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The Top 10 Million Dollar Mistakes Made By Successful Entrepreneurs

Joel Brown (Founder of Addicted2Success.com)

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In this post I share with you, Ryan Blair sums up pretty nicely in his current bestseller Nothing to Lose, Everything to Gain what his Top 10 Million Dollar Mistakes have been on the way to the top.


Mistakes are good, they are often looked down on as a bad move or the next step to failure. I believe that mistakes are all part of the recipe for success. After starting six Multi Million Dollar companies all before the age of 30 ‘Ryan Blair’, a world renowned serial entrepreneur admits to his fair share of million dollar mistakes, as well as some billion dollar successes.

 

The Top 10 Million Dollar Mistakes

1. Don’t make wildly optimistic sales forecasts. Test and adjust your projections, based on experienced advisor input and industry norms, rather than the Google high exception. Excel spreadsheets can easily project dramatic growth, with no connection to reality.

2. Don’t hire people who like your ideas all the time. Flattery feels good, but it doesn’t pay the bills. Look for the thoughtful challenge to your ideas, and practice active listening, when you are selling your vision. High three-digit intelligence has value.

3. Don’t focus too much on the competition. It’s always more productive to focus on making your offering successful, rather than killing your competitors. Doing things like dismantling their leadership team, or highlighting their shortcomings is lose-lose.

4. Don’t waste time caring what others think. No matter how hard you try, you won’t make everyone happy. Don’t be afraid to follow your vision, learn from your mistakes, and pivot the business, just because someone will see the change as a disappointment.

5. Don’t mix business with pleasure. This is especially true of relationships. Do not fraternize with your employees, and choose your partners wisely. Thou shall not “do your business” where you do business.

6. Be quick to fire and slow to hire. Pull the trigger fast when a new hire isn’t working, but don’t forget to be human and follow all the steps. On the other side, hiring after one interview is like hopping a red-eye to Vegas to get married after one date.

7. Don’t put your company before your people. A company is an entity that can be pivoted at will. Your team of people has a collective passion and intelligence with a real worth that’s hard to manipulate. Make the company fit the people, rather than vice versa.

8. Don’t under-forecast cash needs. When you have people and their families depending on you for their paychecks, and you are out of money, that’s another lose-lose situation. Even if you can find someone willing to help, it’s a very, very expensive proposition.

9. Don’t try to do too much all at once. You hear about all the parallel entrepreneurs, like Steve Jobs running Apple and Pixar at the same time. Make sure you have the aptitude to run one business well, with one product line, before you start a couple more.

10. Never write something you wouldn’t want to come back to you. Every one of us has sent a sensitive email to the wrong party, or had it misinterpreted by the receiver. Save the hard and easily misinterpreted messages for face-to-face calm discussions.

There are more, but I think you get the idea. Of course, the biggest mistake is failing to learn from the mistakes of others, or even from your mistakes. You can only learn from your mistake after you admit you’ve made it. Wise people admit their mistakes easily, and move the focus away from blame management and towards learning. Wise people can become great entrepreneurs. Whereare you along this spectrum?

 (Video) Ryan Blair ViSalus Sciences CEO Success Advice

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.

Success Advice

How Your Friends Determine Whether You Succeed or Not

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Can anyone do without having friends? We all have our friends, we share ideas with them, talk together, have fun, and fight. Yes, that’s the baseline of friendship. But, do you know that aside from you, your friends can determine whether you achieve success or not?

There are two things in friendship which are the ability to ”love” and the ability to “influence”. This means you are loved and you are influenced. How do your friends affect your success in life? How are they one of the biggest deciding factors of your success? Let’s find out.

What type of friends do you keep? 

First, what type of friends do you keep? Who do you call your best friend? There are two different kinds of friends, good friends, and bad ones. A lot of people have lost their pathway to success and some have also found their road to success all because of the friends they keep, the people they mingle with. 

Who is your best friend? Answer carefully. Having a best friend means you find each other compatible and understanding. Analyze who your best friend is. If your best friend has not motivated you to do something positive, if who you call your bestie has never given you positive advice, lastly if your best friend has never informed and advised you on your shortcomings, then you don’t have a best friend.

This quote tells us “birds of the same feather flock together”. Countless people have changed from their good nature into a bad one all because of friends. One thing to note is, “negative people move with negative aura”. If your best friend is filled with negativity inside-out then you will surely be affected by his/her negative aura.

They influence your success with positivity or negativity 

The friends you keep can either influence you with positivity or negativity because your friends have the power to change your kind of person completely. 

