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Success Story with Scott D. Clary

Lessons - Why Passion and Grit Aren't Enough | Michael Dermer - From Wall Street Lawyer to Serial Entrepreneur

Success Story with Scott D. Clary

Success Story Media

How To, Business, Education, Self-improvement

4.6326 Ratings

🗓️ 18 September 2025

⏱️ 10 minutes

🧾️ Download transcript

Summary

➡️ Like The Podcast? Leave A Rating: https://ratethispodcast.com/successstory     In this "Lessons" episode, Michael Dermer, former Wall Street lawyer turned serial entrepreneur, unpacks why passion and grit alone aren’t enough to succeed in business. He explains how entrepreneurial thinking is essential not just for startups but also for large corporations to stay competitive, and shares strategies for presenting innovative ideas effectively within bureaucratic systems. Michael also explores how perspective—shaped by pressure, passion, pleasure, and pain—impacts decision-making, and why mastering this balance leads to better choices and sustainable success.   ➡️ Show Links https://successstorypodcast.com   YouTube: https://youtu.be/Yp0TjblE1Lw  Apple: https://podcasts.apple.com/us/podcast/michael-dermer-founder-of-the-lonely/id1484783544  Spotify: https://open.spotify.com/episode/5SLTw0hJmudA5mKsfe2TcW    ➡️ Watch the Podcast on YouTube https://www.youtube.com/c/scottdclary

Transcript

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0:00.0

In this lesson's episode, explore why entrepreneurial thinking is essential in both startups and large corporations.

0:06.2

Discover how adopting this mindset keeps organizations competitive,

0:09.4

understand how to present innovative ideas effectively within bureaucratic systems,

0:13.0

and uncover how perspective, shaped by pressure, passion, pleasure, and pain leads to better decisions for lasting success.

0:31.2

And one thing that you mentioned, and you sort of highlighted on your site, and I like it a lot,

0:36.2

there's people that are in all walks of life, all stages in their journey, trying to do a thing.

0:39.3

You know, the side hustle is more popular than ever now.

0:42.8

And one of the pieces that you actually mentioned was entrepreneur,

0:44.6

entrepreneurism is not nice to have.

0:46.4

It's a skill that must be unlocked in every company.

0:50.7

So speak to me about what that means for somebody who's in a company that doesn't understand how they can associate with the word entrepreneur.

0:54.1

Yeah, it's a great point.

0:56.0

So there's two kind of lens of this.

0:58.0

One lens is, okay, you're in a company and you're thinking about leaving and doing your own thing.

1:02.0

And that applies to some of the things that we've just been talking about.

1:05.0

But companies to compete have to think like entrepreneurs, right?

1:10.0

I mean, Amazon should not exist, right? Walmart

1:14.3

should have created Amazon and Blockbuster should create a Netflix and Sony should have created

1:19.3

Spotify. Like these organizations had all the way with all to do these other things. And today,

1:24.6

if you don't think, we call it think like an entrepreneur. If you don't think like an entrepreneur within a larger company, you're just going to become kind of the next, you know, company that just doesn't stay up with the times.

1:36.7

And that's a difficult thing to do, right?

1:38.5

Because large companies don't operate that way.

...

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