My Favorite Mistake — 263: Entrepreneurship Mistakes: The Pitfalls of Growing Too Fast with John St.Pierre

My guest for Episode #263 of the My Favorite Mistake podcast is John St.Pierre, an entrepreneurial strategist, business growth advisor, and co-host of the “Entrepreneurs United Podcast” — with Rich Hoffman. They recently had me as a guest.

Episode page with video, transcript, and more

John has over 25 years of experience co-founding and growing successful businesses across various industries including co-founding and growing two companies to over 50 million dollars in revenues each.

John is currently the majority owner and chairperson of Rhombus Group, a private holding company formed in 2003 comprising several small businesses. His mission is to help entrepreneurs, intrapreneurs, and their companies achieve their goals and dreams.

He’s also the author of The $100M Journey: Your Guide To Growing The Business Of Your Dreams Without Going Off The Cliff!, a book that shares my proven strategies and insights on how to scale your business while avoiding costly pitfalls.

In this episode, John shares his profound insights on the pitfalls of trying to grow a business too fast. John recounts his journey of co-founding and expanding a company to over $50 million in revenue, only to face the harsh consequences of rapid, unsustainable growth. He shares his mistakes, such as

  • taking on excessive bank debt,
  • making poor hiring decisions, and
  • losing equity control,

which ultimately led to him being fired from the very company he built. Through this candid reflection, John emphasizes the importance of patient ambition, protecting equity, and aligning business strategies with personal life goals, offering invaluable lessons for aspiring entrepreneurs.

Questions and Topics:

  • What’s your favorite mistake?
  • Did you take time off to reflect, recover, and reset?
  • Did previous opportunities lack alignment in purpose, best-in-world potential, and economic value?
  • Did board members or executives push back on your growth decisions, or was everyone all in?
  • What advice do you have for founders on when to take money, how much to take, and who to choose as investors?
  • How was the news of your firing delivered?
  • Are there specific growth points that are particularly risky, like 10 million or 50 million?
  • How can founders ensure they don’t have blinders on and miss potential pitfalls?
  • What’s the common theme for the businesses within Rhombus Group?
  • Tell us about the Entrepreneurs United podcast and how you and Rich Hoffman decided to start it.
  • The book’s website