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BiggerPockets Business Podcast

96: Starting Successful Businesses with NO Industry Experience with Jeff Fenster

BiggerPockets Business Podcast

BiggerPockets

Business, Careers

4.8 • 696 Ratings

🗓️ 23 February 2021

⏱️ 58 minutes

🧾️ Download transcript

Summary

There are often standard prerequisites for starting a company. First, you need to go get a degree for a certain field, then you need to find a job that is in that field, then you need to stay in that job for 10 years to gain connections, and finally, you can start a business. Jeff Fenster, serial entrepreneur and founder of Everbowl thought this linear path was a bit outdated. If anything, Jeff thought it was slightly backwards! Jeff planned on becoming a lawyer in college, but once he had his first child, realized that being away from home wasn’t for him. He got a sales job and became the top sales rep in his company. When the company started dangling bonuses over his head, he felt uncomfortable and knew that he needed to start his own thing. He ended up founding a company that directly competed with his former employer, then sold that company, started another, sold that one, started a few more, sold those companies, and many companies later, he started Everbowl, a craft acai bowl and superfood company based out of San Diego. If variety is the spice of life, then Jeff is doing things right! He argues that the best thing you can do is go into a completely new industry, focus on a problem that competitors are overlooking, build systems to make the industry better, and carve out a portion of the market. This strategy has worked well for him as he’s profitably sold and started many different companies. If you want his breakdown on his formula to success, you’ll have to tune in to this episode! In This Episode We Cover: Why industry experience isn’t necessarily a prerequisite for success How “fresh eyes” disrupt stagnant markets and industries What to do before you try and solve a business’s problem  Developing systems that beat competitors for you Addressing the not-so-obvious needs of customers  Focusing on company culture and core values when building a business Leveraging your “relationship capital” for future opportunities And So Much More! Links from the Show Amazon Alexa Blockbuster Netflix Blackberry iPhone Best Buy Amazon Ikea We Build Stuff Neil Patel Udemy Etsy Fiverr Freelancer.com  Check the full show notes here: http://biggerpockets.com/bizshow96 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Welcome to the Bigger Pockets Business Podcast show number 96.

0:06.0

The main thing for me has been, I like to go into new industries with zero experience, because I believe experience is one of the most overrated prerequisites to starting a company.

0:15.8

And people spend 10 years trying to gain experience, then do things exactly the same way as everybody else and wonder why they're not successful.

0:24.3

Welcome to a real world MBA from the School of Hard Knocks, where entrepreneurs reveal what it

0:29.6

really takes to make it.

0:31.4

Whether you're already in business or you're on your way there, this show is for you.

0:35.3

This is Bigger Pockets Business.

0:42.5

Okay. there. This show is for you. This is Bigger Pockets Business. How's it going, everybody? I am Jay Scott, your co-host for the Bigger Pockets Business

0:46.7

podcast, and I am here this week, as I'm lucky to be every week with my lovely wife and co-host, Carol Scott. How's it going today? Carol?

0:56.3

I'm so happy. Can I tell you the greatest, most amazing, phenomenal, exciting news ever?

1:02.5

Wow. You really sold that. So let's hear it. I know. I know. Okay.

1:06.0

Better be great. For me, it's a really, really, really big deal and potentially for you too. So Chase and community

1:12.8

members, Chase is our amazing 11-year-old fifth grader. Chase said to me on the way home from school

1:18.5

today, mom, I just asked Alexa to add all the ingredients for chocolate chip cookies to the shopping

1:26.6

list because I want to make chocolate

1:30.1

chip cookies for you all on my own.

1:33.1

Ah, do you even believe it?

1:34.7

I have been waiting and waiting and waiting for this day to come and it is here.

1:39.8

My child is making me chocolate chip cookies.

1:42.7

Woo.

1:43.3

Wow.

1:43.9

I was really hoping you're going to tell me that

...

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