Key Takeaways

  • Embracing vulnerability and admitting what you don’t know is a superpower that fosters trust and opens doors to mentorship and investment.
  • The pain of not acting and allowing life to happen to you is far greater than the pain of facing fears and taking leaps of faith.
  • Building a strong community of entrepreneurial peers is not just beneficial, but a crucial business plan that accelerates growth and provides essential support during challenges.

Segments

Pivoting Through Crisis (00:07:09)
  • Key Takeaway: Significant financial and personal setbacks can be the catalyst for stepping up and pursuing passions, even after initial failures.
  • Summary: Lori recounts the 2008 recession’s impact on her family, leading her to get a personal training certificate despite failing it the first time, and how this crisis forced her to take action.
Building a Business Online (00:11:05)
  • Key Takeaway: Leveraging online platforms and seeking out ‘who’ can execute tasks, rather than trying to learn everything yourself, is key to scaling a business.
  • Summary: Lori discusses the transition from a physical fitness studio to an online membership, the manual process involved initially, and the importance of finding an ‘integrator’ to handle the technical aspects.
The Power of Vulnerability (00:26:04)
  • Key Takeaway: Exposing deepest vulnerabilities to mentors and investors, and asking clarifying questions, is essential for genuine learning and building trust.
  • Summary: Lori shares lessons learned from a mentor about the importance of being open about not knowing things, using ‘freedom phrases,’ and how this transparency can be attractive to investors.
From Cocktails to Skincare (00:33:15)
  • Key Takeaway: Recognizing market shifts and personal fulfillment needs can lead to a strategic pivot, even after significant investment in a previous venture.
  • Summary: Lori details the challenges of launching a non-alcoholic rosé spritz during the pandemic, the financial and logistical hurdles, and the eventual decision to pivot to a beauty hydration supplement called Glossy.
Mastermind & Community (00:50:00)
  • Key Takeaway: Regular mastermind weekends with entrepreneurial peers are a powerful business plan that fosters collaboration, problem-solving, and mutual support.
  • Summary: Lori reveals her biggest business secret: intentional mastermind weekends with other entrepreneurs, emphasizing that having ’entrepreneurial girlfriends’ is a vital part of business strategy.