WEBVTT 00:00:00.000 --> 00:00:06.580 What's your why? My why is to help people. And 00:00:06.580 --> 00:00:09.820 more specifically, entrepreneur, which is what 00:00:09.820 --> 00:00:16.160 I identify with. And it's what fulfills me when 00:00:16.160 --> 00:00:18.800 I work with founders and have an impact on their 00:00:18.800 --> 00:00:23.399 lives. That's my why. Thank you for answering 00:00:23.399 --> 00:00:26.920 that. What common business practices do you think 00:00:26.920 --> 00:00:30.329 overcomplicate? them getting into the business 00:00:30.329 --> 00:00:37.570 and thriving in it? Impatience. Please go further 00:00:37.570 --> 00:00:43.750 into that. You know, as entrepreneurs, we have 00:00:43.750 --> 00:00:47.670 a sense of urgency. We're action driven. We don't 00:00:47.670 --> 00:00:49.929 wait for things to happen. We make them happen. 00:00:50.130 --> 00:00:54.570 But urgency can be easily confused with impatience. 00:00:55.369 --> 00:00:59.000 Impatience is trying to get ahead of ourselves, 00:00:59.359 --> 00:01:03.579 go faster than we can, jump higher than we're 00:01:03.579 --> 00:01:08.439 capable of. And when you do those things, you 00:01:08.439 --> 00:01:14.079 can get hurt. So it's a combination of urgency 00:01:14.079 --> 00:01:17.900 and patience. It's a long game. To be successful 00:01:17.900 --> 00:01:22.379 in life, it takes time. And if you want to rush 00:01:22.379 --> 00:01:25.000 that, you want to cut corners, you want to... 00:01:25.549 --> 00:01:28.909 accelerate when you're not ready to you could 00:01:28.909 --> 00:01:31.450 get into some real trouble that's why so many 00:01:31.450 --> 00:01:35.069 businesses fail I think 70 of businesses fail 00:01:35.069 --> 00:01:38.930 within 10 years so you don't want to be you don't 00:01:38.930 --> 00:01:43.150 want to be that statistic yeah and I tell you 00:01:43.150 --> 00:01:47.349 with today and the way things are today everyone 00:01:47.349 --> 00:01:50.469 seems to want a microwave business right just 00:01:50.469 --> 00:01:53.109 pop it in there put a couple of minutes on there 00:01:53.109 --> 00:01:56.079 and then boom But with that being said, Eric, 00:01:56.299 --> 00:02:00.420 I know I'm 46. With that being said, so I know 00:02:00.420 --> 00:02:05.079 about the years. But in 96 to 25, there is a 00:02:05.079 --> 00:02:09.300 big difference. And so most people and some people 00:02:09.300 --> 00:02:12.659 believe that entrepreneurship can happen overnight 00:02:12.659 --> 00:02:16.280 because you could get many followers and all 00:02:16.280 --> 00:02:19.599 these things. What does happen? People, people, 00:02:19.699 --> 00:02:22.360 people go viral. I mean, there are people that 00:02:22.360 --> 00:02:28.120 win lotteries, too. right the the the probabilities 00:02:28.120 --> 00:02:32.719 are extremely low i think you're more likely 00:02:32.719 --> 00:02:35.919 to be hit by thunder by lightning than than to 00:02:35.919 --> 00:02:37.379 win the lottery but there are people that win 00:02:37.379 --> 00:02:40.699 the lottery there are people that go viral on 00:02:40.699 --> 00:02:43.259 the internet and grow their businesses very fast 00:02:43.259 --> 00:02:47.599 but that is in my in my experience an anomaly 00:02:47.599 --> 00:02:52.930 i think what i try to teach are principles time 00:02:52.930 --> 00:02:55.810 -tested principles it has nothing to do with 00:02:55.810 --> 00:02:59.409 when what and how these are principles that are 00:02:59.409 --> 00:03:04.189 time tested that can be applied to 1996 1896 00:03:04.189 --> 00:03:08.629 or 2025. the only thing that has changed today 00:03:08.629 --> 00:03:13.250 are the methods of delivering our messages sometimes 00:03:13.250 --> 00:03:16.689 transaction with customers you know what i teach 00:03:16.689 --> 00:03:19.729 people on the internet is you have to continue 00:03:19.729 --> 00:03:22.919 thinking you're a shopkeeper You have to hug 00:03:22.919 --> 00:03:25.539 your customers, even if you're an online retailer. 00:03:25.879 --> 00:03:28.699 It doesn't matter if you're physical or virtual. 00:03:29.639 --> 00:03:33.419 Good customer service, wowing your customers, 00:03:33.759 --> 00:03:37.680 taking care of quality products, quality service. 00:03:37.919 --> 00:03:40.439 Those things are principles that never change. 00:03:41.159 --> 00:03:45.099 Yes, and what I hear you also saying is relationship 00:03:45.099 --> 00:03:49.729 is important. keeping that connection with people 00:03:49.729 --> 00:03:52.050 rather than, like you said, whether it's face 00:03:52.050 --> 00:03:55.389 -to -face or online, you still want to be able 00:03:55.389 --> 00:03:58.289 to have that connection with people. And I realize 00:03:58.289 --> 00:04:01.169 that sometimes we get disconnected by thinking 00:04:01.169 --> 00:04:05.330 that being online doesn't have or create a good 00:04:05.330 --> 00:04:08.750 relationship when in fact it does. As you help 00:04:08.750 --> 00:04:13.490 so many businesses fund their business and pretty 00:04:13.490 --> 00:04:17.029 much begin to fly what's a surprising lesson 00:04:17.029 --> 00:04:21.970 you've seen um you've seen that