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Success Advice

10 Things Every Serious Entrepreneur Knows That You Don’t

Joel Brown (Founder of Addicted2Success.com)

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Aspiring Entrepreneurs are popping up everywhere in hopes of following in the footsteps of the cashed up risk takers and uber successful they look up to. The problem is that they are just starting out and are about to waste a lot of time going in the wrong direction to success.

So I have decided to share some insight and advice for entrepreneurs that I was fortunate enough to receive whilst meeting and interviewing some of the worlds top performing entrepreneurs.

 

1. You Don’t Always Need To Be First

A lot of entrepreneurs think that they need to be first to market, when this is really far from the truth. Being first isn’t always best, just because you are the first doesn’t mean that you are necessarily the best, sure it means that you had the courage to navigate your way through the unknown but if you look at companies like Google and Facebook, they entered late in the game.

First there was Friendster, then there was Myspace then Mark Zuckerberg swooped in and created Facebook which is now dominating in most categories as the leading social media platform.

Mark Zuckerberg saw that privacy was very important and found countless flaws in the MySpace design of offering and was able to release a much friendlier and more powerful social media platform that would eventually knock MySpace out of the ring of relevance.

This is a powerful lesson to remember, that if you are the first in your market you should always strive to improve on your product, offering and design.

 

2. Being Self Employed Sucks

Another big mistake that a lot of entrepreneurs make is that they stay in the self employed bracket for way too long.

If you have ever read Robert Kiyosaki’s book “Cashflow Quadrant”, you would understand that there are four parts to the quadrant in creating true wealth.

Here are the 4 sections:

1. Employed

2. Self Employed

3. Business Owner

4. Investor

A lot of entrepreneurs leave their day jobs so they are no longer “employed”, they then become, what you call “self employed”. The problem is that when you are “self-employed” a majority of the time you are only generating “active income” which means you still need to work the 9-5 hours, or more to make a consistent income.

The key to entrepreneurial success is to create a stream of “passive income” or “residual income”.

That is why your focus as an entrepreneur should be to move to the next level of “business owner” or “investor” as soon as possible.

 

3. There Are No Hacks or Shortcuts

Real entrepreneurs know that success in life is conceived through relentlessly pursuing your goals and dreams, no matter the cost.

If you are constantly chasing shortcuts and hacks your success will be temporary. When the algorithm or the playing field changes you will be caught looking for another hack or another shortcut hoping that it’s just around the corner when in most cases it won’t be.

Instead focus on personally growing and becoming a better version of yourself each and every day so that no matter what the playing field is or what life throws at you, you are experienced enough to handle every challenge and every hurdle that comes your way.

 

4. You Can’t Crack Under Pressure

You may have a plethora of skills, amazing ideas, and solid finances but if you can’t handle the pressure then the entrepreneur arena will be “no fun for you!”.

You have to thrive on the pressure, you need to use it to fuel your energy and your motivation to win.

Serious entrepreneurs love to solve problems, successful people love the challenge, they know that it will make them faster, bigger, better and stronger in the long run.

 

5. There Is Power In Story Telling

The difference between an entrepreneur that achieves $100 million in sales of a product or service to one that receives $10 million in sales of a product or service is usually determined by how effectively he or she is at marketing and sharing their message to the public.

Most people purchase based off emotion of how the message made them feel and how compelled they were to buying into what you were saying.

Don’t forget that at the end of the day sales is just a transfer of emotion.

So get your story down pat and fill it with catchy and descriptive words that will spark a compelling vision and appetite in anyone that hears your story or message.

 

I am an entrepreneur picture quote

 

6. You Need to Set 10X Goals

Entrepreneurs know that if they really want to hit those big audacious goals they have to aim for the moon. You are not worthy of that goal unless you are able to prove that you can grow into the man that you need to be to hit it. So focus on growing each and every day towards that goal in everything you do.

Sales King and multi-millionaire “Grant Cardone” has proven over and over again that setting 10X goals is a sure-fire way of achieving massive success. Grant teaches fortune 500 CEO’s and some of the most affluent entrepreneurs out there how to set their 10X goals and hit them.

There is a reason why Grant Cardone is worth over $100 million. Grant writes down his 10X goals every morning, every night and whenever he is disappointed.  This is what a serious entrepreneur is willing to do to become truly successful.

