Persistence Helps You Recover From Disasters with Mario Nawfal

 

Background: Mario Nawfal

  • Is the founder of the Athena Group, a conglomerate operating in 40 countries
  • Started business in 2012 with $300 in the bank selling blenders door to door
  • Built that into a $10m business in its second year, then global brand Optimum Appliances
  • In 2016, he started GoGlobal, an incubator helping businesses to scale globally, rapidly
  • In 2017, he set up the International Blockchain Consulting expert network, now an industry authority in blockchain and crypto
  • He then launched a venture capital fund, a blockchain accounting firm and a cannabis and hemp consulting business
  • His new “7Figure Launchpad” operation is the world’s first full-access business program

Mario’s worst investment ever

  • After successes, he ventured into blockchain
  • Started IBC, grew it to 7 figures in 6 months
  • Trusted colleague set to be CEO disappeared
  • ‘Snake’ had been funneling clients away
  • Meanwhile the industry was collapsing
  • While rebuilding, staff discover ‘second snake’ stealing data for old school friend, ‘first snake’
  • Mario diagnosed with brain tumor

Mario’s takeaways

  • The people you hire will make or break you
  • Thorough due diligence must also be applied to hiring people
  • The more due diligence, the more likely it is that luck won’t play a big role
  • All investors ask about your team, so diligence in hiring is crucial

My takeaways

  • “When it rains, it pours and you’ve got to push through it”
  • Trust can only be built with time

Actionable advice

  • When a lot of money is at stake, be very careful about the people making the decisions with that money …
  • Their incentives may not be in line with yours
  • Greed is very powerful and people will create stories to justify doing the wrong thing when it comes to money
  • Greed is a very strong bias

My Worst Investment Ever six main categories of mistakes:

  1. Failed to do their own research
  2. Failed to properly assess and manage risk
  3. Were driven by emotion or flawed thinking
  4. Misplaced trust
  5. Failed to monitor their investment
  6. Invested in a start-up company

DISCLAIMER: This content is for information purposes only. It is not intended to be investment advice. Readers should not consider statements made by the author(s) as formal recommendations and should consult their financial advisor before making any investment decisions. While the information provided is believed to be accurate, it may include errors or inaccuracies. The author(s) cannot be held liable for any actions taken as a result of reading this article.