Podcast Summary: Living The Red Life
Episode: How To Overcome Any Setback w/The Come Back Coach To The Stars Tim Storey
Release Date: December 19, 2024
Host: Rudy Mawer
Guest: Tim Storey
1. Introduction
In this compelling episode of Living The Red Life, host Rudy Mawer welcomes Tim Storey, renowned as "The Come Back Coach To The Stars," to delve into the art of overcoming setbacks. The conversation sets the stage for entrepreneurs and business owners seeking resilience and growth in the face of adversity.
2. Tim Storey's Backstory
Tim begins by sharing his humble beginnings, highlighting the values instilled in him during his upbringing in Compton, California.
"We were lower income but not lower class... everything was like discipline, like we were super disciplined."
— Tim Storey [02:19]
He emphasizes the importance of maintaining high standards despite financial constraints, a principle that shaped his disciplined approach to both personal and professional life.
3. Understanding Setbacks and Life Interruptions
Tim introduces the concept of "life interruptions" as unexpected disturbances that can derail one's momentum.
"An interruption is a disturbance. It's like a knock on the door at three in the morning that you don't expect."
— Tim Storey [00:00]
He recounts a significant personal setback where his long-time right-hand man betrayed him by stealing a substantial amount of money. This incident underscores the unpredictability of setbacks and the importance of navigating through them.
4. Building Resilience and Persistence
The discussion pivots to the essential traits that differentiate successful entrepreneurs from others: resilience and persistence.
"In business, you get punched in the face, constant every day... resilience is just what makes great entrepreneurs great."
— Tim Storey [07:22]
Tim likens the entrepreneurial journey to boxing, where one must become accustomed to getting "punched" and develop the ability to respond effectively rather than getting disoriented by the first hit.
5. Practical Steps for Overcoming Setbacks
Tim outlines a structured approach to making a comeback, which includes:
-
Take Inventory
Assessing one's current situation in various aspects of life, including mindset, finances, and relationships. -
Partner with the Right People
Surrounding oneself with a supportive and educated community that fosters growth. -
Adopt the Right Principles
Embracing foundational values that guide decision-making and actions. -
Develop a Solid Plan
Crafting a strategic roadmap tailored to personal and business goals. -
Learn to Be Persistent
Maintaining unwavering determination despite challenges and setbacks.
"There are steps to the comeback... take inventory, partner with the right people, the right principles, and then the right plan."
— Tim Storey [09:49]
6. Embracing Originality and Creativity
Tim and Rudy discuss the significance of creativity and originality in building a lasting legacy. Tim shares anecdotes about influential figures like Pharrell Williams and Richard Branson to illustrate how innovative thinking and networking propel individuals to success.
"One of my superpowers is creativity... the creative entrepreneur."
— Tim Storey [13:56]
They highlight that true creativity often involves discovering new paths rather than making predetermined decisions, allowing entrepreneurs to navigate unforeseen challenges effectively.
7. Lessons on Forgiveness and Moving Forward
Addressing personal betrayal, Tim emphasizes the importance of forgiveness in overcoming lingering negativity from setbacks.
"If you don't forgive or go forward, you're in trouble."
— Tim Storey [24:37]
He shares his experience of forgiving a trusted team member who wronged him, illustrating that releasing grudges is crucial for personal peace and continued growth.
8. Conclusion and Final Advice
As the conversation winds down, Tim offers final thoughts on persistence and the realities of entrepreneurial life. He encourages listeners to remain steadfast and continue pushing forward, even when immediate results are not evident.
"Persistence breaks resistance. There's nothing going to stop."
— Tim Storey [22:23]
He also shares a personal victory of establishing recovery centers, juxtaposed with the challenges of trusting team members, reinforcing the duality of success and struggle in the entrepreneurial journey.
9. Notable Takeaways
- Resilience is Key: Embracing setbacks as opportunities to learn and grow.
- Structured Comeback: Following a clear plan involving assessment, strategic partnerships, and adherence to core principles.
- Originality Matters: Maintaining creativity and staying true to one's unique path despite external pressures.
- Forgiveness Facilitates Growth: Letting go of past grievances is essential for moving forward.
- Persistence Pays Off: Consistent effort and determination are vital for long-term success.
10. Final Quotes
"The bigger you get, the more crap you get... it's like the better boxer you get, you're going to get punched harder."
— Tim Storey [16:32]
"Business is much like when you start dating as a teenager... you go through several businesses and change direction."
— Tim Storey [15:08]
11. How to Connect
For those inspired by Tim Storey's insights and looking to embark on their own journey of overcoming setbacks, you can connect with him at timstorey.com.
This episode of Living The Red Life serves as a powerful guide for entrepreneurs facing challenges, offering both philosophical insights and practical strategies to not only survive setbacks but to thrive beyond them.