 

7. Time is No Longer The Most Important Commodity

Serious entrepreneurs know that there is no point in trying to beat the clock. Sure there are time management tips that you can live by, and productivity hacks you can add to your arsenal but in the long run time is always going to catch up.

The one thing that we do have more of a control over is how we spend our days and how we expel our energy.

Time is no longer the most important commodity… energy is.

Serious entrepreneurs know that health is just as important as finances, and exercising is the key to longer lasting energy. This is why health and exercise is one of the top success habits implemented by some of the world’s most wealthiest people.

 

8. You Can’t Do It All

As my multi-millionaire business mentor “Tai Lopez” says “You can’t do it all, if you wanna go big-time you need to find a partner that will compliment your weaknesses so you can focus on your strengths.”

Bill Gates had Paul Allen, Warren Buffett has Charlie Monger, Steve Jobs had Steve Wosniak. They all found a strong, skilled partner to take their business to the next level.

 

9. You Need a Little Inspiration Mixed with Desperation

Many entrepreneurs start their business with a strong passion for the idea behind it and get so involved with how much they love it and forget that they actually have to work.

The idea may be amazing and exciting but if you spend your time focusing too much on the fact that it feels cool or the logo looks pretty rad then your time to shine in the marketplace is slowly slipping away.

Inspiration is great but there must be some sense of urgency. Some sense of desperation in taking action now, not later, and taking it all the way as if your life depends on it should be your only option.

You don’t need to be so desperate that it reads all over your face, but you do need to know that time is of the essence and you must move with haste.

 

10. Business Plans Are Old School

Seasoned entrepreneurs know that 50 page business plans are an outdated way of devising your future business moves. The landscape is constantly changing and the ones that are crushing it out there have become pros at adapting to the constant shifts.

Create a business map. A rough idea of what you foresee over the next 18 months. This should fit on 2 or 3 pages at most.

Work out your 1 or 2 line mission statement, your budget and do some market research so you aren’t going in blind. That is all that is needed. If you are looking for Investors then you will need something more solid in place but for now you just want to focus on getting your startup off the ground and in your brand in front of eyeballs.

Don’t focus too much on the old school hype of a bible style business plan.

 

What other things do you believe serious entrepreneurs know that most people don’t? Share them in the comment section below. We’d love to hear your advice.

 

Feature Image Originally appeared on: HBO- Jerry Weintraub – His Way

I am the the Founder of Addicted2Success.com and I am so grateful you're here to be part of this awesome community. I love connecting with people who have a passion for Entrepreneurship, Self Development & Achieving Success. I started this website with the intention of educating and inspiring likeminded people to always strive for success no matter what their circumstances.I'm proud to say through my podcast and through this website we have impacted over 200 million lives in the last 10 years.

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46 Comments

46 Comments

  1. EC

    Nov 20, 2016 at 4:19 pm

    Great article and advice. Will share for sure

  2. Cynthia

    Oct 20, 2015 at 5:36 pm

    This is a really great article. The tips are real and actually interesting! I never thought about the quadrant before. Great idea. This is my second go around on a small biz. I sold my first company in 2010 – took a 5 year rest and now I am back in the saddle. I love the word “hustle” when it comes to getting things going. If I could pick one word that I resonate with, that is the one. Good luck to everyone who decides to pursue something new and exciting.

  3. Dr.Yogesh Babar

    May 28, 2015 at 4:43 am

    Thanks Joel, for the nice article…. You always inspired me….

  4. Carla Ramos of Sofregít

    Mar 27, 2015 at 1:41 pm

    Thank You! A Wealth of Information in a Quick Read! I am inspired! Know that you have made this entrepreneur validated for steps already being taken & wise to tackle the ones I did not know!!!

  5. Karl Hadwen

    Mar 26, 2015 at 10:24 pm

    8) You Can’t Do It All – although for some people it’s incredibly hard to find a mentor. I, myself, would find it hard to find a mentor just because I live in the middle of nowhere, and I know a lot of people are in the same situation.

    • Enyver

      Sep 13, 2015 at 6:36 pm

      I agree with you. its really hard to find a mentor, People can be so catty. But I’ll continue searching.

