Nathan Chan is the Founder and CEO of FOUNDR magazine. A magazine made by entrepreneurs for entrepreneurs. Nathan has had the privilege to work with and interview some of the biggest names in the world such as Tony Robbins, Richard Branson, Gary Vaynerchuk, Tim Ferris, and many more high-profile entrepreneurs.
Earlier this year I entered into the FOUNDR E-Commerce Contest and with hard work, persistence, and the help of a lot of my friends I was able to win the 2nd place prize in the contest! I won free access to the E-Commerce course, Start & Scale, lifetime access to the FOUNDR Club and a 30min Mentor Call with Nathan Chan!
I was very excited to get to talk to Nathan, and I asked him as many thought-provoking questions as I could in that small amount of time. I’m happy to share with you some of the insights that Nathan gave me.
What did you have to give up when you first started as an entrepreneur in order to become the person you are today?
“Once you start your business, you have to live and breathe it... You kind-of have to give up that focus you have in other areas of life, which could be a massive sacrifice.”
“If you want to build a successful business you have to live and breathe it. It has to be an obsession. It’s fun and addicting and once you have it in you… you’ll do it for the rest of your life.”
Nathan also mentions that two of the biggest sacrifices he had to make was giving up his time and freedom. He’s locked into place and has to be there 24/7 for his business. Although he gets to travel for work, it’s not the same thing as traveling for fun and enjoyment, but Nathan enjoys his work and says that’s it’s fun and that he can’t see himself ever retiring.
What beliefs do you have that contribute to your success?
“I don’t really see myself as successful, you know what I mean? Because I think I’ve only scratched the surface of what’s possible.”
I thought this was incredibly inspiring. Here’s a guy who is bringing in over a million dollars a year in revenue and he doesn’t even consider himself successful. Nathan mentions how it’ll never be enough. There’s always another level to reach and his ambitious mindset always has him reaching for more.
“I’m satisfied with what I’ve done with FOUNDR thus far… but you have to maintain that hunger man, I’m still extremely hungry.”
“Culture is KEY… It means a lot to me… Culture over Revenue.”
“I believe that anyone can do anything if they put their to mind to it and want it bad enough. It comes down to wanting it BAD enough…”
“I don't believe in excuses... I believe that everyone has the same 24 hours, so I have no time for anyone that gives me excuses, and I have no time for anybody that thinks that the world owes them something.”
How do you get motivated and stay focused when it seems like everything is going against you?
“There’s going to be hard times, and I’m going to have to do things that I don’t enjoy, but it’s going to be an extremely rewarding process and the products or services that I create are going to make a difference in some way shape or form or solve a problem for that person. If you have that mindset, you can’t lose. It’s not about building a business, making money, and then doing something else.”
“You can put a financial wager against yourself. That’s how I started FOUNDR. I dropped two grand on the software to create the magazine, and because of that financially accountable I just had to make it work, I had no choice.”
He suggested a website called www.stickk.com where you can place a financial wager against yourself. If you’re not able to follow through with your goal, you don’t get back the money that you invested.
We started talking about other things like passive versus active income, what I would need to do personally if I wanted to make money using his Instagram and Start & Scale course, and then he said this…
“To overcome the hurdle of not knowing what is the right idea; this is the biggest sticking point for anyone who hasn’t started a business, and this is what will make or break you… What I’m about to tell you will shape the rest of your career as an entrepreneur…
A common thing that people face when they want to start a business, but they don’t know where to start, is they want to have an idea, they want to have a perfect idea, they want to have a business that doesn't fail, and the reason they don't want to fail is because they're afraid of the repercussions, they’re afraid of what other people think of them. And at the end of the day, who really gives a fuck? You just have to want it bad enough and be prepared that it might flop. You have to be comfortable with the fact that it probably will… You have to be prepared to say I don't give a fuck if it does or it doesn't work."
END OF CALL.... BOOM!
It was really great to get to talk to Nathan and pick his brain for a while. If you're interested in checking out his magazine click FOUNDR anywhere on the page to get redirected to his site! I hope you all enjoyed the mentor call as much as I did.
Leave a comment and tell me something of value that you've learned from one of your mentors and how it changed your life.
- Coach K