In this conversation, Kevin Davis interviews Peter Taunton, the CEO and founder of Nautical Bowls. They discuss the importance of small businesses and entrepreneurship, as well as the mindset and qualities needed for success. Peter shares his personal journey from growing up in a small town to building a multimillion-dollar wellness brand. They also touch on the significance of failure, the evaluation process for businesses, and the balance between work and personal life. The conversation explores the importance of buy-in and understanding within a family-owned business. It emphasizes the need for balance between work and family life and the importance of being mentally present when at home. 

The challenges facing small businesses in the current environment are discussed, including labor, taxes, and exposure. The advice given is to focus on lowering operating costs, optimizing food costs, and strategically selecting locations based on foot traffic and customer base. The conversation also highlights the misconception that bigger is always better and emphasizes the importance of understanding the material things that make a business successful and delivering value to customers.

Takeaways

• Small businesses are the backbone of the economy and anyone can become an entrepreneur with the right mindset and determination.
• Failure is a natural part of the entrepreneurial journey and provides valuable lessons for growth and success.
• When evaluating a business, it's important to consider factors such as undercapitalization, scalability, and the ability to pivot and adapt.
• Having a supportive team and a balance between work and personal life is crucial for long-term success and happiness. Buy-in and understanding are crucial in a family-owned business.
• Balance between work and family life is essential, and being mentally present at home is important.
• Challenges for small businesses include labor, taxes, and exposure.
• Lowering operating costs and optimizing food costs can increase profitability.
• Strategic location selection based on foot traffic and customer base is key.
• Understanding the material things that make a business successful and delivering value to customers is crucial.

Peter Taunton:

Peter Taunton, a self-made pioneer in the wellness industry with over thirty years of experience, learned the first critical lesson of entrepreneurship at eight years old selling popcorn in front of his father’s grocery store. “Don’t wait for business to fall in your lap, you’ve got to get out from behind the popcorn stand and ask people if they’d like some” - that fundamental advice passed down from his father would stick with Peter and propel him to become the Ernst and Young Entrepreneur of the year and founder of one of the largest fitness franchises in the world. Over the years Taunton has been featured in several prestigious industry and entrepreneurial magazines such as Forbes, Entrepreneur and Inc.

www.petertaunton.com

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