Common Mistakes Entrepreneurs Should Avoid With Derik Fay

09/25/23 • 76 min

Listen to today’s episode as Derik Fay shares his amazing life story. He started with a tough childhood and learned to be strong, make friends, and grab opportunities. Hear how he succeeded in different businesses by being flexible and making good relationships.

Learn about Derik's talent for making friends and growing small companies. Find out how he turned $70 into $5 million in real estate. Discover tips for negotiating with companies and avoiding common business mistakes. Understand why having a strong company culture and being responsible are important for business growth. Plus, stay tuned for part two of Derik's amazing journey!

About:

Derik Fay is an experienced entrepreneur who started a venture capital firm called “3F Management” in 2002. He's successfully built and sold over 30 companies and helps young entrepreneurs grow. His goal for partners is to achieve growth and profits and sell their businesses within 3-5 years. Derik and his partners also give back by donating millions to local charities, emphasizing the importance of resilience, innovation, and making a positive impact.

HIGHLIGHTS:

Derik Fay's journey from a challenging childhood to success
How Derik adapted and thrived in various business ventures
Derik's knack for connecting people and identifying opportunities
The incredible story of turning a $70 investment into $5 million in real estate
Profitable negotiation experiences with companies
Insights into common mistakes entrepreneurs should avoid
The importance of a consistent company culture and vision
The role of accountability in business growth

SOCIAL MEDIA:

Website URL: https://derikfay.com/ & https://beacons.ai/derikfay

Derik Fay IG 👉 https://www.instagram.com/derikfay/

Derik Fay Facebook 👉 https://www.facebook.com/profile.php?id=100085006716140

Derik Fay YouTube 👉 https://www.youtube.com/@derikfay

Derik Fay Twitter 👉 https://twitter.com/derik_fay

Derik Fay LinkedIn 👉 https://www.linkedin.com/in/derik-fay-8ba92181/

Derik Fay TikTok 👉 https://www.tiktok.com/@fayderik

TIME STAMPS:

00:00: Intro
00:49: Introduction to Derik Fay
01:28: What does Derik do as an adult entrepreneurial man?
02:57: Entrepreneurship, investing, and personal finance
06:05: Childhood abuse and resilience
08:11: The importance of finding inspiration and redirection in difficult moments
11:38: Eric’s advice when you’re in a bad situation
12:45: Overcoming abuse and finding strength
15:24: Dealing with past trauma and abuse
21:44: Abuse of power in religious organizations
28:27: Meeting needs with products or services
30:20: The value of being a connector
36:59: Leadership styles and approaches
43:54: Entrepreneurship and opportunity recognition
47:07: Business deals
49:45: Things that motivated Derik to save money to be ready to go
54:09: The importance of Networking and conversations in finding opportunities
55:31: Real estate deals and ethics
58:54: Recognizing opportunities and taking action
1:01:59: There's massive value in being first!
1:03:19: The shadow CEO
1:06:16: Leadership mistakes in business
1:08:12: How people are treating employees and the resulting impact
1:11:30: The importance of clarifying the company's culture and vision
1:13:53: Chick-fil-A closes on Sundays to stay true to their values
1:14:57: Going against one's culture and values can lead to instability
1:16:02: END

Want to Achieve More Success in Your Network Marketing Career?

If you are specifically involved in Network Marketing or Direct Marketing, go to www.ericworre.com to learn how I can help you achieve your business, team, and personal goals faster than you ever thought possible.

Questions or Comments?

Do you have questions you would like me to answer in future podcasts or comments on the show you'd like to share? Email me at [email protected]

About:

HIGHLIGHTS:

Derik Fay's journey from a challenging childhood to success
How Derik adapted and thrived in various business ventures
Derik's knack for connecting people and identifying opportunities
The incredible story of turning a $70 investment into $5 million in real estate
Profitable negotiation experiences with companies
Insights into common mistakes entrepreneurs should avoid
The importance of a consistent company culture and vision
The role of accountability in business growth

SOCIAL MEDIA:

Website URL: https://derikfay.com/ & https://beacons.ai/derikfay

Derik Fay IG 👉 https://www.instagram.com/derikfay/

Derik Fay Facebook 👉 https://www.facebook.com/profile.php?id=100085006716140

Derik Fay YouTube 👉 https://www.youtube.com/@derikfay

Derik Fay Twitter 👉 https://twitter.com/derik_fay

Derik Fay LinkedIn 👉 https://www.linkedin.com/in/derik-fay-8ba92181/

Derik Fay TikTok 👉 https://www.tiktok.com/@fayderik

TIME STAMPS:

