In this episode, Jonathan interviews entrepreneur Lance Schafer about his entrepreneurial journey and experiences in business. Lance shares a story about his early venture in the supplement industry and the marketing lesson he learned about preconceived notions. He discusses the placebo effect and the importance of differentiation and recognizing market potential. The conversation also delves into selling oneself, the value of expertise and learning from others, the potential of blockchain technology, and the downsides of relying too heavily on technology. Lance emphasizes the importance of writing and expressing thoughts, his portfolio entrepreneurship style, and the need for focus and prioritization.

Portfolio entrepreneur, tech leader, and mentor. Lance Schafer has started, grown and sold multiple companies. Founding the national auto trading brand LemonFree and today GM at LotLynx. With more than two decades of experience as an Entrepreneur in digital media, business management, and start-ups, Lance has a true passion for disruptive technology that is results-oriented. In his role as a mentor and as a Senior Leader, he's helped companies cut through the clutter and jargon that surrounds digital media delivering substantial results that are innovative, repeatable, and highly successful.

What we discuss:

[00:08:33] Lance talks about his early entrepreneurial ventures, including starting a business selling creatine monohydrate supplements.

[00:10:40] The pair discussion the founder's realization of underestimating the potential of the video hosting platform market.

[00:11:45] The pair talk about a study on rats that demonstrated the direct impact of the placebo effect on the immune system.

[00:13:22] Lance shares his experience of discovering the internet through Netscape's IPO and starting a web design business, including insights on the commoditization of web design and the importance of website traffic.

[00:20:46] The pair discuss the significance of selling your company instead of just selling the category or product.

[00:22:46] Lance explains the Dunning-Kruger effect and the potential consequences of underestimating the need for expertise.

[00:26:20] Lance shares insights on how to gauge the direction of the market by observing where investments are being made and the development of infrastructure.

[00:31:19] Lance talks about the anxiety experienced during the entrepreneurial journey and the lack of legal protection during the process.

[00:31:55] Lance explores the remarkable value and security of Bitcoin, with $2 trillion worth of assets and no employees or security guards.

[00:32:29] Lance speculates on the potential of blockchain in validating records, such as verifying the authorship of written content and ensuring authenticity in various fields.

[00:41:34] Lance discusses the significance of writing down thoughts and expressing them, especially for personal wellness and development.

[00:42:31] Lance explains the benefits and potential drawbacks of using AI assistants for editing written content.

[00:52:44] Lance shares Richard Branson's approach to spending half his time looking for leaders and the significance of finding top talent for the vision.

[00:54:13] Jonathan's observation of Lance's profitable and steadily growing business, highlighting an alternative option to struggling startups.

[00:55:16] Lance shares his belief in building a company without raising money, focusing on achieving cash flow quickly and maintaining control over the business.

Episode Resouces:

Lance Shafer | Website

Lance Shafer | Linkedin