Today’s guest is best-selling author Jay Samit - the author of Disrupt You and Future Proofing You!
Jay Samit has helped raise hundreds of millions of dollars for companies you know like: LinkedIn, eBay, and Sony.
Jay Samit’s new book Future Proofing You is all about getting you ready for all of the changes in society. If 2020 doesn't teach you anything - let it teach you that change is a part of life and it’s coming fast for all of us. Technology is rapidly changing everything we do as entrepreneurs!
On today’s episode Shane Sams sits down with ay Samit to talk about:
Jay grew up with the mindset most of us had - you grow up, get out of college and live happily ever after. But, when Jay got out of college there was a recession and there were no jobs. Jay didn’t set out to be an entrepreneur. But, he had a family to provide for and that was the motivation he needed to get the ball rolling!
After being in the Fortune 500 spaces he noticed some patterns and wanted to teach these principles at a college level.
Jay says you have to change yourself and that voice in your head that says you can’t achieve massive success. But in the same token, you can’t succeed without failing and that’s okay!
Ideas are an obvious starting off point. However - until you start talking to customers and getting into the business that you will find out one key thing according to Jay: your idea isn’t good! (You need to find out why the idea wasn’t good before you start spending money)!
This is how you get to what Jay calls your “zombie idea” (the one that can’t be killed). This idea makes it easier to raise money and it’s easier to be successful.
You have to be able toe brace and harness fear! When you’re thinking about starting your own business Jay says to think about these things:
Don’t give up your life for those things of zero value - let that be your driving fear and it will make the other fears go away!
Having great business ideas doesn’t mean it will be the right timing or place. Jay says backing companies would rather you have had a business fail on someone else’s dime than have never needed help before.
If our world is changing the way it is - there isn’t time to get all of the skills you need. Don’t fly solo, Jay says you’re going to need mentors (and several over the years)! You are not going to make it to a billion dollars on your own.
The purpose of life is to live a life of purpose - what better purpose than solving a problem? The bigger the problem, the bigger the total addressable market!
If you are doing something that nobody else is doing by definition you are the best in the world at what you’re doing - the opportunities lie in filling a void!
Jay says you’ve got to focus on a timely need that’s massive. People will throw money at it because of the deadlines.
You still have to do the work - but if you can get your first clients results, people will flood in. Look at your obstacles as opportunities.