The 7 Principles of Success for Entrepreneurs
The 7 Principles of Success for Entrepreneurs
How can a business owner align their business with their life goals for lasting success?
I learned as CEO of one of our businesses. We had grown a sports business to around $10 million in revenue, and things were going really well. I felt energized and thought, "What else can we do here?" One day, I looked at the team and my business partner and said, "In the next five years, I’m taking this business to $100 million. Let’s go!"
We pursued that goal and eventually grew the business to over $50 million in revenue. Then I got fired. After 15 years of being the CEO and co-founder, working toward my vision, I found myself out of the business. It was a shock.
What happened? I realized I was growing the business just for the sake of growth. It didn’t align with my personal life plan. I thought reaching $100 million would bring me success and fulfillment. But along the way, we brought in investor capital, my equity got diluted, and I lost control of the business.
So, when I talk to someone trying to build their business, the first thing I ask is, "What are you trying to achieve?" Not just in business—what are you trying to achieve in life? What is your life plan? What do you want over the next 30 years? Because maybe your business plan doesn’t align with that.
I’ve found that too many entrepreneurs have a business plan, but no life plan. One thing I’ve done since that failure is to align my life plan with my business goals. When there’s true connectivity between the two, I can build the business of my dreams.
How can a business owner create a long-term life plan aligned with their business goals?
I created a format, which I talk about in The $100 Million Journey book. I call it the "True North Life Plan." It’s a long-term life plan where you think 30 years out—not just in business, but in life. What do you want to achieve in the next 30 years? Then break it down into key segments that matter to you. For me, those segments were financial health, relationships, family, and spirituality.
Once you define these categories, you can create a plan. In 10 years, where do you need to be to stay on track for your 30-year goals? In 3 years, where do you need to be to hit your 10-year targets? Then break it down even further—what do you need to accomplish this year, this quarter, this month, this week, and even today to stay aligned with your long-term goals?
That’s how you stay focused and make sure every action leads toward your bigger vision.
Does true ‘work-life balance’ exist?
The idea of "work-life balance" is nonsense. It’s really about "work-life abundance."
People often think they have to sacrifice one area to succeed in another. They believe that if they’re working hard in their business, they can’t have a good relationship, or stay healthy. But that’s false. There’s no real give and take like that.
In my daily visualization, I don’t just focus on my business. Yes, it’s part of it, but I also focus on myself—my health, my eating and workout habits, what time I get up, and my relationships with my wife and kids. It’s the complete picture of who I am.
If you can’t bring your full self to your business, people will see through it. So, how do you create abundance in every area of life? You want to have the best relationships, the best health, help your kids grow, and develop the best leaders in your business. That kind of energy is contagious.
What can entrepreneurs do to recover and learn from business failures?
Losing everything was a moment that made me stop and reflect. It was my second major failure—the first was the crash, where what I thought would happen didn’t, and now this. I went through self-doubt and deep reflection, which eventually led to introspection and learning. I asked myself, "What were my contributions to the situation, and how can I make sure this never happens again—to me or to any other entrepreneur I work with?"
*This interview has been edited and condensed for clarity.*
