Risks & strategies in entrepreneurial transition!
There are a number of reasons why you want to scale your business out of the start-up phase and onto the bigger revenue levels.
For one reason, you can spend more money and make more money with a bigger business. You have more resources and capital, you can hire more people and you can invest in bigger marketing campaigns.
However, there’s a darker reason. Having a start-up business takes a psychological and physical toll on you. You don’t want to spend years and years owning a start-up business. You want to grow out of that stage as fast as possible.
THE START-UP PHASE CAUSES PSYCHOLOGICAL DAMAGE
The longer you go without making money, the more you accept subconsciously that this is your natural state of affairs.
If you spend 3 years running your business and only making a modest 5 figures a year, you will start to believe that you and your business are incapable of anything more. Even worse, if you go for many months without making a single sale, you’ll start to seriously doubt yourself.
You’ll think, “this doesn’t work, I can’t do this” and fall deeper into the negative hole.
This is why it’s critical to build momentum, jump in head-first and make as much headway as fast as possible. When you make your first sale, you prove that you can do it and it becomes more real.
Do whatever you can to get to that point sooner rather than later.
THE START-UP PHASE WILL OVERWORK YOU
In the start-up phase, you have to do everything. Copywriting, design, book keeping, customer service. You have to do them because you can’t afford to hire.
When Norbert and his business partner started their company, they answered customer service tickets between midnight and 2.
Why these hours? Because their daytimes were busy with cash generating activities – sales, marketing and product development. Customer service did not generate cash, but it still had to get done, so it got pushed right to the end of a very long day.
When you take the responsibility for everything that’s involved in running a company, you must expect long days like this. But it’s not sustainable. It will take its physical toll on your body and it’s not the kind of lifestyle that most people truly want anyway.
Unless you want to forever be stuck with the long days and gruelling work of the start-up lifestyle, you need to start hiring and managing a team.
The MOBE Titanium Mastermind goes into more depth on this topic. Members learn how to outgrow the start-up phase and scale their businesses through successive revenue ceilings. To learn more about the Titanium Mastermind, click HERE.
Everyone wants to make money and build wealth. But very few people take the time to gain clarity on what they really want.
People often pick random targets, such as, “I want to make $100,000 this year,” or, “I want to be a millionaire before I die,” but there’s no emotion behind those targets. What they should be doing is thinking about what net worth would truly make them happy and why.
Unless you have a clear financial goal, and unless there is some emotion behind it, it’s very unlikely that you’ll be motivated to get there.
In this video, Matt Lloyd talks about gaining clarity on your financial goals.
KNOW WHERE YOU’RE GOING
Yogi Berra said, “If you don’t know where you are going, you’ll end up someplace else.”
This applies to your target income and net worth. If you don’t know the dollar amount that will get you financially free, it’s very unlikely you’ll hit it.
A lot of people dream and wish about being financially free. But if you were to ask them how much money they need to achieve that dream, they won’t be able to tell you. They’ve never sat down to think about it. Of course, that’s why they never get there.
Financial freedom starts with knowing where you’re going. Decide on a number and then you’ll know where you’re going.
WRITE DOWN YOUR TARGETS
At the start of every year, Matt writes down a revenue target that he wants to hit at the end of the year. He keeps this figure in mind throughout the whole year and makes sure they’re on track to hit it.
If you’ve never gotten specific about your targets, take some minutes right now to write them down. Write down a 90 day revenue target, a 6 month revenue target and a 1 year revenue target.
Then think about your net worth. Write down your 5 year target net worth and a 10 year target.
BE MEANINGFUL AND THINK BIGGER
Matt wants you to give this serious thought. Don’t just come up with random numbers for the sake of the exercise, because random numbers won’t motivate you.
Instead, think carefully about what net worth would make you happy. When there is some emotion involved, you are going to be more motivated to put in the work to reach it.
This is important, because getting there won’t happen by accident. It will only happen as the result of a meaningful target that you’re motivated to work towards.
Finally, don’t be afraid to think big and go with an extremely ambitious target. If that’s what will make you happy, go for it. Donald Trump said, “If you’re going to be thinking anything, you might as well think big.”
If you’re motivated to work towards your target every day, you’ll be surprised about how far you can go.
Want to be number 1?
Whether you want to be the market leader in your industry, or the top earner in your sales organization, we all dream of being number 1. And, if you know the formula, it’s very possible.
Tom Beal has been the number 1 earner in several different sales organizations. In this video, filmed at the Platinum Mastermind in Kota Kinabalu Malaysia, he shares his 5-step formula that can take anyone to number 1.
Step 1 is vision. Remember that success is the progressive realization of a worthy goal or ideal. If you can’t visualize what success looks like, it will be difficult to realize it.
To reach number 1, Tom Beal looked at those who had come before him and been number 1. He looked at what activities they did, what lifestyles they lived and how they acted and spoke.
Look at the people or companies who are already number 1. Then, you’ll have a vision to work towards.
Next, you have to believe that the existing number 1 is not Superman or Superwoman. You have to believe that they’re normal persons just like you. If they can do it, you can do it.
You have to believe that there are certain skills and qualities that these people possess in order to claim the title of number 1. You have to believe that you too can acquire those skills and qualities.
Finally, you have to believe in the “law of sowing and reaping“. If you put in the work, you will be able to reap the benefit of being number 1.
3. IDENTIFY AND ALIGN
Step 3 is to identify what the existing number 1 is doing to get their extraordinary results, and how they are doing it.
Then, you must align your own actions and habits with theirs.
4. COMMIT TO ACTION
If, in step 3, you’re studying a number of different market leaders or top earners, you will end up with a whole bunch of different possible actions. You can’t possibly do them all, and if you tried to, you would not be number 1.
Instead, you must discern which things to put to action and which to discard. Pick the methods that resonate with you, because you only need to pick one or two and commit to mastering them.
5. HAVE FUN
Finally, have fun in your quest to reach number 1. If it’s full of worry and stress, is it really worth it?
Make it an adventure and an opportunity to provide value to those you help along the way.
You can access more beginner business strategies like this one, and learn how to model the “thinking patterns” of the world’s most successful business owners and entrepreneurs, in the MOBE Silver Masterclass. To learn more about the Silver Masterclass, click HERE.
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