1060: Lessons on Entrepreneurship and Pursuing Dreams with Sales Professional Kelly Meyer

Entrepreneurship is a journey filled with highs and lows, successes and failures, and it’s okay to feel overwhelmed. But here's the thing: failure isn't the end of the road. It's a valuable teacher. Sure, the road to entrepreneurship is paved with obstacles. Financial metrics, like return on investment, can seem like foreign concepts. And the craft beer industry? It's fiercely competitive. But don't let that discourage you.

Kelly Meyer is a unique individual who has experienced both success and failure as an entrepreneur. After a seven-figure exit from the fitness industry, he opened a craft brewery in 2012, only to struggle with profitability for nearly 10 years before ultimately selling at a massive loss. This experience has led Kelly to write a book and start a podcast called "How NOT to Start a Damn Brewery," where he shares the lessons he's learned along the way. Today, Kelly discusses the challenges and realities of running a brewery, including the high costs, slim margins, and lack of profitability that plague much of the industry.

Quotes

“I'm an expert on failure, not so much on success.” – Kelly Meyer

“If you can't understand your cost structure versus potential revenue, you shouldn't be in business period.” – Kelly Meyer

“Follow your dreams and do whatever you want but keep your eyes open to mitigate risk. Other than that, grip it and rip it, and enjoy life. Have some fun.” – Kelly Meyer

Takeaways

02:28 The brewing industry is often perceived as "cool" and fun, but the reality is that it is a challenging and largely unprofitable business for most operators, with only a small percentage making significant money.

09:16 Successful businesses are those that deeply understand their cost structure, potential revenue, and key performance indicators (KPIs), but this level of financial literacy is lacking in many industries, including brewing.

12:05 Networking, continuous learning, and seeking out mentorship from those who have succeeded (or failed) in a particular industry can be invaluable for entrepreneurs looking to improve their chances of success.

14:31 Different industries have different rules, margins, and bottlenecks, so entrepreneurs need to carefully consider the unique characteristics of a business before deciding to enter or grow it.

16:48 Attention to detail, skilled execution, and having the right people and processes in place are critical for producing high-quality products, whether it's craft beer or any other type of business.

Resources

Podcast: Play in new window | Download (Duration: 24:16 — 33.5MB) | Embed

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