As one of the key players of the Health and Wellness industry in the US – Patrick Duong, CEO of private equity consulting firm Talent Evaluation Group, has some very valuable Learnings from his entrepreneurial journey. Duong is a keynote speaker and author of two books. He also serves as a business strategist to shareholders, hedge funds, venture capitalists, and private equity firms.
This is what Patrick Duong has to say to budding entrepreneurs:
1. Let Go of The Past
The story of Patrick’s past is heart-wrenching. When he was just 5 years old, he had to seek refuge in the United States after fleeing from a war-ridden Vietnam with his mother, who gave him to foster care and left him. Young Patrick was homeless for years until he reconnected with his grandfather.
According to Patrick, this was the darkest part of his life, but he didn’t let the trauma get to him. Forgetting the past and moving on is what helped him lay foundations for the success that awaited.
2. Don’t Let Adversity Break You
In 2018, Patrick Duong authored the book Don’t Change, Just Get Better: Why adversity causes some people to break, and others to break records. It’s not just an expression; Patrick broke records when after becoming a father at just 18, he became the youngest general manager with a six-figure salary at a health company! In his 20s, Patrick oversaw a 150-million-dollar project that resulted in him being promoted to senior vice president.
Getting married and having a child at the tender age of 18 did not slow Patrick down, instead it pushed him to work even harder. And that’s what he aims to teach other people too.
3. Go All-In
Failure is a necessary life lesson. In 2016, Patrick decided to start his own business with the 2 million dollars he saved working as an employee. In a twisted turn of fate, his business partner turned out to be dishonest and the business, according to Patrick, became a “colossal failure that almost resulted in a death sentence.”
Instead of wrapping up and quitting, Patrick decided to go all-in. Failure became all the better reason to put in every effort for a new business. Today, Patrick is a successful CEO at Talent Evaluation Group.
4. People Define Success
Patrick strongly believes in a motivated workforce, which he compares to an army infantry. In his book, he dedicated a chapter to the importance of each member of the workforce including the leader, titled People Don’t Quit the Company, They Quit the Boss.
One of the most effective ingredients in the perfect business is the talent of the owner and the workforce. Even though big investors have become stakeholders in Talent Evaluation Group, for Patrick, the staff is the biggest investor.
5. Don’t Survive, Thrive
Patrick’s business flourished even in a time like this pandemic. His advice for all struggling entrepreneurs is to make thriving the aim. “Desperation forces people to question the status quo, ” he says.
The key is to stay focused on what you stand for. Companies like Disney, Microsoft, and Adobe, all launched during recessions, and their success is news to no one.