Secret Academy Episode - Michael EpsteinAbout:
Michael Epstein started his first business while still in college, but when he was an IT director in a management consulting firm, he was laid off and decided to go 100% with being an entrepreneur. eDimensional was launched and hit $1M is sales within its first year. eDimensional grew as a leading manufacturer and online retailer of consumer electronics. Epstein used similar methods when he launched a second business venture based around flight simulation, FS Pilot Shop, and received similar results. After a successful exit from eDimensional, Epstein is now a successful business consultant on the hunt for his next idea.
Lesson's in Today's Interview:
- Passion must exist somewhere in your purpose
- When was the right time to leave his day job to focus on his business 100%
- What a business consultant is
- Why money should be a by-product and not a business goal
- How consulting is very different from being a manager or owner
- How to determine whether to take on a consulting project
- Discovering target audiences
- How to validate your business idea
- How to protect your business idea while validating it
- Prospecting and customer development
- Why the business goal was to monetize the company long-term
- The importance of an exit strategy
- How the recession affected his business vs. industry
- What allowed him to grow his company so quickly
- How he took a commercial product and innovated it for other consumers
Full Episode, Downloadable Podcast, and Other Episode Resources Available for Members Only:
