Why Failure is Essential for Success and More Business Lessons from Nick Schwarzrock

Doug speaks with Nick Schwarzrock, a serial entrepreneur with over 20 years of experience in the medical device industry and £2.4 billion worth of mergers and acquisitions under his belt. From personal transformation through weight loss to building billion-dollar businesses, Nick shares his ideas around goal setting, innovation, and the importance of core values in business.

KEY TAKEAWAYS

• Innovation and failure are intrinsically linked to success, if you're not failing, you're not innovating enough. Embrace failure as a necessary step toward achieving your goals.
• Core values must come before revenue. In healthcare, putting patients first even at a cost demonstrates true commitment to values and leads to long-term success through referrals and reputation.
• Goals should be layered and flexible, from micro weekly targets to macro long-term objectives, being able to adjust goals based on circumstances while maintaining vision is crucial.
• Simple financial management works best - for businesses up to 25 million in revenue, managing week-by-week cash flow can be more effective than complex financial statements.
• Nick's journey to lose 50 pounds was motivated by becoming a father and wanting to be there for his daughter.
• Setting early life goals for children is valuable. While remaining flexible, having a structured plan for your child's development can provide direction and purpose.
• Customer service and understanding client needs are paramount so spending more time with clients and truly understanding their needs leads to better business outcomes and referrals.

BEST MOMENTS

"I fail every day. I fail every month. I fail every quarter. I fail every year. And there are good years and there are bad years and there are great years and there are really bad years. And I just think that you got to be okay with failure and you've to be able to succeed."

"If you are running your business effectively on a cash basis, you're going to make money."

"I started looking for what I was going to do next... because the morality, the ethics and just how you treat people and building the teams and doing things for the right reasons is just part of the calculus for me."

ABOUT THE GUEST

Nick Schwarzrock, Serial Entrepreneur

 www.advancedrecover.com

www.linkedin.com/in/nick-schwarzrock-5a6a861

@NickSchwarzrock

https://www.facebook.com/advancedrecover

VALUABLE RESOURCES

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BOOKS:

Goals Do Come True is now live and available to buy on Amazon: https://amzn.to/3phcy6Z

Think Simple, Win Big is now live and available to buy on Amazon: https://www.amazo