This is the story of a man who lost everything he had and then triumphed to create the best company I have seen in many years. The story has many lows and plenty of highs. By reading it, you will learn how you can take what this man did and use it to build your own billion-dollar business.
I know what you’re thinking, “Tim this sounds like total BS!” It’s not. You have to believe that anything is possible, and once you get to that state of being, having the type of success I am going to describe in this story, is not as hard as you think.
Enough putting pork on top of bacon, I’m going to show you how you can start the next billion-dollar business in 5 EASY STEPS:
1. Surround yourself with winners
Business is tough in the beginning. You’ll need a multitude of experts to be able to execute on your vision. Find out who they are for your industry through LinkedIn and then contact them. Keep trying every expert until one of them agrees to talk with you. Then, sell the vision of your business.
2. Call anyone without hesitation
This is a key skill. Your business will need money; otherwise, it’s going nowhere. Unless you are rich already, you better get used to calling investors and Venture Capital firms without hesitation. My friend that built the next billion-dollar startup rang an investor in San Francisco during his first month of being open for business.
He had no strategy, no product, and no team. All he had was a vision and some mighty fine communication skills. These basic skills got him $100K over the phone to start his business. Hesitation and fear will prevent you from ever owning a billion-dollar company.
3. Have an infectious personality (be honest and humble as well)
A personality that screams to everyone that walks past you that you’re a good person. Don’t be afraid to talk about your previously failed consulting business and tell people your bankrupt. The more honest you learn to be, the more honest people will want to help you.
Begin to catch up with everyone you know who will be required to pull off this crazy vision for a business that you dreamt up while out on the booze with your mates. Approach the company who has what is needed to facilitate your business model.
Walk through their big glass doors and sit down on their ten-year-old leather chairs. Tell them who you are and why you want their help without any sense of arrogance. Always listen to their feedback and show them you’re a lifelong learner.
Be prepared for them to laugh in your face and tell you to get F%&$#@. Find the one person in that company that believes in your dream and in you. Get them to give you the product you require and to officially back your business.
Then, a few months later, hire this person and bring their contacts and knowledge into the engine room of your startup.
When everything is going in your favor, pick up the phone, and be told by one of the guys behind the big glass doors that you are in breach of a number of serious regulations.
Take the bad news with a grain of salt, go and see your wife and kid, and then come back the next day ready to defend yourself knowing you haven’t done anything intentionally wrong. As the next few days progress, you realise that the team of people you met behind the big glass doors are mostly against you.
Find the two people who still have a look on their face like they want to help you, and ask them for assistance. Don’t be afraid to tell them the consequences of what might happen to your business if they ignore your request.
Continue hiring people to build out the product even though you know that this small problem could cripple the business. Know that how you act and who you’ve become is what has allowed you to get this far.
Know that the previous failed business and your current status of being bankrupt is something to be proud of. It’s the license you need to start a billion-dollar startup.
Take the less than ideal solution that your friends behind the big glass doors offer you and commit to getting yourself back into the position you were in with them. Know that the trust they have in you is what’s needed to reverse the seemingly irreversible.
Continue to be the main sales person in the business and attract world-class customers from every industry. Use these customers as validation for when you are trying to pitch your vision to the naysayers. Promise these new customers the best user experience imaginable and demonstrate to them just how big their problem is.
Leave each customer meeting by giving everyone a smile and shake all of their hands firmly no matter whether they are the CEO or the toilet cleaner. Be humble as you continue to win customers and never let your ego get in your way.
Bringing back old faces
Late one night, come up with the idea of hiring all the people who you had to fire when your first business failed. Be okay with the fact they may say no to your offer and make the call regardless.
When three of them accept your offer, know that it was your infectious personality that attracted them to work for you again. Start seeing how who you’ve become has created your business. Start seeing that for the business to continue to grow you must grow.
A bold move
As the scoreboard of wins starts to pile up, go out to the investor network again that you built up at the start, and raise more money. Bring on a brand name consulting firm to validate what your business does and be prepared for some long days and nights.
Be okay with working seven days a week even though you have your second baby on the way. Know that if this capital raise fails, you could look really stupid, and you may not have enough money to keep scaling.
As the capital raise continues, and your relationship with your friends behind the big glass doors grows, make the bold decision to send in the employee you hired off them, to negotiate you back into your former position with the original product you had before the breach.
Be open and honest with them and make them see the opportunity that goes well and truly beyond money. Make them feel like they are a part of your business and that they matter. Use your impeccable personality and your infectious good vibes to blow them away.
When they say yes to giving you what you need, remain humble, put your head back down, and get back to work. With each win, celebrate them with your team – not too hard, though. Keep battling through the 101 questions that your consultant friends keep asking you and ponder how ironic the situation is.
