Being an entrepreneur is kind of like inventing.
You create something new. Or you find new ways to do something old in a completely new way.
It’s no coincidence that some inventors went on to become visionary entrepreneurs: people like Henry Ford, or Edison, or Samuel Colt, and others.
And the thing about the best of them is, they never stop inventing and innovating! Case in point:
Henry Ford could have kicked back and lived in infinite luxury after he came up with Model T. Instead, he looked at his operation and discovered something interesting… Manufacturing a Model T vehicle would produce a lot of wood scraps and shavings as waste.
Most entrepreneurs would shrug and move along. But not Henry Ford!
He took those useless scraps and used them to manufacture briquettes of charcoal. Then he sold that charcoal nationwide under the Ford Charcoal brand (later renamed Kingsford Charcoal).
Boom! Literally making money out of nothing.
This is the kind of Genius any business could use. And you don’t have to be Henry Ford to pull it off, either! You just need to flex your creative muscle a bit and get into the habit of thinking like an inventor.
To help you with that, we’ve made this week’s episode of the Get Genius podcast all about inventing and innovating your way to a more profitable business!
And joining us today is Jarl Jensen – a New Jersey-born and Denmark-raised inventor, writer, and entrepreneur.
Jarl has been inventing and making breakthroughs from an early age. He learned a lot from his father, an engineer and inventor who held many patents. When Jarl was only sixteen, he contributed to a successful patent along with his father. The patent was for a medical device that led to the launch of a wound care company called Euromed.
After college, Jarl started working at Euromed mixing adhesive, which led to many more patent filings. His father eventually became the owner of Euromed. After he got sick and passed away, Jarl helped to revive it.
With Jarl’s involvement, Euromed went from zero to profitable in about six months. Jarl began with Research and Development: redesigning the product lines, lowering the costs by 50-60%, and turning the company’s product into the most advanced one in the industry.
These innovations led to new product launches and more patents. The business grew from six to eight figures in just a few years. In 2004, Jarl took over the company as CEO, growing Euromed to $20 million in revenue. And in 2016, he sold it for 17x earnings to a publicly traded company in 2016.
After his successful exit, Jarl has focused on his biggest passion – using ideas to solve the world’s problems. Right now, he is focusing his unusual perspective and out-of-the-box thinking on the dysfunctional world economy, and bridging the wealth gap.
Jarl has applied his inventor’s brilliance to the problems facing America’s economy. In his book, Optimizing America, Jarl uses vivid scenery, memorable characters, and intense drama to challenge the reader’s perception of modern political punditry, shatter the “news-in-a-loop” cycle, and change the way we think about the distribution of wealth.
In this week’s episode, Summer and Jarl will focus on two things: invention and innovation (and the difference between the two) as they relate to growing your business and taking it to the next level.
Interested? We bet you are! Please enjoy this enlightening conversation with Jarl Jensen.
Get the Full Transcript Here
Here’s what you will learn:
[00:15] Introducing Jarl
[05:53] The #1 key to coming up with great ideas and problem solving
[06:40] “The Invention Game” and how it shaped Jarl’s future work
[08:16] The difference between invention and innovation in business
[12:50] The riveting story of Euromed and the importance of legacy
[18:30] How applying innovative practices helped Jarl to grow Euromed to 8 figures
[21:03] The Entrepreneurs Organization and the Young Presidents Organization
[23:10] What is wrong with the American economy, according to Jarl
[27:44] The problem with automation
[31:57] Here’s how Jarl would create new opportunities and close the wealth gap in America
[37:00] Living in a debt-driven economy
[40:21] Optimizing America & Hacking the American Economy
[48:30] Where you can find Jarl