This interview takes place on a boat in the Mediterranean Sea over a bottle of wine! May Ling Lai tells her story of how she built a $2 million business from scratch in 2 years at age 24, before going on to manage a billion-dollar hedge fund portfolio. She talks about strategies for navigating a male dominated industry as a female entrepreneur, why you should always be open to pivoting, and the rewards of pro-active networking. She explains the importance of innovation and discusses how to identify a problem that needs to be solved and then transform that idea into a business-building process. May then talks about scaling, why most small business owners never do it, and how to think about decisions relating to debt and equity for business growth. She then identifies the #1 most important skill for executive leadership. She discusses how to hire the right people, manage them effectively, and explains the “real” responsibility of the CEO. May then explains the importance of company culture, having a purpose-driven business, and building a team that is passionate about your mission. She talks about how to run effective meetings that accommodate different personality types, how to process failure constructively, and how to avoid the biggest mistake entrepreneurs make that exacerbates stress. She also explains how she structures her international lifestyle, books the best flights, and how her childhood trips to China inspired her minimalist packing. She recommends her top 3 travel destinations and offers packing tips for women on how to remain fashionable while travelling the world for extended periods without ever checking luggage.
Episode #01: Building a $2 Million Business at Age 24, Managing a Billion Dollar Hedge Fund Portfolio, and Being Innovative with May Ling Lai
Episode Summary
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What You'll Learn
- Being an entrepreneur is all encompassing. At the beginning, the pain is so in your face until you can eventually build a team to help you execute efficiently and effectively and joyfully.
- If you’re an Entrepreneur you don’t let small things stop you, you figure it out. If you fail, that sucks, but that failure would just be the next stepping stone to getting whatever is you want right.
- Having a clear business “purpose” helps people feel more passionate and excited about what they do, work harder and be more innovative. A strong company culture aligns people with a common vision, gives them endurance and helps them get through challenging periods.
Links From the Episode
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PEOPLE AND RESOURCES MENTIONED
MAY LING’S COURSE
WHERE MAY BOOK HER FLIGHTS:
AIRLINES/ALLIANCES REFERENCED:
PEOPLE CITED:
OTHER MAVERICK SHOW INTERVIEW MENTIONED IN THIS EPISODE
TV SHOWS CITED:
ASSESSMENT TEST REFERENCED:
THE COMPANY MAY CO-FOUNDED AT AGE 24:
GADGET MAY RECOMMENDS:
BOOK MAY RECOMMENDS:
CONTENT MAY RECOMMENDS:
CELEBRITY WITH WHOM MAY WANTS TO HAVE DINNER:
LOCATIONS MENTIONED
May’s Top 3 Travel Recommendations:
May’s Top 3 Bucket List Travel Destinations:
Other Destinations Referenced:
- Malta
- Singapore
- Chicago, USA
- Italy
- Greece
- Tokyo, Japan
- Paris, France
- Istanbul, Turkey
- Dublin, Ireland
CHECK FLIGHT PRICES TO ANY OF THESE DESTINATIONS:
CONTACT MAY:
Time Stamped Show Notes
**Click the time stamp to jump directly to that point in the episode.
LIFESTYLE DESIGN AND INTERNATIONAL TRAVEL HACKS
[2:50] How and why May travels the world for extended periods with carry-on luggage only and never checks a bag.
[3:12] Why her childhood trips to China inspired her minimalist packing
[5:30] Specific hacks for women on downsizing to carry-on luggage only
[9:11] How May designs her international lifestyle and selects her travel destinations
[10:37] Strategies for finding and booking the best flights
HOW TO BE AN “INNOVATIVE” ENTREPRENEUR
[12:36] How to Define and think about “Innovation”
[13:36] Common misconceptions about “Big Innovations”
[13:47] How to Identify Problems That Need to Be Solved
[15:06] How to Transform an Idea into a Business Building Process
[15:55] How you should think about “Minimum Viable Product” (MVP)
[16:10] What Entrepreneurs Need to Do After Establishing an “MVP”
HOW TO SCALE YOUR BUSINESS AND WHY MOST PEOPLE NEVER DO
[16:39] How to Seek and Implement Advice on Scaling Your Business
[17:35] Why Many Peoples’ Strengths Prevent Them from Scaling
EXECUTIVE LEADERSHIP SKILLS AND RESPONSIBILITIES
[20:09] The #1 Most Important Skill for Executive Leadership
[22:43] How to Build the Right Team Around You
[23:19] The 3 Things Steve Jobs Said All CEOs Need to Do
[23:50] The “Real” Responsibility of the CEO
[26:08] How to Hire the Right People
THE IMPORTANCE OF A STRONG COMPANY CULTURE
[28:40] Understanding the Attitude that Corresponds with Your Business Purpose
[29:26] How Company Culture Provides Endurance Through Periods of Frustration
[29:50] The Downside of Hiring Financially-Motivated Staff that are Not Passionate About the Company Mission
[30:40] How a Strong Company Culture Stimulates Passion and Innovation From Your Staff
[31:56] Understanding Company Culture as “A Communication Shortcut” that Helps Avoid Interpersonal Fires.
