118: The Misfits of Fireside 2018, Leon Ifayemi and Nick van der Velde

Show Notes

Leon came up with idea for SPCE in his 2nd year of university.  He had a job of helping students find housing in and around campus.  He realized what a challenge it was for students, landlords, and property management companies, so he came up with the idea.  But, as young graduate, he didn’t have the capital, so he went into investment banking at Barclays and then Rothchild where he was responsible for managing $2 billion.  It was there that he met the investors that would eventually invest in SPCE.

Nick grew up in the Netherlands.  At 19, he realized that he had to go abroad.  He came to Toronto, CA where he excelled in class.  While there, he was connected with a real estate investment group that ended up sponsoring him to immigrate to Canada to live full time in 2012.  Nick has interesting background in that he was a breakdancer who helped lead campaigns for RBC, SCION, Nokia, and others.  In parallel to that, he applied for a job as a “business developer.”  He walked into a non-profit and they wanted to create a business model that balances for profit value in creating revenue, but practiced non-profit values increasing the quality of life of a community.  Nick was able to raise over $750k for the project in a year.  He is now a principle consultant for Impact Consulting and to date has raised over $1.1 million.

Leon, what did you learn from banking that has helped you most as an entrepreneur?

Persistence – to get business in investment banking requires a very stoic nature to persevere

Being comfortable with not being in control

Relationship building is the cornerstone of any business.  Your ability to build relationships and earn trust is incredibly important.

Nick, explain social entrepreneurship and how it can help you grow as an entrepreneur…

Social entrepreneurship should be “baked in” and not “bolted on.”

Having a positive impact is at the core and that impact will help you grow as an entrepreneur

There is value in what you do in community and the connection you create

It allows you to be vulnerable which allows you to create a more supportive environment for success.

“Millennials are becoming the one in control of spending dollars in a community and are driven more by empathy, so the trend is toward one of social entrepreneurship.”

What is the coolest thing you’ve found about entrepreneurship that you never expected?

Leon

The overwhelming sense of freedom balanced with responsibility.

The challenges and pursuit of success is thrilling and drives you

The ability to instill your values into something

The ability to work outside the status quo and “rules”

Entrepreneurship is a great vehicle to find your higher purpose

There is a level or recognition, value, and validation that is worth so much more than money through the work.

What is a habit that you have created or adopted that you feel gives you an advantage over your competition?

Leon

A habit of being absolutely persistent without being annoying

It is really more of a mindset

Surrounding yourself with people who are positive and creating cues in your life by adopting mentors

It is as much a lifestyle choice to stay positive as it is a habit

Action items you do to foster this way of thinking and approaching life?

​Leon

Working with mentors and seeking mentorship

Weekly meetings with mentors who “have done it”

You want to find solutions to problems and getting criticism is fine as it helps you as long as you are getting it from a positive source.

Nick

Creating compelling value propositions

Analyzing patterns of people and businesses and them putting value prop together with the patterns

Create a proposal for yourself of who you are, what you stand for, your principles – it is a very eye opening exercise – your personal value proposition.

Entrepreneurship is about consistency, so time management is a key skill

Best piece for advice for an entrepreneur starting out today?

Nick

Always keep going and be willing to adjust, change, and pivot as needed, but never stop

Entrepreneurship is like a maze – you will continuously hit dead ends and have to make choices of different directions to go, but as long as you keep going to you will find your way out.

Leon

You can’t do it all on your own – find others that share your values and share your appreciation for creating value

Create duplicates for yourself through your systems and processes as time is your biggest asset and you must leverage it every way you can

You have to be ok with stepping out, giving up comfort and safety to grow.

Know your “opportunity cost.”

What have you learned about yourself on your journey so far?

Leon

We are fallible and capable of burning out

We can so stubborn that is hurts us and our business

Trying to do everything on your own is the hardest way to go and keeps you from reaching your real potential

Give people the benefit of the doubt and trust those you’ve hired to do the job

Nick

Don’t use other people’s definition of success to create your definition of success – define it for yourself

Understand when and how to use control to maximize your business and success – you will have to let go at different times.

There is something about making things happen that we are just born to do