004: Tim Knox – Entrepreneur, Author, Speaker And TV Host

Tim Knox is a serial entrepreneur, speaker, talk radio host, consultant, and mentor to other entrepreneurs. He has successfully launched ventures in a variety of industries, including web design, custom software,

internet marketing, media, publishing, and retail. Tim was also one of the first eBay experts with his “eBay Mastery” program and has taught dozens of seminars and hundreds of students how to find success
selling online.

Impact Person

Tim's Mother has always been supportive. Coming from a poor southern background. She worked from daybreak to dusk and still have 3 meals on the table and had to quit school in the 3rd grade to go to
work. She's a very positive person that always told her children they could do whatever it is they want to do. Just set your mind to it and go do it. As a result, all of her children are entrepreneurs that are pretty
successful and they take very good care of Mom.

Failure

Tim talks about the retail gun business he had for many years. One location and It was really, really successful. He then started thinking of expanding and opened a second store with a partner. He admits he
should have known better. The partnership went sour. The second location didn't do nearly as well as they had hoped it would. They kept it open for about a year and a half. Finally closed that location. All of
the money the first location was making was going to keep the second one open. They found themselves surrounded by dominoes and things just started falling. The impact the second location had on the first
location forced them to close that location too.

Success

Tim talks about a success that was a surprise many years ago. You have to listen to Tim's awesome success story about when he launched a new info product while being on an eBay cruise. A must listen, but
just so you know, when you're out in the middle of the ocean you don't have access to internet or phone. So, this product launched and Tim was completely unaware if it was a success or failure and couldn't
monitor its progress. And then he finally got off of the ship, ran into a local shop, asked to use the phone and called his assistant. Listen to the nice surprise.

Interesting Moments

  • “That moment when you can quit your day job. When you can leave that 8 hour a day job to start a 20 hour a day business”.
  • “You can actually learn more from a failure than a success”.
  • “Trust your gut”
  • “The measure of an entrepreneur is not how they handle success, but rather how they handle failure”.
  • Regarding entrepreneurship, Tim tells his students, “If I can run you off, if I can change your mind, I've done you a great favor”.  Entrerpeneurship is not easy.
  • “Know what you're good at.  Know what makes you money”.
  • “You should be working ON your business, not IN it”.
  • “eBay is that place where you walk a fine line between a hobby and a business. If you're going to do it like a hobby, treat it like a hobby. And that's great, just accept the fact that it's a hobby. But if you're going
    to do it as a formal business, treat it like a business, like YOUR business”.

Helpful Tool Links

  • Tim likes to outsource where he can.  There are only so many hours in the day.
  • Book recommendation – “Small Business for Dummies” by Eric Tyson and Jim Schell

Contact Information

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