March 24, 2020
Episode #84 – Dwayne Stewart – An Entrepreneur’s Journey
“Even though I was hitting these roadblocks it didn’t change my north star. I didn’t have the luxury of simply saying, ok that didn’t work, what’s next?” – Dwayne Stewart
- Show Notes
- [02:08] Patrick introduces his next guest in the REIN Member series: Dwayne Stewart.
- [04:24] Dwayne and Patrick get rockin’ and rollin’ and pick up where they left off at the poolside studios in May 2017. .
- [05:01] Dwayne shares the story of how things quickly progressed after May 2017 with his hops business, the unexpected sharp turn it took and the fallout with his investors in 2018.
- [10:34] A breakdown in government promises made local buying decisions too difficult for his buyers’ bottom line. The chain reaction of that breakdown was linear and swift. Dwayne quickly learned his market’s philosophical motivation was understandably trumped by their intrinsic motivation.
- [13:19] Despite the significant roadblocks, the commitments and consequences Dwayne faced kept him aimed at his north star only with a course change to get there.
- [15:27] Dwayne shares his insights and perspective of why the government of the day stepped back from incentivizing brewers to buy local.
- [17:44] “Can’t see the forest for the trees”. A pivotal phone call in August 2018 lifted Dwayne’s gaze from his determined singular focus to a broad strategic opportunity right under his nose.
- [21:55] Keeping listeners in suspense about that part of the story, Patrick and Dwayne circle back to the loss of his family’s farm, which was in the family for 90 years and one of the most significant pieces for him of the fallout.
- [24:10] Compartmentalization. This was a crucial skill Dwayne developed in order to manage his mindset.
- [26:57] In the face of these significant challenges Diane, Dwayne’s wife, insisted this time around she be right there beside him and together they put together amazing events to showcase the fun side of the business and bring together community.
- [29:55] Dwayne speaks to his experience with his two main investors and how that business relationship transpired.
- [33:02] Dwayne talks about the supports and backstops in his life during a fragile time which could have played out much differently if he didn’t have them.
- [35:03] Guidance from the trenches. Direct from his own experience, Dwayne relays his learnings and advice for other entrepreneurs.
- [37:56] Existing as an environment for success, peer groups and communities like Entrepreneurs’ Organization (EO) have been monumentally valuable in Dwayne’s entrepreneurial career.
- [41:21] The biggest part of Dwayne’s education has come from sourcing the best to learn from and then aligning with the intrinsic, not the philosophical, motivation of his market.
- [43:48] The Universe conspires to support Dwayne’s success. The facility was built, now new roads were driven to get there and restart the machine.
- [46:22] Building on past experience, once again Dwayne looked to and asked the right questions of the experts and the market to enter into this new phase of business in the industrial hemp industry.
- [48:51] Dwayne explains what they are now producing and how it is being utilized (which includes a former TEDM guest Joel Sherlock).
- [51:30] Asking for help and the power of mentorship in a collaborative context.
- [55:04] What has Dwayne learned about who he surrounds himself with? Spoiler alert: you don’t want to be the smartest person in the room. There’s no benchmark!
- [58:47] The journey back to his family’s farm, the resulting business and the perseverance that got Dwayne there.
- [66:37] Going back in the story to the failure to deliver on their first $174,000 order in this new industry; how did that result?
- [67:45] Having reached his north star, Dwayne unexpectedly finds himself immersed in the question, now what? Part of the answer lies in their company’s purpose: Empowering Sustainable Farming Families.
- [70:12] In the conversation of what’s next for Dwayne, he sees the opportunity on the horizon to reflect and re-examine the core interests he had when he was younger as well as giving back.
- [73:30] Patrick and Dwayne riff on business development in support of others and their business.
- [74:55] Leaning into bigger thinking and imagining the boundlessness of what’s possible.
- [80:50] Dwayne describes his daily practice and the boundaries he sets.
- [83:15] Rolling into a quick rapid fire! Dwayne’s book recommendation; what he’s not very good at; favourite tune; favourite movie; favourite streaming series; favourite swear word; messages at the pearly gates.
- [86:03] Dwayne’s gratitude.
Connect with Dwayne Stewart:
Selected Links and People Mentioned from this episode:
TEDM Episode #8 – Dwayne Stewart – Overcoming Adversity
Traction – Get a Grip on your Business By Gino Wickman
Never Split the Difference By Chris Voss