BizyDad
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Some of the discussion on the forum over the years is always struck me as a little skewed.
I want to approach things from a different perspective.
Who are you helping to get rich?
For me as a marketer, I'm helping my clients get rich. I know there's a lot of marketers on the forum, but that's not really what we're discussing here today.
There's a tone to some of the back and forth on the forum. Should you be a soloprenuer? Should you build an enterprise? What kind of ethics do you need to get big? What kind of systems, processes, tools do you need to scale?
It gets so much that a beginner can't wrap their head around it. So I'm boiling it down to this question...
Who are you helping to get rich?
Name any major business personality, and they helped many people become millionaires.
For every Bill Gates, there's a Paul Allen. And Steve Balmer. And those are the names we know. Rockefeller and Carnegie had a whole cohort of rich guys supporting them. Some ran businesses that support their businesses. Some work directly for them. The first engineers at Tesla got so many stock options, had a 95 cent strike price, that they can be ridiculously wealthy today... If they held onto them.
Why? Why did all these big people help other people get rich? Why didn't they just do what @Black_Dragon43 insists all rich guys do? Why didn't they keep all their money?
Simple. They couldn't do it alone.
As you're thinking about what business to start, or you're thinking about what business to grow, should ask yourself, am I hiring the best people? Am I attracting the best people? Am I keeping the best people?
All the best companies are made up of groups of the best people.
Depending on how you look at it, I have three kinds of clients. I have the soloprenuer/small family biz. I have the established single location business. And I have a few chains, companies that are approaching "medium sized" businesses.
In that time, I've noticed there's a few financial milestones where people tend to need to shift their process. This isn't scientific, and it's different in different industries. But basically...
$100k - $1 M - $5M - $15M - $40 M
That first 100 k hurdle stops a lot of businesses. When you come from nothing, and you basically are just you and making a $100k, man you feel like you made it. You can afford to do stuff.
A lot of clients get to that point, and I think about hiring somebody at 40k or 60k, and they just don't want to. Who wants to go from being a baller to being a nobody again?
Hiring the first employee is one of the hardest mental hurdles most business owners face.
Same thing goes with 1 million. To go from 1 to 5, you have to reinvent yourself. You definitely need a team.
Somewhere in 5 million, you start to feel like you need an HR department. Things really start getting inefficient. Team meetings become more important.
I don't have a lot of experience growing people to 15 million, but I included it because my clients that have gotten a $40 million said that 15 million was a hurdle.
And I don't know what it is about 40 million, but that's when people want to sell. It's like this magic number that everybody has. If I can get 40 million, that means 20 million in the bank, and I'm set for life. (Keep in mind, many people can sell for $40 million before they ever hit 15 million in revenue period. I'm not listing out an exact science. I'm just trying to provide a glimpse behind the curtain for people that are new in business.)
Now imagine growing past that...
So dear reader, if you truly want to make it BIG, here is a question ask yourself...
How can I help a lot of people get rich?
What kind of business do you have to start to get there?
What kind of person do you have to become to attract the best people? The best suppliers? The best investors?
Personally, I'm still answering this question. But There are two qualities that I think this person needs to develop...
Vision and Leadership.
And we don't talk enough about that on the forum.
Big dollars require big visions. Big visions require big leaders to bring them to life.
One of my favorite things that I heard from any forum related thing was at the 2020 summit. @Kak gave his talk, and he said something like this:
"If you want to amass generational wealth, learn how to solve bigger problems. Worldwide problems."
That's where vision comes in.
Why do people who are capable of making millions in a job follow the leaders they follow? Do you really think it's just the money?
No.
It because of who that leader is.
And because of the vision that leader communicates.
So give that some thought Fastlane Fam.
Who are you helping get rich? Is it really just you?
I want to approach things from a different perspective.
Who are you helping to get rich?
For me as a marketer, I'm helping my clients get rich. I know there's a lot of marketers on the forum, but that's not really what we're discussing here today.
There's a tone to some of the back and forth on the forum. Should you be a soloprenuer? Should you build an enterprise? What kind of ethics do you need to get big? What kind of systems, processes, tools do you need to scale?
It gets so much that a beginner can't wrap their head around it. So I'm boiling it down to this question...
Who are you helping to get rich?
Name any major business personality, and they helped many people become millionaires.
For every Bill Gates, there's a Paul Allen. And Steve Balmer. And those are the names we know. Rockefeller and Carnegie had a whole cohort of rich guys supporting them. Some ran businesses that support their businesses. Some work directly for them. The first engineers at Tesla got so many stock options, had a 95 cent strike price, that they can be ridiculously wealthy today... If they held onto them.
Why? Why did all these big people help other people get rich? Why didn't they just do what @Black_Dragon43 insists all rich guys do? Why didn't they keep all their money?
Simple. They couldn't do it alone.
As you're thinking about what business to start, or you're thinking about what business to grow, should ask yourself, am I hiring the best people? Am I attracting the best people? Am I keeping the best people?
All the best companies are made up of groups of the best people.
Depending on how you look at it, I have three kinds of clients. I have the soloprenuer/small family biz. I have the established single location business. And I have a few chains, companies that are approaching "medium sized" businesses.
In that time, I've noticed there's a few financial milestones where people tend to need to shift their process. This isn't scientific, and it's different in different industries. But basically...
$100k - $1 M - $5M - $15M - $40 M
That first 100 k hurdle stops a lot of businesses. When you come from nothing, and you basically are just you and making a $100k, man you feel like you made it. You can afford to do stuff.
A lot of clients get to that point, and I think about hiring somebody at 40k or 60k, and they just don't want to. Who wants to go from being a baller to being a nobody again?
Hiring the first employee is one of the hardest mental hurdles most business owners face.
Same thing goes with 1 million. To go from 1 to 5, you have to reinvent yourself. You definitely need a team.
Somewhere in 5 million, you start to feel like you need an HR department. Things really start getting inefficient. Team meetings become more important.
I don't have a lot of experience growing people to 15 million, but I included it because my clients that have gotten a $40 million said that 15 million was a hurdle.
And I don't know what it is about 40 million, but that's when people want to sell. It's like this magic number that everybody has. If I can get 40 million, that means 20 million in the bank, and I'm set for life. (Keep in mind, many people can sell for $40 million before they ever hit 15 million in revenue period. I'm not listing out an exact science. I'm just trying to provide a glimpse behind the curtain for people that are new in business.)
Now imagine growing past that...
So dear reader, if you truly want to make it BIG, here is a question ask yourself...
How can I help a lot of people get rich?
What kind of business do you have to start to get there?
What kind of person do you have to become to attract the best people? The best suppliers? The best investors?
Personally, I'm still answering this question. But There are two qualities that I think this person needs to develop...
Vision and Leadership.
And we don't talk enough about that on the forum.
Big dollars require big visions. Big visions require big leaders to bring them to life.
One of my favorite things that I heard from any forum related thing was at the 2020 summit. @Kak gave his talk, and he said something like this:
"If you want to amass generational wealth, learn how to solve bigger problems. Worldwide problems."
That's where vision comes in.
Why do people who are capable of making millions in a job follow the leaders they follow? Do you really think it's just the money?
No.
It because of who that leader is.
And because of the vision that leader communicates.
So give that some thought Fastlane Fam.
Who are you helping get rich? Is it really just you?
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