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#S2E2: Defining and achieving business success with Warren Munson

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Setting up a new business has never seemed more accessible, especially to first time entrepreneurs. However with that comes an intimidating array of challenges, pitfalls and risks. Warren Munson has weathered that storm as founder of the tax and business advisory firm Inspire. He has emerged with a wealth of knowledge which forms the basis of his book, Evolve to Succeed, and membership community Evolve.

Warren shares his journey through the trials and tribulations of entrepreneurship, and the key steps he took along the way. We learn valuable lessons on when to change the trajectory of a business, discuss the importance of making time for yourself, and consider the negative impacts of 'chasing the money'.

This episode of The 10th Degree covers:

- The inception of Inspire and Evolve

- Being a disruptive leader within an industry

- Data vs Information and how to use it

- Deciding when growth is the right option

- The entrepreneurial journey

- Key aspects of strong leadership

- Delegating responsibility

- How to handle the intensity of running a new business


Warren Munson: https://www.linkedin.com/in/warren-munson-391639/

Inspire Professional Services: https://www.inspireaccountants.co.uk/

Evolve Members: https://evolvemembers.com/

Anthony Story: https://www.linkedin.com/in/anthony-story-4032a63/

Key highlights:

"Being disruptive in an industry is about: what is our industry, what's really core to it, how do you serve your clients, and how could we be different, do things differently and don't just accept the norm." - Warren, 4:51

"I remember sitting down with a great mentor in non-exec Mike Bevis, and I just sat down with a pint in my hand. He said "It's great isn't it, we're 10 years in!" and I said "No." This is brilliant, we are succeeding, we've got loads of happy clients. But really, I can see a trajectory now where I am in that place where, if we go like this for another 5-10 years, I turn into that man I didn't want to become." - Warren, 10:36

"I think what people desire and require is something that helps them understand where they are in that moment, and something that helps them understand where they're going for the future. That's where great management information can come into play. And actually, there's a big difference between data and information." Warren - 16:25

"I don't always understand the technology side of things. We all have strengths and weaknesses. And I think we've all got to play to our strengths clearly, because that's why we do what we do. Mostly, that's why we set up our business. But actually, we've got to understand what our weaknesses are, and get the right help and the right advice in whatever that kind of specialism is needed." - Warren, 21:35

"If you purely focus on the money, the profits, the rewards, it's really unusual for that money and that profit to come in a sustainable fashion. You might have a good year, a good 18 months, but long term you're probably making the negative decisions that damage the business." Warren, 29:45

"For a small owner managed business, if you can get in tune with that focus, passion and belief you had when you started the business, then I think you can largely - should largely - determine what that essence, spirit and beliefs are because, actually, that's what drove you to do what you're doing. That's what drove the initial success, that intuitive kind of growth." Warren, 43:22

"I think strong leadership is about consistency. Being open, honest, and frank with the good, the bad, the ugly, and communicating that in a meaningful way to the team." Warren, 48:22

"Actually, as business owners, we do have a bit more flexibility. So, work out what it is you really want to do. What are the other things in life that you love: your friends, your family, for me cycling and those other hobbies. And make sure that when you get the opportunity to do them and carve those unusual times out, do it but be present in that moment and not be distracted by the phone or the other things that are going on." Warren, 1:04:35