  6. amit

    Mar 12, 2015 at 9:10 am

    loved it

  7. Matthew Parker

    Jan 23, 2015 at 12:04 pm

    Thank you Joel, that was excellent insight you shared on success and I appreciate it. I would say that to achieve much success own your own or even with the help of a few solid individuals is awesome. Consider this however, if you can go a great distance with the talents and abilities of people alone, how much further can you go when you go with God? Divine guidance and providence is the true path to success. If you think you have achieved success without God, You have not begin to succeed at all! Search God out and give way to His ideas and words and then you will embark on the true journey to success. Success is when man meets with God and the two become one. Then all of heaven will become your partnership and its resources will be the framework from which you allow earth to meet is true destiny. High sales and huge clientele are but a byproduct of connecting to one’s true identity and purpose. My advice to all who desire true success is shift from the front seat to the back and let God lead you. Why? Because His infinite wisdom is supreme and the total sum of what we think we know can not compare. Truly the time has come where a generation will arise whose lives will be covered by the glory of God and not the facades of men. The same will uncover the greatest level of success to ever be attained and none will overcome them except they become joined. May our eyes always see the Bigger picture.

  8. Jeff Whitaker

    Dec 29, 2014 at 4:38 am

    Great tips to consider especially as we approach the fresh start of a new year.

  9. Bogac Erel

    Nov 21, 2014 at 10:07 pm

    Hi Joel, as an old startup employee, and a second time entrepreneur, I’ll re-read a few times and share this post. Thanks for the good advices!

  10. Nilesh Parakh

    Nov 19, 2014 at 9:37 am

    This is excellent article joel

  11. Junriz A.

    Nov 17, 2014 at 2:29 pm

    Thanks Joel. Entrepreneurs are always open to learn and absorb experiences.

  12. Greg Matinian

    Nov 13, 2014 at 6:25 am

    Thank you Joel, these are very practical advices… I have been an entrepreneur for almost 8 years; always learning and practicing the art and I can say that your advice is very true. Recently I made my own list of 15 traits an entrepreneur needs.

    If only I can add 2 things to this list that would be EXCELLENCE and VEWING CRISIS AS OPPORTUNITIES.

    • Joel Brown

      Joel Brown

      Nov 14, 2014 at 1:22 am

      I’m glad you enjoyed them Greg! Great points also! Thanks for sharing them.

  13. Immanuel

    Nov 12, 2014 at 8:05 pm

    God bless you Joel for not being selfish.

  14. Flavia

    Nov 12, 2014 at 8:24 am

    Thank you Joel, this is really eye opener to me and i will apply these skills

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Success Advice

How to Overcome Stage Fright in 5 Simple Steps

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Fear of public speaking, also known as glossophobia (which literally means fear of the tongue) is the apprehension that one experiences when speaking in public. It’s reported that 1 in every 4 individuals reports some sort of anxiety when presenting ideas in front of an audience. Regardless of one’s personal or professional background, being able to communicate ideas confidently and eloquently is of utmost importance. So, how can you overcome stage fright?

Here are 5 simple steps to help you overcome the fear of speaking publicly or in a group:

1. Success Visualization

A great deal of the fear we experience stems from the negative self-talk that goes on in our minds. Thoughts such as “I don’t think I can do it; I’m going to forget my notes; what makes me think people want to listen to me?” The first step in trying to counter the negative self-talk is through what I call Success Visualization. It’s a well-known scientifically-proven fact that the best way to counter negative mental chatters is with positivity.

Find a quiet place where you can be undisturbed for at least 15 minutes, create a mental image of the speech being a complete success. See the audience cheering and learning. See the equipment working properly. See yourself sharing your ideas with confidence. After all, no one goes to a speech to see a speaker embarrass themselves. Visualize what you want (success), not what you dread.

2. Purposeful Practice

How many times have you heard this well-intentioned advice: “Practice makes perfect”? You might wonder, “I’ve practiced over and over again, why am I not improving?” We’ve been told to practice, but no one ever told us how. In his bestselling book Peak, Anders Ericsson introduces the concept of purposeful practice that he defines as a focused process toward a well-defined and specific goal.

