MF 180 : Moving Forward by Stepping Away, with Tim Meuchel
Tim Meuchel is an author, entrepreneur, podcaster and business growth consultant. Today, Tim will share how to move forward with The 10 Factor.
Successes at a glance:
Tim shares that early on he followed “the way you’re supposed to do things.” Specifically, Tim went thru school, got good grades, then went to college to study engineering and after graduation, he got a job in corporate America where he worked in commercial construction for over a decade. During year 7 of 12 in the corporate world, Tim’s life changed. He was in his late 20s, had met his future wife, and while he had a good steady job, he ran into a couple of “deal breakers.” First, Tim and his then girlfriend, now wife, decided they wanted to have a traditional home with him being the breadwinner. The problem was he wasn’t making enough to support that lifestyle. Second, the company required long-term travel which would take him away from his family for long stretches. So, Tim decided it was time to make a change. Over the next 5 years, he started strategizing and launched a side gig doing residential and light commercial construction. Then, in 2008, Tim got the call he feared. The company called him into the office to tell him they were going to send him to New York on a big project. After a conversation with his boss, Tim pushed back and said he didn’t want to go; revealing that he had a side gig. Tim was told he had to shut it down. This was a major crossroads for Tim. He decided to take a risk and leave his job. The determinant and catalyst was simple: choosing family over business. Fortunately, Tim’s gamble paid off and his company exploded. However, there was a problem that became apparent over time. While he was building his company, he was still in the same industry which wasn’t what he really wanted to do. Tim began to resent it. He describes it as “having a job within his own business” which was not his intended goal. The issue was that Tim was the bottleneck of the business with processes and sales. While he could sustain the business, the growth potential was limited. The pressure got to Tim and he felt like he was falling apart, leading to some major mistakes, including a bad business deal that left him in financial straits. Tim took some time and made a major pivot to pursue his big why.
Tim’s big why:
Tim’s big why us to help growing entrepreneurs make more money in less time so they don’t miss out on the important priorities such as being there as your kids grow up.
Biggest challenge today
Trying to get entrepreneurs to understand the value of investing in themselves and understand that going alone is much harder and fraught with more mistakes and wasted time.
Moving forward past that challenge:
Tim continues to add value on a daily basis thru his book, videos, and his own podcast. Tim shares his story daily and mentors a lot of people.
Tim’s advice for removing yourself from a high-pressure situation:
3x Breathing exercise: take a deep breath, exhale as slowly as possible and repeat twice more.
Tim’s practice or habit that is counter to what everyone else says advises:
Lesson from Brendan Brouchard’s Millionaire Messenger: common advice is to delegate but Tim is the type of person who touches every part of the business. Tim finds this helps a leader or CEO better understand and bond with his or her employees.
How is Tim moving forward today:
Recently, Tim has been slowly delegating (see above) the video post-production work. Up until recently, Tim has been doing it all himself. Now, he’s working with an editor while staying deeply involved in the process.
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Who is Tim in five years:
Tim is a husband, father, leader in his industry and an influencer helping entrepreneurs create a family-based lifestyle while still being successful and helping them get thru the early struggles; avoiding the mistakes he made early on.
“As you work thru life, I’m a firm believer that every person at the present snapshot in time is a function of everything that they came from, each experience and each trial and tribulation and success they’ve had throughout their life. It’s really important earlier in life to get yourself around like-minded people, figure out where you really want to be. So take the time to do something that most people don’t do and write it down.”