Ep 175 - Grit, Passion and Perseverence - Perry Solomon

Perry Solomon's story is one of resilience, demonstrating how grit—comprised of passion and perseverance—can drive success even in the face of immense challenges.

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...