{"id":19348,"date":"2023-09-25T10:00:00","date_gmt":"2023-09-25T10:00:00","guid":{"rendered":"https:\/\/my.networkersjournal.com\/?p=19348"},"modified":"2024-02-07T21:31:22","modified_gmt":"2024-02-07T21:31:22","slug":"common-mistakes-entrepreneurs-should-avoid-with-derik-fay","status":"publish","type":"post","link":"https:\/\/my.networkersjournal.com\/index.php\/2023\/09\/25\/common-mistakes-entrepreneurs-should-avoid-with-derik-fay\/","title":{"rendered":"Common Mistakes Entrepreneurs Should Avoid With Derik Fay"},"content":{"rendered":"<p dir=\"ltr\">Listen to today\u2019s episode as Derik Fay shares his amazing life story. He started with a tough childhood and learned to be strong, make friends, and grab opportunities. Hear how he succeeded in different businesses by being flexible and making good relationships.<\/p>\n<p dir=\"ltr\">Learn about Derik&#8217;s talent for making friends and growing small companies. Find out how he turned $70 into $5 million in real estate. Discover tips for negotiating with companies and avoiding common business mistakes. Understand why having a strong company culture and being responsible are important for business growth. Plus, stay tuned for part two of Derik&#8217;s amazing journey!<\/p>\n<p dir=\"ltr\">About:<\/p>\n<p dir=\"ltr\">Derik Fay is an experienced entrepreneur who started a venture capital firm called \u201c3F Management\u201d in 2002. He&#8217;s successfully built and sold over 30 companies and helps young entrepreneurs grow. His goal for partners is to achieve growth and profits and sell their businesses within 3-5 years. Derik and his partners also give back by donating millions to local charities, emphasizing the importance of resilience, innovation, and making a positive impact.<\/p>\n<p dir=\"ltr\">HIGHLIGHTS:<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">Derik Fay&#8217;s journey from a challenging childhood to success<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">How Derik adapted and thrived in various business ventures<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">Derik&#8217;s knack for connecting people and identifying opportunities<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">The incredible story of turning a $70 investment into $5 million in real estate<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">Profitable negotiation experiences with companies<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">Insights into common mistakes entrepreneurs should avoid<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">The importance of a consistent company culture and vision<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">The role of accountability in business growth<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\">\u00a0<\/p>\n<p dir=\"ltr\">SOCIAL MEDIA:<\/p>\n<p dir=\"ltr\">Website URL: <a href=\"https:\/\/derikfay.com\/\">https:\/\/derikfay.com\/<\/a> &amp; <a href=\"https:\/\/beacons.ai\/derikfay\">https:\/\/beacons.ai\/derikfay<\/a><\/p>\n<p dir=\"ltr\">Derik Fay IG \ud83d\udc49 <a href=\"https:\/\/www.instagram.com\/derikfay\/\">https:\/\/www.instagram.com\/derikfay\/<\/a><\/p>\n<p dir=\"ltr\">Derik Fay Facebook \ud83d\udc49 <a href=\"https:\/\/www.facebook.com\/profile.php?id=100085006716140\">https:\/\/www.facebook.com\/profile.php?id=100085006716140<\/a><\/p>\n<p dir=\"ltr\">Derik Fay YouTube \ud83d\udc49 <a href=\"https:\/\/www.youtube.com\/@derikfay\">https:\/\/www.youtube.com\/@derikfay<\/a><\/p>\n<p dir=\"ltr\">Derik Fay Twitter \ud83d\udc49 <a href=\"https:\/\/twitter.com\/derik_fay\">https:\/\/twitter.com\/derik_fay<\/a><\/p>\n<p dir=\"ltr\">Derik Fay LinkedIn \ud83d\udc49 <a href=\"https:\/\/www.linkedin.com\/in\/derik-fay-8ba92181\/\">https:\/\/www.linkedin.com\/in\/derik-fay-8ba92181\/<\/a><\/p>\n<p dir=\"ltr\">Derik Fay TikTok \ud83d\udc49 <a href=\"https:\/\/www.tiktok.com\/@fayderik\">https:\/\/www.tiktok.com\/@fayderik<\/a><\/p>\n<p>\u00a0<\/p>\n<p dir=\"ltr\">TIME STAMPS:<\/p>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">00:00: Intro<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">00:49: Introduction to Derik Fay<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">01:28: What does Derik do as an adult entrepreneurial man?<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">02:57: Entrepreneurship, investing, and personal finance<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">06:05: Childhood abuse and resilience<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">08:11: The importance of finding inspiration and redirection in difficult moments<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">11:38: Eric\u2019s advice when you\u2019re in a bad situation<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">12:45: Overcoming abuse and finding strength<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">15:24: Dealing with past trauma and abuse<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">21:44: Abuse of power in religious organizations<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">28:27: Meeting needs with products or services<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">30:20: The value of being a connector<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">36:59: Leadership styles and approaches<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">43:54: Entrepreneurship and opportunity recognition<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">47:07: Business deals<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">49:45: Things that motivated Derik to save money to be ready to go<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">54:09: The importance of Networking and conversations in finding opportunities<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">55:31: Real estate deals and ethics<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">58:54: Recognizing opportunities and taking action<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">1:01:59: There&#8217;s massive value in being first!<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">1:03:19: The shadow CEO<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">1:06:16: Leadership mistakes in business<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">1:08:12: How people are treating employees and the resulting impact<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">1:11:30: The importance of clarifying the company&#8217;s culture and vision<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">1:13:53: Chick-fil-A closes on Sundays to stay true to their values<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">1:14:57: Going against one&#8217;s culture and values can lead to instability<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">1:16:02: END<\/p>\n<\/li>\n<\/ul>\n<p dir=\"ltr\">Want to Achieve More Success in Your Network Marketing Career?