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Quick-Show Notes:

In this episode of The Millionaire’s Lawyer, JP and Jack Plotkin discuss:

How getting people to slow down and read something is so hard nowadays, it is a great accomplishment.

Qualities of a great leader:

• Look inward
• Identify their limitations
• Leaders are better asking for help in areas they are unsure of instead of thinking that they are the best at everything

Technology is a great place to start thinking of starting a business, it is ever growing and changing.

If you are starting a brick and mortar, make sure to have it around experience and food.

Wherever you see a problem, fix it and it could be a great opportunity.

Areas with Promise:

1. AI
2. Robotics
3. Transportation

Jack Plotkin likes to invest in a start-up if:

• Proposition is clear
• Making a positive social impact

Investors are quick to dismiss because they are aware of the success rate, and are used to startups failing.

Need to give business owners a chance, not base it off of if they have multiple businesses or not. 

Startups that are going to investors may be the best at 90% of their own business, but the other 10% is a hole that will need to be filled but someone who is better at that than them.

Due Diligence is super important; on the person, and on the business.

A good CEO knows when to ask for help, but also knows how to receive criticism, process the advice, and then take the appropriate action.

Sometimes you need to work with others to get your business to the next step

Core Value

• Core Values actually matter to the clientele
• Customer Service should be one of everyone's core values.
• Don't cut costs on what actually matters.  If you're in the food industry, don't cut the cost once you get your clientele base; it will be noticed.

Be mindful that some investors may push you to cut costs to put more money in their own pockets.

Open communication between investors and the business owner is essential if something does not work let them know; but if they don't do anything to change the issues than the investor may leave.

A bad leader will put success in front of loyalty, but if you are able to separate the leader from the business, and give them an appropriate reward it will work out.

Startups are like a movie!

The better you are at your job, the more transparent things will be, and the easier things will go!

Best genre of movie to invest in is HORROR.

MAKE IT HAPPEN. See something holding you back? The world back? You have the power to do something and ask for help in the spots you are unsure of.

Connect with Jack Plotkin:

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Email: jack@cardinalsol.com
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Connect with your host, JP:

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Email: jpmcavoy@conductlaw.com
Phone: 1-833-890-8878