Crossroads: Why Stop @ $4,000,000 with Mike Wesner of Enrollment Fuel

Scratch Entrepreneur

Today’s Hosts:

Jeremy Goodrich – Owner of Shine Insurance Agency

David Quick – Business Coach at Helping Bulls Thrive in China Shops

The Crossroads episodes of Scratch Entrepreneur are all about solving a specific point of growth for our guest. David and Jeremy ask thoughtful questions for the first half of the show. Their goal is to get at the heart of the factors that affect this point of growth. The second half of the show is all about solutions. David will offer three next steps and the outcomes that he sees from taking them.

Today’s show is the third in our series of on-air coaching sessions between veteran executive coach David Quick and an entrepreneur who sits at a crossroads. A big decision point in his or her business. Today’s guest has an enviable crossroads. He’s doubled the business every year since he started. Now, sitting at four million in gross receipts he’s been pumping the breaks, the growth just seems too fast and the weight of it all is getting bigger. David helps him address what’s changed and what next steps he should take.

But before we dig in, I wanted to throw out a term that I heard today. It was in a Mastermind and the person that said it nonchalantly threw it out there. But the idea resonated. I wrote down the two simple words and doodled around them for the rest of the session. The group member was chatting, breaking down some ideas floating in his head and then rather abruptly said said, “I just want to learn to fail faster”. Fail Faster. I immediately knew what he meant. We embark on new ideas, things we think will make our business better. Maybe it’s a marketing campaign or a new hire. A product we’ve always wanted to make or an online course that everyone must be dying for. As entrepreneurs, we have ideas. If we didn’t we’d be schlepping somebody else’s newest best thing. But not every idea is a good one. In fact most of them, at least at their inception, aren’t market ready. So on one hand we can’t be scared to try but on the other, if we’re gonna fail, at least we can learn to fail faster. The learning curve works a lot more quickly that way.

What do you think about “failing faster”? I would love to hear your thoughts on that or anything else about the podcast. You can share them over at our patreon page. Join the conversation at Patreon.com/scratch entrepreneur.

We’re glad you joined us!

Mentioned in the episode:

• Why Mike started Enrollment Fuel (6:00)
• The crossroads he’s at (8:00)
• Mike’s original expectations for the business (15:00)
• Worried about hiring or spending on hiring? (19:00)
• What’s driving Mike’s hesitancy? (22:00)
• The goals for Enrollment Fuel (24:40)
• Dave’s tip #1: Paint the best and worst case scenarios and prioritize the next steps (30:00)
• Dave’s tip #2: Find where the fear is coming from (32:00)
• Dave’s tip #3: Looking at indicators other than cash to determine the health of the business (33:00)

Special thanks to Mike Werner founder of Enrollment Fuel for being willing to pull back the curtains and share this business crossroads.

And, of course, a huge thank you to David Quick for offering his time and expertise. You can find David and many of his resources at HELPINGBULLS.COM

Contributors to this episode include:

• Host - Jeremy Goodrich
• Co-Host – David Quick
• Music - Mark Vinten
• Editing - Christopher Lang

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