An Interview With Chad Silverstein
Building a Strong Community: Building a robust community is vital for nurturing professional aspirations. It serves as a reservoir of knowledge, where professionals can draw from collective experiences and insights to enhance their learning past college. This network provides an environment that fosters growth, offering opportunities for collaboration, innovation, and support.
We are starting a new interview series about the world of entrepreneurship beyond the classroom — a realm where theory meets grit, and education meets real-world challenges. We want to hear about critical business wisdom that often goes unspoken in academic settings. I had the honor of interviewing Amanda Ludwig.
Amanda “Panda” Ludwig is a magnetic speaker, award-winning entrepreneur, and multi-company founder. But at the peak of her career, her defining moments occurred in a hospital room rather than a board room. Following a two-year medical leave, Panda has emerged as a beacon of hope for high-achievers, illustrating that success and genuine happiness can harmoniously coexist by utilizing the insight and methods that she developed during her recovery.
Thanks for being part of this series. Let’s jump in and focus on your early years. Can you share who was your biggest influence when you were young and provide specific examples of what you learned from them that helped shape who you’ve become and how you live your life today?
My father was a lifetime entrepreneur, owning his first business at only age 18. He was already in his 60s when I reached high-school, so I had the unique opportunity to learn from his 40+ years as a business owner. And I didn’t just learn by observation. My father allowed me to be involved with his businesses as a teenager, and he took the time to hand down a lifetime of wisdom.
Of course, at the time, I had no idea how valuable the insight was. But having now built multiple businesses in my own career, and advising hundreds of other companies, I can see the value of his teaching and how it shaped my own career.
Here are 3 simple business principles that my father demonstrated:
- They gotta have to have skin in the game.
Because my father was a successful man, it was not uncommon for people to come to him for loans, investments, or to owner finance something to them. Despite being able to make loans, he always asked what they had that they could sell to him. Or, put up as collateral as a minimum. He’d buy their motorcycle or their favorite rifle. The “what” didn’t seem to matter. Only that they had some “skin in the game”.
In my own business, I’ve seen the value of this concept in working with entrepreneurs. While I might be able to solve their problems for them, involving them in the process and letting them have some skin in the game allows them to see more of the value of the service, and gives them a great sense of accomplishment when we get to the goal together.
2. You have to make money in your sleep.
This is a concept that is talked about more and more lately, with many professionals starting a side hustle and making money online. But my father was doing this in the 70s!
Developing a secondary income stream without depleting our time or attention (“money in your sleep”) is often overlooked by small business owners.
3. Watch the Red Sox.
Yankees fans…let me explain.
My father worked extremely hard throughout his lifetime. Men half his age often commented about how difficult it was to keep up with him.
But he never missed watching the Sox on TV.
How is that a business principle? As entrepreneurs, it’s so easy to get wrapped up in our endeavors, and never have the ability to shut our brains off long enough to be present for things that we enjoy. Hobbies, passions and causes we care about can get pushed to the side.
So, if you are feeling burned out or uninspired in your business, give your brain a rest. Watch the Red Sox.
Staying on the topic of influence, who has been your biggest catalyst more recently and what can you share that you’ve learned from them that led you to making changes in your life?
The biggest influence on my life most recently has not been one person, but rather, an entire community. Since I entered the thought leadership space, I’m constantly surrounded by a group of people who are changing the world with their purpose. This community puts a lot of emphasis on personal values, mindset and living rich lives in addition to creating wealth.
When I was diagnosed with a bizarre illness in 2021, my priorities completely changed. Now, being surrounded by a community of like-minded individuals who are focused on self-development has really been inspiring as I undergo my own transformation.
Mistakes are invaluable. Can you name one specific mistake that you made early on, and learned the most from, but wish you’d been forewarned about?
As the old saying goes: “Trust but verify.”
Every business owner has a story of trust broken or being stabbed in the back. It is the human part of business, and it is inevitable. I certainly have! But something that I learned early on, whether through my own experiences, or by advising others, is that we can do a lot to protect ourselves.
Having a good legal team in our corner and always making written agreements are the absolute minimums. But beyond that, it’s important to communicate expectations in business relationships. Maybe you refer hundreds of thousands of dollars of business to a colleague, and you assume they will do the same for you. Or, perhaps pay a referral fee. If that is your expectation, COMMUNICATE IT! I’ve seen too many business relationships end poorly because of lack of communication.
