Mike Foster talks with Kirsty van den Bulk on Wise Why about Success, Failure, and how to Keep On Going. Mike is famously known in Oxfordshire as 'The Entrepreneur's Mentor' and has knowledge and experience helping entrepreneurs scale their businesses. Mike believes in mentoring rather than coaching and acts as a sounding board for clients while using his personal experiences to fuel their strategies. He emphasises the importance of understanding one's purpose and creating a tailored plan for success.
Mike started working at 15 to pursue his passion for business over academia. Hard work was embedded in his DNA. He worked in various roles at Barclays, but his destiny led him to entrepreneurship, where he found control over his career without being capped by corporate constraints. His insights revolve around navigating the crucial 3-5-year period when many businesses face challenges scaling up. He advises focusing on cash generation and investing wisely while considering automation or team expansion to increase capacity.
Mike discusses learning from highs and lows with six businesses under his belt. He stresses calculated risk-taking and avoiding unnecessary expenses that don't offer returns. Kirsty relates these entrepreneurial lessons to her experiences in group training and expanding her base of trainers with commercial acumen.
They discussed overcoming imposter syndrome by adopting different "heads" or personas for various situations. Finally, they touched upon inspirations like family values of hard work and giving back, which have profoundly shaped them along their paths.
Key takeaways:
1. Tailor your mentoring approach using real-life examples.
2. Define your success based on personal purpose rather than external standards.
3. Manage growth strategically between years three to five.
4. Invest smartly – consider automation before hiring.
5. Embrace risks cautiously; always calculate potential ROI.
6. Learn from every high & low; each step can bring you closer towards your goals.
7. Overcome self-doubt by adapting different mindsets suited for specific tasks or challenges.
Stay tuned after an insightful session with actionable advice for any entrepreneur looking forward to sustainable growth!
Find out more: https://kvdb.co.uk/
Contact Mike: https://entrepreneursmentor.co.uk/about-mike-foster-oxfordshire/
Key Moments:
00:15 Guest Introduction
02:30 Addressing Intimidation
04:45 Business Mentoring Approach
07:20 Mike's Background
10:35 Scaling Businesses & Hurdles
13:50 Experiences Running Multiple Businesses
17:05 Personal Development & Mindset
20:30 Inspirations and Parallel
22:25 Influential Figures
22:40 Mentors And Guidance
27:55 Client Influence
29:50 Reflection And Growth
31:15 Celebration And Resilience
34:40 Managing Execution And Burnout
36:05 Accepting Imperfections
38:30 Creativity as a Core Aspect
40:45 Neurodiversity as a Strength
42:10 Giving Back and Empowering Others
44:35 Future Collaborations
#entrepreneurialjourney #businesssuccess #mentorship