00:00: Intro
00:49: Introduction to Derik Fay
01:28: What does Derik do as an adult entrepreneurial man?
02:57: Entrepreneurship, investing, and personal finance
06:05: Childhood abuse and resilience
08:11: The importance of finding inspiration and redirection in difficult moments
11:38: Eric’s advice when you’re in a bad situation
12:45: Overcoming abuse and finding strength
15:24: Dealing with past trauma and abuse
21:44: Abuse of power in religious organizations
28:27: Meeting needs with products or services
30:20: The value of being a connector
36:59: Leadership styles and approaches
43:54: Entrepreneurship and opportunity recognition
47:07: Business deals
49:45: Things that motivated Derik to save money to be ready to go
54:09: The importance of Networking and conversations in finding opportunities
55:31: Real estate deals and ethics
58:54: Recognizing opportunities and taking action
1:01:59: There's massive value in being first!
1:03:19: The shadow CEO
1:06:16: Leadership mistakes in business
1:08:12: How people are treating employees and the resulting impact
1:11:30: The importance of clarifying the company's culture and vision
1:13:53: Chick-fil-A closes on Sundays to stay true to their values
1:14:57: Going against one's culture and values can lead to instability
1:16:02: END

Want to Achieve More Success in Your Network Marketing Career?

Questions or Comments?

Do you have questions you would like me to answer in future podcasts or comments on the show you'd like to share? Email me at [email protected]

Previous Episode

From Betrayed to Blessed with Ray Higdon

Join us for an enlightening podcast with Ray Higdon as he shares his life story and Network Marketing journey. Ray stresses the importance of being genuine and open. He also delves into their unique approach to Network Marketing, setting daily rejection goals to boost resilience, and reconnecting with family. Ray underscores the value of staying open to learning and staying motivated in Network Marketing.

The conversation turns to leadership in Network Marketing, where they discuss challenges posed by influencers and the pandemic. They draw a clear line between earners and leaders, emphasizing the importance of adaptability and team development.on improving product quality.

A central theme is Ray's personal journey towards faith and kindness, which has significantly impacted his life and career. He highlights the role of faith in decision-making and addresses various topics, including confidence, overcoming obstacles, and integrating spirituality into personal and professional growth. Ray's journey serves as a powerful example of how personal development and spirituality can transform one's business and life.

About:

Ray Higdon is a bestselling author, motivational coach, and philanthropist. He went from facing financial difficulties to achieving multimillion-dollar success in just a few years. His latest book, "TIME MONEY FREEDOM," co-written with his wife Jessica, helps people achieve their dreams with actionable steps. Ray is also a top keynote speaker, sharing the stage with renowned thought leaders. He's a dedicated philanthropist, raising over $600,000 for charitable causes. Ray is the founder and CEO of Higdon Group, a fast-growing company specializing in sales training and coaching. He lives in Florida with his family.

HIGHLIGHTS:

Ray Higdon's life journey: From challenges to Network Marketing success
Keys to triumph: authenticity, self-awareness, and openness
A powerful story of forgiveness and reconnection with Ray's estranged father
Building resilience through daily rejection goals and continuous self-improvement
Leadership in the Network Marketing industry
Earning vs. leading: What sets leaders apart in Network Marketing?
Advocating for a focus on product quality and research over distributor commissions
Ray's switch from money to faith and how it changed him
How kindness and biblical ideas help in work and life
Building confidence, surmounting obstacles, and faith-based decision-making
Ray's inspiring journey highlighting power of growth and spirituality in achieving success

SOCIAL MEDIA:

Website URL: https://rayhigdon.com/

Ray Higdon IG 👉 https://www.instagram.com/rayhigdon/

Ray Higdon Facebook 👉 https://www.facebook.com/ray.higdon1/

Ray Higdon YouTube 👉 https://www.youtube.com/@HigdonGroup

Ray Higdon Twitter 👉 https://twitter.com/rayhigdon

Ray Higdon LinkedIn 👉 https://www.linkedin.com/in/rayhigdon/

TIME STAMPS:

