H@H Ep. 76 – Bob Wang talks about his journey from the Czech Republic to Vancouver and explains how his problem-solving mindset has brought him this far. He recalls how his upbringing and seeing his entrepreneurial parents taught him about the freedom and limitations of being your own boss.
Find out how he used these skills to start Legacy Advantage, a company he founded by identifying a problem and creating a solution that works twice as well. In this episode, Bob offers practical advice on how to use technology to streamline bookkeeping processes, hiring, salaries, and incentives.
Discover how he is helping others find the Road to the C-Suite with his peer mentoring and accountability group!
Why Bob Wang chose Haas for his MBA
[00:03:21] I really enjoyed it, but I want to learn how to run a larger and larger business, a hundred-person business, a thousand-person business, a 10,000 person business. And there are different skill sets that I would need along the way, so, that’s why I chose Haas.
Starting Legacy Advantage by identifying a problem he wants to solve
[00:04:37] So, what was weird is that the business owner actually had to pay for the bookkeeping to be done twice. One, somewhat accurately done by the bookkeeper, and then once again, by the accountants to fix it up. So, there are inefficiencies there. And with cloud technology, you can make this very manual in a way, high-volume business profitable. So, that’s what I did. I created a services business, specialized in the bookkeeping aspect, that was able to employ high professionals and use technology to increase their efficiency. So, my team members were 1.5 to two times more productive than my competitors at the time.
Entrepreneurship is about having control and managing risks
[00:06:34] Entrepreneurship is not about taking on risks. It’s about managing risk. Learning how to mitigate risk. There are a lot of risks. Sure. But it’s not like you should go and seek it. The entrepreneurs, try their best to mitigate it as much as possible. And the way I view that is, within entrepreneurship, if you start a business, you really have control over everything.