Ep. 028 Garth Walker: Taking Huge Risks in the Face of Adversity

Garth Walker Transformation Blueprint Paul Stennett Business Access

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It’s easy to take things for granted once they start to feel like the norm. We forget that they weren’t always there and that they could actually be gone one day.

Louis CK makes this joke about travelling by plane. He says it’s one of the most marvellous inventions of the last century (* I know the first flight was 1903, this sounds better *), yet we’re totally over it when the Wi-Fi on our flight doesn’t work.

We’ve come to accept as the norm, the increased focus and transparency on entrepreneurship and the business landscape in Jamaica. But it wasn’t always that way and many of those strides were made by Wealth Magazine and Business Access TV.

Garth Walker has co-founded many companies in many niches. From Creative Media & Events to Adam and Eve Day Spa, Wealth Magazine, Wealth Access Financial, Business Access TV, Growth Tech and I’m sure there are more to come. He’s a true entrepreneur who has taken massive risks, even in the face of what seemed to be a failure, when many others would have faltered.

In this episode we talk about:

  • How to create balance in your entrepreneurial endeavours,
  • How to implement an idea that revolutionizes your niche,
  • How to live a rich life while taking big risks in business,
  • And so much more!

GARTH’S BLUEPRINT

  1. Don’t seek to run it all, collaborate. One thing you’ll hear me say a lot on The Transformation Blueprint is “Collaboration over Competition”. In Garth’s case, making linkages with great partners and putting them in the driver’s seat of things they’re passionate about yields more profit for everyone, than you trying to stretch yourself thin and horde all the profits. There are two ways to have the biggest skyscraper, build yours up, or tear everyone else’s down. I suggest you focus on the former and collaborate.
  2. Have a single-minded focus. When Garth started his companies, he didn’t start them all at the same time. As entrepreneurs we often suffer from “shiny object syndrome”, in Jamaica, we call that “hustling”. But Garth is an example of what we can achieve when we start with focus. Start with one business, grow that then with the right team in place, and the extra capital, we can branch out and start something new and focus on that.
  3. Innovate to stand out and profit. It was very important for Garth and his team to create a fresh customer experience tailored to a younger audience. They were going up against an established and respected programme with The Owen James Report, so they had to bring something different. Garth’s example shows multiple ways to innovate in your niche. You can appeal to a smaller segment of the audience: instead of going after the older, more knowledgeable business audience, they went after the younger, more aspirational one. Secondly, you can create a new experience: they went straight for a fashionable new venue and a new and different way of filming. Finally, they create a whole different set of content: no jargons, simple and clear language and deep and emotional stories.
  4. True entrepreneurs have discipline. There is this quote “how you do anything, is how you do everything”. Meaning if you have a specific behaviour in one area of your life, there’s a huge chance it shows up in all other areas as well if you look closely. One behaviour that fits true entrepreneurs is discipline. It takes a lot of discipline to work on your company when no one is watching, when no one cares, and even when everyone cares and is watching. Garth has that discipline, and when he realised that he needed to take his fitness and health seriously, he dived into it and never looked back. What behaviours – good and bad – do you have that are showing up in all parts of your life?
  5. Own your own platform. As the demand for their content was growing, Garth realised that it would be more profitable to own their own platform, and so Business Access TV was born. But if we think about it on another scale, social media is critical to growing any business in the current state of technology. But we don’t own that medium, we simply use or rent it to reach our audience. As we saw at the beginning of 2018, Facebook changed the entire way that businesses get seen, upending the thousands of businesses that got comfortable using it as a medium to reach their target audience. It might be time to start thinking about diverting the bulk of your audience onto a medium that you can control. A podcast, a website, an email list or an application that you own, that no one can dictate or change how you communicate with your audience.
  6. Fall in love with the process. Garth mentions that he finds it fun to create businesses from scratch. Really? The first few years when nothing is working out, when you have little to no experience and you’re constantly failing… that’s fun? Well, to each his own, and we can all take a page out of his book. Maybe if we learned to love the process of failing, learning and growing when doing something completely new, we’d increase our chances at success at it.
  7. Never give up. You only truly fail when you give up. YouTube started out as a dating site, but they kept pivoting until they became the largest video sharing platform in the world. If you have a vision for what you ultimately want to create in the world, hold on to it, and keep your grip firm. Never give up on your dream, but be flexible to adjust your direction and respond to the market. Once you keep moving forward, you’ll achieve success.
  8. Be smart with your money. One of the big regrets for Garth was that he spent so much money on his younger years instead of investing it back into his business or the stock market. This links back to the concept of delayed gratification. You could have a dollar now, but if you invest it instead of buying swag, you might have 2 dollars tomorrow, then you can buy all the swag you want and not care about the price (metaphorically). For entrepreneurs who’ve started with very little and have something they want to prove to the world – I fall into this category – this might be a tough pill to swallow, but if we let compounding do its magic, we’ll be surprised and happy we held back when our instincts said not to.

MENTIONED IN THIS EPISODE

CONNECT WITH GARTH

Instagram – https://www.instagram.com/wealthdiddy

Business Access TV Website – http://batvja.com

Business Access TV Instagram – https://www.instagram.com/business_access_tv

Enjoy the episode and thanks for listening!

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