Eric Walsh: A Young Millionaire Shares Lessons for Entrepreneurs
Eric Walsh, the owner of real estate, cryptocurrency, and ecommerce businesses, knows what it takes to be a millionaire by the age of 33. As a serial entrepreneur, he has built his wealth by working hard, being consistent, and having a solid vision for his companies. While he has learned a lot over the twelve years he has been in business, it was his first company in particular, Mobile Rescue, that taught him vital lessons that helped him become a stronger business leader and make wiser decisions that would ultimately lead to where he is today: financially secure and helping others improve their lives.
Eric dropped out of college at age 21 to start Mobile Rescue, a cell phone accessories company. “I believe in education and always thought I would go back, but Mobile Rescue became so successful that I just didn’t have the time to return to school. It wasn’t like that in the beginning, however,” he says. “I initially set up a kiosk inside a mall and got to work. Every day for fifteen hours, you could find me there, and I did that for two years, no kidding. That was my job, and I gave everything I had to it. At the end of those two years, I was very comfortable with my staff, and there was no longer any need for me to be there so often. That got me thinking about what I could learn from that.”
Eric explains that too many entrepreneurs start a business and then are tied to it around the clock. “That’s a job, not a business. What they need is an exit strategy when they start their business. They need to know how they will scale it and then step back from it. They will hopefully know how they can eventually walk away from it if they want to. By mapping it all out before they open their company, they can have a plan for how they will eventually be able to pursue other endeavors.”
Eric also learned about the importance of setting priorities. He explains that he was always faced with the temptation to slack off. “Additionally, all of my friends were living the party lifestyle, which sometimes seemed attractive to me since I was, after all, 21, too. However, I came across a quote that really stuck with me: ‘Entrepreneurship is living a few years of your life like most people won’t so that you can spend the rest of your life like most people can’t.’ I gave that a lot of thought, believe me. I stuck with it, and on any given day, you could find me at the mall, talking to customers and scaling my business.”
Eric eventually took time away from his friends to focus on the vision he had for his life. “I spent a lot of time alone, working on myself, and that has propelled my growth and the success of everyone around me. There were, of course, the doubters, those people who told me I wouldn’t make it or that I was working too hard and needed to take a break. I didn’t listen to them, and I just kept going. Most people really don’t realize just how much even the closest loved ones or significant others will hold you back because of their negative energy.”
Eric also refused to be outworked by his competitors. “The mall opened at 10:00 a.m., and most kiosks were ready to go around 9:45 a.m. I always set up at 9:00 a.m., though. There were often shoppers who came early and waited for the stores to open, especially during the holidays, and there were people who came in early to exercise, the ‘mall walkers.’ By setting up my kiosk early, there were times when I would already have made $100 before the mall officially opened.”
Perhaps the biggest lesson Eric learned during those two years was that he was in control of how much money he made. “Yes, it’s true that you don’t make money if the customer doesn’t purchase anything,” he allows. “However, you are in control of how many hours you work. You are in control of your attitude and of how well you know your products. You are responsible for your own energy and for how you choose to interact with your potential customers. While I couldn’t control the final outcome of an interaction with a customer, there was a lot that I could do to affect that outcome. A lot of it really was up to me.”
Eric will always look back on those two years as being instrumental in his career. “Much of who I am today can be traced back to the time I spent talking to customers in that mall. I gave everything I had to that company, and it repaid me with both profits as well as a lot of wisdom.”
You can learn more about Eric Walsh and how he generates passive income from his clients at The Genius Academy.