Podcast Summary: "Kim Perell: Hate Your Job But Don’t Know What to Do Next? Ask Yourself THESE X Questions and Build a Step-by-Step Plan for the Career You ACTUALLY Want"

On Purpose with Jay Shetty
Episode Release Date: August 8, 2025
Host: Jay Shetty
Guest: Kim Perell, nine-time founder, two-time bestselling author, and investor in over 100 companies.

Introduction

In this empowering episode of On Purpose, Jay Shetty welcomes Kim Perell, a renowned entrepreneur and author, to discuss navigating the challenges of leaving an unfulfilling job and building a career aligned with one’s true passions. With Kim’s extensive experience in founding and scaling businesses, listeners gain invaluable insights into overcoming fear, taking actionable steps towards career transformation, and fostering a supportive network.

Overcoming Fear and Embracing Change

Kim opens the conversation by addressing the paralyzing fear that often keeps individuals stuck in jobs they despise. She shares her personal mantra:

Kim Perell [02:40]: "Will I regret it more than not doing it? If I'm in the same dead-end job a year from now, I will regret that decision more than I fear making a wrong one."

Jay echoes this sentiment, emphasizing the power of choosing action over inaction to avoid future regrets.

The 70% Rule: Taking Action Before Feeling Fully Ready

A pivotal moment in the discussion revolves around Kim’s introduction of the 70% Rule, inspired by Marine Corps guidelines. This rule encourages entrepreneurs to take action when they feel approximately 70% ready, rather than waiting for perfection.

Kim Perell [11:19]: "If you're 70% ready, you should take action. If you're 100% ready, you've already missed the opportunity."

Jay elaborates on this concept, highlighting the importance of launching a minimum viable product (MVP) to gather real-world feedback:

Jay Shetty [14:00]: "Build the smallest, cheapest, easiest version of it and put it out there."

The Importance of Mentorship and Building a Support Network

Kim emphasizes that success rarely happens in isolation. She outlines the Four Pillars essential for any entrepreneur:

1. Mentor
2. Supportive Family and Friends
3. Team Members
4. Peers

Kim Perell [36:42]: "No one can be truly successful until you surround yourself with the right people."

Jay concurs, discussing the challenges of finding mentors and the significance of local connections over high-profile figures. Together, they stress the value of proactive networking and building genuine relationships.

Handling Rejection and Learning from Failure

The conversation delves into the inevitability of rejection and failure in the entrepreneurial journey. Kim advises viewing setbacks as stepping stones:

Kim Perell [09:13]: "Fear is paralyzing... Will I regret not making a decision more than I fear making the wrong one?"

Jay shares anecdotes illustrating how embracing rejection can lead to unexpected opportunities and growth.

Pivoting: The Key to Business Resilience

Kim highlights the necessity of pivoting in business when initial plans do not yield the desired results. She cites examples of major companies that successfully pivoted their business models, such as Netflix transitioning from DVD rentals to streaming services.

Kim Perell [78:20]: "90% of businesses pivot. I've invested in over 100 companies, probably only one hasn't pivoted."

Jay adds that flexibility and adaptability are crucial in the ever-evolving market landscape, especially with advancements like AI.

Toxic Relationships and Their Impact on Success

A significant portion of the episode addresses the detrimental effects of toxic relationships on personal and professional growth. Kim discusses strategies for auditing and cleansing one’s inner circle to foster a positive and supportive environment.

Kim Perell [52:51]: "Every year, I audit my inner circle. If they energize and inspire me, I keep them; if not, I actively remove them."

Jay reflects on how negative influences can drain energy and hinder success, reinforcing the importance of surrounding oneself with uplifting individuals.

Final Five: Quick-Fire Questions

The episode concludes with Jay posing rapid-fire questions to Kim, eliciting concise and impactful responses:

1. Best Entrepreneurship Advice Received:

   Kim Perell: "No one is successful alone."

2. Worst Entrepreneurship Advice Received:

   Kim Perell: "You need a lot of capital to start a business."
   She counters this by sharing how she built a $100 million company with a $10,000 loan from her grandmother.

3. Misconception About Entrepreneurship:

   Kim Perell: "I used to believe that skills beat passion, and now, as an entrepreneur, passion beats skill."

4. Why Can't We Train Passion?

   Kim Perell: "Passion is innate; it drives you to succeed regardless of circumstances."

5. One Law for Everyone:

   Kim Perell: "I would say to be generous on every occasion."

Conclusion

Kim Perell’s insights offer a roadmap for those feeling trapped in unfulfilling careers. By addressing fear, embracing mentorship, learning from failures, and fostering a supportive network, listeners are empowered to take actionable steps toward building a purposeful and successful career. Her final messages on passion and generosity serve as guiding principles for sustained personal and professional growth.

For those inspired by Kim’s journey and advice, her book, Mistakes that Made Me a Millionaire: How to Transform Setbacks into Extraordinary Success, is a recommended resource available through the podcast’s comment section.

Notable Quotes:

• Kim Perell [02:40]: "Will I regret it more than not doing it? If I'm in the same dead-end job a year from now, I will regret that decision more than I fear making a wrong one."

• Kim Perell [11:19]: "If you're 70% ready, you should take action. If you're 100% ready, you've already missed the opportunity."

• Kim Perell [36:42]: "No one can be truly successful until you surround yourself with the right people."

• Kim Perell [78:20]: "90% of businesses pivot. I've invested in over 100 companies, probably only one hasn't pivoted."

• Kim Perell [52:51]: "Every year, I audit my inner circle. If they energize and inspire me, I keep them; if not, I actively remove them."

This summary encapsulates the core discussions and insights from the episode, providing a comprehensive overview for those who haven't listened to the full conversation.