What we’re all engaged in is called naive practice, which is repeating a particular task and expecting to get better. That kind of practice as it relates to public speaking is highly ineffective. There is a myriad of skills that need to be mastered in order to become an effective public speaker. As such, purposeful practice is the right way to go since it allows you to focus on one skill at a time with timely feedback on what is and what isn’t working. Always practice with a goal in mind!

3. Energy Reversal

Science claims that we experience the same physiological changes whether excited or stressed. Our adrenal glands release epinephrine, norepinephrine, and cortisol which are the flight or fight chemicals. From a physiological perspective, being ready to fight, or afraid, ready to run away, are two sides of the same coin. Henceforth, we can channel that same energy resulting from stage fright to psyche ourselves up for the speech.

Positive affirmations such as “I am excited! I rock”, can help trick your subconscious mind into believing that you’re excited. Our subconscious mind is impersonal. It doesn’t discriminate or rationalize, it accepts as true and brings to us whatever we suggest. Positive powerful autosuggestions sink deep into our subconscious mind, and manifest themselves in the way you feel, think, and act. Never tell yourself not to be afraid! Well, I mean always tell yourself you are excited and ready to rock.

4. Action

No great results are to be obtained without consistent and persistent actions. Many of us attend speeches, workshops, and seminars expecting to get the desired outcomes right away. It doesn’t work that way, it never did, and it never will. The three previous steps mean nothing if you don’t have a structure that you can use to help reach your goal.

Knowledge alone won’t bring any result. Knowledge coupled with deliberate, systematic actions, will. What are you going to do? Are you going to join a local Toastmasters Club? How many times a week are you willing to practice? Do you have a support group? You reading this article is vibrant proof that you’ve had enough of stage fright. So, why not grab a pen and paper, and write your next action?

5. Know your purpose, audience, and materials

Three things must be absolutely clear in your mind before giving a speech: Your purpose, the audience, and your materials. First, on a blank sheet of paper, at the very top; make sure you have this question answered: Why am I doing this? Or in the form of a similar statement: By the end of my speech, the audience will have learned. Without a purpose to give you direction and bring value to your audience, you don’t have a speech.

Next, Who am I talking to? Before getting on stage, basic information about the audience’s age group, cultural background, and level of knowledge is essential. Those insights empower you to appropriately frame your message, so you can engage the audience and get your message across more effectively. Speaking isn’t about you, it’s all about the audience.

Finally, make sure you’ve mastered your materials. Specifically, the introduction, main ideas, and the conclusion. Part of why we are afraid results from doubts of not being fully prepared. Never get in front of an audience without having fully mastered your materials. Complete mastery of your materials will boost your self-confidence which will, in turn, reduce your public speaking apprehension.

I hope these techniques serve you well as they have me and the many others who’ve attended my workshops. Your willingness to try, fail, and improve is what makes magic happens. As you may have realized by now, all you have to do to transform your fear from a foe to a friend is to S-P-E-A-K despite your fears.

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Success Advice

3 Steps to Overcome Your Brain Biases and Become a Better Leader

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If I asked you what time it was, you would likely look at your watch or a clock and read the time out to me. And if I were to ask you where you were, you would likely tell me the exact place, city, or state. If I were to then ask you who you were, you would likely identify yourself by your name, demographics, and perhaps a work description. On the surface, answering these questions correctly would indicate that you were not delirious. But are these answers technically correct?

Biological research indicates that superficial orientation to time, place, or person is actually far from accurate. Rather, leaders might benefit from tending toward a non-dual awareness of the world, or at least offer themselves the opportunity to see the world this way. For time, place, and person, the biological realities differ from what we might initially think.

1. Don’t let the past dictate the future

We are not ever-present in the moment, nor should we be. In the human brain, the past, present, and future are all represented at the same time. Although we consciously organize our experiences using this segmentation of time, each of these networks can intrude upon the other. In fact, what you remember can influence what you can imagine for yourself in the future as well.

As a leader, ensure that you frequently examine your memory for positive reminders and biases, take advantage of your presence circuits by incorporating mindfulness practices into your day, and use your “possibility” circuits to imagine or simulate future scenarios. In fact, in the brain, imagination is a lot like reality.

Using all three components at all times will help you to become aware of biases and could also help you escape traps or an impasse. For instance, when a possible solution for product development is vague, thinking in terms of what you want and then reverse-engineering this process to make what you imagine could be helpful.

