{"href":"https://api.simplecast.com/oembed?url=https%3A%2F%2Fsmartalecshow.com%2Fepisodes%2F12-mike-peterson-entrepreneurship-wealth-mental-health-fTZYFFKE","width":444,"version":"1.0","type":"rich","title":"#12 Mike Peterson: Entrepreneurship, Building Wealth, Overcoming Depression","thumbnail_width":300,"thumbnail_url":"https://image.simplecastcdn.com/images/12de7050-cd8b-4636-8006-7988c2ccc03c/32713438-4083-4c1a-b5ab-a6918d566c00/mike-peterson-entrepreneurship-mccombs-depression.jpg","thumbnail_height":300,"provider_url":"https://simplecast.com","provider_name":"Simplecast","html":"","height":200,"description":"Michael S. Peterson — known to as “Mike”— is a Managing Director at Pemberton Economic Group & a Professor at UT Austin’s McCombs School of Business, where he teaches entrepreneurship classes centered on topics like FinTech, Internet of Things, New Venture Creation, & more. Mike graduated from Brigham Young with his MBA & also holds an MS in Technology Commercialization from UT Austin’s McCombs School of Business. Mike has worked on 9+ ventures with market potential upwards of $7B+ & is an entrepreneurship & business theory savant. Above all, Mike is not only a friend of the show, but an inspiration to many in having overcome entrepreneurial obstacles & depression. In his life, classes, & this episode he shows great courage through vulnerably sharing his story & sharing actionable steps for how he overcame these mental health troubles & now leads a fulfilled life. \n\n“Despite the challenges along the way, the journey is still worth it — we are here to become something more, not to just get things or buy things but to really become & go on the journey of becoming the best versions of ourselves” - Mike Peterson \n\nConnect with Mike Peterson:\n* mikep.pro/book \n * How to Become a Professor from non-traditional path\n* michaelspeterson.com\n* https://www.linkedin.com/in/mikepetersonmba/ \n\nOUTLINE:\n0:00 Foreword & Intro\n4:12 Mike’s previous businesses & his favorite venture\n11:45 Biggest takeaways from Mike’s 9 ventures\n - Positives: \n - Growth happens during discomfort \n - Meeting brilliant people \n - Negatives\n - 12:55 “Don’t let schooling get in the way of your education”\n15:46 \"Safe” traditional path guy v college drop-out entrepreneur\n- Misunderstandings of risk\n - Perception of safety & security in corporate is false\n - Side hustle = great hedge against losing 9-5 income, $$$, & transferable skills making you a better employee & shedding spotlight on a project outside of traditional work \n - 20:31 You can bring side hustle lessons & perspectives to your 9-5 team or personal life\n21:31 Risk orientation of entrepreneurs & “unconscious confidence” that makes them doers\n- “Entrepreneurs are people who try to get things done & are oblivious to resources needed to get these things done” \n- Tips for success\n- The company started at Brigham Young to combat “sudden infant death syndrome” that went public after 10 years & they got rich\n27:01 What’s the underlying key ingredient to persevere in entrepreneurship?\n28:11 The importance of having equity in building wealth (vs just being on salary or an hourly wage)\n- Entrepreneurship enhances the opportunity to impact lives of people on your team i.e. providing job opportunities to people you know\n- Alec’s dad: Entrepreneurship is about creating opportunity for not only yourself but OTHER PEOPLE as stated above^\n33:17 The dark side of entrepreneurship\n- Mike’s struggles with mental health, family life, finances, & more \n- Low success probabilities\n- Importance of Iteration\n- 33:00 Battling deep depression\n39:01 Is the source of this rampant depression in many males because of mens’ identity being tied to success & their ability to put food on the table? What are the implications of tying our self-worth to financial success?\n- 41:01 Success is not linear.”\n- Transcendental theory & detachment theory within this context\n43:50 How Mike was able to see the beauty of life again:\n- Practical actions to overcome depression\n- 46:14 Importance of Writing\n - “The Jordan Peterson journaling program — \n - What’s life going to be like for me in 5 years if I continue on the path I am on?\n - What do you want life to be like?\n - The “mental cookie jar”\n50:43 “We need you, we need your contributions.”\n- empathy & understanding from those who’ve lived it = crucial & inspirational to help those struggling right now\n53:00 Value of Practical Natural Tactics to Improve Mental Health before going straight to medication\n- practical applications \n56:10 Do we delay our happiness too much in the American culture? “Once I have XYZ I’ll be happy…..\"\n- Power of gratitude in Mike overcoming depression\n- Utility of the gratitude journal\n- Law of Attraction\n1:06:42 “Last remarks: despite the challenges along the way, the journey is still worth it…”\n\n\nPodcast info:\n- Podcast website: https://smartalecshow.com \n- RSS feed: feed:https://feeds.simplecast.com/ngBH2BfM \n- Spotify: https://open.spotify.com/show/634MOIW582k2STgC06Rvl9?si=Zr4Fmx2nR6mqaeWNpFCfQQ&dl_branch=1 \n- Apple podcasts: https://podcasts.apple.com/us/podcast/the-smart-alec-show/id1577614268 \n- Amazon Music & Audible: https://music.amazon.com/podcasts/96993c84-1664-4a67-921d-9b731fbdca99\n\nConnect with Alec on Social: \n- Linktree to all platforms: https://linktr.ee/smartalec \n\nRecorded in January 2022\n"}