The Hard Truths of Entrepreneurship with Fred Cary
In this episode of “Meet the Expert,” host Elliot Kallen sits down with Fred Carey, the CEO of Idea Pros. Fred shares his experience of starting multitudes of companies and guiding new entrepreneurs. They discuss the phases of entrepreneurship, the importance of Innovation, the role of perseverance, balancing life and business, and planning for the future. Whether you’re a seasoned entrepreneur or just starting out, this episode is packed with valuable insights and advice.
Watch the Episode Here
Introduction to Fred Carey and Idea Pros
Elliot: Today, we’ve got a very exciting show. We’re going to be talking with Fred Carey, the CEO of Idea Pros. He has a wealth of entrepreneurial knowledge and experience. Fred has started over 40 companies, sold them, and has 570,000 followers on Instagram. He’s an expert in entrepreneurship, leadership, and perseverance. So today, I’d like to welcome Fred. Thanks for being on the show, Fred.
Fred: Hey, sounds exciting. Happy to be here.
The Phases of Entrepreneurship
Elliot: Let’s talk about entrepreneurship. You’re an expert in entrepreneurship consulting. You’ve seen people at different phases of their entrepreneurial journey. Let’s discuss those phases and what they mean.
Fred: Sure. Besides getting those degrees, I started ten companies from the ground up, took a couple of them public, and had two others acquired by public companies. We now have 400 companies under our belt that I own 30% of. Entrepreneurship is really hard and doesn’t happen the way we expect it to. Many of us become entrepreneurs because we’re unhappy in the corporate world. Entrepreneurship is an opportunity to control your life and bet on yourself.
Leadership Qualities for Entrepreneurs
Elliot: Now that I’ve decided to become an entrepreneur, what are the leadership qualities required to be successful?
Fred: Ironically, entrepreneurs and leaders are quite different. The entrepreneurial journey requires perseverance because things never work out the way you want. Successful entrepreneurs are resilient and adaptable. For example, Elon Musk faced bankruptcy with Tesla and SpaceX but persevered. Companies like Airbnb struggled to raise funds initially but eventually succeeded. The journey is grueling, and mistakes are rampant, but resilience is key.
Innovation in Business
Elliot: Let’s talk about innovation. It’s not just about Technology. How important is innovation in entrepreneurship?
Fred: Innovation is critical in two ways: at the beginning when starting out and later when becoming successful. For example, a dentist can innovate by addressing common pain points like pain and discomfort, offering a subscription service to ensure regular visits. Innovation also means continually finding better ways to operate and making yourself obsolete before competitors do.
The Role of Perseverance
Elliot: Perseverance is crucial. I know successful entrepreneurs whose lives seemed like a straight line of success. My life, however, has been anything but straight. Is this typical for entrepreneurs?
Fred: Absolutely. Most entrepreneurs don’t have a straight line of success. The journey involves many ups and downs, and you need to be prepared for that. Entrepreneurship often starts from a place of dissatisfaction with the corporate world or a desire for a more fulfilling life.
Balancing Life and Business
Elliot: How do entrepreneurs balance their life and business? Is it possible to achieve balance?
Fred: Yes, it’s possible. Aligning your business with a greater purpose can lead to greater profits and loyalty from customers and employees. Being a good person starts at home. You need to take care of your family and community, which will reflect in your business. It’s about life balance, not just work-life balance.
Planning for the Future
Elliot: As entrepreneurs age, they need to think about the next phase of their life. What should they consider?
Fred: We all need exits, whether voluntary or not. If you plan to hand things down generationally, involve your family early on. Look at private equity firms that are acquiring in your industry and position your company to be attractive to them. Repositioning your company for acquisition is not hard but requires planning.
Building a Legacy
Elliot: Building a Legacy is important. How should entrepreneurs think about their legacy and what steps should they take?
Fred: We often spend the first half of our careers building our CV and the second half building our legacy. It’s important to consider what impact you want to have and how you can use your wealth and influence to make a difference. Whether it’s through charitable giving, mentoring, or other means, leaving a positive legacy is crucial for a fulfilling life.
How to Connect with Fred Carey
Elliot: For those who want to reach out to you, Fred, how can they get in touch?
Fred: The best way to reach me is via email at Fred@IdeaPros.com. You can also visit our website, IdeaPros.com, for resources and free membership that offers valuable data points and workshops. Additionally, follow me on Instagram at @OfficialFredCarey for daily advice on Personal Development, entrepreneurship, and leadership.
Conclusion and Final Thoughts
Elliot: Great. All right, Fred, this has been enlightening. Entrepreneurs, I hope you got something out of it. Whether your entrepreneurial spirit is alive and well or just starting out, this episode is full of valuable insights. Don’t hesitate to reach out to either Fred or Prosperity Financial Group. We’d love to be in your corner. Thanks so much, Fred.
Fred: Thanks for having me here.
Elliot: Have a great day, everyone. We’ll see you soon.
The post The Hard Truths of Entrepreneurship with Fred Cary appeared first on Prosperity Financial Group | San Ramon, CA.