Walt Disney saw great success after building Disneyland in Anaheim, California, but outside interests began crowding his theme park. When he decided to build another park in Florida, Disney didn’t let the experience of California dissuade him. He expanded his vision to something greater — a city of tomorrow. He created fake companies to secretly purchase acres upon acres of land near where Interstate 4 intersected with the Florida turnpike so his company could develop the area around the theme park.

“We keep moving forward, opening new doors, and doing new things, because we’re curious and curiosity keeps leading us down new paths.” – Walt Disney

2. Think beyond your reach

We are not where we think we are. The notion of “place” has become increasingly irrelevant in a globalized world. With the increasing interconnectedness of societies, cultures, and economies, leaders need to be careful not to think of themselves too locally. When leaders are global in their thinking, they are likely to elicit more widespread cooperation from international markets.

Ask yourself, “What communities beyond my local community do I want to impact?” and “What communities am I impacting?” When you take this approach, it can help your advertising strategies, for example, become more congruous with specific or global markets. Also, leaders who think globally will be more aware of competition from afar and opportunities for collaboration, too.

Jack Ma can be credited with being a global thinker for founding Alibaba, allowing Chinese consumers to access domestic and international markets that they could not previously access. By moving into e-commerce, online banking, and cloud computing, Alibaba has expanded into India and Southeast Asia. Alibaba’s Electronic World Trade Platform has even enabled farmers in Rwanda to sell coffee in China. This is a perfect example of thinking beyond your reach.

3. Connect the body and mind

We are not what we think we are. We are made up of 50% human and 50% bacterial cells. And water comprises 60% of our body weight. So we are basically bags of water and bacteria — with a dash of human cells thrown in for good measure.

Also, though we might think of ourselves as being separate from other people and things, many people or things you encounter in your life are stored in your brain’s memory centers. Our brain tissue contains images, voices, and other attributes of people and things, too. We are not actually as separate as we think.

Take care of your bacteria, and they will take care of you. Having the right balance of bacteria is of paramount importance to effective functioning because the wrong balance can make you depressed or anxious. Taking a probiotic can help restore this balance. Understanding that you are part human, part bacteria can change the way you take care of your moods by essentially reminding you to take care of your gut.

Mindy Grossman, the CEO of WW International — formerly Weight Watchers — is a good example of someone who understands the mind-body connection. Grossman has led the company’s focus from strictly weight loss to wellness through healthy habits. Part of the transformation includes a partnership with meditation app Headspace to help members maintain a positive mindset.

“It is health that is real wealth and not pieces of gold and silver.” – Mahatma Gandhi

When you engage in non-dual awareness by recognizing that your brain fuses and connects time, places, and people, your leadership capacities might also be enhanced. As Warren Bennis, founding chairman of the Leadership Institute at the University of Southern California, suggests, “Becoming a leader is synonymous with becoming yourself.” And your “self” is more intriguing and mysterious than you might first imagine.

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Success Advice

3 Ways to Optimize Your Life for Success

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Welcome to the 21st Century! The era of the Internet and computers, lack of focus and superficiality. I know it sounds scary, maybe a little more exaggerated, but it’s true. We live in a world of short posts and 3-minute videos. We barely engage in deep learning, deep thinking, and deep focus to produce iPhone-level products or services. So, the majority of us are actually a failure, thousands of miles away from achieving our life goals and business visions. How do we turn things around? We need to optimize our lives.

Here are 3 tried and tested tips that will help optimize your life for success:

1. Upgrade your sleep

When I started my freelance writing career—about seven years ago—I was passionate and excited at the beginning. I’d fill my To-Do list with 6-10 items, worked until 12 am, set my alarm to go off at 3 am, and had my running shoes close to my bed before I went to sleep. However, I barely accomplished anything. I usually became weak and bored before noon.

I noticed that I was putting a huge strain on myself. I was sleep deprived, which is the primary reason why I didn’t have the energy and the drive to accomplish my tasks. Many studies have shown that sleep-deprivation affects productivity.

As soon as I began increasing my sleeping time from 4 hours to 7 hours, my whole life changed. I started producing a lot and earning a lot more than before while also improving my health. With more sleep, I get the emotional energy and willpower I need to read, learn, and optimize my career.

