Paper Napkin Wisdom - Business Podcast for Entrepreneurs and Leaders

He’s already been awarded the Lifetime Achievement Award by the American Speakers Association, an incredible feat considering he’s still amazing crowds around the world on the subject of consistently delivering Amazing Customer Service.

In his Paper Napkin Wisdom, Shep shares with us a simple yet profound message. He says: “On successful people (and those that aren’t). Those that do, do. Those that don’t won’t!”

The first time Shep heard the above phrase, the last word was “don’t” rather than “won’t” but there’s a big difference between the two words and Shep believes his spin on it to be more accurate. “Won’t” conveys that we’re stopping ourselves, which is precisely what Shep thinks happens. He believes that some people hold back because they don’t see the bigger picture or don’t look for the positive strategic byproducts that happen as a result of doing new, different things and trying all kinds of different angels. In some cases, he says, there’s something subconscious that keeps people from doing things or it’s simply that they don’t like to try a little bit harder or work a little bit harder. It’s unfortunate, because a little bit of extra effort can make all the difference.

“Someone once told me it doesn’t take much more to go first class,” says Shep. Putting in that little bit of extra effort or that little bit of extra work can make all the difference in an experience and he says it’s what makes an experience memorable. It’s an element that Shep applies to every business relationship he has, but he’s careful not to over commit. He’s learned that in order to be successful and grow you have to say ‘no’ and delegate tasks. Delegating tasks allows Shep to do what he calls staying in his lane: he knows what he’s really good at and he stays focused on doing that. This doesn’t mean he doesn’t expand his efforts or that he doesn’t keep an eye out for new opportunities, but it does means that he evaluates potential ventures in terms of how congruent they are with what he does in addition to assessing how much time and money it will cost him.

Shep says that part of success is identifying the things that you’ve done in the past that worked for you and trying to repeat them. He advises taking a look at what you’ve done from the beginning of your business to what you’ve done now and find the milestone moments, the moments that really made a positive impact in your business. Are there things that have worked for you in the past that you don’t do anymore? Shep says that our attention too often gets siphoned off into the some activity that gets in the way of us doing what’s always worked best. If we take the time to repeat things that have worked for us in the past instead of constantly innovating, we not only save ourselves time, we give ourselves the opportunity to see what strategic byproducts might be right in front of us.

“Things are going to happen that you’re going go ‘ooh, that’s a great idea.”

A strategic byproduct is an opportunity that arises as a result of some sort of current situation.”Along the way things are going to happen that you’re going to go ‘ooh, that’s a great idea.'” says Shep. He shares the example of how, when his speaking business was lagging due to the fear surrounding air travel in the wake of 9/11, a client mentioned how he wished Shep had content he could bring to the company. Considering what his client had said, Shep reworked his content into a training format and did just that. Recently, he’s even noticed that his income from training has begun to surpass that of his speaking engagements.

Shep has a really simple approach to getting stuff done, he just does it. By delegating the things that would otherwise distract him from staying in his lane, and putting in that little bit of extra effort, Shep is able to keep a sharp eye out for opportunity and move his business in the right direction. It’s a method that’s lead him to great success, where might it lead you?

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About Perry Solomon

Perry Solomon is a serial entrepreneur with over four decades of experience. He is the founder of Aleratec, a company known for its innovative consumer electronics products. Today, Perry is the president of Solomon Growth Advisors, where he provides strategic advice to emerging businesses, particularly in navigating the complexities of Amazon and e-commerce platforms. His expertise spans e-commerce, consumer products, computer electronics sales, marketing, and product development.

The Power of Grit

At the core of Perry Solomon's message is the idea that grit is essential for achieving long-term success. Drawing inspiration from Angela Duckworth's research, Perry emphasizes that grit is a combination of passion and perseverance. This concept has been pivotal in his own journey, helping him overcome significant setbacks and rebuild his career.

"So I'm a big fan of Angela Duckworth, who wrote the book on grit and did all the research behind it," Perry shared. "The concept of grit is so life-changing and so important to both for ourselves and to instill in the next generation."

Overcoming Catastrophic Failure

Perry's journey took a dramatic turn when he faced a catastrophic business failure that forced him to start over at the age of 55. Despite the devastating loss, Perry chose to reinvent his life and career rather than succumb to defeat. This decision was fueled by his unwavering determination and the support of his family and key associates.

"I had to decide whether to be a greeter at Walmart or reinvent my life," Perry recounted. "I opted to start over."

The Importance of Vulnerability

Govindh and Perry discuss the cultural shift towards embracing vulnerability, with influences from thought leaders like Brené Brown. Perry's willingness to share his failures openly is a testament to the strength found in vulnerability. By being transparent about his struggles, Perry provides a powerful example for other entrepreneurs navigating similar challenges.