The hidden strategy
Think to yourself that the turning point of your startup depends on the very thing that made you bankrupt in the first place (consulting). Have a brain wave and know that you have now found your hidden strategy; you can speak these consultants language because you used to be one.
Sit down at night when you get home, and keep looking at the annoying spreadsheet that needs to be reviewed for the 100th time. Know that even though numbers do your head in, you’re on the journey to success and nothing is going to stop you.
The ultimate high
After months of back and forth, pick up the phone, and get the news that one of the most iconic brands in the country wants to invest in your business, and become your number one customer. Put the phone down and know that you are now a millionaire with a famous board of directors.
Ring up your friends behind the big glass doors and thank them for believing in your business. As you wipe your face from the tears of joy, think about how awesome it’s going to be to welcome into the world your second child.
Think about how the highest of highs seems to come in two’s. Remember how your infectious personality and just being you, made all of this success and the millions of dollars happen in the first place.
Go back to the office on Monday being more humble than ever and shake all the hands of the people that made this dream possible. Turn on your computer and see your friends behind the big glass doors post the news story of your success on social media and tag you in it.
Never forget how freaking awesome the journey has been and how important your first failure was.
4. Remain loyal
No matter how many times you are given amazing opportunities, always remember who helped you get where you are and remain loyal.
5. Pick up some sales skills
You’ll need them – trust me! Your whole life is going to become nothing more than selling your vision to the world.
What do you think it takes to build the next billion-dollar business? Let me know in the comments section below or on my website timdenning.net or my Facebook.
What if Elon Musk Ran Your Business? 4 Lessons From the Real Life Iron Man
The story of Iron man and Elon Musk starts when Robert Downey Jr. visited SpaceX headquarters miles away from the setting of the first Iron Man movie back in 2007. The actor was inspired to base his character on Elon Musk’s personality. Ashlee Vance writes in Elon’s biography “both Musk and Stark were the type of men, according to Downey, who ‘had seized an idea to live by and something to dedicate themselves to’ and were not going to waste a moment.” (more…)
5 Ways to Prepare for Your Entrepreneurial Journey
There are many ways to get ready for entrepreneurship regardless of whether you’re ready or not. The migration to the unknown will take you through many places, emotions, and people. Your journey will be both easy and difficult, but hopefully in between, you prepare yourself with an expectation of helping people by solving problems. The quest that you are about to enter will be one to remember if you are willing to adapt quickly and not give up.
Arranging for this huge change in your life should be one of the most memorable expeditions that you will ever experience. Looking into the future and being able to lay out a road map for your entrepreneurial journey will definitely be beneficial. Though there will be challenges every step of the way, being prepared will help you achieve your goals more efficiently.
To help you get started, here are 5 ways to plan an entrepreneurial expedition:
1. Form Ideas By Visualizing And Writing Them Down
Before beginning your entrepreneurial quest, brainstorm to come up with many amazing ideas even if you never act upon each of them. It’s always a good thing to write them down on paper, computer or via a mobile device app such as Google Docs. An abundance of suggestions about your processes is better than none or even a few objectives that can possibly help in some way.
The key is to breakdown those ideas to come up with better solutions to move forward in your voyage. See what’s more in line with your mission and values to be effective for your core audience, products or services that you may want to create. Whether you categorize those ideas or check them off one by one, coming up with different concepts will be a great start to your journey.
“Creativity is contagious – pass it on.” – Albert Einstein
2. Begin A Pattern Of Consistency By Quitting Bad Habits
Repetitive actions can present their challenges but if there’s a way to make progress and eliminate bad habits that aren’t hindering your itinerary then keep doing them. Have you ever noticed that negative thoughts, lack of confidence, and no exercise regimen could negate persistence of not only your entrepreneurial journey but other goals as well?
Get your mojo or swagger back by committing to a life of constant and everlasting consistency by stopping eating bad foods, wasting your time with hours of playing video games, watching television and other things that will stall your progress. When you get rid of actions that are slowing down aspects of your life, you’ll begin to pursuing things to help you lay the groundwork for success.
3. Be Disciplined While Listening More
Another way to prepare for your entrepreneurial journey is by being in control of yourself while paying more attention to everything else. It’s quite common to focus on things outside of your realm and instantly become something other than what you see fit. Difficulties can arise if your focal point isn’t there and somehow an opportunity pass right by you.
Mentorship even from a distance from someone that you don’t know can be a key element as you learn the importance of your mission. Listening to podcasts and watching YouTube videos of someone that has validated your idea is a great starting point as well. Mimicking them on some level can help you understand different phases that are ahead and how to deal with them.