“By helping us keep the world in perspective, sleep gives us a chance to refocus on the essence of who we are. And in that place of connection, it is easier for the fears and concerns of the world to drop away.” – Arianna Huffington

2. Read every day

I get it. You’re in the middle-class struggling to survive. You simply have enough to deal with. Reading? That’s not included on your to-do list. Well, if that’s you, then you’re not alone. The global literacy rates are at an all-time high at 84 percent, which means people don’t read as much anymore.

We already have enough on our plates. In fact, a study by the National Endowment for the Arts has found that the reading culture among American adults has drastically declined. That’s a big issue in our world.

Nothing can prevent you from reading, not even your plate that’s chock-full of other life’s priorities. If you want to produce more and impact the world around you, you’ve got to read more and learn more.

Take a look at the visionaries and business titans in our world. All of them are avid readers and avid learners. Bill Gates is a bibliophile and Phil Knight, the founder of Nike, reveres books. In fact, Knight customized his library to the extent that, before you enter into his library, you have to take off your shoes and bow.

So, what would you do next? Take Roald Dahl’s advice, captured in this beautiful line of the poem: “So please, oh please, we beg, we pray / go throw your TV set away / and in its place, you can install / a lovely bookshelf on the wall.”

3. Use Pomodoro to time yourself

You can’t go far in life if you can’t stay totally focused on a task. If you want to achieve your goals, you have got to stay laser-focused on a single task before jumping on to another. Why? Because goals are not achieved in one session, they’re achieved in a series of tasks, one after the other.

To install the focus habit in your system; therefore, you need to use a time-management kind of “system” that will keep you firm and attentive on a specific project. Pomodoro is that time-management tool that will help you stay focused.

It’s an excellent app that lets you set a timer for a particular task. You can set it for 30, 60, or 90 minutes and stop working when it goes off. I use it all the time, and I can’t imagine my work life without it.

“I know when I stay focused, good things will undoubtedly happen.” – Marc Trestman

Optimizing your life for more power, passion, and productivity is not about working hard late at night or running multiple projects at a time. It’s about maintaining your health and recharging your energy (having a deep, quality sleep), updating your knowledge (by reading every day), and staying focused on a project—until you accomplished it (by using Pomodoro technique to boost your concentration).

Of course, developing these sets of habits is not easy. You’ll fail and get frustrated, but as the productivity guru Robin Sharma beautifully puts it, “all changes are hard at first, messy at the middle, and beautiful at the end.”

Which one of these three ways to optimize your life resonated most with you and why? Share your thoughts below!

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Success Advice

If You Want Your Business to Grow, You Need to Increase Your Capacity in the Following 4 Areas

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Every entrepreneur must come face to face with the reality that there is only a limited amount of time, money, and people that you can use within your current position. The question is how do we increase or maximize the things that we find limiting?

As we walk through our hectic and often over packed ten, twelve, or fourteen hour work days, one of the questions that we should be asking is “What can I do to get more, to do more?” Instead, we just put our heads down and plow through the ever growing mountain of work. We are limited by capacity.

Webster’s dictionary defines capacity as “the maximum amount that something can contain.” As an entrepreneur, we have to be a little more creative than the average person and find ways to increase our capacity.

Below, we’ll identify the four areas where we need more capacity and ways to get more with less:

1. Time

Every human on this planet is granted twenty-four hours a day. That is it. Your capacity is a total of twenty-four hours. Within that amount of time you must manage several different demands. Our goal is to buy back our time, when we can, and operate at peak performance when we are accomplishing our daily task list.

First, without staying in performance shape, you will lose the ability to stay at optimal performance levels. Our bodies are truly a machine with an amazing capacity, but when it is abused by lack of sleep, improper nutrition, and lack of exercise, you are reducing the capacity at which you are able to work and function. The closer you are to peak performance, the more you are able to accomplish in a shorter amount of time.

Second is our mental condition. Here is what my experience has taught me. If I am mentally rested, I can think and make decisions faster because I can reason more quickly in addition to understanding the circumstances and information at an extremely fast pace. 

When your brain is healthy, it becomes easier to absorb and process information at a lightning fast rate. Taking the time to allow your brain to rest will give it the ability to function at peak performance.

