Episode 150 – David Morrison – Insight & Wisdom of an Experienced Entrepreneur

““Wisdom is the intelligence that comes with experience. It’s not about blindly going forward, it’s about applying your wisdom, and about constantly evaluating and re-evaluating where you’re at and what you’re doing and responding and adjusting and trimming the sails so that you keep going in the right direction.” – David Morrison


 
  • [02:08] Patrick introduces his next TEDM guest, David Morrison.
  • [03:41] David & Patrick kick off their conversation with a bit about what David is up to these days, the profession he quickly left behind and the big reason why he left it.
  • [09:40] Bound for a new course, after a lot of business research David founded a financial services business that, with the right tweaks and efficiencies, brought more income and far more enjoyment to his working life.
  • [14:40] David shares the story of how his business unfolded and then exponentially grew when he took a chance on one game-changing transaction.
  • [18:24] 1992 brought another significant turning point in David’s business which developed into a highly lucrative product offering they still run today. Condo Corp Term Financing.
  • [22:25] With a successful model in full swing, operating smoothly and efficiently, David was approached by their financier to undertake yet another offer: get in the mortgage business! And get in he did. Shortly thereafter Morrison Financial Mortgage Corporation was launched. Now after a couple of decades of development and work, this branch is the most substantial part of their business.
  • [27:13] David attributes his entrepreneurial drive to a perception of poverty he experienced as a result of early independence. He vowed that although he didn’t know how, that was not the way he was going to live his life.
  • [33:58] David talks a bit about his siblings and their dynamics within the family structure.
  • [36:39] Characteristics of an entrepreneur. Reaching new levels and more zeros in business transactions takes a certain mindset to keep the ball moving forward. David describes his early experience and the mindset he has always held to manage risk.
  • [39:21] Innate or learned? David offers his viewpoint on entrepreneurialism.
  • [41:38] Believe it or not, David’s business trajectory has not been a straight line on a 45-degree angle! David offers guidance, truths and nuggets of wisdom gained from his own experience.
  • [45:45] With much of his growth resulting from opportunities presented and the right ones acted upon, David advises anyone with a propensity to get into business, to just get out there and get started. We won’t meet the people we need to meet by waiting at home, we need to maintain a sense of curiosity and take action.
  • [48:54] David recounts a story about an outing with his son to demonstrate how curiosity churns creativity, which opens ideas and opportunities. Opportunity is everywhere.
  • [52:18] At times “no” is more powerful than “yes” when building a business in a way that aligns with our values and goals. David now realizes, that creating an executive management team earlier may have supercharged his business, but felt his ego was likely in the way. He’s embracing it now as he starts to consider succession.
  • [57:18] David’s ideas of success are evolving but hear about two things he feels are fundamental.
  • [60:58] As he gets older, David understands more and more that people will not remember what we drove, or the house we owned, rather the contribution we have made and the fulfillment of making a difference in someone’s life. He shares a story as a great example of that.
  • [68:29] David explains what retirement does NOT mean for him and how he does see his role and involvement going forward.
  • [70:24] David discusses leadership, and the inevitable challenges that come with managing a great many personalities, all of whom have their own life and stories they’re operating from. It’s takes skill to navigate that well, and he has personally had mixed success.
  • [76:26] Patrick shares a personal story to illustrate David’s point, which leads to a bit of a riff around constructing a great team through empowerment and alignment.
  • [81:37] Time to get down to the rapid fire! Favourite story to read with a short summary of the lessons; room-desk-car; favourite swear word and when it shows up the most; the music genre he is most attracted to; message at the pearly gates.
  • [86:13] David’s gratitude.

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