Another seemingly simple one is background checks. While I’ve been fortunate to have had some great staff over the years, I have seen leaders hire people who seemed to have it all together, only to find out later that they had a history, something that would have been easily detectable by running a background check or calling prior managers rather than just calling references.
You’d be surprised how many times I’ve been hired to see why the money is “coming up short”!
Is there a leadership myth you believed early on that you’ve since debunked through your real-world experience?
The number of things we believe will change when we “get to the top” is often a myth.
The truth? Mo Money, Mo Problems.
Whether we aspire to move from mid-level management to upper management or transition from being an employee to owning our own business, we tend to carry our existing problems with us. The challenges we face, such as a lack of concentration or difficulty managing stress, do not miraculously disappear as we climb the ladder of success. In fact, they often become magnified and more prominent in our lives. It is important to recognize that reaching the top does not automatically solve all our problems; instead, it is essential to address and overcome these obstacles to truly thrive in our professional endeavors.
What’s the key operational insight you’ve gained since running your business that was never mentioned in any classroom?
One key operational insight that I have gained since running my own business, which was never mentioned in any classroom, is the importance of adaptability and flexibility. While educational institutions provide valuable theoretical knowledge and foundational principles, they often fall short in preparing entrepreneurs for the ever-changing landscape of real-world business operations.
In the classroom, there is a tendency to focus on rigid plans and strategies, assuming that everything will go according to plan. However, in reality, unforeseen circumstances and unexpected challenges are bound to arise. The ability to pivot and learn from the experience has proven to be a crucial skill in running a successful business.
Admittedly, I’m a planner, so I find it hard to admit that no matter how well-prepared or meticulously organized I may be, the real test lies in the ability to think on my feet and navigate through uncharted territories with confidence.
Did college prepare you for scaling a business? What specifically was missing?
Scaling a business??? Sadly this was not a phrase I heard in college.
Despite receiving a comprehensive grounding in business management principles, there was lack exposure to the practical elements of expanding a business venture. So, if you’re dreaming of being an entrepreneur, look for real-world experiences, find mentors, or join training programs that can give you practical insights into how to scale a business.
Any unexpected challenges in team dynamics that your academic experience didn’t prepare you for? How did you handle it?
One of the unexpected challenges I encountered in team dynamics was a lack of alignment in goals and work styles. This dissonance led to inefficiency and a lot of frustration. To address this challenge, I took a proactive approach by initiating open and transparent discussions to understand each team member’s individual goals and preferences. Through these conversations, I sought to find common ground and identify shared objectives that aligned with the overall business goals.
In companies that I have consulted, I would often see a poor team dynamic due to the high-performers feeling frustrated with the rest of team doing significantly less work, but receiving equal pay.
Observing this recurring scenario led to a shift in my team’s 90-day review process. Rather than being a daunting sit-down with management, focusing on shortcomings, we transformed it into a self-evaluation exercise. Because each employee was involved with setting their own goals, training paths, and pay raise, it created an environment where strong work ethic was automatically rewarded, and those who chose to move more slowly through the tiers had control over the levels of pressure they were willing to undergo. The result was an environment where employees felt they were being treated fairly by management.
Have you had to unlearn any widely-accepted business ‘wisdom’ in your journey? What was it and how did it affect your strategy?
In my professional journey, I’ve found it necessary to reconsider and ultimately discard the widely accepted notion that “the customer is always right”. This common phrase, while seemingly customer-centric, often oversimplifies the complex dynamics of customer service and can create unrealistic expectations.
In its essence, this concept implies an unconditional alignment with the customer’s perspective, disregarding the potential for the customer to misunderstand the company’s service offering and process, or have unreasonable demands.
While it is crucial to respect and value our customers, it is equally important to recognize that continuing to try to please a customer who isn’t aligned with our business values, ethics, or processes can only end with both parties being unhappy.
Therefore, instead of adhering to the idea that “the customer is always right”, it may be more beneficial to adopt a stance of mutual understanding and collaboration. This involves open communication, active listening, and a commitment to resolving conflicts in a manner that respects both the customer’s needs and the company’s processes and capabilities.
I heard an extremely successful entrepreneur speak about this recently. She said that if she walks into McDonalds, she can’t order a steak, because that isn’t what they are offering! That little story stuck with me. Entrepreneurs and the clients they work with need to have a clear understanding of both the service offering and the company’s process.
