Recipe for Success - David Simnick - Finances Demystified Podcast

The Recipe for Success from a Successful Traveling Soap Salesman – David Simnick


What is the recipe for success?

To be an entrepreneur is to get out of your comfort zone and sometime it’s an understatement.  You will go through a lot to attain success in entrepreneurship but your values and characteristics will take you there.

In this episode, we will hear about how David Simnick, CEO and co-founder of Soapbox and his team went through to get investors for their business; to not getting salary for the first years of their business; to hitting company money goals and finally making an impact.  What does David Simnick and other successful entrepreneurs have? Find out by listening in.

P.S.  Are you a fan of Soapbox just like I am? Make it to the end of this episode to get your gift from David.  

Key Takeaways
  • Humility and the willingness to be mentored is an essential factor of an entrepreneur success.
  • You need to know the things that you don’t know and get ahead before of the learning curve before that curve hurt you or your company.
  • Finding mentor is not that difficult. Finding the right mentor is incredibly difficult.
  • Small Ask is a theory used by Soapbox to get mentors and investors.  
  • Small Ask is to make the ability for someone to engage in you really simple.
  • When doing Small Ask show that you take the time to research and invest a time in that person.  
  • When you do this Small Ask you are actually getting that person to invest in you.
  • You want your mentor to believe that your success is their success.
  • Mentors sometimes eventually become investors.
  • Things are not always going to work out the way that we want to but we believe that we can win.
  • Resilience is the number one key ingredient for successful entrepreneur.
  • Do not allow momentarily defeat to spell failure overall.
  • Your saving is the equity of the company, that the investors want you to have.
  • Being an entrepreneur is incredibly hard, and not that hard at the same time.
  • If you are humble, hungry and smart and willing to work hard usually you can make a living as a entrepreneur but it is also incredibly risky and not safe at all.

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Hypothetical performance results have many inherent limitations, some of which are described below. no representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.