Working in a business and working on a business are two different things. Without the former, nothing gets done; without the latter, the wrong things get done. David Segal has a unique way of managing that tension, and in this episode, he reveals all his business operating secrets. Plus, he explains how he failed along the way.

Segal and Shane explore the true essence of entrepreneurship, the sources of motivation, and the valuable lessons Segal learned while building his $200 million tea business. They also delve into the often-overlooked dark side of success, including the profound depression that can follow a significant payday. Additionally, they share life and business lessons learned from Warren Buffett and discuss the importance of effective time management.

David Segal is the co-founder of Firebelly Tea. He’s also best known as “the David” of DAVIDsTEA. Under his leadership, DAVIDsTEA expanded from a single store to a $200 million retail empire. In 2021, he launched Firebelly Tea to provide high-quality, loose-leaf teas designed for modern lifestyles. Segal’s entrepreneurial journey has been marked by significant successes in the tea and food industries, showcasing his ability to identify and capitalize on market opportunities.

Get 15% off orders at Firebelly with the code SHANE15: https://www.firebellytea.com/

(Shane's favorites are After Dinner Mint and Matcha.)

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00:00 - Intro
01:29 - On business and entrepreneurship
03:08 - How to manage your own psychology
07:49 - Yearly planning, daily action
13:49 - Avoid "ivory tower syndrome"
16:38 - On Segal's childhood and early career
25:54 - The founding of DAVIDsTEA and Firebelly
41:50 - The evolution of tea and DTC products
49:16 - Reflecting on failures
56:18 - On battling depression
01:03:33 - Lessons on money
01:08:38 - Business lessons learned from Warren Buffett
01:13:16 - Why "shifting sets" is important for doing a lot
01:21:35 - What's missing in Segal's life
01:26:02 - On success

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This episode is sponsored by Shopify: Making commerce better for everyone. https://www.shopify.com/shane

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