An Interview With Chad Silverstein
…If you’re genetically encoded to be an entrepreneur in the making, you don’t need to go to college to be successful, but it really all comes down to making a choice that’s best for you. I didn’t go to college and turned out okay. And, my clients, almost every single one of them went to college, got a degree, many got their MBA, and when I ask them if they’re using anything they learned in college — 100% of the time, they say “no”. Then I always follow up and ask, “knowing what you know now, would you go back to college? And just about everyone of them says “yes”. When asked why, they say two things. First, the relationships they built while in college are still serving them well now in life, and two, they would go back and take the opportunity to practice what they wanted to do with friends and other students.
Gino Wickman is the Founder of EOS Worldwide, an organization that helps over 200,000 companies using the Entrepreneurial Operating System. Gino Wickman has personally delivered more than 2,000 full-day sessions for more than 135 companies. He’s also the author of the award-winning, best-selling book Traction: Get a Grip on Your Business, as well as five other books in the Traction Library that have sold over 2 million copies.
Gino, thanks for joining me. I’ve been excited about this interview for a long time, but first want to thank you for not only having a huge impact on my business with EOS but also a positive impact on my life after I read your book “The EOS Life”.
Thanks for having me, it’s great to see you again.
You started your entrepreneurial journey after graduating high school, so let’s start with you sharing a little bit about what you did prior to starting EOS.
At 18, I was an entrepreneur in the making, and I was lost. I didn’t go to college. I just wanted to make money. I went to work in a machine shop for three and a half years, saved up a bunch of money, took my entrepreneurial leap and fumbled through lots of things, lost all my money, and found myself in the real estate industry. I then went to work in a family business. My dad created a program that was the number one real estate sales training program in North America. He handed me the keys and a check to cover some short-term debt. I was able to turn the business around in 3 years. That being said, looking back, I didn’t realize I was an entrepreneur until age 29.
Tell me more about that. How did you figure that out?
I just have this knack for understanding business and helping entrepreneurs.
It certainly didn’t just come to me. There was a lot of help along the way with programs like Strategic Coach, which is where we met because they really helped me clarify my unique ability.
After selling the family business, I set out to help other companies with their vision, coming up with a plan, executing, and working directly with the entrepreneur. I love working with crazy visionary leaders, probably because I discovered that I am one. Along the way, I realized, that this is why I’m on this planet, to help entrepreneurs, which is how EOS was created and evolved.
How did you figure out you’re a visionary? Did you know that when you first started EOS?
No. When I took over the family business, I created the concept of a visionary and integrator. My dad was the visionary, and I was the integrator, and it took me a while to figure out that I’m actually more of a visionary. There’s probably 1 out of 20 visionaries that truly have the ability to also be an integrator, and I’m one of those. But given the option, I much prefer being a visionary.
Let’s talk about your decision to skip college. What are your thoughts today about people choosing to pursue a degree versus going right to work after graduating high school?
I wrote an entire chapter on this topic in the book, called “College or Not”.
If you’re genetically encoded to be an entrepreneur in the making, you don’t need to go to college to be successful, but it really all comes down to making a choice that’s best for you. I didn’t go to college and turned out okay. And, my clients, almost every single one of them went to college, got a degree, many got their MBA, and when I ask them if they’re using anything they learned in college — 100% of the time, they say “no”. Then I always follow up and ask, “Knowing what you know now, would you go back to college? And just about every one of them says “Yes”. When asked why, they say two things. First, the relationships they built while in college are still serving them well now in life, and two, they would go back and take the opportunity to practice what they wanted to do with friends and other students.
How much of a factor does a college degree play in your hiring decisions? Do you even care?
No. It’s doesn’t play a role at all. Never has for me. I don’t care. Sadly, it’s a requirement many companies demand, but they for sure miss out on some really great hires.
What CEO's Really Think About Your College Diploma.
The overwhelming bias people have today about going to college and getting a degree is an important conversation to…
youtube.com
What do you look for when you hire someone to join your team?
I look for two things. First is people that align with my core values, and second, people who have the skills to do what the job requires.
Get it Right: The Two Must-Haves in Every New Hire
Navigate the hiring process like a pro. Check out Gino Wickman's two critical factors for making a successful hire when…
youtube.com
What’s your advice to kids in high school trying to figure out what they want to do and feeling pressure from friends and family to go to college even if they don’t want to?
The first thing I would say is that you’re not alone. That lack of confidence, and insecurity is normal. That being said, if you’re not clear enough that not going to college is for you, you should probably go. At the end of the day, you have to listen to your gut.
In my book, I explain how only 4% of the population has the six essential traits that I believe are necessary to be a successful entrepreneur, so the odds are not very good.
The six traits are visionary, passionate, driven, problem-solver, risk-taker, and responsible. I help people figure out and understand if you’re one of the 4%. If you’re one of the 96%, it’s not a death sentence. It just means this isn’t the path for you, but there are still a ton of great opportunities out there for you- just not one being an entrepreneur.
