Interview with Joe Morgan on his entrepreneurial journey and business insights for Market Mavericks. He operates multiple businesses with a specialty in technology and patents.
Key Takeaways
- Joe emphasizes the importance of business plans, even for experienced entrepreneurs
- Intellectual property and patents can be lucrative opportunities, often overlooked by many
- Maintaining work-life balance and prioritizing family is crucial for long-term success
- Networking and never saying no to meetings can lead to significant opportunities
Topics
Current Business Overview
- Joe currently runs three interrelated companies
- Focus on intellectual property and technology innovation
- Aims to find more efficient ways to deliver products/services while maintaining quality and margins
First Business Venture
- Started in television production, buying a working facility through an SBA loan
- Ran the production business for about 15 years before transitioning
Intellectual Property and Innovation
- Holds over 30 patents
- Developed prepaid cellular technology (now AT&T Go Phone)
- Advises looking at existing tools/processes differently to find patentable improvements
Common Entrepreneurial Mistakes
- Focusing solely on core skills while neglecting other business aspects (e.g. HR, bookkeeping)
- Neglecting receivables and cash flow management
- Not creating a comprehensive business plan before starting
Business Plan Importance
- Forces entrepreneurs to think through potential problems and expansion plans
- Helps in budgeting and understanding the true costs of running a business
- Can be crucial for securing funding or selling the business (e.g. Joe's $10 million sale to AT&T)
Staying Ahead in Business
- Attend industry conventions and trade shows (e.g. CES) to spot trends
- Focus on understanding where technology and market demands are heading
- Recap and analyze information gathered daily during events
Networking and Mentorship
- Never say no to a meeting, even if inconvenient
- Build relationships that can lead to future opportunities
- Seek to learn from accomplished individuals in business
Work-Life Balance
- Schedule family time like business appointments
- Recognize the importance of personal well-being for business success
- Use faith (specifically mentioned the Bible) as a guiding principle in business
