Navigating the Highs and Lows of Starting and Running a Business

The Entrepreneurial Rollercoaster: Navigating the Highs and Lows of Starting and Running a Business with Russell Kim?

When you’re an entrepreneur, it’s go, go, go. There’s no time to stop and reflect as you tackle each emergency and daily task 24 hours, seven days a week. It takes hard work and dedication. But it pays off; not only do you get to work for yourself, but you can reap immense personal gratification knowing that you made it happen.??

In the latest Entrepreneur Close-Up, Russell Kim explains his life-long path as an entrepreneur. Russel talks about his early days being thrown into the fire by his parents and their small business, his huge successes at his passion business and working as an Implementer for EOS (Entrepreneurial Operating System).???

The beginning???

Russell’s parents knew from a young age that he was capable of big things. His family moved from South Korea to Oklahoma when Russel was nine and opened a wig shop. However, his parents didn’t grasp English as fast as Russell did. So, his parents recruited him after school to help out at the store.???

As he grew older, Russell found a passion for electronics, and knew he was wired to be an entrepreneur. So, he learned how to install car stereos, which led to him following his heart and opening up his own electronics business. “Never not listen to your heart,” Russell said. “Always follow your passion, putting one foot after the other. That's how I did it.”?

Russell believes that when starting a business, you must be the best at what you're doing, spending hours crafting your business, trade and skills. You can't learn on the fly; instead, making money takes skills other than just technical ones. For example, learning how to manage money, then layering on managing people will get you to a place where you can build a business plan for taking your business to the next level.???

Creativity and resourcefulness???

An entrepreneur can have all the competency and work effort in the world; still, something can throw off the game plan. During his entrepreneurial journey, Russell encountered several stumbling blocks that could have put him out of business or boosted profits. Instead, Russell used his ingenuity and resourcefulness to take advantage of setbacks that stood in his way.?

For example, Russell wore a business suit early in his career to look more experienced and older, so clients would take him more seriously. In one of the more lighthearted insights from the interview, Russell explained how he would catch the UPS delivery driver on his route to intercept packages that contained his clients’ electronics. The packages were COD (Cash on Delivery), but Russell didn’t have the cash for the expensive parts. So, he would intercept the package, drive to the client to purchase and pay for them, and then catch up with the UPS driver to deliver the money.??

Russell works hard as an entrepreneur, but his creativity and resourcefulness got him closer to success. Entrepreneurship is about doing what you always do—pulling up your bootstraps and getting resourceful and creative.??

?Building and then leaving the business???

Russell’s electronics business started by selling turntables, amplifiers and speakers, but it quickly grew when audio and video came together in the 90s. Home theaters began to become a new thing, and the business started to take off. Russell took that opportunity to expand with multiple locations, building the business to ten stores in four states and about 100 employees.??

Russell discovered EOS and was inspired to use its proven business methods. By implementing the EOS strategy, Russell raised sales by 30% and his bottom line from 10% to 24%.???

The opportunity to sell came knocking, and rolling up with 15 other audio video stores, Russell sold Audio Dimensions to a private equity group. Russell explained that even though he sold his business at a remarkable six times the operating profit, which is unheard of in that industry, the selling process and getting the business ready for review was arduous.??

Russell stayed in a consulting role for the new company, but the new company had its own operating strategy that didn’t match Russell’s goals. So, after 11 months, Russell parted ways with the newly formed company.???

Staying focused?

Once an entrepreneur moves on from a business and is in the limbo of starting the next venture, it can leave them feeling lost, not necessarily missing the previous company they sold, but living in a nebulous space can leave any goal-driven person feeling lost. Entrepreneurs can be left in the most challenging headspace without a clear purpose and direction.?

Russell went through a similar experience after he left Audio Dimensions. But he remembered the power of EOS on Audio Dimensions and worked this into his new venture as a business implementor for EOS, helping other small business owners and entrepreneurs improve their businesses.??

Entrepreneurs, by nature, are visionaries, sometimes considered naturally super-caffeinated energizers because they are driven to see their businesses succeed. However, this can get small business owners and entrepreneurs caught up in chasing the next shiny thing and not focusing on one strategy or tactic to get meaningful things done.??

As an EOS Implementer, Russell uses his experience and training to help leaders focus staff and processes on one path at a time to make lasting change within an organization. For example, Russell focused his Audio Dimensions sales team on performance-based goals and initiated a bonus plan to keep employees driving the bottom line up.??

Imposter Syndrome?

Whether you are starting a business or transitioning to a new career phase, most people will encounter Imposter Syndrome or the feeling that they just aren’t capable of doing their job or the sinking feeling that their success isn’t legitimate or deserved. Russell calls this feeling "head trash."?

Besides finding confidence in your abilities, skills and successes, Russell encourages others to play the long game. “Absolutely, we all have blind spots,” Russell said. “It takes time, and you have to be patient so when imposter syndrome does creep in you can tackle it. But remember and believe in your accomplishments and know you can overcome them.” ?

Coaches?

Getting an outsider's perspective or a coach is one way to overcome Imposter Syndrome and move beyond obstacles. A coach will help you see things more objectively. Russell actively participates in peer and coaching groups that meet regularly. These groups are trusted advisors that he can come to with any issue and feel confident to share his thoughts and receive support.??

Hard work and dedication?

Above all, Russell believes that to make it as an entrepreneur, you must put in the work. Hard work is mandatory, but it's not just hard work when you want to; it's hard work seven days a week. Unfortunately, many people want to take shortcuts, wanting an easy life first and the hard work later.??

“Even if I gave you 80 million dollars, you couldn’t play basketball like LeBron James,” Russel said. “James gets paid because he’s that good at playing basketball. Anyone should strive to be as good as they can in their role to get to the A-plus level and to do that, you have to put in the time and effort.”??

To see improvements in your business, you first need an actionable plan. Once in place, the plan will take time, effort, commitment and accountability, possibly with the help of an outside perspective. Staying focused and putting in the hard work are two ways of getting ahead as an entrepreneur.??

Final Thoughts?

Russell’s lifelong entrepreneur’s story covers 40 years of experience starting and growing various businesses from commercial real estate, retail cycling and custom audio video to his current role as an EOS Implementer. His hard work, dedication and ingenuity helped him achieve many great things in his career.??

As an EOS Implementer, Russell Kim helps entrepreneurs and their leadership teams solve root problems, lead more effectively and gain Traction? in their businesses through a simple, proven operating system. To learn more, please visit Russell’s website at: https://www.eosworldwide.com/russell-kim .??

Russell’s perspective on his entrepreneur’s journey is just as unique and special as the other interviews in the Entrepreneur Close-Up series. Does Russell’s story resonate with you? Do you want to learn more about the journeys of other entrepreneurs? You watch all of our interviews on our YouTube Channel.