The Freedom Fast Lane LIVE events are life and business changing events that bring together entrepreneurs and experts in a way that catalyzes growth. One of the most well received speakers from the most recent FFLL event was Jeff Hoffman. Jeff’s an incredible entrepreneur who’s responsible for the creation of many successful businesses, including www.Priceline.com. This episode is the Q&A session we held at the FFLL event after Jeff finished is keynote presentation. As you’ll see, Jeff knows his stuff and he knows business – and he’s more than willing to share what he knowns with you. Enjoy this episode!
Jeff Hoffman has built a wide variety of successful things, but never all at once.
One of the key points Jeff made in his Freedom Fast Lane Live keynote address was that entrepreneurs need to get OUT of the habit of attempting too many things at once. It’s a time waster, a revenue stealer, and unproductive in the long run. In the Q&A section Jeff was challenged about that point based on the fact that he’s done such a wide variety of things in his career. His answer was very clear: It’s fine to be interested in and involved in many things – just not all at once. Get the full gist of what Jeff has to say on that point as you listen to this episode. You’ll be glad you did.
The very BEST way to generate the cash you need for your business.
Angel investors. Crowdfunding. Investment Capital. You hear these terms all the time in the modern business world and Jeff Hoffman is no stranger to generating money for a business idea or startup. But he’s committed to doing everything in his power to generate the money himself before he saddles a fledgling company with a lot of debt. In this Q&A from the Freedom Fast Lane LIVE event, Jeff tells where the absolute best of funding for a startup or business can be found, and why he goes to THAT resource first, every, single time. If you need cash (and who doesn’t), you’ll want to hear Jeff’s answer to the question.
How does a successful entrepreneur like Jeff Hoffman handle business failures.
When Jeff Hoffman was asked if he has had any business failures he says, “Absolutely. Lots.” The natural follow up question is, “How did you handle them.” As you might expect, Jeff says that he had to learn the lessons the failure has to teach but he goes in an unexpected direction when he begins to talk about why the failure happened in the first place and what the leadership of the company probably should have done much sooner. Do you know what it is that they should have done? Listen to this episode to hear Jeff’s answer to that question, and lots more great insights on business, life, and even adult day care!
Why Jeff Hoffman bought his useless Ferrari.
When asked if he ever bought the Ferrari he had set as a personal achievement goal, Jeff Hoffman responded, “Yes, but it’s entirely useless. Except for one way.” The car is like a jet, impractical for everyday use and very loud. In fact, one time when he was giving a friend a ride, the guy commented on how loud the car was. Jeff said, “It’s loud enough to drown out the sound of ‘No.’” What he meant was that the car reminds him that he DID accomplish the goals that others had told him he shouldn’t even attempt to reach. His Ferrari is more than a car, it’s a symbol of what drive and determination can accomplish. Jeff’s a great guy so be sure you listen to this Q&A recorded after his session at Freedom Fast Lane Live.
Outline Of This Great Episode
- [0:04] Ryan’s introduction of Jeff Hoffman, co-founder of Priceline.com
- [1:00] The role Jeff played at Freedom Fast Lane Live.
- [2:41] How does Jeff get everything done?
- [4:11] What’s Jeff’s average attention span on a project before he wants to move on?
- [5:35] How Jeff has generated cash for his businesses.
- [8:20] Keeping “my money” and the businesses money clear.
- [9:30] How Jeff handles his business failures.
- [12:53] What’s the next big awesome dream Jeff has?
- [14:14] Jeff’s Ferrari story – it drowns out the sound of “no.”
- [15:47] How do you scrutinize and find the best talent?
- [19:48] What are the resources Jeff goes to in order to find resources he needs?
- [22:06] Why you should stop building half-built bridges.
Action Steps From This Episode
FOR GREATER SUCCESS: To avoid the trap of starting too many projects at once Jeff recommends that you commit yourself to a predefined definition of what success in your most important, revenue-generating projects looks like, then go for those until you reach them. Then you’re free to move on to your next great idea.
FOR PRODUCTIVITY: Write down every, single thing that needs to be done between now and next week to move your business toward the most income potential, and do them now.
FOR MONEY MANAGEMENT: Handle the money that comes into your business as you would if it were somebody else’s income. Be responsible. Keep it organized and categorized. Don’t mix your categories. Disburse your own paycheck just like you would for employees or a team.
Connect With Today’s guest: Jeff Hoffman
Resources Mentioned On This Episode
BOOK: Straight Line Leadership
Connect With Freedom Fast Lane
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