SoCal is a small world in and of itself, so it’s no surprise that I eventually crossed paths with fellow California native and entrepreneur Nik Hulewsky. Nik is the host of the Nikonomics Podcast, a show dedicated to the economics of small business. He’s also the co-founder of Co-Founders, a company that helps undergrads and MBAs get into entrepreneurship.
Something I appreciate about Nik’s background is that it just…flows. When he finds something he wants to do, he does it. He’s very fluid with his decision making, which is very interesting to an over-thinker like me.
We recently did a podcast switch — I went on his and he came on The Freedom Formula. He shared so much valuable information that I was inspired to write it all down.
Where It Started
Nik didn’t realize he was following his curiosity until a few years down the line. As he looks back and reflects, in his mind, it was just, “I want to go learn these things, so I’m going to go do that.”
So he did. After graduating from college in 2012, he got into the home health and hospice industry at a very entrepreneurial company. They gave him full responsibility for the PNL for the locations he managed, and Nik says that it was the ultimate learning experience — he got to see firsthand what he was good at and what he wasn’t.
He learned how to do due diligence, how to assign a valuation to a company, how to negotiate, and how to manage people among other “high-level strategic things.” Nik stayed in corporate for another five or six years before going out on his own in 2019.
And when he did, he did it in a big way, starting two companies at once. The first was a medical billing business, and the second was a home health and hospice company. He grew both before enjoying a 7-figure and 8-figure exit, respectively.
Around the same time as his exits, Nik and his best friend Chris decided to start a company that would do “really cool things with really cool people.” And so Co-Founders was born.
Know Your Strengths and Weaknesses
Nik says that the first time he felt ready to dive into entrepreneurship was in 2008, but his wife encouraged him to go into corporate so he could learn and get experience. At the time, it frustrated him, but looking back he says that she was 100% right and he’s grateful — he learned so much during his time in corporate. In 2019, he finally was ready. He had the capital and experience and finally understood his skillset.
This brings up an important point of being an entrepreneur: you’ve got to know yourself, and you’ve got to know your strengths and weaknesses. Some people are fantastic at the startup phase but they suck at managing people. Some people are fantastic at managing people but they suck at the startup phase. The latter probably shouldn’t buy a startup — and that’s okay.
Nik knows that based on his skill set, he shouldn’t try to start a business by himself. Which is why he didn’t and bought a business instead. He adds that his co-founder and friend Chris is the opposite: he shouldn’t buy a business, so he starts them from scratch. It’s a perfect example of why you’ve got to know yourself.
The pair joined forces when they started Co-Founders, proving that having a partner with different strengths and weaknesses can be incredibly helpful in business.
How to Optimize for Learning
Throughout our conversation, Nik mentioned “optimizing for learning” several times. In this case, it basically means learning on the job. It’s a great way to determine your own strengths and weaknesses while also earning some cash.
If you know you want to become an entrepreneur, Nik says “Get a job, but be strategic with it.” Consider taking a step back or a cut in salary to take a position where you know you’ll learn a lot. In Nik’s case, he went out and got experience with acquisitions, learning how to transition, negotiate, and manage teams. He says he wouldn’t have known how to do any of that if he hadn’t taken that initial job in corporate when he graduated.
When you optimize for learning, you’ll get to know yourself first and then figure out which business model suits you based on your experience or personality. Not enough people do this before jumping in head first.
The last thing Nik left me with was this: if you hope to find success as a business owner, you need to be okay with delayed gratification. You’re not going to get those wins immediately. If you’re okay with that, you’ll make a good business owner. If not, you may want to consider something else.
I couldn’t have said it better myself.
This article was written by Neel from MaidThis Franchise, a remote-local franchise opportunity for people looking to escape the rat race and reach financial freedom. Learn more here.
