Managing Your Business: Keeping Cool When Everything is Hot

Trusted Counsel speaks with Rhett Power

Trusted Counsel speaks with Rhett Power

In this episode of InProcess Podcast, Trusted Counsel interviews Rhett Power, the author of “The Entrepreneur’s Book of Actions” and co-founder of Wild Creations, an award-winning startup toy company.

 According to Power, we are operating in a society defined by instant gratification (think status updates on social media and quick online ordering). We expect immediate results in our daily lives, yet find ourselves surprised when quick fixes in the workplace fail to produce lasting change. Power makes the compelling case that success in todays increasingly competitive business environment requires far more than the typical “10 easy steps.” During the course of our interview with Power, he strongly encourages entrepreneurs and leaders to take action daily to break old habits, think in new ways, and to develop a successful new mindset with thinking strategically.    

Powers recounts his experience in turning around a start-up toy company he’d purchased. He states “we were an utter disaster. We had a terrible business model, but it was a wonderful product. The challenge, was figuring out how to scale this product, manufacture it efficiently, and ship it efficiently. We got our lucky break because of our excellent customer service. Also, we were spending all of our time working in the business, not on the business. So when we got that big order, the light bulb went off and it said to us, we have to stop and start thinking strategically. That was our turning point.”  

After succeeding in turning around the toy business, Power tells us “that’s why I wrote the book.” He explains that he never took time in those first couple of years to work on the business. “I realized how important it was every day to take a few minutes to do the strategic things to think about what you’re doing…to take some time and stop making these rapid-fire decisions that aren’t always thought through.”

Power walks us through his favorite chapters in the book and tells us the one thing that busy entrepreneurs will get out of the book. He also briefly touches upon his coaching program and where his clients often need guidance on. 

Rhett Power is the co-founder of the toy company Wild Creations and author of the new book “The Entrepreneur’s Book of Actions,” about daily exercises for becoming wealthier, smarter and more successful. Power travels the globe speaking about entrepreneurship, leadership, and management; he has presented alongside Kiva’s Julie Hanna, AOL Founder Steve Case, and President Barack Obama. He has written for the Huffington Post, Business Insider, Time, and The Wall Street Journal. Power now has a rapidly growing coaching and consulting practice based in Washington, D.C. and Charleston, South Carolina.    

During the course of the podcast, entrepreneurs and business leaders will learn about:

  • Powers impactful story as an entrepreneur- how he saved his toy company from the brink of bankruptcy to become an award winning business
  • What led Powers to write a book specifically for entrepreneurs

  • How to shift your thinking from “rapid-fire” decisions to developing a new mindset (strategic thinking and decision making)

  • Top issues entrepreneurs often need guidance on  

  • Hiring best practices according to Power, when faced with growing a company rapidly

Stream the conversation with Rhett in the player below to learn more about the above business topics. Discover top techniques to improve your strategic thinking when building a business and break your bad habits. Lastly, listen to leadership lessons that Rhett Power learned along his career as an entrepreneur. Don’t miss an episode, subscribe to InProcess Podcast on iTunes to receive this episode as well as future updates from the show to your smartphone.

5 Great Podcasts About Starting A Business

With In Processwe get to do the talking. We talk about the kinds of issues faced by businesses in today's market, discuss new and enduring theories in strategy, and dwell on specific issues that arise in a business's development. But we do our fair share of listening, too: plenty of podcasts out there have told the stories of new businesses and told them well. Here are five great shows about startups. Did we miss any of your favorites? 

1. StartUp

You could call Start-Up the original business podcast--at least for narrative podcasting company Gimlet Media. The series chronicles company co-founder Alex Blumberg, veteran producer for This American Life and Planet Money, as he pitches investors and grapples with the business of naming a company, dividing shares with a co-founder, and even approaching issues of time and money with a spouse and loved ones. Recorded and narrated in real-time, it's a fascinating and deeply personal glimpse into one man's journey to entrepreneurship. 

2. Dorm Room Tycoon

Dorm Room Tycoon is an interview-style podcast with some of the most innovative voices in tech, design and business. Hosted by William Channer, a tech journalist and product designer with his own start-up project in Panda, on DRT you'll find an interview with Wordpress founder Matt Mullenwag about "building community" alongside an episode with Upfront Ventures partner Mark Suster about the "perils of fundraising." A quick scan of DRT's topics and guests is sure to yield at least a few relevant topics for any businessperson, and the length of each episode ranges from 30 minutes to over an hour. 

3. This Week In Start-Ups

Jason Calacanis has quite the resume. He started Weblogs, one of the early blogging platforms that blew up on its own before being sold to AOL in 2005, and since then has seen success in everything from digital media to angel investing with a portfolio that includes Tumblr, Uber and more. Suffice to say he makes a compelling host on his show This Week In Startups when interviewing other big shots in the startup world about their successes, failures, obstacles and advice. With an archive of over 500 interviews, This Week In Startups is a huge resource for even the most savvy entrepreneurs. 

4. Startup School

Startup School is modeled after a series that was already in existence: the podcast's founders, Y Combinator, provide seed funding to startups in two cycles per year, and their program has played host to the likes of AirBnb and Dropbox. During these three-month cycles, the entrepreneurs are expected to move to the Bay Area and, in addition to receiving intensive hands-on assistance in getting their companies off the ground, attend a weekly dinner hosted by Y Combinator. At these dinners, successful entrepreneurs, venture capitalists and journalist speak about their experiences in a context that might be helpful to their audiences. Startup School podcast is like listening in on these dinners, and if their roster of incubator graduates is any indicator of their capacity for podcast guest selection, Y Combinator knows a thing or two about picking winners.

5. The Pitch

If you like the premise of Shark Tank but crave something a little less sensational and a lot easier to consume on the go, give The Pitch a listen. On each episode, host Josh Muccio finds early-stage startups and helps them refine their pitches, ultimately giving each the opportunity to present to an audience of angel investors. It's a fascinating way to not only stay up-to-date on the latest trends in start-ups, but to hear the way that VCs respond to ideas and pitches.