Updated: Jul 19, 2020
Eric is a radiologist by day (from home!) but before that he had a side hustling game that started in high school (selling video game items on eBay) and then a bowling instructor - won his state championship. Then he parlayed his love and knowledge of luxury watches into a side business (and a watch patent) that continues to this day - and oh yeah, he has two apps in the app store!
SPONSOR: Executive Launch (www.execlaunch.com) – from corporate executive to startup founder
Full Episode (YouTube): https://bit.ly/2AELfia
1:15 - Eric Discusses his first side hustle. He turned his hobby of playing video games for hours daily into a side business of selling video game 'items' online.
2:45 - Allen and Eric discuss the current status of the recession/economic world. Early on in the COVID-19 pandemic, many Americans didn’t know what to expect but having lived through at least one recession earlier in their career, Eric and Allen remember.
5:15 - Eric, who lived in NYC for his residency, discusses the difference of perspective of COVID-19 from now living in Florida but talking to his NYC friends working the front line.
12:15 - Eric tells story of starting side hustles from an early age: In high school he would drive other students to parties and concerts for $5/seat (Uber before Uber)
15:00 - Missed Opportunity: His friend started an online company that now sells millions of dollars worth of video game items - Eric could have joined in on the ground floor.
16:24 - Eric discusses where his passion for high-end watches began. To this date, he has sold hundreds of watches with an average ticket price between $5,000-$10,000.
22:15 - Eric's college side hustles paid for his expensive tastes in dining.
23:40 - It’s not who you know, it’s who they know. Eric surprisingly often didn’t sell these high end watches to the doctors that he worked with. The doctors would introduce him to their friends who ended up being the true clientele.
25:25 - Never look at anyone as the buyer. Focus on demonstrating your knowledge and excitement about your product and others will find you the buyers.
29:30 - Do you have to be your own boss? Eric doesn’t think so. He generates far more money in his day job than he does in his side businesses and is okay with not being the boss in his day job because he is the boss in his side ventures.
32:45 - Know yourself and what you are chasing. Eric is chasing personal freedom and social wealth rather than massive financial wealth.
39:45 - While Eric's businesses are secondary to his main job financially, he is still working towards and expecting that one of these side creative ventures will be what leads him to financial freedom.
40:45 - Eric discusses how COVID-19 has affected both his day job as a radiologist as well as his side businesses. Nearly everything has slowed down if not halted.
45:30 Do you want to be an entrepreneur? If so, what do you know? You don’t have to be an expert, but you have to know the subject better than most people. Would you be willing to work at least an extra hour a day on this idea to turn it into a business?
48:45 - Dig the well before you’re thirsty. Find a company or industry that you are interested in and ask if you can volunteer your time. This will allow you to not only learn about the industry but the person you work for will want to help connect you and help you succeed.
52:50 - If you've lost your job, your opportunity cost to start a side business is zero. It’s better to be proactive and work towards bettering your current situation rather than waiting and hoping things get better. Sell your house if you have to.
55:00 - Allen describes his experience working through a recession in his late 20's. His job in six figure software sales slowed drastically due to the economy. He chose to sell his house, move in with his in-laws and went back for his MBA and reset his career.
1:01:00 Eric talks about the rumor that the billion dollar company that he works for may file bankruptcy. Is he worried? Not really. He has leveraged his skillset and relationships to the point that he will win the business of clients if his company goes under.
1:03:10 - Eric discusses how he created and used a powerpoint presentation to land his job as a radiologist.
1:06:25 - Eric shares how he pulled the plug on a medical app that he spent thousands of dollars to get started. Money spent, lesson learned.
1:10:00 - Avoid the words “no” or "can't do" when you talk to Eric Ledermann.
1:13:00 - Eric’s number one piece of advice for success: exhaustive research.
1:17:00 - Eric doesn’t spend much time on competition. He believes in perfecting his brand and product so much so that the competition can’t keep up.
1:21:15 - Eric’s final words. He describes where he thinks our economy will be in 3-6 months and advice for how to capitalize on the down economy.
Full Episode (YouTube): https://bit.ly/2AELfia