ABOUT THIS EPISODE
Most people do not accurately understand what it takes to start a successful business. The sacrifice can be taxing. In theory, you come up with a brilliant idea, put some money and a little effort into it, and wait for the money to start rolling in. Unfortunately, that’s almost never the case — in reality, many businesses struggle right out of the gate. The successful business owners are students of their craft, and their determination during the challenging periods is what allows them to achieve great success.
In this episode, Chris shares his journey in entrepreneurship, building his company, ProspHire, and investing in real estate. He talks about the challenges he experienced along the way and the priceless lessons he learned from his experiences.
If you want to learn how to build business and personal success, tune in to this episode!
Here are some power takeaways from today’s conversation:
- Go into each capitalist venture with both feet.
- Build strong relationships.
- Tell the world what you want to do.
- Hire the right people.
- Invest in real estate.
- Surround yourself with the right people.
Episode Highlights:
[05:47] Building ProspHire
It’s challenging to sell professional services as they are intangible. Chris spent several years in Deloitte Consulting and gained a lot of experience. He had three failed businesses before he founded ProspHire.
Whatever capitalist venture you go into, you need to go in with both feet. Businesses are built on strong relationships with colleagues and clients. Tell the world what you want to do and others will help you.
[12:42] How to Create a Good Business
Hire the right people then get out of their way. Finding someone competent allows them to replace you so you can work on the business instead of in it.
[16:27] Getting Into Real Estate
Chris finds real estate fun. He also realized the benefits of real estate:
- Produces cash flow
- Produces tremendous tax savings
- Builds wealth
[22:49] Learning the Game
You need to learn the game. Do your research. Surround yourself with the right people. If you hang with five wealthy people then you will be wealthy someday. Find people with similar goals that inspire you.
[27:49] Advice for Aspiring Entrepreneurs and Investors
Success is different for everyone. Chris considers three factors:
- Find something you love and are happy about.
- Find something that makes money.
- Find something you’re good at.
Finding something where all those three factors overlap is success for Chris.
Notable Quotes:
[12:43] “I think the recipe for a good business is hiring the right people and getting out of their way.”
[16:44] “You shouldn’t dabble in things that aren’t fun or aren’t interesting or you’re not good at.”
Resources Mentioned:
Chris Miladinovich: LinkedIn
About the Guest
Chris Miladinovich is the Principal and Chief Operating Officer of ProspHire. With more than 16 years of experience in leading large-scale, complex business transformations, he is an expert at building strong teams of professionals. He is passionate about leaving organizations better than he found them.
He serves as a Board Member of the Pittsburgh Entrepreneurs’ Organization. He is also a commercial pilot, certified flight instructor, real estate investor, and the Treasurer of the Condor Aero Club, Inc.