This is how your friends influence you:

  1. They influence you indirectly with what they do
  2. They influence you directly by teaching and giving you advice 

Yes, that is how they influence you. For instance, you watch a movie and you like the way the actor walks. The question is if you truly like the way the actor walks, won’t you try to imitate the actor? Of course, you will.

Just the way you imitate the actor is the same way your friends can influence you with their character. However, the funny part is, they don’t have to teach you to do things like them. You just find yourself imitating and copying them gradually.

An important question to ask is, are you imitating a good friend or a bad one? If you imitate a good friend then you will be good, but if you imitate a bad person, you will surely become a bad person.

Everyone wants to succeed, a good friend will always teach, enlighten, and motivate you for success. A bad friend will only motivate you to do evil things (smoking, drinking, fight, envy,).

And you should know that things like that are a great enemy of success and even of God. So, if you have these bad elements in your life, how will you achieve success? There is no way!

And also, they can teach and advise you directly. But, what do your friends teach you? When you ask them for advice do they inspire you positively or teach you the bad stuff.? A lot of people have regretted lifelong decisions just by listening to the advice of friends. 

The company you keep has the power to influence and change you. Never forget that a positive influence will teach, motivate, and brush you up for success. While a negative influence will inspire you to become a bad person, change your good nature, and leave you with regrets in the end.

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The 3 Step Process to Building a Profitable Pitch

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As a communication coach, one of the top questions entrepreneurs ask me is how to deliver a winning pitch to potential investors. They want to know if there’s a magic formula to get an investor to say yes and buy into their dream and their business. (more…)

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The 4 Pillars of Wealth and Abundance

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Have you ever wondered what the formula for a wealthy and abundant life is? Many people have. Lots has been written about the subject of wealth creation and living an abundant life. It was a breaking point in my journey and pursuit of success when I found out that there is a clear path to achieve success in life. Thanks to those who have shared their journey, we can clearly see and follow the principles of prosperity. (more…)

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Success Advice

Here Are 4 Reasons Why You Should Have a Podcast, Youtube Channel or Online Show

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Confidence comes from a place of strong understanding of self. After close to three years on radio, I’ve grown from a shy introvert to a shy introvert with an extrovert persona. When the mic is turned on, I can channel a version of myself that some say is attractive, strong, and of course, confident but it wasn’t always this way.

What I want to share with you is what I discovered on this journey into broadcast that you can apply to your life, your ventures, and your personal development. This doesn’t require any fancy gear. It does require a leap of faith on your part because once you go down the road of media; it can change your life.

1. Perceived Expertise

When you go to a doctor, you expect their knowledge will guide them to a solution to your problems. When you have a show, you become your listeners’ doctor. For all the multiple thousands, maybe millions, of YouTube channels, podcasts, and user-created content in the world, each person that gets behind a mic takes a position on their passion, their opinions, and their themes.

They challenge the status quo for the benefit of their listeners in hopes to entertain and educate. With consistency on your side, those fans place you on a platform and give you permission to influence them.

2. Global Acknowledgement

One of the benefits to increasing confidence is when you receive thank you notes from people you may never meet. The feeling of enriching someone’s life from halfway around the globe, provides validation you’re enhancing someone else’s life with your wisdom and your wit.

The very first time I was told I was making a difference in someone’s life in a country other than my own, I felt like I caused massive impact that transcends my circle of influence. When you experience just how much you can cause impact and it comes back to you, it’ll change your worldview.

“Be grateful for what you have and stop complaining – it bores everybody else, does you no good, and doesn’t solve any problems.” – Zig Ziglar

3. Backed By Numbers

One of the most exciting ways to measure success is to quantify your growth. It’s not enough to just broadcast. Having subscribers and downloads helps to know, numerically, how well you’re doing. Word of caution. This can be a way to set yourself up for distress because of number envy but if you understand what the numbers mean; you can control the narrative of the numbers.

The major number that makes most people smile is 10,000. I’d advise it to be 1. Here’s why. As you grow in your industry, so does your reach. If you learned that the one person that subscribed totally changed for the better because of you, wouldn’t that be worth the effort?

4. Effective Communication

While it’s not talked about much, having a show is documentation. You create a dynamic account of your life, your industry, and the pulse on what’s important simply by having a show. When you find a channel to improve your communication skills, you demand attention and people will listen to you. You become more trusted as a leader and people will follow you once they believe you can lead them to their wants and needs.

“To effectively communicate, we must realize that we are all different in the way we perceive the world and use this understanding as a guide to our communication with others.” – Tony Robbins

These insights have helped many people become leaders and, ultimately, move others to their best selves. It’s worked for me and I hope it works for you. At the end of the day, it’s all about showing up and showing out.

Have you ever thought about having a radio show? If so, what would you talk about? Let us below!

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