“Anyone who stops learning is old, whether at twenty or eighty. Anyone who keeps learning stays young.” – Henry Ford
4. Work Effortlessly And Prioritize Your Time
You will have to work extremely hard with an emphasis on actual time value before pursuing your pilgrimage. We often hear about the results of hard work and it sounds cliche but when many other things are happening outside of your control, finding a way to manage your time can become difficult.
Most people will start off alone with zero help in terms of having a partner and putting in 100% effort. You will likely wear multiple hats as the visionary, programmer, marketer, content creator and so on. You may have to function with only 3 or 4 hours of sleep or even none at times while being respectful and cognitive of the time of others as well.
5. Persist Like There’s No Tomorrow While Planning For The Future
What’s in you? Nobody knows the answer to that question but you and the determination for reaching your destination as an entrepreneur. Whatever the answer is, you should be driven with an undaunted passion to pursue your expedition. Go after your dreams with a tenacity that you didn’t know was within your soul and keep pushing no matter what.
Be mindful that your strong pursuit can be done all while determining the proper destination of where you want to eventually end up. Never lose your focus admist numerous distractions that will happen. The emphasis comes from experience along with talking to other entrepreneurs who had similar occurrences at multiple stages of the process.
Put in the work early with the mindset of expecting obstacles and pushing forward pass them. It will be tedious and preparing for a grind will make your entrepreneurial journey more understandable through tough times. You will be a lot wiser and better after all of the hard work whether it’s considered a failure or success.
Which one of the above 5 ways to prepare for your entrepreneurial journey resonated most with you and why? Share your thoughts below!
7 Things You Need to Do to Grow as an Entrepreneur
Startups are on the rise and youngsters are keen to launch their own business instead of a nine-to-five job. As simple as it sounds, opening a business needs patience and the right planning. Moreover, the profits gained can help you meet your financial obligations and realize other dreams.
Young entrepreneurs must learn the skills of investing money within the right channels as most startups fail because of a shortage of funds. Every entrepreneur has a chance to innovate, create new jobs and have an influence on society. It’s our responsibility to continually grow and push forward, usually beyond our comfort zones.
Here are the seven must-learn tips to grow as an entrepreneur:
1. Read Books and Articles
For many new entrepreneurs, your first mentors are usually found in the pages of books and blogs. Much often learned from the writings of others, and fortunately these days, people are sharing their experiences. A survey found that 88% of the world’s wealthiest people read for a minimum of 30 minutes daily. By comparison, only 2% of the overall population reads this much daily.
Read chapters in books, and articles to get new ideas and skills. Some ideas might not be directly relevant to what you’re doing these days however, it could come helpful a year or so down the road.
My advice is to search out those leaders and writers who resonate with you. You’ll understand when you’ve hit on something when you find yourself returning to a book for answers and inspiration time and time again.
“Books give a soul to the universe, wings to the mind, flight to the imagination, and life to everything.” – Plato
2. Perform SWOT Analysis
Business students and old-school marketers should be very aware of mapping out SWOT Analysis charts (Strengths, Weaknesses, Opportunities, Threats). If you’ve never made a SWOT chart, write out the strengths, weaknesses, opportunities, and threats in four quadrants on a piece of paper.
In reality, you’ll jot down a couple of notes on the back of a cocktail napkin, however despite the simplicity, if done right, a SWOT will shed light on crucial areas that require improvement. Most significantly, don’t shy away from the truth. Dissecting your weaknesses isn’t fun however, no good comes from avoiding the fact.
3. Be Willing to Take Risks
It’s impossible to become an entrepreneur if you don’t take risks. Doesn’t matter how many times you’ve fallen. See how many times you stand-up. Being an Entrepreneur isn’t that easy; it’s an up-and-down game like a business. Be willing to come up with new plans even when old strategies are working. It’s through such risks that your business will grow. You’ll learn and meet new partners or investors. Even so, the risks must be calculated. Doing the analysis and making consultations is vital in this case.
4. Open Your Eyes Wide
Many opportunities are arising in the business world every day. For instance, many companies are willing to come up with a mobile solution for a startup without charging immoderate prices. This info can only be discovered if you’re keen.
Before dismissing adverts from websites and mainstream media, conclude if they’re relevant to your business. Also, follow the events happening in the stock market and international business summits. You’ll find the opportunities which will take your business to a new level.
Becoming successful as an entrepreneur is possible if you learn, take risks, evolve, innovate, and stay motivated. You must be realistic regarding your abilities and watch the events that unfold in your world.
5. Lead the Way for Your Team
Young entrepreneurs need to encourage employees and provide help at every juncture. For any young entrepreneur who aspires to be a leader it’s necessary to be:
- Courage and Risk Taking
- A Team-player
- An effective listener
- An effective communicator
- Able to inspire confidence
An entrepreneur who has all the attributes of a leader leads the employees to productivity. It’s essential that the team respects a leader. The hunger and aspirations of the leader to strive for success inspire the employees to put in that extra effort to be successful.
