367: Why Entrepreneurs Should Strive for Innovation - with Eric Smart

Social Capital

Meet Eric

He's the CEO and founder of Myaderm, a manufacturer of skincare and pain relief products that use CBD as a key ingredient. Modern products are sold nationwide and retailers like Dick's Sporting Goods GNC and Rite Aid. He has worked in the pharmaceutical and food manufacturing industries with companies that included; Teva, Edwards, Lifesciences, and Dean Foods. From 2009 to 2010 Eric owned a professional us continental cycling team that received international recognition. He has been featured on network and cable television podcasts and has written articles for national publications. He's earned a BA from the Citadel and Charleston, South Carolina, and an MBA from the University of California.

How do we innovate?

Well, I would expand on that to say most businesses do not innovate. It's more of a rarity than it is a rake regularity. And that's not surprising, because it's difficult. So and just understanding what innovation is largely misunderstood. It's not just a novel thing. So people conflate innovation with novelty, certainly, innovation has novelty in it. But what it is, is there's either an invention of something new with utility, or there's a new combination of things that create way more value than the independent parts. And that's a difficult thing to do. But it's a great thing to strive for. And certainly, if you want to have a great company, a great organization, if you want to do great things, you're going to have to be innovative. There's just no choice around that. The other option is to find a monopoly, that's a great way to do it too. Or, yeah, just have more money than anybody else. Those are your only other options.

What should entrepreneurs not do?

My favorite topic, because I've, I've made all the mistakes. So I feel people's pain out there. Well, I mean, the first one is right in line with innovation. So do not do more of the same. I'm sure you as a marketer, the last thing you want to do is go out and spend all your time and energy promoting and building brands that are just copies of something else. That fair? Oh, yeah, 100% of yours. That sucks. That's no fun, and interesting. So and low probability of success. So if you're doing the same thing, you're just a different color or a different something, but is the same thing. Don't do that, do not do that. So what you want to strive for is innovating to create something that has new utility, or is significantly different than what's in the market that customers will want. So that's the first thing you don't do is more of the same. And the second thing is just as important, maybe the most important in all of the business. Don't be the very first and don't be the very last Don't be either the early adobe the very first I'll be very low. So timing, and the academic literature. unlimited amount of experience across the business world for the past 200 years will tell you, nothing's more important than timing, because you have the best ideas and even be able to execute but the timings are not right. It ain't gonna win.

Can you share your most successful or favorite networking experience that you’ve had?

Well, I do have networking stories. And I want to start by saying, like, I don't like networking, introvert. I like making things I enjoy the process of building things. But I'll tell you this much, you're not gonna get anywhere in life. If you don't know, folks, if you don't spend time networking. So this is my recommendation for folks who are like me who don't naturally want to do that. Take what you're doing. So especially if you're doing something innovative, especially if you've got a lot of energy about it, and realize that that's the mechanism for energizing your ability to go out and meet people because naturally, you don't want to talk about that. And in business, if you have something interesting to share what you're doing what your work is, and you're energized by it. And you're back to the passion part. If you're passionate about the things you're doing within the industry, or whatever you're working in whatever market then that creates the ability to overcome the challenges a lot of people have with networking, because you have to gin up energy. And if you're an introvert, you don't get energy from being around people that suck the energy out of you. So that's where extroverts have tremendous advantages because they just get more energized, being around people. So my stories are, you know, amalgamated into, I always tend to go into networking situations where I'm excited about what I'm doing. And when the opportunity is appropriate, talking about and sharing with people and trying to engage them not just blathering, but like really asking them questions, giving them perspective. And you never know what you learn. Like, sometimes people have good insights, you meet some new friends, and ultimately, that is probably the most, the tightest corollary between success and life is with in general, just things you can do is your relationships and your network.

So how do you stay in front of and nurture these relationships you've created?

Generally, for me, it's been a requirement as one when you raise capital for companies that are necessities. And outside of that, I look for opportunities within my industry to take leadership positions, I'll give keynote speeches. So anytime you can put yourself in a position where you have to talk about what you're doing in a formalized way post that you're going to meet a lot of people, because there isn't come up to talk to you about it, right? So that's a very efficient way, if you can get that kind of opportunity, I recommend taking it because you're gonna be talking about what you want to talk about anyways. And then that attracts people who are interested in what you're doing.

If you could go back to your 20-year-old self, Bruce, what would you tell yourself to do more or less of or differently concerning your professional career?

I would finish the second two and the second two are way easier to digest. And I think people respond well to them. And so the fourth on the five don'ts for entrepreneurs is Don't burn yourself out. I don't care what you hear from whomever the star you know entrepreneur, executive, whatever about working endless hours, that is crap. They do not. They work a lot of hours. But what they do is they replace intensity, especially high output over short duration intensity with high frequency, if you want to win, do it every day. And consistently. That's how you win. Yeah, don't sit there for a week, working 80 hours that week, because you can burn stuff out. Yeah, but show up and get it done 5060 hours a week, sometimes you got to do that. And don't stop that pace. Keep that pace, because, in the end, the math works in your favor, you're going to the end of the year, and your total work output is going to be significantly more than anyone who gets in there. And they do crazy hours one week, and they're cooked after that after recovery.

What advice would you offer that business professional who's looking to grow their network?

You have to find active ways to interact with people, at least in your industry. And, you know, just do it and make it a priority. As I said, for me, it's not a natural thing. It's not something I natively want to do. But you will reap rewards from that. It's just like said, the empirical evidence is clear. You can, you can go to any university, and they do track a lot of the data points around success around their graduates, and networking, the ability to have large groups of friends to an extent, the ability to build relationships, these are, these are the key components to any most success factors in life.

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