they've had when 00:04:21.970 --> 00:04:27.029 you're helping them like an aha moment for them 00:04:27.029 --> 00:04:31.629 yes yes usually it's when i reframe a situation 00:04:31.629 --> 00:04:36.050 and their anxiety goes from 10 to 2 because they're 00:04:36.050 --> 00:04:39.350 looking at it completely different uh we get 00:04:39.350 --> 00:04:43.279 stuck in our own mind you know i had a You know, 00:04:43.279 --> 00:04:46.139 one time I had somebody wanting to raise a million 00:04:46.139 --> 00:04:48.839 dollars. And when I asked them, why are you raising 00:04:48.839 --> 00:04:52.860 so much money? It was an aha moment. Like, oh, 00:04:52.899 --> 00:04:55.519 wow. I don't really, that's a lot of pressure 00:04:55.519 --> 00:04:59.540 for me to go after all that capital. I only need 00:04:59.540 --> 00:05:02.100 a couple of hundred thousand dollars. My anxiety 00:05:02.100 --> 00:05:05.980 just went down and I got clearer about my next 00:05:05.980 --> 00:05:10.740 steps. Yeah, so giving them that clarity. And 00:05:10.740 --> 00:05:14.699 it's interesting. We are in our heads. You know, 00:05:14.699 --> 00:05:18.199 as entrepreneurs, we don't have, you know, advisors 00:05:18.199 --> 00:05:23.560 and people that can guide us. And we are in our 00:05:23.560 --> 00:05:25.980 heads. We have no one to talk to. We can't talk 00:05:25.980 --> 00:05:28.199 to our employees. We can't talk to our spouses. 00:05:28.699 --> 00:05:32.120 They don't really understand. So we think in 00:05:32.120 --> 00:05:36.420 a vacuum. And having someone. That can coach 00:05:36.420 --> 00:05:41.480 us, can be a huge, huge asset. How long are you 00:05:41.480 --> 00:05:43.720 with the business once you begin helping them? 00:05:44.399 --> 00:05:47.540 Till the end. Either they buy me out or we sell 00:05:47.540 --> 00:05:52.759 it to a third party or somehow we cash out. Okay. 00:05:53.420 --> 00:05:56.800 I love that because usually sometimes there's 00:05:56.800 --> 00:05:59.959 like this time frame. And as I keep hearing you, 00:06:00.000 --> 00:06:02.579 Eric, I think of you as a mentor. You know what 00:06:02.579 --> 00:06:07.829 I mean? with some very important areas, I think 00:06:07.829 --> 00:06:10.389 it's really awesome that you could be a mentor 00:06:10.389 --> 00:06:14.050 at the same time. Not to take up too much of 00:06:14.050 --> 00:06:16.430 your time, but I wanted to ask you, what tips 00:06:16.430 --> 00:06:21.009 do you have for entrepreneurs? Well, I have so 00:06:21.009 --> 00:06:25.009 many tips. You know, I published a book last 00:06:25.009 --> 00:06:27.990 year. You should pick it up. It's full of tips 00:06:27.990 --> 00:06:32.009 for entrepreneurs based on my journey. I would 00:06:32.009 --> 00:06:35.379 say enjoy the ride, man. You know, lower your 00:06:35.379 --> 00:06:38.000 stress. It doesn't matter if it takes you an 00:06:38.000 --> 00:06:40.839 extra year or two to make to get to where you 00:06:40.839 --> 00:06:43.620 want to go. You know, that could be the difference 00:06:43.620 --> 00:06:47.360 between an enjoyable journey and a stressful 00:06:47.360 --> 00:06:51.240 journey. So enjoy the ride if you can. You know, 00:06:51.259 --> 00:06:54.300 there's only one destination in this world. It's 00:06:54.300 --> 00:06:57.139 the bus terminal at the end. You know, everything 00:06:57.139 --> 00:06:59.279 else is a journey, whether you're successful 00:06:59.279 --> 00:07:02.639 or... you know not or you sell your business 00:07:02.639 --> 00:07:05.439 or not it's a continuous journey enjoy the ride 00:07:05.439 --> 00:07:10.639 yes enjoy the ride which is a simple statement 00:07:10.639 --> 00:07:15.579 but so hard to do but again for those that are 00:07:15.579 --> 00:07:19.139 looking and seeking um or you know strategies 00:07:19.139 --> 00:07:22.800 and investments uh definitely i think that you 00:07:22.800 --> 00:07:25.689 have this this piece that a lot of people might 00:07:25.689 --> 00:07:27.889 be missing eric do me a favor and share with 00:07:27.889 --> 00:07:31.709 the audience um where they can contact you at 00:07:31.709 --> 00:07:37.970 which is website yeah ericmalka .com or strategicbrandinvestments 00:07:37.970 --> 00:07:41.310 .com okay any social media handles that they 00:07:41.310 --> 00:07:44.709 can just follow eric on instagram or you can 00:07:44.709 --> 00:07:48.350 find me on linkedin tick tock you know all the 00:07:48.350 --> 00:07:51.750 usual Thank you for being here today. I'm really 00:07:51.750 --> 00:07:53.750 happy that you tuned in to Vision Pros Live. 00:07:53.949 --> 00:07:56.350 I'm looking forward to seeing your reactions 00:07:56.350 --> 00:07:58.990 as these episodes continue to move forward. This 00:07:58.990 --> 00:08:00.889 is going to get more and more fun. We'll have 00:08:00.889 --> 00:08:02.709 more and more engagement as well. We'll invite 00:08:02.709 --> 00:08:05.089 people to participate in the show. And thank 00:08:05.089 --> 00:08:07.069 you for giving us your time and attention. Have 00:08:07.069 --> 00:08:09.750 an excellent time building out your vision and 00:08:09.750 --> 00:08:10.810 becoming a vision pro yourself.