Here’s a great story about a entrepreneur pushing farm management software who took a chance on his idea. Now he’s generating $100,000 annually from it!
Scott Anderson is an investor and farmer. He grows 16 million pounds of soybeans and corn each year on 7,500 acres of his family’s farm in South Dakota.
After spending a couple of years learning how to invest on Wall Street, he returned home to apply his financial skills to make the farm more productive.
The 28-page spreadsheet financial model he developed not only helped turn a profit for the farm, but got the attention of his neighboring farmers. He knew he was onto something.
Beyond the story of how Scott developed his software business, he shares loads of great lessons like:
- How listening to Warren Buffet and Bill Gates changed the course of his life.
- Why continual learning and reading is now part of everyone’s job.
- Building and acquiring skills to be prepared for an opportunity to turn an idea into a business.
Life Skills That Matter In This Episode
- Be open to opportunity
- Self-directed learning
- Importance of mentors
How Scott Works and Thinks
- Wake up time: 6:30am
- Superpower: Financial analysis
- Definition of success: Being healthy, having enough money that you don’t have to worry about bills, and being happy almost all the time with everything you do.
- Book recommendation: The Richest Man in Babylon by George S. Clason.
- Regains focus by: Thinking about his son.
- 90-day goal: Put together an “unbelievable marketing team” to grow his business and improve conversions.
“Waiting in line or sitting in traffic aren’t burdens, they are opportunities.”
“I listen to audio books, and the longer it takes me to get places, the smarter I get.”
Here is Scott’s advice on how to make smart investments in yourself:
1) Expect to lose money.
2) Don’t invest more money than you can afford to lose.