107: How to Start an Airline… The All-You-Can-Fly Subscription Model by Wade Eyerly of Surf Airlines

Background on Wade Eyerly of Surf Airlines:

Wade Eyerly is the Founder and CEO of the Education Insurance Corporation, which aims to insure that a student’s investment in college education pays off with a better salary after graduation. Wade is also an inventor of the subscription aviation model, CEO, and founder of both Surf Air and Beacon. He has been a part of three presidential campaigns, worked at the White House, and as an economist.

Wade describes himself as a builder and he is passionate about building things and making them grow. His specialties include startups, technology, venture capital, heavily regulated industries, political campaigns, media interaction, aviation, insurance, and higher education.

Time-Stamped Show Notes:

[1:56] Currently, Wade Everly is running a company called The Education Insurance Corporation, which aims to insure a student’s college degree. This is a new product that could help students earn more when they graduate.
[5:51] According to Wade, every entrepreneur starts out differently. However, entrepreneurs have common traits such as being fearless, hopeful, and optimistic.
[9:18] Wade stayed in Russia for 2 years where he served in a Mormon Church mission. Being rejected many times in Moscow somehow prepared him for entrepreneurial work.
[14:10] Having experienced traveling all over the world gave him an important lesson not to judge people by their wealth or appearance.
[16:08] Access high quality and high potential real estate projects with FundRise. Give the future of real estate investing a try today by visiting millionaire-interviews.com/fundrise
[18:44] Wade worked for the Bush and Cheney re-election campaign in 2003 to 2005.
[25:21] Wade decided not to pursue going to Stanford and elected on starting his airline business company.
[27:44] Wade talks about how he and his brother actually started his airline business.
[32:14] According to Wade, getting advice from smart and experienced people, when you have a business idea that you want to pursue, is highly recommended.
[36:13] Wade lost control of the airline company and ended up getting fired.
[42:03] Wade explains why airlines should be priced more like a gym subscription rather than a movie or concert. In the 60s and 70s, flying was a privilege, but it is very different now.
[44:33] Airlines could never risk going into an all-you-can-fly subscription, which is why everyone in the industry wants the concept of Surf Air to succeed.
[46:55] Partner with Millionaire Interviews by sponsoring us and reach thousands of entrepreneurs listening right now. If you are interested in growing your business, then email us at [email protected]
[53:58] After getting fired, Wade felt extremely embarrassed but after a while he also felt liberated.
[1:01:40] According to Wade, shutting down a business is as critical as starting one. Shutting a company down the right way says a lot about the owner’s character and personality.
[1:05:42] Wade explains why Beacon, his next airline company, did not work and succeed like Surf Air.
[1:14:08] Wade talks about how the accumulation of wealth will not entirely make you happy.
[1:18:06] Wade’s final advice for the entrepreneurs is to just go ahead and do it. You only need to ask a lot of people until you can figure it out.

Fabulous 4 Questions:

📖 📚 Favorite Book(s)? Ender's Game by Orson Scott Card, Predictably Irrational by Dan Ariely, The 4 books of Kings, Old Testament.
🙌😎 Favorite Amazon.com purchase? I always love new socks. And board games.
🌱💸 Favorite Tool that's GROWN your Business? I liked RelSci (relationship science), but don't pay for it any more.
💭💡 BIGGEST Challenge keeping your Business from GROWING? Regulatory approvals. An in-depth understanding of purchasing and decision-making in higher education.

Key Point from the Interview:

“Get advice and counsel from other people. I think every good entrepreneur knows that if they’re the smartest person in the room, they’re probably in the wrong room, and you probably know a lot of people smarter than you so put them in a room and ask them hard questions.”

Resources Mentioned:

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