Season 1,

78: How to Lose $3 Million in One Day with Gene Hammett

August 29, 2017
MP3

Gene Hammett turns everyday entrepreneurs into FORCES of nature in their market. He sorts through the complexities of business strategies to help you “be THE choice, not just a choice.”

Gene has been a business leader for 20+ years. He started and ran multiple million dollar companies. He succeeded, failed, reinvented himself, and succeeded again. He can pass along to you the key lessons he’s learned in the process so you can have a business that is both successful and fulfilling.

On his podcast, Leaders in the Trenches, Gene has interviewed hundreds of world thought leaders and best-selling New York Times authors. Gene has been featured in Forbes, Success Magazine, Business Insider, and INC Magazine. Gene is also a regular contributor to Entrepreneur Magazine.

Time Stamped Show Notes

[3:01] Gene Hammett’s book Trap of Success is a story about losing it all, not getting the clues of where to go and the journey of getting back up.

[5:30] After 9/11, being laid off, Gene used the money to build a business that while grew to a million in the first year, he was unfulfilled.

[7:00] Taking his business coach suggestion, he focused his business on a tighter ideal most profitable customer which allowed him to have his revenue and profit up.

[9:57] Building a business focused on money distracted Gene to look for what really fulfilled him.

[11:00] The person he worked with in the Beijing olympics offered him a contract for the Vancouver olympics, this is why he didn’t give it a second thought.

[12:00] The money was flowing and the contract was in place but when his partner told him he had a problem and would take care of it, Gene started to worry.

[13:00] The delivery day for the tickets came and went, with no contact the next couple days. Lies started to come out and Gene’s attorneys told him to get back home and they’ll figure it out.

[14:50] The deal was he had pre sold tickets to the Vancouver olympics and they never showed up.

[15:25] Denial was in place because Gene thought this was his friend and he wouldn’t do that, but he needed to shake that. This led to having nowhere to turn.

[17:04] Deceived by his ‘friend’, doubt consumed Gene. Then he remembered his first business coach made him feel valued and he went on to create a business that could do that, make others feel heard and valued.

[20:10] With all his lessons and skills, the idea of becoming a business coach kept coming up because that way he could provide value.

[21:00] Dealing with doubt and forgiveness, Gene realized he needed to forgive himself. And with help, he managed to forgive the other man and most importantly himself; that’s when everything opened up for him.

[23:39] Failing Forward Segment

  • What is the bottom line reason of this failure? – “I wasn’t on the path I was supposed to be on and this was the wake up call to put me on to the right path.”
  • What is the single most important lesson you learned from this? – “When I realized I needed to forgive myself was that single powerful lesson.”
  • What are the major ways you protect yourself from future failures? – “I would ask my clients to really look at what would be the worst case scenario and really think through that. I wish I had a good coach at the time which I didn’t.”
  • Who do you turn to when you need help? – “I’ve got a coach now that really helps me through of my sticking points and it’s been a great relationship.”
  • What advice would you give to someone in a similar position? – “So if you really are at a point of no return, then you’ve gotta surround yourself with some advisor that would help you see what you can’t see.”

[27:49] The journey back was no easy, it involved sweat and stress and he turned that into his book The Trap of Success.

[31:11] Gene’s final thought: “I think you should really question yourself and what you’re doing, if you keep thinking that there’s gotta be a better way there’s something that you’re missing. If you want to reach out to someone who can help you see a different perspective it is a very powerful thing.”

To hear this episode and many more like it on your mobile device, you can subscribe to How To Lose Money via iTunes or Stitcher.

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