"Entrepreneurs always look for that moment of achievement when things are going great. That's when I get scared," Perry admitted. "We were at our high point. Things were going great, and we had a disagreement with our banks. The banks shut us down. Surrounded the building with armed guards. I had 18 years of blood, sweat, and tears essentially evaporate before my eyes as the banks took control of our business."

Building a Support System

A crucial factor in Perry's resilience was the support he received from his family and close associates. He shares a piece of advice from his attorney that became a cornerstone of his recovery: taking daily walks on the beach with his wife to clear his mind and gain perspective. This practice helped Perry reset his outlook and reaffirm his priorities.

"My wife is a force of nature," Perry said. "When things go bad, I've had health challenges, I've had business challenges. There's nobody I'd rather have on my side than my wife. She is so strong and so powerful, and provides me with the inner confidence and strength I need to get through it."

Strategic Reinvention

With renewed focus, Perry leveraged his past experiences to build a new, more streamlined business. He emphasizes the importance of starting with a clean slate, engaging only in high-return activities, and avoiding distractions. This strategic approach, combined with innovative financing solutions, enabled him to achieve success in his new venture.

"We started with a dream and a mission," Perry explained. "The knowledge that we could pick the highest profit segment of the business that we were in, and not make any of the mistakes we made in the past, of being involved in commodity products, low margin products, and lower our cost basis."

Key Takeaways from Perry Solomon's Journey

1. Grit is Essential: Success is driven by a combination of passion and perseverance. Embrace challenges as opportunities to develop grit.
2. Embrace Vulnerability: Sharing failures openly can provide strength and inspire others. Vulnerability is a powerful tool in building resilience.
3. Support Systems Matter: Lean on your family and close associates during tough times. Their support can provide the foundation you need to rebuild.
4. Strategic Focus: Start with a clean slate and focus on high-return activities. Avoid distractions and streamline your efforts for maximum impact.
5. Continuous Learning: Stay open to advice and fresh perspectives. Engaging with advisory groups can provide invaluable guidance and keep you grounded.

Perry Solomon's story is a testament to the enduring power of grit and resilience. His j...

Noah’s philosophy extends beyond traditional financial planning. Rather than fixating on numerical targets or wealth accumulation, he advocates for a more holistic view of wealth that includes personal growth, family legacy, and a commitment to living a meaningful life. In this episode, Noah explains why a life of freedom requires intention and planning, and he shares practical steps to align your financial life with your deepest values. As Noah succinctly put it, “Financial success isn’t about the numbers alone; it’s about what those numbers allow you to experience and achieve.”

Understanding True Financial Freedom

One of the central themes Noah explores is the concept of freedom. For him, true financial freedom is not merely a state of having more than enough money; it’s about having the ability to make choices that reflect your values and lead to personal fulfillment. Financial freedom allows individuals to prioritize what matters most—be it family, community, personal growth, or simply the joy of living without constraints. As entrepreneurs and leaders, it’s easy to get caught up in the hustle of wealth-building. Noah challenges us to pause and ask ourselves, “What does freedom mean to me?”

Noah’s approach resonates particularly with entrepreneurs and leaders who often face unique challenges balancing work, family, and personal well-being. For those in positions of influence, financial freedom can enable not only personal choices but also the ability to positively impact others. By defining what freedom looks like for you, you’re laying the groundwork for a life that’s truly aligned with your values and aspirations.

Aligning Wealth with Personal Values

Another powerful insight Noah shares is the importance of aligning your wealth-building efforts with your core values. Far too often, people set financial goals that don’t truly reflect what’s important to them, leading to feelings of disconnection or lack of fulfillment even when financial success is achieved. “When you have a clear sense of what you stand for, it’s much easier to make financial decisions that feel right and satisfying,” Noah says. He explains that your financial decisions, from how you invest to how you spend, should serve as reflections of your core values.

For entrepreneurs, aligning business goals with personal values can foster a more purpose-driven company culture and contribute to long-term satisfaction and success. By focusing on value-based financial planning, you can ensure that your resources are being directed toward what genuinely matters to you. As Noah puts it, “Every dollar should have a purpose, just like every moment should have meaning.”

Building a Lasting Legacy

Noah also delves into the significance of legacy planning. Legacy, in Noah’s view, is not just about passing down assets—it’s about passing down values, principles, and a sense of purpose. Many wealthy individuals spend their lives building their financial empire but overlook the importance of cultivating a legacy that carries their values to future generations. He urges families and business leaders to think deeply about the kind of legacy they wish to leave behind and to plan for it with the same care as they do their finances. As he states, “The true mark of wealth is not what you leave behind financially, but the principles and impact you impart to those who follow.”