00:00: Cold open intro
00:30: Introduction to Ray Higdon
02:21: Ray’s origin story
08:03: Sacred wounds
09:20: Awareness is the first step to changing your habits
11:40: The concept of being aware and getting better
13:18: Childhood trauma
16:45: How did Ray get into real estate?
19:37: Went through a divorce and into foreclosure
20:25: Becoming interested in Network Marketing
23:08: Reuniting with his father
25:53: Ray’s advice for those who have an estranged family member
28:36: Turning 20 noses a day into a big income
32:25: The importance of team building and recruiting
37:12: The importance of staying in your position
38:57: Learn more about how Eric can help you grow your business
40:46: Making the decision to leave the field
42:52: Ray’s decision to merge into a bigger company
47:33: The decision to make the leap of faith in 2016
48:43: The lessons Ray has learned from teaching people
54:45: Four languages of leaders
1:01:30: Challenges in the Network Marketing profession
1:04:44: The difference between the Hall of Fame and all-stars
1:09:19: The difference between 10 one-year careers and a 110-year career
1:10:46: The difference between an earner and a leader
1:12:09: How some people are upset when the comp plan changes
1:14:16: The typical commission structure
1...

Next Episode

Social Media Strategies for Network Marketing in 2023 with John & Nadya Melton

Join us in this episode of “The Excellence Project” as Eric Worre interviews John and Nadya Melton, two remarkable Network Marketing leaders and social media experts. Discover their inspiring journey from traditional methods to the dynamic world of online marketing, where they share invaluable insights on building a personal brand and finding prospects in the Network Marketing industry.

John and Nadya discuss their early challenges, their shift to online marketing, and how video marketing became a game-changer during challenging times. They emphasize the lasting power of personal branding and networking in Network Marketing. In this fast-paced digital age, they also provide practical tips to stay current, engage with your audience, and take control of your online presence.

Tune in and learn how to leverage the potential of social media effectively to create opportunities, financial stability, and a thriving Network Marketing career!

About:

John and Nadya Melton are experienced network marketers who have earned seven figures over 15 years. They're top leaders in their company, with a Facebook following of 75,000 and having recruited 1,500 people. They specialize in teaching social media strategies for attracting prospects and customers. They shifted to social media after realizing traditional methods impacted their personal lives. Their online success allowed them to enjoy life, travel, and help others succeed. They've learned from and coached industry leaders, making them experts in helping entrepreneurs succeed.

HIGHLIGHTS:

John and Nadya Melton journey from traditional to online Network Marketing
The importance of personal branding online to attract prospects
How video marketing transformed their business during tough times
Understanding the enduring value of personal branding in Network Marketing
Tips on using social media effectively for networking and growth
Staying current in the digital business landscape
Taking control of your online brand-building journey

SOCIAL MEDIA:

Website URL: https://mylifestyleacademy.com/

John & Nadya Melton IG 👉 https://www.instagram.com/mylifestyleacademy/

John & Nadya Melton Facebook 👉 https://www.facebook.com/mylifestyleacademy/

John & Nadya Melton YouTube 👉 https://www.youtube.com/@JohnAndNadyaMelton/

RESOURCES:

Recommended book by Eric Worre:

Born Standing Up, Steve Martin: https://a.co/d/fz4gvBY

TIME STAMPS:

00:00: Intro
00:34: Introduction to John and Nadya Melton
01:03: How John and Nadya met through Network Marketing
03:47: Cultural differences and accents
06:46: Overcoming fears and maximizing social media strategies
10:00: Story about a team member who struggled with presentations
12:30: Network Marketing journey and industry changes
15:35: Eric’s “whatever it takes” mentality story
21:17: Nadya’s journey of overcoming obstacles and building a successful career
26:07: Experience in the mortgage industry
29:55: Resilience during an economic downturn
31:26: Transitioning to the internet and starting to make six figures in Network Marketing
34:13: Eric’s quick story in the early 2000s
37:12: Transitioning from Network Marketing to online business
46:56: Vemma's shutdown and the importance of professionalism in the industry
51:19: The importance of building an audience
54:13: Building a personal brand and recruiting for success
57:07: The importance of expanding your network
1:02:58: Using humor and creativity on social media
1:06:59: The importance of consistency, value, and fun in the content
1:10:38: Creating valuable content for social media platforms
1:13:36: Building trust with the audience by engaging in both marketing and prospecting
1:16:21: The importance of posting content
1:20:15: The importance of building confidence
1:22:05: Keep it simple!
1:24:55: The two big takeaways
1:26:38: The value of being approachable and relatable on social media
1:29:56: Mining connections for value and expansion
1:30:29: We’d love to hear from you!
1:30:55: END