver sustainable results.

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Guest Resource

Warren’s LinkedIn – Connect with Warren on LinkedIn.

3 Value Bombs

1) Luck doesn’t happen, luck is created and if you find yourself in a situation when you are able to take advantage of the luck that’s being created is in itself amazing.

2) Don’t micromanage. Treat people like adults and expect great work from them. This will be instrumental to the success of your business.

3) Being an entrepreneur is a gift and a blessing. Its hard and it sucks sometimes but you are in control of your own destiny and that is worth gold.

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Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: The Journey to $100M

[1:38] – Warren shares something that he believes about becoming successful that most people disagree with.

Success is about how much hardwork you do. It doesn’t need a huge amount of brain power to reach success, you just need to work incredibly hard and in some cases, it takes a lot of luck and it takes a lot of grit and determination.

[2:51] – Warren tells that every journey starts with an idea and the belief that we can see it through.

Believe in yourself and have faith that the idea that you’re going to chase is going to turn into something successful. Its not going to happen overnight and its not going to happen when you are alone. It takes other smart, hardworking people to be a part of the journey with you.
If you don’t believe in yourself, you end up to be the wantrepreneur and not the entrepreneur that have the idea but don’t have the ability to execute it.
Its easier to be an entrepreneur when you are young because the ability to take risks and believe in yourself gets harder and harder when you start having a family. If you don’t delay, you will have more time to try again when you fail but it all starts in believing in yourself.

[5:35] – Warren talks about why he believe that lucky breaks really do exist.

He was lucky to start the business at the exact right time. It was a stroke of luck in terms of timing and hiring the right people. “ Pioneers get slaughtered and settlers prospered”.
If you have the great idea but the world is not ready for it, that can be an unlucky break but if you have a great idea and the world is ready for it, that is luck.
Luck doesn’t happen, luck is created and if you find yourself in a situation when you are able to take advantage of the luck that’s being created is in itself amazing.

[7:58] – Warren talks about the need for high tolerance for pain because businesses spend most of their time in a state of failure.

Businesses moves in a state of failure for more than half of its life. Everything is going against it unless you are backed by a profit equity or financial institution that allows you to have the capital to keep the business running.
Fighting against cash flow and outside forces like competition, utility costs, infrastructure and technology, it stays in this precarious position for a large amount of time and you just have to fight and stand up for your business.
The good news is it will surely move out from that position and to the position where you use your money to solve your problems because eyou have enough capital. You can stand back and let the business fight for itself and that is a very rewarding place to get to for an entrepreneur.

[9:33] – A timeout to thank our sponsor.

NetSuite: Over 41,000 businesses have future-proofed their business with NetSuite, by Oracle – THE number one cloud E.R.P. Download the CFO’s Guide to AI and Machine Learning for free at NetSuite.com/fire!

[12:56] – Warren talks about why employees make the biggest difference.

Surround yourself with people that are smarter than you. When the business is little, you are doing all the work but there will come a time that you will start to hire. If you need to hire, hire someone who is better than how you do it. You up your game if you have somebody who is stronger than you in the company doing that particular thing.
Hire leaders, A+ individuals and contributors that will move the business because if you are hiring the wrong people, it will take lot longer.
As an entrepreneur, you need to thrive in a certain amount of chaos so you are growing where you are going. When you add customers and employees, you will also add a problem. When you have employees that thrive in the business, you have to do anything to maintain it.
Don’t micromanage. Treat people like adults and expect great work from them. This will be instrumental to the success of your business.

[16:24] – Warren talks about hiring the right people.

Not all businesses are the same. Theirs is a results-oriented tech firm and their ideal candidate is entrepreneurial or someone who manages their own time and doesn’t need to be told what to do who knows how to get fro point A to point B.
For many years, he was dping it wrong in hiring people. Then they took the course to learn how to interview properly. They were so good in selling the business to anybody instead of asking them problems to answer, they also hold the hiring process a little bit longer.
Determining some negative behaviors in the beginning to know who are serious to survive.

[21:10] – Warren talks about what happens next.

Aside from seeing his 3 children grow, he wants to take in board roles particularly for non-profit organizations or profit companies.
What he learned as a private equity, founder and CEO is not all CEOs are the same. Public trading CEOs are different from private CEOs and founders. Private equity CEOs you have to have high tolerance for growth and for pain and for change. You need to have great communication skills and strong leadership with a clear vision. He is keen in helping the young CEOs in navigating that.

[23:54] – Warren gives his key take away.

Being an entrepreneur is a gift and a blessing. Its hard and it sucks sometimes but you are in control of your own destiny and that is worth gold.
Remember to pause for a moment and be proud of what you have created and enjoy it with the people around you.
Enjoy the process, the pain and the fun times and don’t lose your family to the business, just enjoy it as much as possible.

[25:29] – Call to action.

Warren’s LinkedIn – Connect with Warren on LinkedIn.

[24:04] – Thank you to our Sponsor!

NetSuite: Over 41,000 businesses have future-proofed their business with NetSuite, by Oracle – THE number one cloud E.R.P. Download the CFO’s Guide to AI and Machine Learning for free at NetSuite.com/fire!

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