Richard Chapo is a business lawyer in San Diego who has been practising law for 25 years. In that time he has started many businesses and helped countless other businesses with legal and growth problems.
Richard has a huge bank of stories and insights from these experiences. I really enjoyed the conversation and Richard's attitude to solving his own problems by acquiring the skills to do something that would fit the lifestyle he wants.
ABOUT THE HOST
My name is Sam Harris. I am a British entrepreneur, investor and explorer. From hitchhiking across Kazakstan to programming AI doctors I am always pushing myself in the spirit of curiosity and Growth. My background is in Biology and Psychology with a passion for improving the world and human behaviour. I have built and sold companies from an early age and love coming up with unique ways to make life more enjoyable and meaningful.
DO WHAT INTERESTS YOU
It’s not always about doing the thing that makes you happiest 100% of the time. Doing anything worthwhile will usually entail some pretty difficult or boring moments at some point or quite a lot of points. You’re much more likely to be successful with anything you do, if something that fundamentally interests you.
AUTOMATE THE BORING STUFF
When doing something find parts that really don't interest you and take up your time, these will often be holding you back from reaching your potential. You want to find ways to automate them as much as possible.
For a bootstrapped entrepreneur this might not be possible straight away but it should be one of your highest priorities as soon as you have the budget. If you can automate your admin and accounts and stuff that just takes your time and isn’t that interesting you can spend more time doing the interesting thing that delivers value and thus build a better business or get more experience in whatever it is you are trying to do.
If it turns out the hard boring thing you want to automate is the critical part of the idea or skill that you are working on then clearly this wasn’t a thing that interests you and you should be doing something else.
BE SELECTIVE OF YOUR CO-FOUNDERS OR CO-WORKERS
Don’t work with anyone just because they sound like they have the right skills. You need to know that you can deeply trust this person, that you both have the same long term goals and that you have the complementary skills. (and also that they don’t have a shady history)
So If you don’t already know someone it might be better to work in a non-binding agreement as a test first to see if you really both have the same goals and interests and that it will work long term. It can really help you avoid a messy breakup or issues of silent co-founders dragging you down and of course, hefty legal fee’s to deal with the problem. Richard is doing himself out of a job here.
But as he says he would be much rather be helping you scale your business up anyway.
BONUS TIP: THINK ABOUT YOUR RISKS
His business failure lead to some huge lessons. Don’t take too many loans and leave yourself exposed. Don’t have one point of failure just because a market seems so strong doesn’t mean it will be that way tomorrow. Hedge some of your bets and choose a niche that will be resilient to change.
This book sounds awesome. It is the real-life version of the movie Trading Places but with 23 participants in the experiment instead of just Eddie Murphy. It sounds like a lot of fascinating insight into the world of trading and redefining What people think of as inherent talent vs. What is just following standard procedures.
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