Have you ever wondered what successful entrepreneurs have in common?
If you haven’t, you should.
The best of intentions when starting your business can lead to having no business. Knowing both what to do and not do is the key to your success.
When you know what successful entrepreneurs have in common, you have choices.
Owning and operating a successful and profitable business sets you up for a lifetime of success.
At the same time, if you’re looking to sell your business you better have a successful one.
Want to know one of the best-kept secrets most entrepreneurs don’t know, to their detriment?
Whether you’re selling your business or keeping it, the best practices are identical.
Successful entrepreneurs have in common the mastery of five specific best practices.
And so should you.
Who am I and why should you care?
I was the kid who started his EdTech right out of school with no money, experience, or team.
Truth is, I had no business to be in business, and the results proved the point. I was living and running my EdTech out of my parents’ attic while my friends were snapping up lucrative jobs.
My ‘payday’ in the early days was failure, frustration, and loneliness.
Everything changed when I figured out what successful entrepreneurs have in common.
My thirteen-year journey with my EdTech led to a 9-figure exit.
What did I do?
Keep reading to find out.
Find A Painful Problem You’re Passionate To Solve
Pleasure in the job puts perfection in the work – Aristotle
Want to know the secret of success for a thriving business and bright future?
Find a painful problem that you’re passionate to solve. Ensure that there are enough people who pay you to take their pain away.
Successful entrepreneurs have in common the desire to find and solve painful problems.
In my entrepreneurial journey, I’ve met billionaires, millionaires, and ultra successful people.
I’ve yet to find one entrepreneur who succeeded with the sole purpose to make money.
Quite the opposite. Successful entrepreneurs have in common the desire of helping people.
[tweet_box design=”default” url=”https://jef.tips/j13sehc16″ float=”none”]Help enough people get what they want, and in time, you’ll get what you want.[/tweet_box]
It’s your passion and belief that carries you through the setbacks and stress. And it’s the same passion and belief that will have you show up day after day.
Earlier I mentioned my 9-figure exit. Immediately after my exit, I started a healthcare business. This time I had the experience, money, and team.
Can you believe that I went from a 9-figure exit right into a 7-figure business in time no flat?
Believe it. But know that it was 7-figures of losses.
My greed and my ego got the better of me as my healthcare business was for the sole purpose of making money.
Know this and know this well, especially if you plan to have a business you can sell.
Successful entrepreneurs have in common the passion to solve painful problems. Help people first, and in time, the money comes roaring in.
Do You Know What Successful Entrepreneurs Have In Common? There is No Plan B
Singing is my profession – there is no plan B – Van Morrison
When it comes to one thing that successful entrepreneurs have in common, they have no Plan B.
And for a good reason.
Having a backup plan for your business is the kiss-of-death. A backup plan, or Plan B, have you justify why you can quit.
Do you know how your favorite billionaire became a billionaire?
There was no backup plan.
Failure was not an option. Not even for a moment.
Am I saying that you should never quit, no matter what?
Another thing successful entrepreneurs have in common is that they quit often.
The difference between winners and losers is that winners know what to quit and when to quit it.
Yes, the so-called experts and conventional wisdom are wrong when you’re told never to quit.
When you don’t have a backup plan, you’re forced to find a way to survive and thrive.
When you’re fighting to survive, you stop what isn’t working and find out what does work.
The combination of not having a backup plan and quitting often is powerful.
When you sell your business, not having a backup plan and quitting often is your gateway to success.
The same holds when starting a new business.
You’ll find a way when there appears to be no way.
Now that you have the right mindset, it’s essential you do one thing that makes all the difference.
Do you know what it is?
Most entrepreneurs don’t.
Read now to find out, and you’ll thank me later.
True Business Success Is When Your Company Runs Without You
The path to greatness is along with others – Baltasar Gracian
What successful entrepreneurs have in common is their companies run without them.
And when it comes time to sell your company, don’t even think about if your company revolves around Y.O.U.
Your prospective buyer will either take a pass or lower your company value.
Buyers won’t take the risk of you riding into the sunset and leaving.
It’ll never happen, you say?
Tell me that when you have more zeroes in your bank account than you know what to do.
