Ep. 218: Andrew Stotz: Forged in the Foundry of Failure

Apple Podcasts Rate and Review for SpotOn Andrew Stotz is the Co-Founder and CEO of A.Stotz Investment Research, a company that provides services to reduce investment research costs and help with their existing stock portfolios and asset relocation strategies. He is the host of the My Worst Investment Ever podcast, a show where he interviews successful business owners and investors and asks them about their worst mistakes on the way to the top. Before venturing into the world of business valuations, economic research, and podcasting, Andrew co-founded CoffeeWORKS, a 26-year old wholesale coffee roasting company that services many of Thailand’s top hotels, coffee shops, offices, and restaurants.  Andrew joins us to describe how he managed to find success despite the many hurdles he had to jump over in life and the people who motivated him to keep going. He discusses the COVID-19 situation in Thailand and how their government responded. He discusses the time he went out on his own with no education, his desire to start a business in Thailand, and when he and his business partner nearly lost everything. He describes how he and his partner slowly crawled their way to where they are today and their other business ventures. Andrew also explains what motivated him to write books on investment and wealth building and shares what not to do when you’re a beginner investor or startup owner. “The one thing you can control is your costs, and you can control that right now.” - Andrew Stotz Today on Spot On Insurance: What life is like in Thailand right now and how they handled the pandemic Andrew's struggles with his education and the time he relied on food stamps and kindness What made Andrew move to Thailand, and why he stayed Why business relationships are more important than money in Thailand The cultural differences between the USA and Thailand Andrew's experience when their business in Thailand fell with the economy How Andrew managed his sister's death amidst their business failure How CoffeeWORKS was forged in the foundry of failure The various lessons Andrew learned from his failures and recovery Why Andrew focused on reducing costs to the minimum and how it helped them succeed Andrew's motivation for writing various books on wealth building The most interesting stories Andrew has heard from his podcast guests The common mistakes investors and startups make and how to avoid them Key Takeaways: The most common mistake in business is people failing to do their research. We should always learn from the mistakes made by other people. Connect with Andrew Stotz: A.Stotz Investment Research CoffeeWORKS Podcast: My Worst Investment Ever Valuation Masterclass Andrew Stotz on LinkedIn Book: My Worst Investment Ever Book: 9 Valuation Mistakes and How to Avoid Them  Book: How to Start Building Your Wealth Investing in the Stock Market Book: Transform Your Business with Dr.Deming's 14 Points This episode was brought to you by….. Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com. Connect, Learn, Share Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!