GE 211: Yanik Silver Discusses How the Turning Point of His Business Success Started with Losing $400K (podcast) With Yanik Silver

Yanik Silver

Hey everyone, in today’s episode I share the mic with Yanik Silver, founder of Evolved Enterprise, a business that comes alongside entrepreneurs in helping them discover who they are—their passion and purpose—and equip and assist them in achieve these purposes.

Tune in to hear Yanik share how he began his journey in the online space when an idea popped into his mind one day at 3 a.m., how he made 6 figures within the first couple months, the business lessons he learned from Richard Branson, and why it sometimes takes a loss of $400K to realize that you’re just not there yet.

Download podcast transcript [PDF] here: Yanik Silver Discusses How the Turning Point of His Business Success Started with Losing $400K TRANSCRIPT

Time-Stamped Show Notes:

  • 00:41 – Please leave us a review and rating and subscribe to the Growth Everywhere Podcast
  • 01:00 – Eric introduces Yanik
  • 01:32 – Yanik started in the online space in 2000
    • 01:36 – He woke up at 3 a.m. with the idea of instant sales letters
    • 01:43 – Within the first couple of months, he made 6 figures
    • 01:45 – People who ask how he makes money online became the reason for Yanik helping others take their expertise and sell it online
  • 01:54 – 10 years ago, Yanik asked himself if he was happy – his answer was NO
    • 02:14 – He knew there was something bigger he needed to do and be able to give
    • 02:22 – Maverick Business Adventures was what Yanik thought would be his passion
    • 02:34 – After $400K was invested in Maverick, Yanik’s wife asked him to reflect on what he was doing
    • 02:37 – His wife’s questioning led Yanik to think deeper about what really mattered – that’s when he founded Evolved Enterprise
  • 03:24 – Yanik’s cosmic alarm clock
    • 03:28 – “You don’t know when it’s going to go off”
    • 04:05 – Yanik’s cosmic alarm clock was a voice in his head that kept asking if he was doing what he was supposed to do
    • 04:27 – It was 2 parts for Yanik: acknowledging he was unhappy and the exploration
  • 05:11 – We learn either through pain or joy
  • 05:50 – Yanik lost $40K on his first trip with Maverick and went on to lose $400K
  • 06:10 – “Is my why big enough?”
  • 07:17 – Having an open checkbook for bootstrapping was one cause for losing the $400K
  • 07:52 – Maverick Business Adventures evolved to Maverick 1000
    • 08:27 – Maverick 1000 is the idea of putting together the world’s 1000 game-changing entrepreneurs on retreats and activities that can support their business and personal growth
    • 09:12 – A friend of Yanik had a charity dinner where Joe Polish and Richard Branson were present
    • 09:30 – Yanik signed up for the charity event to connect with Richard
    • 09:55 – In his 2nd year, Yanik and Joe partnered up to bring people to the event
  • 10:33 – Richard, as Yanik describes, is the ultimate entrepreneur
    • 11:30 – Richard won’t start a venture unless there is a key person in that business
    • 12:14 – A rule on Richard’s private island is: “No Work in the Afternoon”
    • 12:58 – Yanik’s best guess for Richard’s work hours is 3-4 hours/day
    • 13:37 – When Richard is present, he’s engaged with you – he’s not on his phone
  • 14:11 – Maverick 1000 looks for 3 categories in entrepreneurs: an entrepreneur with a voice, a world-class expert, and an industry leader
    • 14:38 – Members get to vote on which members can come in
    • 15:07 – Maverick 1000 is a membership group that charges $1500 per month
  • 16:17 – Evolved Enterprise is a seed that Yanik wants to spread to help entrepreneurs rethink their businesses
    • 16:52 – Evolved Enterprise moves a business from a transactional company to a transformational company
    • 17:41 – It’s when entrepreneurs stop and think about their purpose that they find alignment in their business
  • 18:51 – For Yanik, making a difference in the world was the common DNA to be in connection with influencers
    • 19:47 – Being interested in helping in other people’s passion is important, too
    • 20:33 – Transcending is the highest form a business can take
    • 21:18 – Ultra Testing is an example of a company that is transcending – a complete disadvantage turned into a competitive advantage
    • 21:48 – There are 11 different impact models Yanik talks about in his book, Evolved Enterprise
    • 22:01 – Apart from the book, Evolved Enterprise also has an online virtual community called Catalyst Coalition
    • 22:33 – It’s 10x easier to do business with this mindset shift
    • 23:17 – From a digital standpoint, having donation options in your checkout pages decreases abandons in the shopping cart page
  • 24:13 – Firms of Endearment look for companies that have a great culture and a purpose behind them
  • 24:57 – Having a purpose in your business not only feels great, but it keeps your team aligned with a greater vision
  • 25:50 – At the end of the day, it’s not about the paycheck but how you impact the world
  • 26:24 – Camp Maverick is a public, summer camp activity hosted by Maverick 1000
  • 26:45 – Yanik is a big fan of meeting other people
  • 27:27 – What’s one piece of advice you’d tell your 25-year old self? – “Jump into ways of keeping yourself whole faster”
  • 28:54 – What’s one must-read book that you recommend? –The Great Work of Your Life
  • 30:02 – Connect with Yanik on his blog, Evolved Enterprise, and Maverick 1000
  • 30:30 – End of today’s episode

3 Key Points:

  1. People learn from two ends of the spectrum—through pain or through joy.
  2. Find your WHY and search for that deeper purpose that will sustain you through all things.
  3. Make it a part of your business’ mission to create an impact in this world; so that you and those who partner with you are joined to something much greater than just themselves.

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