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Today, I will be sharing three very cool nuggets that I learned from some of the world’s top entrepreneurs!
In this episode, I will discuss three highly valuable takeaways from an event I recently attended. I will go over excuses, zero to $150,000,000 in revenue, and the number 1 reason why businesses fail.
Excuses
Anthony Trucks is a former NFL player who speaks and does personal development. He once fell asleep at school and overheard someone using the same excuse he had often used for himself- that he did badly at school because he was adopted and had a rough upbringing.
Rather than allowing that incident to shape him negatively, he used it as an opportunity.
Anthony Trucks had a dream to make the NFL. He realized that if your identity doesn’t match your dream, it will not take place.
I have heard the same concept from at least 4 different people I truly respect. The concept I want to share is: Be, do, have.
Many people want it to be: Have, do, be. (They want to have the six-pack before they start eating healthily, and then they will be happy.)
You first have to become the person who does the right things every day to create what you desire.
When you are a founder, a revenue leader, or a sales exec, excuses can come up very easily because you are trying to do many hard things.
Zero to 150,000,000 in revenue
Kaelin Poulin, also known as Ladyboss, grew from zero to 150,000,000 bootstrapped and without investors.
She started with information products. Those she was serving wanted coaching, so she started doing coaching as well. Then, her people wanted to do a live event, so she did that too. On top of everything else, her people wanted products, so she added products, and from there, she also added specific types of products.
That five-step iteration got her from zero to $150,000,000, using her super-simple three-step framework:
- Listen
- Ask
- Execute
She used one of the simplest and easiest ways to scale revenue the fastest- she kept on selling more to her existing clients.
She managed to do what she did because she focused on doing only one thing at a time.
The number 1 reason why businesses fail
Some stats on businesses failure:
- 50% of businesses fail in year 1.
- 80% of businesses fail in the first 5 years.
- 96% of businesses fail after 10 years.
- Less than 5% of businesses make $1,000,000 in revenue per year.
- Less than 0,5% of businesses make more than $5,000,000 in revenue per year.
- 0,00006% of businesses get to $10,000,000 per year.
Those stats all come down to 80% psychology and 20% strategy.
One of the biggest mistakes business owners make is to start with a strategy.
Here is a 3-step framework for success:
- Focus on the state you are in. (Do what you can to be full of energy.)
- Focus on your story. (Become aware of your self-talk.)
- Work on a strategy.
If you implement these strategies, you will notice a big difference!
Resources:
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