Creating a legacy goes beyond the family; it extends to the community and, for some, even the industry in which they work. Entrepreneurs can use their businesses as vehicles for legacy-building by creating positive impact, fostering ethical practices, and championing causes they believe in. Noah’s approach encourages us to think of legacy planning as an active, ongoing part of life rather than something to consider only at the end of our careers.

Intentionality in Financial Decisions

Intentionality is at the heart of Noah’s philosophy. He explains that every decision we make, especially financial ones, shapes the trajectory of our lives. By practicing mindfulness in our financial choices, we can ensure that we are continuously moving closer to our goals. Noah advises taking a moment to pause and reflect on the purpose behind each decision—whether it’s a major investment or a simple spending choice. “Each choice you make tod...

This episode centers around an intriguing metaphor Cameron calls the “Two Ladders”—one representing skills, the other confidence. His vision is a balanced approach to leadership growth, showing us how essential it is to build both skill sets and self-assurance simultaneously. As Cameron says, “If my skills are shaky, then my confidence is going to be starting to shake. If my confidence is shaky, my skills start to shake.”

Let’s dive into some of the standout points Cameron made in this episode and explore how his “Two Ladders” concept can help leaders like you build a more resilient foundation.

Skills and Confidence: Two Ladders, One Goal

Cameron Herold believes that the journey to success isn’t linear; instead, it requires stability on two fronts—skills and confidence. He explains this idea using the metaphor of two ladders that you need to climb side by side. “If you’re climbing up one ladder, and your left hand and left foot are on one ladder and your right hand and right foot are on another,” he describes, “it starts to sway if either one is shaky.”

This imagery is a reminder that both skills and confidence must be developed in tandem. As leaders, we can sometimes focus too heavily on one while neglecting the other, but as Cameron points out, “It’s skills and confidence that will actually grow those people.” For entrepreneurs and leaders, building a solid foundation in these areas is essential for long-term success.

Creating a Supportive Environment for Growth

Cameron emphasizes the importance of creating an environment where team members feel safe to grow. Drawing a parallel with parenting, he explains, “We need to cheer them on... we need to coach them to success.” This idea underscores the need for leaders to foster a positive, encouraging environment that nurtures both skill development and confidence.

For Cameron, coaching isn’t just about holding people accountable; it’s about empowering them. He says, “I’m not going to hold you accountable... I hire accountable people.” This approach reflects his belief that leadership is about trust and autonomy. By hiring individuals who take ownership of their roles, leaders can focus on guiding them rather than micromanaging.

Coaching at Every Level of Leadership

One of Cameron’s most compelling points is that coaching should be a continuous part of a leader’s journey, no matter their experience level. Even at 59, Cameron invests in coaching to sharpen his skills and maintain his confidence. He encourages leaders to model this approach for their teams, saying, “If coaching is good for me, then it’s clearly going to be good for you, too.”

This willingness to learn and grow, regardless of one’s position, is a hallmark of effective leadership. By prioritizing their development, leaders can inspire their teams to do the same, fostering a culture of lifelong learning and improvement.

5 Key Takeaways

Here are five actionable takeaways from Cameron’s insights on leadership, each with a “Take Action” tip for entrepreneurs and leaders:

1. Embrace the “Two Ladders” Concept

Success is built on a foundation of both skills and confidence, and developing these simultaneously is crucial. Quote from Cameron: “If my skills are shaky, then my confidence is going to be starting to shake. If my confidence is shaky, my skills start to shake.”

Take Action: Reflect on areas where your skills or confidence may be lacking. Set aside dedicated time each week to work on specific skills and seek feedback to bolster your confidence.

2. Foster a Positive Growth Environment

A supportive environment encourages your team to take risks and grow. When people feel safe, they’re more likely to develop both skills and confidence. Quote from Cameron: “We need to cheer them on... we need to coach them to success.”

Take Action: Create a positive reinforcement plan for your team. Recognize and celebrate small wins regularly to build an atmosphere where growth feels rewarding and safe.

3. Hire for Accountability

Instead of enforcing accountability, hire self-managing people who take ownership of their roles. Leadership is about empowering others, not micromanaging. Quote from Cameron: “I’m not going to hold you accountable... I hire accountable people.”

Take Action: During your next hiring cycle, look for candidates who demonstrate initiative and responsibility. Develop interview questions that reveal how they’ve managed themselves in past roles.

4. Model Continuous Growth

Great leaders are lifelong lear...