Can you share a little bit more about the six essentials?
Sure. I believe these are all traits you are born with. They cannot be taught.
A Visionary is someone who can connect the dots. They have sort of a sixth sense and they can see things others don’t. Visionaries are great at putting things together and making everything work together. They have a ton of ideas, most may not be that great, but every once in a while they come up with a grand slam.
Passionate means you have an undying passion for your product or service, this thing you want to bring to the world. A strong belief that you want to fill a void the world needs and it’s very obvious to everyone who hears you talk to about it.
A Problem-solver means you creatively come up with solutions, and not run from problems. You actually lean into setbacks and you’re an optimist about the issue. You believe every cloud has a silver lining and see solutions when other people are seeing the bigger problems.
Driven means you have an internal fire, a sense of urgency. You’re competitive and have a deep desire to succeed. You’re self-motivated and love working hard. Nobody has to tell you to keep going.
Risk-Taker is where you don’t freeze when it’s time to make a tough decision. You’re a little rebellious by nature and willing to fail. You don’t want to fail, but you’re not scared of it. You beg for forgiveness instead of asking for permission.
Responsible is where you blame no one. You look yourself in the mirror when faced with any kind of problem. There are two types of people in this world when something goes wrong. Half the world blames everyone else, and half the world takes responsibility. People with this trait default to taking full responsibility.
Being an entrepreneur can be a lonely role. Talk to me about how important coaches and mentors are.
You have to find people in your life who believe in you, who are great sounding boards, and great mentors. I was blessed that I had that. I did not have people in my life telling me I was crazy or I was wrong all the time. If you have that in your life, you have to spend less time with those people.
Let’s dive into partners. The decision of whether or not to have one is such a big decision. What are your thoughts?
You have to decide if you’re a partner person or not. Fundamentally, as an entrepreneur, you either like having partners or you don’t. You’re going to be successful one way or the other so you just have to know yourself. I see a lot of winning combinations and it can be much easier to take a big risk with a partner, but it’s not for everyone and you have to know what you’re getting yourself into.
Which are you?
I’m a partner person, even though I have to be in control. I have to own a majority of the business. I have to call the shots and make the final decision. I’ll listen to your opinion, but I’m gonna make the final decision. So you’re either a controlling interest partner or you want partners to have an equity position in the business, but at the end of the day, you have to know how important it is to have ultimate control or give that to someone else. You’re either going to be one or the other and it’s really important to know.
Can you share one of the hardest things you’ve experienced being an entrepreneur?
Sure. The hardest thing for me was that I was broke three times. I hit rock bottom at 21, 25, and then again at 32. The last one was the toughest because I had a five-year-old, eight year old, half-a-million dollar house and a very supportive wife. It was also the worst one because I became a millionaire by the age of 30 and then by 32, I was $200,000 in debt. Each time knocked me on my ass, but they were all good learning experiences. After the last one, I said to myself no more, and I really got smart about money.
Can you share a principle about business that you’ve learned that’s important for all striving entrepreneurs to understand?
Two Changes, Two Constants: Entrepreneur's Secret to Success.
Mastering business isn't just about money; it's about understanding change and constants. In this exclusive talk, we…
www.youtube.com
In thousands of years of entrepreneurial history, there are two things that change and two things that never change. And if you can burn this into your brain, you will succeed forever. The two things that change are:
- Products and Services
- Methods of Communication.
The way we communicate with our customers 500 years ago is different than the way we communicate today and the products and services from 100 years ago are very different than the products and services sold today. These two things are always changing.
The two things that never change are:
- Human beings will always have wants and needs, always and forever.
- You will always have to persuade people to use or buy your product or service.
So as long as you have your ear to the ground, and see what human beings need, and you’re able to persuade them, which means you have to become masterful at how to persuade people If you get that, you’ll be successful.
Thanks so much for spending so much time and sharing all this great info with our readers. If people want to read the book, where can they find it?
Entrepreneurial Leap is available on Amazon. You can also go to e-leap.com to Take the Free Entrepreneur-in-the-Making Assessment and subscribe to the Entrepreneurial Leap YouTube Channel
About the Interviewer: Chad Silverstein is a successful entrepreneur with more than two decades of experience as a successful founder and CEO. He started his first company, Choice Recovery, Inc. a third-party collection agency, out of his apartment while going to The Ohio State University. He grew the business nationwide and represented more than 10,000 clients before he sold the company on his 25th anniversary. Chad’s second venture [re]start, a career development platform that helps people find new jobs, launched in 2013 as a division inside his agency. [re]start was a catalyst to Chad’s team becoming an industry outlier after connecting thousands of people sent to collections with new career opportunities so they could afford to pay their bills and get out of debt. His team was nationally recognized for their social impact, while twice being ranked the #1 business to work for in Central Ohio. Chad sold [re]start in 2023 and is now a writer and thought leader for Authority Magazine’s Entrepreneur and Sports Editorials. He also offers an exclusive executive leadership program inside his online community at Authentic Authority.