Podcast Summary: "She Turned $10K Into $20 Million, Then Did It Again with Kim Perell"

Podcast Information:

• Title: THE ED MYLETT SHOW
• Host: Ed Mylett
• Guest: Kim Perell
• Episode Title: She Turned $10K Into $20 Million, Then Did It Again with Kim Perell
• Release Date: August 7, 2025
• Network: Cumulus Podcast Network

Introduction to Kim Perell’s Success Story

In this compelling episode of The Ed Mylett Show, host Ed Mylett welcomes Kim Perell, a multi-millionaire entrepreneur renowned for transforming a modest $10,000 investment into a staggering $20 million and achieving multiple successful business exits. Ed emphasizes Kim's authenticity and the invaluable lessons she shares, particularly through her book "Mistakes that Made Me a Millionaire".

Ed Mylett [00:00]:

"Imagine this. You take 10 grand, you turn it into 20 million bucks. You have an exit from a company, that company becomes a publicly traded company, et cetera…"

The Decision to Share Her Journey

Ed inquires about Kim’s motivation for writing her book and sharing her entrepreneurial journey, especially while balancing a busy personal life with four children.

Kim Perell [02:05]:

"I built my entire career on all of the mistakes I made. And we don't need another how-to-win book. We need another book to show the messy truth about what actually happens behind the scenes."

The Reality of Entrepreneurship

The conversation delves into the harsh realities of entrepreneurship, highlighting that most people might not pursue business ventures if they fully understood the challenges involved.

Ed Mylett [03:01]:

"Do you think most people would actually start a business if they knew how really difficult it is?"

Kim Perell [03:05]:

"No one would do it ever. Honestly, I wouldn't have done it."

The Loneliness and Emotional Burden of Leadership

Ed and Kim discuss the emotional toll of leading a company, emphasizing the isolation leaders often feel despite having a team.

Kim Perell [03:38]:

"The hardest part is the sleepless nights… when something terrible happens in the company and you think, this is it, and you're alone."

Reflecting on Success and Freedom

Despite the challenges, Kim affirms that her entrepreneurial journey has been worthwhile, primarily valuing the freedom it has afforded her.

Kim Perell [04:35]:

"The freedom to do whatever I want at whatever time, to invest in new entrepreneurs, to inspire other people to live the life of their dreams…"

Overcoming Perfectionism and Embracing Action

A significant portion of the discussion focuses on the paralyzing nature of perfectionism and the importance of taking action even without having all the information.

Kim Perell [06:34]:

"Once you realize it will never be perfect, and just having the courage to take action is the key to success."

She references the "70% rule," inspired by a Marine Corps general, advocating for taking action when you have 70% of the necessary information.

Kim Perell [07:30]:

"You have to make an educated decision and move forward despite not having all the information."

Lessons from Early Failures

Kim recounts her first major business exit in 2008, an internet marketing company she started with a $10,000 loan from her grandmother, highlighting the skepticism she faced.

Kim Perell [07:38]:

"I started with a $10,000 loan from my grandma because no one would give me a dollar."

She reflects on the unpredictability of job security, reinforcing the importance of creating one’s own stability through entrepreneurship.

The Importance of Team and Letting Go of Toxic Relationships

Ed and Kim discuss the critical mistake of retaining toxic team members for short-term gains, emphasizing the long-term damage such relationships can inflict on a company’s culture.

Kim Perell [16:13]:

"It's the wrong thing to keep toxic people around because that trickles down throughout the company."

Balancing Personal Growth and Business Development

While Ed admits to sometimes micromanaging, Kim shares how her mother's expertise in organizational behavior helped her prioritize personal values within her businesses, preventing many common entrepreneurial mistakes.

Kim Perell [17:55]:

"Having a leadership coach early on was like having a little Buddha in my company."

Adapting and Pivoting in a Rapidly Changing World

The duo emphasizes the necessity of adaptability in today’s fast-paced business environment, especially with the rise of AI and technological advancements.

Kim Perell [21:11]:

"If you have the courage to adapt and pivot, you can thrive even as the world changes twice as fast."

Perfectionism vs. Greatness

Kim advises against striving for perfection, positing that it hinders the achievement of greatness. Instead, she encourages embracing mistakes as learning opportunities.

Kim Perell [25:33]:

"If you're trying to achieve perfection, you will not achieve greatness."

Selecting the Right Opportunities

When it comes to investments, Kim focuses on the people behind the companies rather than the industry itself, valuing resilience and determination.

Kim Perell [27:18]:

"I'm looking for the person that when it gets really hard, they don't quit."

The Emotional Journey and Support Systems

Both Ed and Kim share personal anecdotes about overcoming fear and imposter syndrome, highlighting the importance of belief and having a strong support system.

Kim Perell [28:40]:

"Your belief has to be greater than everyone else's doubt in you."

Life After Success: Balancing Family and Business

Kim provides a glimpse into her life post-success, emphasizing the integration of family and business while maintaining personal happiness and fulfillment.

Kim Perell [32:39]:

"We have a great vineyard in Tuscany, so we spend summers there… family is first on everything."

Final Advice and Closing Thoughts

As the conversation wraps up, Kim offers profound encouragement to aspiring entrepreneurs, advocating for flexibility and persistence.

Kim Perell [39:29]:

"If I can do it, you can do it too."

She also underscores the importance of adapting to market changes and remaining flexible in one’s approach.

Key Takeaways:

1. Embrace Mistakes: Turning mistakes into learning opportunities is crucial for entrepreneurial success.
2. Overcome Perfectionism: Striving for perfection can impede progress; taking imperfect action is essential.
3. Adaptability is Key: In a rapidly changing business landscape, the ability to pivot and adapt determines long-term viability.
4. Value Your Team: Prioritize a healthy company culture by removing toxic elements, even if it means short-term setbacks.
5. Balance Personal and Professional Life: Success doesn't mean neglecting family; finding harmony between the two is vital.
6. Believe in Yourself: Your belief must surpass external doubts to navigate the entrepreneurial journey successfully.

Recommended Reading:

• Mistakes that Made Me a Millionaire by Kim Perell

Notable Quotes:

• Ed Mylett [00:00]: "Imagine this. You take 10 grand, you turn it into 20 million bucks."
• Kim Perell [02:05]: "We don't need another how-to-win book. We need another book to show the messy truth about what actually happens behind the scenes."
• Kim Perell [25:33]: "If you're trying to achieve perfection, you will not achieve greatness."
• Kim Perell [39:29]: "If I can do it, you can do it too."

This episode serves as an inspiring testament to the resilience, adaptability, and unwavering belief required to achieve monumental success in entrepreneurship. Kim Perell's candid reflections offer invaluable lessons for both budding and seasoned entrepreneurs aiming to navigate the complex landscape of business with integrity and perseverance.