Podcast Summary: Next Level Pros | Episode #136: "I've spent over $1M on my education" - My Advice to the Youth - Chris Lee Unplugged

Introduction

In Episode #136 of Next Level Pros, host Chris Lee engages in a deep and insightful conversation with guest Chris Lee, a seasoned entrepreneur with nearly two decades of experience. This episode delves into the pivotal role of education in entrepreneurship, the value of failure, and offers actionable advice for the youth aspiring to build successful businesses.

1. Chris Lee’s Entrepreneurial Journey

Chris Lee shares a candid account of his extensive entrepreneurial journey, highlighting both his triumphs and setbacks.

• Early Beginnings and Diverse Ventures (00:00 - 01:16):

  • Chris began his entrepreneurial path at 18, selling Cutco knives through cold calling.
  • Served a mission for his church, which involved extensive door-knocking and sales experience.
  • Over the years, he ventured into various industries including pest control, automotive sales, alarm systems, and solar energy.

• Major Setback and Recovery (01:16 - 13:50):

  • At 24, Chris launched his first business but scaled too quickly, leading to bankruptcy with debts totaling $2.2 million and personal financial losses.
  • Despite the failure, Chris persevered by partnering with a trusted collaborator to start a new home security business, which eventually led to significant growth.
  • Founded Soldier On Power, bootstrapped from his garage, and scaled it to $233 million in revenue with 1,100 employees before selling it to private equity in a nine-figure deal.
  • A life-changing car accident in 2023 prompted him to step down as CEO to focus on family and diversified business interests, including a private equity group, podcasting, real estate development, and youth coaching.

Notable Quote:

“I've filed for bankruptcy for 2.2 million, had less than $1,000 in my bank account... but I didn’t listen to those who told me to give up.”
(01:25)

2. The Role of Education in Entrepreneurship

Chris emphasizes the distinction between traditional and non-traditional education and how both have shaped his entrepreneurial mindset.

• Traditional Education's Impact (27:07 - 27:43):

  • Appreciates the discipline learned through K-12 education but critiques the system for stifling creativity and collaboration.
  • Advocates for a more collaborative approach in schools, likening group projects to real-world problem-solving.

• Investment in Personal Education (27:43 - 31:36):

  • Invested over $1 million in non-traditional education, including masterminds, workshops, and specialized programs like Harvard's Owner's President's Management (OPM).
  • Believes continuous learning and being in the "right rooms" are crucial for personal and professional growth.

Notable Quote:

“If the education system is teaching you that there's a finish line, that a piece of paper is your finish line, you're doing the wrong things.”
(21:28)

3. Lessons Learned from Mentorship and Business Strategy

Drawing from his experiences, Chris shares invaluable lessons that have shaped his business strategies and leadership style.

• Transparency and Culture (16:07 - 20:50):

  • Inspired by Todd, CEO of Vivint, who fostered transparency within the organization, ensuring employees understood pay structures and business challenges.
  • Contrasts this with his own initial lack of transparency during his first business failure, highlighting the importance of honest communication.

• Business Strategy and Margins (16:17 - 20:50):

  • Emphasizes the significance of maintaining healthy profit margins to reinvest in customer support and employee development.
  • Advocates for compensating employees beyond just paychecks, including personal and spiritual growth opportunities.

Notable Quote:

“Charge a lot, pay a little bit less, create an opportunity to be able to go and grow.”
(16:07)

4. Advice to the Youth

Chris offers pragmatic and motivational advice tailored for young aspiring entrepreneurs navigating the challenges of today’s world.

• Embrace Failure and Take Risks (27:43 - 39:40):
  • Encourages youth, especially those under parental support, to take risks during their 20s when the safety net allows for experimentation.
  • “The best advice I could give to any person is go and fail as much as possible.”

(27:43)

• Focus on Skill Development over Quick Wealth (31:36 - 42:05):

  • Advocates for developing core skills like sales and leadership instead of chasing "get rich quick" schemes prevalent on social media.
  • Stresses the importance of being a producer rather than a consumer, emphasizing action over passive consumption.

• Continuous Learning and Adaptability (39:40 - 42:05):

  • Highlights the necessity of being a lifetime learner, adapting to new tools and technologies like AI to stay relevant.
  • “Knowledge and wisdom. The difference is applied knowledge, right? Like that's what wisdom is.”

(39:16)

Notable Quote:

“You have more time and energy than you do money... spend your time and energy developing skills.”
(27:43)

5. Navigating Current Trends: Artificial Intelligence and Business

Chris discusses the transformative impact of AI on business and the importance of embracing technological advancements.

• AI as a Tool for Efficiency (51:53 - 57:27):

  • Views AI as a means to enhance efficiency and replace mundane tasks, allowing entrepreneurs to focus on higher-value activities.
  • Advises business owners to integrate AI into their operations to stay competitive, stating, “the future I see is not a world that's run by AI, but a world that is run by people that use AI.”

• Balancing AI’s Pros and Cons (54:01 - 56:12):

  • Acknowledges fears surrounding AI, including job displacement and the potential for misuse but emphasizes proactive learning and adaptation.
  • “The biggest mistake we can make in the education system is saying, like, don't learn it, don't use it, don't do.”

(57:27)

Notable Quote:

“The biggest thing that we can do is learn it ourselves, be willing to pivot, being willing to change.”
(55:25)

6. Personal Reflections and Final Insights

Chris wraps up with personal anecdotes and reflections on leadership, decision-making, and maintaining momentum without burnout.

• Leadership and Decision-Making (58:57 - 60:38):

  • Defines effective leadership through decisive action and the ability to guide teams towards clear outcomes.
  • Emphasizes decision-making as a critical skill to overcome mediocrity and drive value creation.

• Maintaining Growth and Avoiding Burnout (33:34 - 38:17):

  • Discusses the importance of aligning work with personal motivations beyond monetary gain to sustain long-term passion and avoid burnout.
  • “There's no such thing as enough enough. I'm going to make a bunch of money, but I'm going to use that money for good.”

(38:17)

Conclusion

Episode #136 of Next Level Pros with Chris Lee offers a comprehensive exploration of the interplay between education, failure, and entrepreneurial success. Through his personal journey, Chris provides valuable lessons on resilience, the importance of continuous learning, and strategic business practices. His advice serves as a beacon for young entrepreneurs striving to navigate the complexities of building and scaling businesses in an ever-evolving landscape.

Further Resources

• Connect with Chris Lee:
  • Instagram: @chrissleeqb
  • Website: meetwithchris.com
  • Teenage Mastermind: Open to participants in the Tri Cities area.