HOW TO THINK ABOUT BUSINESS DECISIONS RELATING TO DEBT AND EQUITY
[33:48] The Number #1 Indicator a Business Will Fail (and Why a Hedge Fund Would Short Them)
[37:14]Understanding What “Equity” Really Means and Why To Be Cautious About Raising Investment Capital
[39:47] Understanding the difference between “investors” and “investor-advisors” when raising investment capital.
[40:54] Understanding “Debt” And When It is Smart to Use It
[41:49] When It Might Make Sense to Trade Equity for “Permanent Capital”
[42:24] The #1 Factor To Consider When Deciding to Give Away Part of Your Company
HOW MAY BUILT A $2 MILLION BUSINESS IN TWO YEARS AT AGE 24
[43:01] Selecting the Right Business Partners with Complimentary Skill Sets
[44:11] Bootstrapping with Personal Credit Cards
[44:45] The Importance of Pro-Active Networking
[46:57] How to Navigate a Male-Dominated Industry as a Female Entrepreneur
[48:58] Why You Should Always Be Open to Pivoting
[50:58] Becoming an Expert in your Product Niche, but Communicating with Your Customers Using Language They Understand
[53:04] The #1 Reason Most Small Businesses Fail
[53:22] The Importance of Listening to Customer Feedback
[54:53] The Importance of Executing Well and Providing Great Customer Service
TECHNIQUES FOR STRESS REDUCTION, TIME MANAGEMENT AND PRODUCTIVITY
[56:45] Acknowledging and Validating Legitimate Stress at All Levels of Entrepreneurship
[58:31] The Importance of Surrounding Yourself with People Who Care About You
[59:01] Why You Should Take Time Out for Yourself Everyday
[59:28] The Importance of Sleep
[1:02:20] Increasing Productivity by Using Amazon Echo to Set Time Limit Alerts
[1:02:39] Scheduling the Appropriate Amount of Time for Your Priorities
[1:03:07] How to Run Effective Meetings and Cater to Different Personality Types
[1:07:18] What You Should Write Down Each Night
[1:12:32] Preparing for Stress and Creating “Cushions”
[1:13:01] The Biggest Mistake Entrepreneurs Make That Exacerbate Stress
[1:14:03] How to Process Failures Constructively
TRAVEL RECOMMENDATIONS AND BUCKET LIST DESTINATIONS
[1:19:23] Matt and May Talk About Her Favorite Travel Destinations in the World
[1:23:52] Matt and May Talk About Her Top Bucket List Travel Destinations
[1:25:19] What May Tells Her Mother When She Is Travelling to a Destination Her Mother Feels is Dangerou
MATT’S BACKGROUND STORY
[1:26:28] Matt Talks about His High School Experience, being a DJ, Living Abroad in Ireland, and Studying International Peace and Conflict Resolution
OUTTAKES ☺
[1:32:16] OUTTAKES (Blooper Reel 🙂
About the Guest
May Ling Lai
May Ling Lai is an innovation specialist, investor, consultant, and business founder. She worked in equity research sales, put investors together and prepared companies for 200 IPOs. At age 24, she built a nutraceuticals business that in 2 years generated annual revenues over $2 million. She then sold that and was hired by an $8 Billion hedge fund where she managed over $1 Billion in equity short strategies. She then co-founded an asset management & analytics consulting business, acting as head of innovation, in which her work with C-level executives in the asset management space impacted over $1.2 trillion worth of assets. She is also proficient in 5 languages has travelled to over 50 countries. She’s now semi-retired working with learning companies as a board member and innovation specialist, and is the author of the forthcoming book The Low Hanging Fruit of Innovation.
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