Interview with Joe Morgan on his entrepreneurial journey and business insights for Market Mavericks. He operates multiple businesses with a specialty in technology and patents.

Key Takeaways

  – Joe emphasizes the importance of business plans, even for experienced entrepreneurs

  – Intellectual property and patents can be lucrative opportunities, often overlooked by many

  – Maintaining work-life balance and prioritizing family is crucial for long-term success

  – Networking and never saying no to meetings can lead to significant opportunities

Topics

Current Business Overview

  – Joe currently runs three interrelated companies

  – Focus on intellectual property and technology innovation

  – Aims to find more efficient ways to deliver products/services while maintaining quality and margins

First Business Venture

  – Started in television production, buying a working facility through an SBA loan

  – Ran the production business for about 15 years before transitioning

Intellectual Property and Innovation

  – Holds over 30 patents

  – Developed prepaid cellular technology (now AT&T Go Phone)

  – Advises looking at existing tools/processes differently to find patentable improvements

Common Entrepreneurial Mistakes

  – Focusing solely on core skills while neglecting other business aspects (e.g. HR, bookkeeping)

  – Neglecting receivables and cash flow management

  – Not creating a comprehensive business plan before starting

Business Plan Importance

  – Forces entrepreneurs to think through potential problems and expansion plans

  – Helps in budgeting and understanding the true costs of running a business

  – Can be crucial for securing funding or selling the business (e.g. Joe’s $10 million sale to AT&T)

Staying Ahead in Business

  – Attend industry conventions and trade shows (e.g. CES) to spot trends

  – Focus on understanding where technology and market demands are heading

  – Recap and analyze information gathered daily during events

Networking and Mentorship

  – Never say no to a meeting, even if inconvenient

  – Build relationships that can lead to future opportunities

  – Seek to learn from accomplished individuals in business

Work-Life Balance

  – Schedule family time like business appointments

  – Recognize the importance of personal well-being for business success

  – Use faith (specifically mentioned the Bible) as a guiding principle in business