<\/p>\n<p dir=\"ltr\">If you are specifically involved in Network Marketing or Direct Marketing, go to <a href=\"http:\/\/www.ericworre.com\">www.ericworre.com<\/a> to learn how I can help you achieve your business, team, and personal goals faster than you ever thought possible.<\/p>\n<p dir=\"ltr\">Questions or Comments?\u00a0<\/p>\n<p>Do you have questions you would like me to answer in future podcasts or comments on the show you&#8217;d like to share?\u00a0 Email me at <a href=\"mailto:podcast@networkmarketingpro.com\">podcast@networkmarketingpro.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Listen to today\u2019s episode as Derik Fay shares his amazing life story. He started with a tough childhood and learned to be strong, make friends, and grab opportunities. Hear how he succeeded in different businesses by being flexible and making good relationships. Learn about Derik&#8217;s talent for making friends and growing small companies. Find out how he turned $70 into $5 million in real estate. Discover tips for negotiating with companies and avoiding common business mistakes. Understand why having a strong company culture and being responsible are important for business growth. Plus, stay tuned for part two of Derik&#8217;s amazing journey! About: Derik Fay is an experienced entrepreneur who started a venture capital firm called \u201c3F Management\u201d in 2002. He&#8217;s successfully built and sold over 30 companies and helps young entrepreneurs grow. His goal for partners is to achieve growth and profits and sell their businesses within 3-5 years. Derik and his partners also give back by donating millions to local charities, emphasizing the importance of resilience, innovation, and making a positive impact. HIGHLIGHTS:  Derik Fay&#8217;s journey from a challenging childhood to success  How Derik adapted and thrived in various business ventures  Derik&#8217;s knack for connecting people and identifying opportunities  The incredible story of turning a $70 investment into $5 million in real estate  Profitable negotiation experiences with companies  Insights into common mistakes entrepreneurs should avoid  The importance of a consistent company culture and vision  The role of accountability in business growth  \u00a0 SOCIAL MEDIA: Website URL: https:\/\/derikfay.com\/ &#038; https:\/\/beacons.ai\/derikfay Derik Fay IG \ud83d\udc49 https:\/\/www.instagram.com\/derikfay\/ Derik Fay Facebook \ud83d\udc49 https:\/\/www.facebook.com\/profile.php?id=100085006716140 Derik Fay YouTube \ud83d\udc49 https:\/\/www.youtube.com\/@derikfay Derik Fay Twitter \ud83d\udc49 https:\/\/twitter.com\/derik_fay Derik Fay LinkedIn \ud83d\udc49 https:\/\/www.linkedin.com\/in\/derik-fay-8ba92181\/ Derik Fay TikTok \ud83d\udc49 https:\/\/www.tiktok.com\/@fayderik \u00a0 TIME STAMPS:  00:00: Intro  00:49: Introduction to Derik Fay  01:28: What does Derik do as an adult entrepreneurial man?  02:57: Entrepreneurship, investing, and personal finance  06:05: Childhood abuse and resilience  08:11: The importance of finding inspiration and redirection in difficult moments  11:38: Eric\u2019s advice when you\u2019re in a bad situation  12:45: Overcoming abuse and finding strength  15:24: Dealing with past trauma and abuse  21:44: Abuse of power in religious organizations  28:27: Meeting needs with products or services  30:20: The value of being a connector  36:59: Leadership styles and approaches  43:54: Entrepreneurship and opportunity recognition  47:07: Business deals  49:45: Things that motivated Derik to save money to be ready to go  54:09: The importance of Networking and conversations in finding opportunities  55:31: Real estate deals and ethics  58:54: Recognizing opportunities and taking action  1:01:59: There&#8217;s massive value in being first!  1:03:19: The shadow CEO  1:06:16: Leadership mistakes in business  1:08:12: How people are treating employees and the resulting impact  1:11:30: The importance of clarifying the company&#8217;s culture and vision  1:13:53: Chick-fil-A closes on Sundays to stay true to their values  1:14:57: Going against one&#8217;s culture and values can lead to instability  1:16:02: END  Want to Achieve More Success in Your Network Marketing Career? If you are specifically involved in Network Marketing or Direct Marketing, go to www.ericworre.com to learn how I can help you achieve your business, team, and personal goals faster than you ever thought possible. Questions or Comments?\u00a0 Do you have questions you would like me to answer in future podcasts or comments on the show you&#8217;d like to share?\u00a0 Email me at podcast@networkmarketingpro.com<\/p>\n","protected":false},"author":7,"featured_media":19311,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-19348","post","type-post","status-publish","format-standard","has-post-thumbnail","category-podcast"],"_links":{"self":[{"href":"https:\/\/my.networkersjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/19348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.networkersjournal.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/my.networkersjournal.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/my.networkersjournal.com\/index.php\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/my.networkersjournal.com\/index.php\/wp-json\/wp\/v2\/comments?post=19348"}],"version-history":[{"count":1,"href":"https:\/\/my.networkersjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/19348\/revisions"}],"predecessor-version":[{"id":19349,"href":"https:\/\/my.networkersjournal.com\/index.php\/wp-json\/wp\/v2\/posts\/19348\/revisions\/19349"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/my.networkersjournal.com\/index.php\/wp-json\/wp\/v2\/media\/19311"}],"wp:attachment":[{"href":"https:\/\/my.networkersjournal.com\/index.php\/wp-json\/wp\/v2\/media?parent=19348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/my.networkersjournal.com\/index.php\/wp-json\/wp\/v2\/categories?post=19348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/my.networkersjournal.com\/index.php\/wp-json\/wp\/v2\/tags?post=19348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}