“A leader is one who knows the way, goes the way, and shows the way.” – John C. Maxwell
6. Learn How to Keep Initial Success at Bay
Do not enjoy the shrubs of initial success for too long. Return to the drawing board and draw the future course of action. To move on to the next phase:
- Utilize local and online channels to make hype for the services
- Start expanding by hiring employees to enhance productivity
- Cater to a good segment of the audience by providing various services
- Re-invest the profitable revenue into new business efforts
Never let the initial success get to your head. The online platform is an ever-changing arena. Analyze what’s working and what new tactics can be utilized to strengthen the market base.
7. Find and Keep Business Partners
You will always go far if you have people to carry your hand during hardship in business. They’ll share ideas that have made them successful and provides you funds whenever necessary. Demonstrating that you are organized, capable, and serious is vital when nurturing such relationships. Keeping records, creating financial contributions to society, and attending forums are some of the choices worth trying.
Being an entrepreneur isn’t as easy as it looks. You’ll face many up-and-downs, risks, financial crisis, and many more. Be ready to face these problems if you want to be an entrepreneur. Entrepreneurship isn’t about making money, it’s about innovating new things and represent new concepts and ideas to the world.
Transitioning From Employee to Entrepreneur? Try Intrapreneurship First
Studies show that 15 million Americans are self-employed full-time and that an estimated 27 million Americans will transition from the traditional workforce to full-time entrepreneurship by 2020. Additionally, it is asserted that entrepreneurs are 125% more successful if they have previously been employed in the industry in which they presently do business. This is all great news on many levels.
Chances are, if you are reading this article, you are considering transitioning from employee to entrepreneur, or perhaps you have already made the shift. I get it. I am one of the millions who has made the switch – trading stability and comfort for passion and freedom. However, if you are a potential full-time entrepreneur, there are many things to consider before making the leap.
How will I support myself and my family in the initial stages of development? What do I do if I fail? How do I maintain the drive needed to make a business successful? How will my business harness the creativity and innovation required to thrive in the marketplace? These are all valid questions and should be considered deeply.
If only there were a training ground to test your management capabilities, gain knowledge, think innovatively and be solution-focused. But, wait, there is. Your current employment can offer these opportunities and more – through intrapreneurship.
By definition, an intrapreneur is an employee of a company who has adopted an entrepreneurial mindset. Intrapreneurs are highly motivated self-starters and innovative, solution-driven thought leaders, who work within an organization. Because of this definition, acting in an intrapreneurial capacity in your current place of employment makes a great deal of sense when considering the move to self-employment. You can use your current employment status as a testing ground for where you want to be.
Here are four reasons why intrapreneurship can work for you:
1. See a problem. Solve a problem
All businesses should be designed to fulfill a need. Just as your own business should be able to justify its existence in the marketplace, initiatives within an organization should do the same. Closely examine processes and products in your place of employment. Determine what could be executed more productively. Alternatively, design a new initiative to creatively meet and exceed customer expectations. Acting in this manner will prepare you for building the structure and mission of your own business.
2. Creatively capitalize on skills and talents gained outside your employer
In many instances, we separate business from personal, and there are many good reasons for this approach. However, there are notable skills and talents used in your personal life that are transferable to the workplace. For example, if you engage in team sports, use your team building skills and charisma to involve your colleagues in projects.
If you love to read fiction books, integrate the creativity of the stories to bend the thinking of traditional methods of operation. The possibilities are many. Business owners rely on all life experiences, directly or tangentially related, for the benefit of their enterprises.
3. Intrapreneurship is for all employment levels
If you think intrapreneurship is only for c-suite executives, think again. Intrapreneurship is for the mailroom to the boardroom. As noted in the definition, intrapreneurship is about being a self-starter. You do not need permission from anyone to be highly motivated. Just as all parts of our bodies have a function, so do all positions in an organization. Even if you feel your position has no purpose in your organization, make one. We all have to start somewhere in our entrepreneurial journeys, so start right now, where you are.
4. Experiencing failure is inevitable. Move forward anyway.
All of us will experience failure at some point and multiple times as well. Failure will happen regardless if you remain employed or set out on our own. Be bold enough to move forward with establishing your voice and your place anyway. Business and life are about forward movement. Decide now what next step you will take if you fail. There is always a path forward. Get used to the possibility of your ideas being rejected and your designs being flawed now, so when you are a full-time entrepreneur, you will know how to advance.
Whether you are at the infancy stages of developing your own business, currently self-employed or even wish to remain an employee, establishing yourself as an initiator and innovator can reap many benefits for you and your company. That is the beauty of it.
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