Entrepreneurs Don’t Wait – Take a Risk, Work Hard, and Don't Be Afraid

In this episode

Brian Lee is a rock-star serial entrepreneur and incredibly successful venture capitalist. He is also a great philanthropist dedicated to leaving and impact and giving back to the community.

He is a co-founder and ex-CEO of LegalZoom, a co-founder and ex-CEO of ShoeDazzle, a co-founder and ex-CEO of the Art of Sport, co-founder and current CEO of Arena Club, and co-founder of the incredibly successful venture capital firm, BAM ventures.

Brian Lee is also an amazing person, dear friend, and a mentor and I am very grateful for having him on In Search of Excellence!

00:00 – Brian Lee's background

Who is Brian Lee?
Brian’s parents and their coming to America
How Brian’s dad built a successful business
Working in furniture factory and selling furniture on weekends
Got the idea for his own business - started selling stainless steel utensils
Became a very successful entrepreneur

06:59 – Can you learn to be an entrepreneur?

It can be learned, but most entrepreneurs are born with that DNA
Entrepreneurs don’t wait, they seize opportunities
If you have an idea and want to peruse it, go and do it
Entrepreneurship is mostly a young person’s game

09:09 – The advice to people who are afraid of failure

It’s ok to fail, failing is learning
You have to get back on the horse and keep going, many entrepreneurs failed several times
You have to be focused and work very hard
Nothing happens out of itself

14:25 – Brian’s education and the importance of attending a college

High school - wanted to be a rapper, tried it and it didn’t work
College - went to UCLA School of Law
The college experience is important! Meeting different people, understanding different perspectives and learning about life
Salesmanship is a key for everything you do in life, whatever you do, you are selling
Cold calling is one of the best skills to learn
Brian’s first job – cold calling and selling oil
Randall’s first job – cold calling for home-improvement company

21:09 – Are grades important when hiring someone for a job?

No one pays attention to the grades, but it’s important to finish what you started
What is important are commitment and drive
When you constantly changing jobs, this means you cannot commit
Important traits – dedication, loyalty, ability to see things through
What to do when you are unhappy on your job – stay or leave? A little bit of pain in life is inevitable, sometimes you have to suck it up!

21:09 – The grass is always greener