E15: Gerard Adams - A $50m Elite Exit

Apr 16, 2018 41m 13s 13 insights
Jared Adams, co-founder of Elite Daily, discusses selling his company for $50 million in his 20s, the immense pressure, betrayal, and his subsequent journey of starting over to find purpose beyond financial success.
Actionable Insights

1. Re-evaluate Core Values

Sit back and re-evaluate your true values, ensuring your actions, company culture, and how you treat people align with them, rather than waiting for a major life event like a company exit.

2. Disconnect and Self-Reflect

Regularly put your phone away, get outside, and deeply reflect on what you genuinely want and what you must bring to the world, to avoid being brainwashed by social media and to discover your true purpose.

3. Cultivate Perseverance and Adaptability

Develop the perseverance to see things through long-term, adapt to market changes, and be resourceful when challenges arise, rather than quitting too easily when plans don’t go as expected.

4. Seek Mentorship Actively

Actively seek out and learn from mentors throughout your entrepreneurial journey, as their guidance can help you grow and navigate challenges without having to experience everything yourself.

5. Embrace Uncertainty and Risk

Get comfortable with uncertainty and taking risks, as entrepreneurs thrive by doing the hard, uncomfortable, and uncertain things, and by being willing to start from zero if necessary.

6. Channel Hustle into Business

If you have a strong ‘hustle mentality’ from past experiences, channel that intense drive and resourcefulness into building legitimate businesses and creating solutions.

7. Prioritize Character Over Materialism

Recognize that at the end of it all, how you make people feel and the character you embody are what truly matter, more than materialistic achievements or financial exits.

8. Focus on Self-Growth to Inspire

Shift your focus from ‘saving’ others to living your best life and continuously working on yourself, as this personal growth and self-inspiration will naturally motivate and influence those around you.

9. Build Solutions for Your Own Problems

Start by creating solutions to your own problems, as this often leads to the development of valuable platforms and services that others also need.

10. Avoid Comparison, Trust Your Path

Do not compare your entrepreneurial journey to others; instead, trust your own intuition and unique path, and focus on writing your own story.

11. Define Entrepreneurial Passion

Identify if entrepreneurship is truly for you by assessing if you possess an intense passion that makes you excited to work, even to the point of not wanting to sleep, and if you are comfortable with uncertainty.

12. Seek Independent Partners

In romantic relationships, look for a partner who is independent, comfortable being alone, and supports your individual lives and passions, rather than fostering codependency.

13. Advocate for Entrepreneurial Education

Support and advocate for the integration of entrepreneurship principles and emotional intelligence into education systems, especially for younger generations, to equip them with essential life skills.