There are a few things you can do as an entrepreneur to set both yourself and your company up for success at all stages of business growth and development.
I spoke with Rob Moore, the Disruptive Entrepreneur, CEO and cofounder of the UK’s largest property training company, and host two of the UK’s top business podcasts to learn more about how he achieved his success. He shared the strategies that helped him become a multi-millionaire by the age of 30 and founder of multiple successful businesses. Here’s his advice:
Failure and rejection are simply a part of business. What differentiates successful business owners from the unsuccessful ones is whether they embrace these two things or do everything in their power to avoid them. “If you study anyone who’s successful, whether they’re a billionaire or at the top of their field, you see some common traits. One of those is that no one who is successful avoided failure or rejection,” says Moore. Success comes from welcoming failure with an open mind and using it as an opportunity to learn and grow.
Balance advice from others with your own inner wisdom.
There’s a time and place for external advice, but when it comes to the truly tough decisions, it’s ultimately up to you. Don’t do something just because someone has told you that they think it’s the right thing for you to do, but instead consider their advice in addition to your inner wisdom and intuition. “When it comes to strategies and tactics, you want to stand on the shoulders of giants, and you want to model the traits of the greats. But when it comes to your passion or your vision, listen to your inner calling, not external feedback,” explains Moore. It’s important to find the right balance the external and the internal, the advice from mentors and your own inner wisdom.
Don’t chase fame and fortune.
Fame and fortune shouldn’t be your motivation for doing something, advises Moore. “Fame and fortune are not the purpose of what you do – they’re the outcome for doing it well,” he says. “You should create useful products and services and be a valuable human being or company to as many people as possible. People will never give you money if they think you want it for fame and fortune. People will give you money if you’ve got something valuable and useful.”
Moore also points out that fame and fortune are not a good way to measure your success. “You can’t measure yourself by your followers, your fans, or your fame and your fortune. You have to measure yourself by your value,” he advises. Your value comes from the impact you have and your ability to help as many people as possible.
Don’t get distracted by shiny object syndrome.
It can be easy to get distracted along the way as you’re building or growing a business by opportunities that promise a quick injection of cash or instant virality and fame. “Don’t ask what’s going to make the most money in the shortest amount of time or what is the best trendy business model right now that can make me rich quick? Those are just distractions,” says Moore, and more often than not those things will only offer short term gains rather than long term profit. It’s important that you evaluate every opportunity for its potential for longevity, rather than how attractive it is in the moment.
Find the right balance of selfless and selfish.
Moore says that in any business pursuit, an equal balance of selfless and selfish is where optimum growth happens. “When you get the fine balance of both, you have what’s called fair exchange, and fair exchange is sustainable and scalable,” he explains. Fair exchange is when you make a fair profit and customers feel that they get a fair value, keeping the scales balanced. You aren’t being selfish by ruthlessly overcharging customers to make a profit and you aren’t being overly selfless by giving things away at such a low price point that you’re simply treading water when it comes to cashflow.
Building a business is inherently risky, and you have to be willing to take risks in order to succeed. There’s one caveat when it comes to risk taking, however, and it’s that your risks must be calculated. Don’t just jump into something without analyzing the potential for both success and failure, as well as cost opportunity and time commitment.
I’ll leave you with a few more powerful words of wisdom from Moore – “If you don’t risk anything, you risk everything.”