DiscoverThe Excellence Project with Eric WorreCommon Mistakes Entrepreneurs Should Avoid With Derik Fay
Common Mistakes Entrepreneurs Should Avoid With Derik Fay

Common Mistakes Entrepreneurs Should Avoid With Derik Fay

Update: 2023-09-25


Listen to today’s episode as Derik Fay shares his amazing life story. He started with a tough childhood and learned to be strong, make friends, and grab opportunities. Hear how he succeeded in different businesses by being flexible and making good relationships.

Learn about Derik's talent for making friends and growing small companies. Find out how he turned $70 into $5 million in real estate. Discover tips for negotiating with companies and avoiding common business mistakes. Understand why having a strong company culture and being responsible are important for business growth. Plus, stay tuned for part two of Derik's amazing journey!


Derik Fay is an experienced entrepreneur who started a venture capital firm called “3F Management” in 2002. He's successfully built and sold over 30 companies and helps young entrepreneurs grow. His goal for partners is to achieve growth and profits and sell their businesses within 3-5 years. Derik and his partners also give back by donating millions to local charities, emphasizing the importance of resilience, innovation, and making a positive impact.


  • Derik Fay's journey from a challenging childhood to success

  • How Derik adapted and thrived in various business ventures

  • Derik's knack for connecting people and identifying opportunities

  • The incredible story of turning a $70 investment into $5 million in real estate

  • Profitable negotiation experiences with companies

  • Insights into common mistakes entrepreneurs should avoid

  • The importance of a consistent company culture and vision

  • The role of accountability in business growth



Website URL: &

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  • 00:00 : Intro

  • 00:49 : Introduction to Derik Fay

  • 01:28 : What does Derik do as an adult entrepreneurial man?

  • 02:57 : Entrepreneurship, investing, and personal finance

  • 06:05 : Childhood abuse and resilience

  • 08:11 : The importance of finding inspiration and redirection in difficult moments

  • 11:38 : Eric’s advice when you’re in a bad situation

  • 12:45 : Overcoming abuse and finding strength

  • 15:24 : Dealing with past trauma and abuse

  • 21:44 : Abuse of power in religious organizations

  • 28:27 : Meeting needs with products or services

  • 30:20 : The value of being a connector

  • 36:59 : Leadership styles and approaches

  • 43:54 : Entrepreneurship and opportunity recognition

  • 47:07 : Business deals

  • 49:45 : Things that motivated Derik to save money to be ready to go

  • 54:09 : The importance of Networking and conversations in finding opportunities

  • 55:31 : Real estate deals and ethics

  • 58:54 : Recognizing opportunities and taking action

  • 1:01:59 : There's massive value in being first!

  • 1:03:19 : The shadow CEO

  • 1:06:16 : Leadership mistakes in business

  • 1:08:12 : How people are treating employees and the resulting impact

  • 1:11:30 : The importance of clarifying the company's culture and vision

  • 1:13:53 : Chick-fil-A closes on Sundays to stay true to their values

  • 1:14:57 : Going against one's culture and values can lead to instability

  • 1:16:02 : END

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Common Mistakes Entrepreneurs Should Avoid With Derik Fay

Common Mistakes Entrepreneurs Should Avoid With Derik Fay

Eric Worre