Brief Summary
This YouTube video from School of Hard Knocks features interviews with successful female entrepreneurs in Miami, including a self-made billionaire in the beauty industry and a millionaire in the oil business. The video explores their paths to wealth, offering advice on entrepreneurship, investment, sales, and overcoming challenges. Key takeaways include the importance of self-belief, strategic thinking, continuous learning, building a strong network, and investing in a great financial team.
- Self-belief and passion are crucial for entrepreneurial success.
- Strategic thinking and innovation are essential in competitive markets.
- Continuous learning and mentorship from successful individuals are invaluable.
- Building a strong network and investing in a capable financial team are key to wealth preservation and growth.
Oil Business and Solar Panels
The interviewer encounters a woman driving a G Wagon in Miami and discovers she's in the oil business. She has been a business owner for 16 years and has made up to $7 million in a single year across her companies. She emphasizes the importance of breaking the rules and not being afraid to take risks. She also mentions that manufacturing solar panels and pumping crude oil have been her most profitable ventures. She closed a $28 million deal in Puerto Rico at the age of 21, earning a significant commission.
Sales and Financial Strategies
The woman identifies herself as a seller and highlights her extensive experience in corporate customer service. She stresses the importance of continuous questioning and persistence in sales. She encourages taking loans and not being afraid to seek funding. She leverages debt by spreading it out and budgeting carefully, often paying it back before it's due. She emphasizes the importance of networking, stating she could rebuild her wealth with ten phone calls.
Billionaire Insights and Tax Strategies
Having interacted with billionaires, she notes they value quality time, listening, and can distinguish between doers and non-doers. She advises being a lifelong learner and filing taxes like a billionaire, utilizing trust accounts and understanding write-offs. She stresses the importance of investing in a strong financial team, including advisors and tax attorneys, to maximize savings and build generational wealth.
Solidcore Success Story
The interviewer speaks with a woman who arrives in a Bentley and reveals she sold her company, Solidcore, in 2023. Her equity shares were worth $90 million, and the company was valued at over $300 million. She invested $175,000 into Solidcore, which grew into $100 million in 10 years. She emphasizes the importance of investing in oneself and reinvesting in the business.
Self-Belief and Overcoming Doubt
She acknowledges facing criticism as a successful woman but focuses on empowering other women. She advises not caring about naysayers and focusing on building something that improves people's lives. She dismisses critics as those "watching from the bleachers" and emphasizes the importance of self-belief.
Life Lessons and Discipline
She recommends the book "How to Win Friends and Influence People" by Dale Carnegie, which influenced Solidcore's practice of using clients' names to make them feel seen and respected. She lives by the quote "Easy choices, hard life; hard choices, easy life," maintaining a disciplined routine of early mornings, exercise, and healthy eating. She emphasizes making decisions that support long-term health and well-being. She found building Solidcore fulfilling and would do it again without hesitation.
Community Announcement
The interviewer promotes his entrepreneur community, School of Mentors, highlighting its status as the number one community for business, money, and entrepreneurship. He invites viewers to join for free and benefit from live mentorship calls with successful business owners, including billionaires. The community offers guidance on investing, sales, business scaling, and escaping the 9-to-5 lifestyle.
Beauty Industry Billionaire
The interviewer interviews a yacht owner who is in the beauty industry and owns a professional hair care brand. She has been in the beauty industry for 42 years and made over nine figures in a single year. She identifies as a serial entrepreneur with 15 companies and is addicted to the "game" of business. She defines leisure as doing what she loves, sharing it with loved ones, and giving back.
Overcoming Failure and Building a Brand
She shares that her first company failed, and she started her current business, It's a 10, with only one bottle. She is the only Latina female brand owner of her size who is 100% owned by the original founder. She recounts a story of realizing her brand's impact when a salon in New York City couldn't keep It's a 10 on the shelves, highlighting the organic passion behind her brand.
Advice for the Younger Generation
She advises the younger generation that it's not about what you have, but what you do with what you have. She encourages strategic thinking, innovation, and creativity, advising to "zig when they zag." She emphasizes the importance of enjoying the journey and having fun while building a business. The interviewer reiterates the invitation to join his entrepreneur community for mentorship and support.
