This week I had the awesome opportunity to Skype with serial partnerpreneur and all round insightful guy Phil Smy for my upcoming Risk Guy podcast.
Phil, who is the CEO of LotteryCanada.com, a company he founded with his brother 15 years ago and which now boasts over 1 million visitors per month, has previously founded CostaFilma SL, an independent film distribution and production company in Spain and FilmAmora.com, which he describes as the Netflix of Spain. Phil was also a founding partner of Toygaroo.com, also known as the Netflix of toys, which appeared on the US series Shark Tank back in 2011.
I absolutely can’t wait to share this podcast with The Risk Guy community, as we covered an enormous range of useful topics for both budding and seasoned entrepreneurs, from growing serious traffic for your site without SEO to the challenges of replicating successful business models in new markets. Phil also shared his insights on what it is like to secure an investment on Shark Tank, why Toygaroo was unsuccessful in spite of a great product and what other entrepreneurs can learn from his experience.
During our somewhat marathon call, Phil dropped an absolute gem of advice for any entrepreneur thinking of starting a new business, particularly one in a blue ocean market, which to me captures the essence of what this site is all about:
“[When your business is the first in a market]… you spend so much time educating the customer about the idea, marketing the idea and making all the mistakes. The person who comes after you can learn from your experience.You have to learn from mistakes, mistakes are the best teachers, but you don’t have to learn from your mistakes”