We all know that 95% of businesses fail in the first 5 years, but you don’t have to be part of that statistic. You need to know why most businesses fail so you can avoid making the same mistakes and how the remaining 5% succeed so you can too.
Listen to this episode to learn the 3 reasons why most businesses fail, what you can do to avoid them, and how you can make sure you’re going to succeed!
Key Talking Points of the Episode
[00:00] Introduction
[02:01] Do you need to work harder to become successful?
[03:36] What should you do instead of working hard all the time?
[04:03] How should you set your goals?
[05:31] How can your emotions cause failure?
[06:30] Why do you need to stop thinking about the worst-case scenario?
[08:00] Are you the limiting factor to your growth?
[08:55] How can the power of leverage help you succeed?
[10:08] Why is it important to be accountable to be successful?
[11:00] How do you become a million-dollar CEO?
[12:50] Why should you learn how to leverage?
[13:38] What is the importance of having well-documented systems and processes?
[14:05] How do you systematize and automate your business?
[15:10] What does outsourcing really mean?
[16:05] Why do you need to be involved in your business?
[17:21] How do you make sure you become successful in business?
Quotables
“The majority of the things we cause ourselves in life, whether it’s pleasure or pain, are self-induced.”
“You have to understand that working harder is not gonna guarantee you success.”
“The reality is, we all know people who work hard their whole lives and they are not successful.”
“If the case was that the hardest people that work on the planet were the most successful, then I would say day laborers and construction workers would be the wealthiest people on the planet, but we all know they’re not.”
“At the end of the day, working hard is not gonna guarantee you success at all. The harder you work, it could be the more tired you get.”
“You gotta start with the end in mind when you’re building a business or doing anything in life.”
“You gotta take your emotions out of your business to be successful.”
“Remember, any business that you do is based on numbers and data. It is not based on emotions.”
“Emotions, ego, pride - these are all things that would kill a deal and they will kill your success.”
“Just because it’s your business, doesn’t mean you’re not the problem.”
“If you wanna grow and you wanna build a $200 million company, you have to become a $200 million CEO because you have to be that guiding person.”
“If you can master team and leverage, you will be amazingly successful.”
“You don’t have to be the person who does everything.”
“The ones that do it themselves are the ones who do not achieve financial success and they don’t achieve the goal.”
“You can leverage people, time, and money - you can leverage all these things of other people and it’ll still be your business.”
“So you systemize it, automate it, and the last, you outsource it.”
“Now, outsourcing could be through virtual assistants, technology, or other employees. Outsourcing means it’s not you.”
“When you can do all those things, you are gonna be in a much better place to scale and grow your business, and be able to hand it over to someone.”
“You never wanna just hand it over to someone without you understanding what’s going on.”
“It’s your responsibility to know what is going on in your business and how that’s working.”
