Mindset + Mentorship = Success?
Mindset + Mentorship = Success?
How can business owners change their environment to accelerate growth?
The most significant change I made was in the circle of people I surround myself with. There's a saying that you become the average of the four people closest to you, and I realized that to grow, I needed to change my influences. Many from my previous circles, including friends from the fire department, were not necessarily bad influences, but they often focused only on negativity and risks, which can be limiting. This shift became clearer as I connected with new people and engaged in personal development. Although I didn't profit financially from my time in an MLM company, it led to significant shifts in my mindset and introduced me to many valuable resources for personal growth.
What is the value of investing in mentoring?
One of the most significant actions I recommend is investing in mentoring, whether through masterminds or similar formats. This often means taking a financial step to invest in yourself by paying someone else, which might feel substantial but is incredibly valuable. While podcasts, webinars, and books offer great insights, committing financially to your development ensures you have skin in the game, which tends to push you to a higher level of engagement and growth. Investing in oneself is crucial; many people stop their education prematurely, either after high school or college. However, discovering your passion and persistently pursuing it through continued education opens up remarkable opportunities.
How can business owners network with top leaders?
To network effectively, especially with successful and busy individuals, often requires investing to enter the right circles. These people usually have limited time and prefer to spend it relaxing with their family or within their comfort zone. Secondly, it's crucial to have clarity about your interests, whether it's real estate, e-commerce, crypto trading, or buying value-add businesses. Identify the leaders in your desired field and find ways to enter their circles. If direct mentoring isn’t available, consider creative approaches to capture their attention. For example, I've sent personalized gifts or gift cards to make an impression. Once, to acknowledge a loan broker who salvaged a difficult deal, I noticed he liked golfing from his Facebook page, so I bought him a high-quality golf bag and personalized golf balls. Such thoughtful gestures, along with a willingness to invest in the relationship, have yielded significant returns for me.
What strategies help business owners overcome high-pressure challenges?
The toughest challenge has been dealing with numerous difficulties, such as key personnel losses, fundraising millions of dollars under tight deadlines, and managing explosive situations. Each of these intense events, however, has elevated me to a new level. This growth occurs because once you've faced similar challenges, they become less daunting. Having already navigated worst-case scenarios successfully instills confidence. Often, it's the fear of the unknown that holds us back, but in reality, situations seldom reach the worst-case scenario. Regardless of the difficulty, we've managed to persevere every time. Overcoming these challenges has not only bolstered my confidence but also prepared me for future obstacles.
Why should business owners invest in top talent?
I had a poverty mindset, always seeking the cheapest options for everything, including when I started rehabbing rental properties. I aimed to spend as little as possible, which often backfired because, as the saying goes, skilled labor isn’t cheap, and cheap labor isn’t skilled. Attempting to elevate average performers to top-tier status rarely worked. In contrast, hiring top performers, even though more costly, proved to be an investment. These individuals aren’t just expenses; they drive sales and create revenue, making them assets to the business. Over the years, hiring the wrong people costs not just immediate revenue but also momentum and potential growth. Changing my mindset to value quality over minimal cost, especially in terms of staffing, was a significant shift. We need to see paying for top talent not just as a lump sum but as a weekly investment that can be reassessed relatively quickly if it doesn't work out. Like personal relationships that fail but don't deter us from moving forward, business requires persistence through its challenges.
Why should business owners build and trust a team?
Transitioning from a solopreneur to a leader with a team has been a significant shift. Initially, I handled every decision and operation myself. Over time, I've focused on mentoring my team and hiring the right people, gradually building enough trust to delegate significant roles and responsibilities. This transition has been challenging but essential for growth. Without this shift, you essentially have a well-paid job that requires your constant presence rather than a self-sustaining business.
What strategies help business owners protect their time?
The most critical aspect is scheduling dedicated time that remains protected for specific tasks. Ensuring this time is not overrun or overlooked allows for complete focus during that period. Secondly, it’s vital to identify the most critical tasks to utilize effectively during that hour. For example, it might not be best spent negotiating flooring prices but rather focusing on bringing the operations of the team together. This includes understanding and reviewing the Key Performance Indicators (KPIs) for the business to track performance efficiently.
*This interview has been edited and condensed for clarity.*
