I recently had the opportunity to sit down with Trevor Koot, the mind behind the Business is Fcking Hard podcast, to delve into the insights and experiences that shaped his journey. In our candid Q&A session, Koot shared the inspiration, challenges and personal stories that have driven the creation of his impactful podcast.

This conversation has excellent value for real estate agents and broker-owners, as we’re all entrepreneurs. And it’s hard.

The inspiration

When asked about the inspiration behind the Business is Fcking Hard podcast, Koot emphasizes the need for vulnerability among business owners. He recalls a pivotal moment in 2008 when, during a speech at the Provincial Chamber of Commerce in Saskatchewan (he had been nominated for an entrepreneurship award), he candidly declared, “Business is f*cking hard,” which was met with resounding applause.

This reaction underscored the shared struggles of entrepreneurs and the necessity for open conversations about the realities of running a business. His TED Talk further fueled the podcast idea, aiming to connect with business owners who often feel isolated in their challenges.

Relevance to realtors

The insights and experiences shared on the Business is Fcking Hard podcast are particularly relevant to real estate agents. Like other entrepreneurs, agents face the daily challenges of managing their own businesses — from financial stability and staffing decisions to maintaining morale and navigating the ever-changing market.

The podcast’s emphasis on vulnerability, shared struggles and practical lessons can provide valuable guidance and reassurance to real estate agents as they navigate the ups and downs of entrepreneurship.

A defining experience

Koot recounts a particularly tough day in his entrepreneurial journey when he had to lay off seven employees to save his company. This experience of grappling with unsustainable growth fueled by the belief that Silicon Valley popularized — “growth for growth’s sake” equals success — deeply impacted him.

Koot’s raw, honest and actionable blog posts have also chronicled the struggles of navigating the unpredictable waters of entrepreneurship, from facing financial instability to managing staff expectations and morale. Before the podcast, Koot wrote articles sharing these stories, setting the stage for the more expansive and personal format of podcasting.

Debunking misconceptions

Koot’s podcast delves into the difficult aspects of entrepreneurship, confronting common misconceptions.

Many people mistakenly believe that the entrepreneurial journey is easier for others while their own struggles are unique. By sharing raw and real stories, Koot aims to dispel this myth and foster a sense of solidarity among business owners.

A surprising theme underpinning success: Purpose before profits

One of the most impactful — and unexpected — themes Koot has identified after interviewing entrepreneurs is “purpose before profits.” This notion suggests that true entrepreneurs are driven by a deeper mission beyond mere financial gain.

For instance, Koot interviewed a health supplement company owner who prioritizes creating a healthier community over simply boosting sales figures. This purpose has worked to motivate him over all sorts of struggles. Another interviewee, a woman who founded a workwear company, started her business with the goal of making women feel comfortable and confident in their appearance and clothing — far beyond just turning a profit. Yet, she makes one. 

Research supports this concept of purpose-driven entrepreneurship. Studies have shown that businesses with a strong sense of purpose tend to outperform those solely focused on profits. For example, a study published in the Harvard Business Review found that companies with a clearly articulated purpose were more likely to achieve consistent revenue growth. Additionally, Deloitte’s Global Human Capital Trends report highlighted that purpose-driven companies often have stronger employee engagement, which in turn drives better business outcomes.

Koot’s exploration of this theme on his podcast serves as a powerful reminder to all entrepreneurs, including real estate agents, that a clear purpose can lead to more meaningful and sustainable success. By focusing on the broader impact of their work, real estate professionals can create lasting relationships with clients and contribute to the communities they serve.

The podcast’s influence on Koot

Hosting the podcast has profoundly influenced Koot’s approach to business and entrepreneurship.

Initially intended as a side project, the podcast has inspired Koot and motivated him to share what he’s learning more broadly. Despite selling his last companies in 2021 and becoming CEO of the British Columbia Real Estate Association in 2022, Koot remains connected to the entrepreneurial spirit.

Advice for aspiring entrepreneurs

Avoid the superficial success lure. When offering advice to aspiring entrepreneurs, Koot stresses the importance of avoiding the lure of superficial success. The entrepreneurial journey is often glamourized, especially in industries like real estate where success can sometimes appear effortless from the outside. However, true success requires dedication, hard work and a deep commitment to the craft of business. 

For real estate agents, this advice is particularly relevant as we’re bombarded with Million Dollar Listing and endless Instagram photos of real estate agents driving fancy cars or drinking expensive champagne. The allure of quick commissions and the perception of flexibility can overshadow the reality of what it takes to build a successful real estate business.

Koot advises agents to approach their work with the mindset of a business owner rather than just a salesperson. This means investing time in understanding the market, developing a solid business plan and continuously refining their skills.

Improve financial literacy. Moreover, Koot emphasizes the importance of financial literacy: “Financial literacy is crucial for real estate agents to thrive in their careers and maintain long-term success. Many agents overlook the importance of understanding their cash flow, tracking expenses and setting aside money for taxes and other obligations,” he notes.

Koot’s own admitted oversight on understanding his company’s cash flow is what led him to a variety of financial stresses. His podcast guests attribute part of their success to mastering financial basics, and he encourages agents to take note so they too can avoid common pitfalls like overspending during high-income periods or being caught off guard by tax bills.

The real estate market is constantly evolving, and agents must be prepared to navigate changes, whether they be economic downturns, shifts in consumer behavior or technological advancements.

By sharing raw stories of struggle and triumph, practical advice and insights on purpose-driven success, Koot offers a virtual support system for agents navigating the complexities of running their own businesses. In an industry where challenges can feel isolating, this podcast reminds you that you’re not alone.