From Real Estate to Diabetic Supplies: Michael Cornell's Entrepreneurial Journey

In the latest episode of "Free to Lead: Journeys of Leaders Driven by Passion, Inspired by Purpose," the host sits down with Michael Cornell, an entrepreneur who has successfully transitioned from real estate to running a thriving diabetic supply business. Michael's story is one of resilience, passion, and continuous learning, offering valuable insights for aspiring entrepreneurs. This blog post delves into the key themes and lessons from Michael's journey, providing actionable advice and expert insights to guide listeners and readers alike.

Michael's Background and Early Ventures

Early Entrepreneurial Spirit

Michael Cornell's entrepreneurial journey began at the young age of 21. Initially dabbling in commercial real estate, he treated it more as a hobby than a serious career. His early ventures included working with a mentor and starting a company focused on cold calling for sales organizations. However, it wasn't until he turned 24 that he fully committed to real estate, specifically wholesaling properties.

Challenges in Real Estate

Despite some successes, Michael faced significant challenges in the real estate industry. He describes the rollercoaster nature of his income, with months of substantial earnings followed by dry spells. This inconsistency led to financial struggles, as he often reinvested his earnings into marketing, leaving him back at square one.

The Turning Point

Transition to Diabetic Supplies

The turning point in Michael's career came while he was managing Airbnbs and living in various properties he managed. During this challenging period, he received a message about an opportunity in the diabetic supply industry. Intrigued by the potential for recurring revenue and scalability, Michael decided to pursue this new venture.

Initial Steps

Michael reached out to his best friend, George, and convinced him to invest in a course that would teach them how to navigate this new business. With George's support, Michael dove headfirst into the diabetic supply market, leveraging the marketing skills he had honed in real estate.

Understanding the Business Model

How It Works

Michael's diabetic supply company focuses on purchasing surplus diabetic supplies from individuals who have been overprescribed by their doctors. This surplus is then resold to pharmacies and distributors, particularly small, independent ones that benefit from the lower prices.

Importance of the Model

This business model not only helps those in need access affordable healthcare products but also reduces waste in the healthcare system. Michael emphasizes the significance of this model in providing essential healthcare products at affordable prices and creating a secondary market for these supplies.

Building the Business

Overcoming Logistical Challenges

In the early stages of his business, Michael faced logistical challenges, including transportation to meet clients. He recalls using Uber to pick up supplies, adding the cost to each transaction. However, he quickly adapted by focusing on local marketing through various platforms, including Facebook and OfferUp.

Scaling Operations

After six months of building his business locally, Michael discovered the potential of online sales. He found a reliable partner to handle packing and shipping, allowing him to streamline operations and work from anywhere. This flexibility enabled him to travel while managing his business, a goal he had set for himself from the beginning.

Hiring and Team Building

As his business grew, Michael began hiring virtual assistants to help with marketing and customer relationship management. He applied the skills he had learned in real estate to create a more formalized and professional approach to his new venture.

Challenges and Lessons Learned

Setbacks and Resilience

Throughout his journey, Michael faced numerous challenges, including a significant setback when a manager he trusted took several team members with her. This experience taught him the importance of building strong relationships with his team and fostering a positive work culture.

Importance of Communication

Since then, Michael has implemented daily meetings to enhance communication and collaboration among his team members. He believes that creating a supportive environment is crucial for employee retention and motivation.

Creating a Positive Work Culture

Valuing Employees

One of the key themes of Michael's journey is the importance of creating a positive work culture. He strives to build a team where everyone feels valued and supported. Michael encourages open communication and collaboration, allowing team members to share ideas and contribute to the company's success.

Personal Growth and Empowerment

Michael shares that many of his employees have experienced significant personal growth while working with him, achieving milestones such as buying their first cars and homes. He takes pride in knowing that his business not only provides a livelihood for his team but also empowers them to improve their quality of life.

Impact on the Community

Addressing Healthcare Waste

Michael's business model also has a broader impact on the community. By providing affordable diabetic supplies, he helps individuals who may struggle to afford necessary healthcare products. He highlights the staggering amount of waste in the healthcare system, with millions of dollars worth of supplies going unused each year. His business addresses this issue by creating a secondary market for these products, benefiting both consumers and small pharmacies.

Advice for Aspiring Entrepreneurs

Perseverance and Passion

As the conversation wraps up, Michael offers advice to aspiring entrepreneurs who may be struggling to find their path. He emphasizes the importance of perseverance and passion. He believes that if someone is truly passionate about their work, they will naturally find the motivation to keep pushing forward, even in the face of adversity.

Continuous Learning

Michael reflects on his own experiences, recalling nights spent learning about marketing after long days of making calls. He stresses that success comes from a commitment to continuous learning and improvement.

Conclusion

Michael Cornell's journey is a testament to the power of resilience, passion, and the importance of mentorship in entrepreneurship. His story serves as an inspiration for anyone looking to carve their own path in business. By focusing on creating a positive work culture and addressing real-world problems, Michael has built a successful business that not only benefits him but also makes a meaningful impact on the lives of others.

The episode encapsulates the essence of being "free to lead," driven by a passion for helping others and inspired by a purpose that goes beyond personal gain. Michael's journey is a reminder that with determination, creativity, and a commitment to learning, anyone can overcome challenges and achieve their entrepreneurial dreams.