Even if you don’t sell your company, you’ll have a healthier and more profitable one when it runs without you.
You not only get your life back, but you have time to focus on one thing.
What’s the one thing?
Put yourself out of business by solving an even bigger problem. And of course, it’s a painful problem you’re passionate to solve.
My EdTech, Embanet, solved two problems.
The first problem Embanet solved was how to keep online students in the seats. Keeping students in the seats kept me in the game and is what ‘Embanet 1’ was all about.
‘Embanet 2’ was figuring out how to fill the seats with students and is what led to a 9-figure exit.
Whether you keep or sell your business, have your company run without you.
This what successful entrepreneurs have in common and do. And so should you.
Before you put yourself out of business, know you have one thing holding you back that you don’t even know.
What is it?
Your Business Model Sucks
Good design can’t fix broken business models – Jeffrey Veen
Your business model sucks, and you don’t even know it.
What’s one major thing that successful entrepreneurs have in common?
Successful entrepreneurs have a business model that drives higher profits.
You’ll want to read Why Your Business Models Sucks And What You Need To Do About It.
In the interim, know this.
Successful entrepreneurs have in common the fact that they solved a painful problem.
Why is this important?
A business model that you want has both recurring revenue and revenue sharing.
Easier said than done.
If you’re smart, and I know you are, you’ll figure out how to move towards a subscription-based revenue model.
Netflix, Spotify, and Apple trained the market that renting is better than owning.
Why do you need to solve a painful problem affecting many people?
Your profits, company value, and client retention skyrocket with revenue sharing.
Customers are smart.
Why would your customers decide to share revenues with you?
You’ve solved a painful problem nobody else has figured out. As a result, your customers are only too happy to share revenue, remove their risk and pain.
Want to go from zero to hero? Create a subscription-based business model with revenue sharing.
But before you do a thing, chances are you’re not doing the one thing that successful entrepreneurs do.
Do you know what this is? Keep reading to find out.
Set Yourself Up For Success With A Personal Board Of Directors
Mentorship is key to unlocking each of our entrepreneurial spirits – Richard Branson
Successful entrepreneurs have in common a personal board of directors.
And so should you.
King Arthur had his knights of the round table as his personal board of directors.
Ever hear of Henry Ford, Thomas Edison, Harvey Firestone, and President Warren Harding? Each of these tycoons was the personal board of directors for each other.
Let’s talk about Y.O.U.
If you’re looking to have a successful exit, a personal board of directors is a must.
What is a personal board of directors?
Think of a personal board of directors as a person or people whose only agenda is your success. A personal board of directors is anywhere from one person to eight people.
For the best results, you’ll meet with your personal board at least monthly. If not more.
People are not islands unto themselves.
Successful entrepreneurs have in common the knowledge that success requires help.
When it comes to a successful business exit, your business acumen isn’t enough. Your personal board of directors provides the knowledge, wisdom, and support needed.
You don’t know what you don’t know. An effective personal board of directors points out your business blind spots.
As good as your exit team and advisors are, they’re out for themselves. Your personal board of directors is looking out for you.
All day. Every day.
Stack the odds in your favor. Surround yourself with a talented personal board of directors.
Do this now, and you’ll thank me later.
When it comes to your business exit, you have one chance to get it right. Don’t blow it.
Success leaves clues of both what to do and not do.
Successful entrepreneurs have in common certain best practices that made them successful.
I started my EdTech right out of school with no money, experience, or team. And you know what, the results showed my inexperience.
I became obsessed to figure out what successful entrepreneurs have in common. As a result, I spent years of failure and countless dollars on my quest.
Once I figured out what successful entrepreneurs have in common, my EdTech skyrocketed. A 9-figure exit was the ultimate result.
The great news is that my in-the-trenches experiences are for your benefit.
You now know what successful entrepreneurs have in common. Leverage this information for both growing and exiting your business.
Start from the beginning. Start with the first best practice and stay with it until you master it. Do this for each of the five things successful entrepreneurs have in common.
You can do it.
I know you can.
What are you waiting for?
Here’s to you and your success.
Your Biggest Raving Fan,