So often, small business owners will continue to accept clients who are demanding things that “aren’t on the menu”, creating significant conflict. Ultimately, finding financial success while also offering great customer service is about striking a balance between meeting customer expectations and maintaining the integrity and standards of the business.
What’s your advice for new entrepreneurs? What are your “5 Things You Won’t Learn in College But Must Know to Succeed in Business”?
When it comes to preparing for a successful career in business, college education provides a strong foundation of knowledge. However, there are certain crucial aspects that often go overlooked in the academic setting. These are the practical insights and real-world wisdom that can only be gained through experience. Here are my five things you won’t learn in college but must know to thrive in the competitive world of business.
Building a Strong Community: Building a robust community is vital for nurturing professional aspirations. It serves as a reservoir of knowledge, where professionals can draw from collective experiences and insights to enhance their learning past college. This network provides an environment that fosters growth, offering opportunities for collaboration, innovation, and support.
Bridging the Software Gap: In accounting classes, there was a notable absence of instruction on essential accounting software — a bit like learning surgery without access to surgical tools. But this problem does not solely plague the world of accounting. It’s a gap that can be found in various industries and professions and creates a disadvantage for young professionals struggling to bridge the gap between theory and practical application.
Strategic Client Relations: Client relations is a critical yet seldom deeply understood facet of entrepreneurship. It’s important to select good clients strategically, as well as the sometimes necessary but challenging process of parting ways with clients.
The “Friendly” Collections Process: Collections pose another challenge often unaddressed in traditional education. Balancing professionalism with a personal touch in debt recovery is a practical skill that can significantly impact the financial health of a business.
Mastering Short, Effective Meetings: One of my first bosses used to say that any meeting lasting longer than 15 minutes is merely a support group, emphasizing the art of conducting short yet impactful meetings. Running efficient and result-oriented meetings, a crucial skill for entrepreneurs in any industry.
In conclusion, while college education offers a solid foundation, there are key lessons that are often learned through failure and difficult experiences. The good news is that most of what is listed in this article can be conquered by reading top business books, utilizing online learning resources such as LinkedIn training or software-specific courses and working with coaches and mentors. The crucial perspective to adopt is viewing your degree not as the end, but rather as a springboard to a lifetime of continuous learning!
How do you ensure your team not just understands but embodies your business principles? Any techniques you wish you’d known earlier?
I can’t say that I have mastered a specific technique. My only answer to that question is simply that it boils down to time and trust. When your team sees that you practice your principles consistently, and that they work, this fosters an environment where the team is willing to invest their belief in the leader’s vision.
If we were sitting together two years from now, looking back at the past 24 months, what specifically has to happen for you personally and professionally, for you to be happy with your results?
My first book will be out in 2024, which is something that I’m deeply proud of. But, if being in medical treatment in the last two years has taught me anything, it is that success without health is not the kind of success that I want! So, in two years, when I look back over the time, if I have prioritized my health and wellbeing, then I should be very happy with my result!
Looking back over the last two years, what key accomplishments make you satisfied with your progress?
Two years ago, I sold a majority of my company. While I was forced to sell due to my health, I had to acknowledge that having built a sellable company is an accomplishment on its own.
As someone with significant influence, what’s the one change you’d like to inspire that would benefit the most people?
You are more than your achievements.
If I were to inspire change on a grand scale it would be this: I want every individual, every high-achiever, to understand that our worth is not solely defined by accolades or numbers on a balance sheet. True success is multifaceted; it’s about balance, well-being, and the genuine connections we foster along the way. And it all starts with our connection with who we are; with our understanding that our worth is intrinsic, not transactional. You deserve to embrace a life where success and genuine happiness not only coexist but thrive in harmony.
How can our readers keep up with your work?
Readers can connect with me on:
LinkedIn — http://www.linkedin.com/anludwig
YouTube — https://www.youtube.com/@IncreaseExpert
Company Website — https://www.increase.expert/
Personal Brand Website: www.amandaludwig.com
Thank you so much for joining us! We wish you only success.
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 selling the company on his 25th anniversary. His second venture, [re]start, is 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 to meaningful employment opportunities. His company was nationally recognized for its social impact, 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.
Amanda “Panda” Ludwig Of Increase Expert On 5 Things They Forgot To Mention In College was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.