Dan Abbate is one of the co-founders of 81-c, a company that’s pioneering entrepreneurship as an asset class enabling anyone in the world to invest in businesses that would typically never be available to the public. Dan is an entrepreneur, thought leader, and investor with a career-long focus in business process automation through the use of advanced technology and organizational development and improvement.
Entrepreneurial Role Models:
When business started difficulties overcame:
“Getting the right people in the right seats. Financing to make sure you have the money that you need to get going and the money that you need to keep going. You have to get profitable very quickly… So the challenge is in starting anything or scaling up of something small is making sure that you have enough money to support yourself because if you don’t have enough money to support yourself then you can’t continue. That’s why people have to get jobs because they need regular current money for themselves ”…[Listen for More]
Favourite Books:
Theory of Constraints and how Should it be Implemented? Book by Eliyahu M. GoldrattFavourite Quote:
“The upper limit of any business is equal to the upper limit of the leader”
Recommended Online Resources:
- Biz Buy Sell – The Internet’s Largest Business for Sale & Franchise for Sale Marketplace. Over 45,000 businesses for sale on the Internet’s largest business for sale exchange. Sell a business for sale with a confidential ad or use a business broker.
- Quiet Light Brokerage – Website Brokers – They Sell Amazon FBA, E-commerce & SaaS Businesses. Since 2007 they’ve sold over 100 million in Internet based businesses
Best Advice to Other Entrepreneurs:
“make sure that you want to be an entrepreneur. A lot of time I think that word today is being kind of thrown around kind of willy-nilly, and entrepreneur in my mind is a little bit may be more detailed than the way it’s used a lot of times. A lot of times I think people use entrepreneur for people who are wanting to provide a service like a solopreneur as they say like a giger essentially, someone who wants to freelance or whatever because that’s what they want to do, which is totally cool. In my mind there’s a very hard line between that activity and entrepreneurship where you are building a structure and you are building processes and you are building a team and you are taking on risk and all the sorts of things. I would say for people to be clear on which one of those they really want to be, not that one is better than the other. But be very clear on it”…[Listen for More]
More About Dan Abbate:
Neil’s Quote at the Beginning:
“Our lives are defined by opportunities, even the ones we miss.” Benjamin Button
Other Quotes From the Chat with Dan Abbate:
- “I am not a big fan of start-ups. My success rate anyway with start-ups matches about the same success rate as anybody else with start-ups and it’s not great. If something is starting totally from scratch with no revenue and no profit it’s an uphill battle and the odds are not in your favour… Starting totally from scratch wouldn’t be my advice to anybody. I would suggest to everyone that that they really do start with some basis, even if it’s just it’s like my buddy has this one-man operation that they are doing and they are already making a little bit of revenue. How do I scale that up? How do I make that into a real business instead of just a one-man show? The success of something like that is like a million times better more likely than a total flat start-up”
- “you can’t do everything yourself. That was something that I had to learn and I’ve only learned probably in the last bunch of years, let’s say 5 to 10 years basically, the last half of my adult time. I thought because I was smart and ambitious and had a lot of energy and generally good at a lot of things, I thought that meant that best way for me to be successful is to take a lot on myself. And in a way at certain stages sometimes that’s important but for the most part the way to look at it is how do I utilise the talents and skills and expertise of lots of other people and assemble those people and those things to accomplish what I want to do as opposed to trying to figure it out myself… Just always be aware of your own limitations and more importantly always be aware of the things that you are actually good at me because the things that your good at lots of times is actually a limitation that you don’t even see as a limitation”
- “the secret to success is knowing what you are good at and then only doing that and then giving away everything else… And not apologising for the things that you are not good at. Because everyone is not good at stuff, everyone is not good most things, people are only really good at a few things for the most part… That they are really passionate about and they really like and get them really excited. That’s the stuff you should be focused on”
- “what’s the thing I should be working on, what’s the one thing I should be focusing on, what’s the one thing that is going to help me move forward? And pay all of my attention to that because that’s what’s going to move everything forward”
- “you can only do what you can do and you are only aware of what you are aware of. So if you are not always learning and always putting new information into yourself to get a different perspective something that appears to be a hurdle to you will always be a hurdle to you until you get that new information and new perspective. And so that’s why you see people, name your billionaire, Bill Gates, Ray Dalio, Warren Buffett, all these guys that are such big proponents lifelong learning and perspective. That’s why they do that you have to know what’s going on in the world, you have to get these different perspectives because you are the limiting factor at the end of the day, it’s not the market, is not anything else, you are the limiting factor on how your business grows”
- “look for the who’s not the how’s. Meaning if you are always looking for the how’s those of the actual things that are done. Look for the who’s the people who can give you that different perspective and approach something differently. Talk to those people”
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