Third is our ability to train and delegate. So often, entrepreneurs are control freaks. No one can do it as good, as fast, or with the same passion as they can. While that may be true in most cases, you are only one person with twenty-four hours in a day. 

You’ve got to delegate and accept people’s help. If you add one person that’s willing to give you eight hours of work a day, you have now bought back hours in your day to focus on activities that will generate more income and grow your business. Why wouldn’t you want to add more hours to your day by delegating out the appropriate task to qualified individuals?

“Lack of direction, not lack of time, is the problem. We all have twenty-four hour days.” – Zig Ziglar

2. Money

Money tends to be a sensitive topic. We all have beliefs that were formed through our childhood on the concept of money. With many different views and beliefs on this topic, let’s just focus on the fact that money is a tool that will either help grow the company or a tool that limits a company’s growth.

It is always amazing that the faster a company grows, the greater the challenge of money becomes, and this could potentially cause the company to implode on its own success. How do we then increase the capacity and have more money available to keep the company healthy?

Here are a couple of things to watch out for: 

  • Keep an eye on your budget and get accurate figures. 
  • Look at your Accounts Receivables. If they get too long, they could cause significant cash flow issues. 
  • Find investment opportunities. There are many private investors that are often willing to invest in companies that have true growth with solid foundations. 
  • Look at additional profit generators, products, or services that fit within your current business model. 

Each of these are ways to increase the capacity that money contributes to the growth of your business.

3. Space and Supply

I will never forget exactly where I was standing when I had a manufacture call and tell me they were unable to supply anymore products. They had sold us everything they had, and they weren’t going to have anything available to sell for at least another six months. At that time, we were selling customer printed t-shirts and had tens of thousands of orders that we needed to fulfill within the next thirty days.

Space and Supply are tied closely together. Space is often associated with the production. Do you have a space large enough to meet the demands of the supply? If production can only create 1,000 products a day and buyers need 5,000 a day, there is a conflict. 

A business needs to understand that challenge, and there are only 3 solutions to this problem: The business figures out how to increase production within the current workable hours, adds more workable hours with the equipment and space, or adds more equipment and space to increase production.

Space and supplies are assets that can be used towards the business advantage. Here are a few questions to ask when making decisions based on space and supply. 

  • Evaluate your supply channel. Are they able to maintain a solid supply of your raw product materials to match your growth as a company? 
  • Are there back up supply manufactures that can create a safety net for your raw products? 
  • Evaluate the amount of space you have available along with the time the space is usable. Can you run a second or third shift with the current space and equipment?

“The only person you are destined to become is the person you decide to be.” – Ralph Waldo Emerson

4. People

Your employees are likely going to be the most important way to create more capacity. We talked briefly about delegating to qualified individuals to increase capacity around your own personal time. The next phase is to create more capacity by adding additional, trained people. 

You need to create leaders of leaders instead of you being the leader of followers. Don’t miss this because the greatest of all companies focuses on increasing their capacity by training leaders of leaders and not just a loyal following.

Entrepreneurs tend to be a lonely bunch of souls. Too often, we are misunderstood and looked at with slight amount of annoyance. Others just don’t always know how to take someone that is passionately thinking outside the box. 

People skills are a must in order to have more than just yourself work to achieve that dream. As an entrepreneur, develop the social skills to work with individuals that are different than yourself.  

Here is a 3 step plan to have great capacity with people as your allies:

  1. Start by learning how to delegate your own tasks to buy back your time. Identify the tasks that are easiest to delegate and document how you do them. This will give you a specific job description, set achievable goals, and create a daily action plan that is now something that is teachable. 
  2. Use this system and apply it to the other things you are currently doing. I would suggest building out an organization chart and dividing the different tasks you do within the company. Then create a plan that will allow you to hire the right person and move you onto the next area in the organization that you will systematize. 
  3. Finally, create the culture. Culture is like a child, it will grow whether or not you pay attention to it. So be intentional. Learn what it takes to build a culture that attracts the employees that want to be there and grow with the company. 

Each of these four areas has an incredible amount of potential to increase your capacity, and allow your business to grow. Don’t attempt to tackle everything at once. Identify just one area that you will commit to grow within the next three to six months. Take action and implement. 

What is your next step? Share with us below!

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