After having multi-millionaires and billionaires at Freedom Fast Lane Live, these are the biggest takeaways and common threads from the collective speakers, interviews, and backroom discussions.
1. Build Something Outside of Yourself
This is all about working ‘on’ something instead of ‘in’ something, and frees you up to be the architect of something great rather than a high-paid employee. Separate yourself from the results that you have so you can manage your results outside of how it impacts what it means about you. When you disassociate your results from your self-image, you can actually manage and work on the results freely.
Work on projects that are not just made for the purpose of extracting the money. If your purpose to extract money, then it is a cash flow business. If you want to build a business outside of yourself, then that is a disrupter company. The way to long-term success is to ‘sure up’ the income through one of the cash flow businesses, then pivot and build something much bigger.
2. Build a Team of All-Stars You Can Rely On
We tend to glorify the experience of solopreneurship. If you are a solopreneur, it means you haven’t automated your life for it to be an actual business; you just have a way to produce a lot of cash flow. If you don’t transition into getting your life back or building a team that builds your business for you, then you don’t have a business; you have a cash flow stream where if you stop working it no longer brings in cash flow. If it is you doing everything, then you are either A) Not prioritizing or B) You are not spending your time on valuable things. If you can’t identify what are the $100, $200, and $10K an hour activities in your business, then you are going to fall to the lowest.
The Culture and Kolbe Indexes are a great way to discover who is right for your team.
3. The Power of Focus
Get a gold medal in something. Remember that you can’t get a gold medal if you are focusing on six things. Do one thing. Pursue excellence, and money will follow the excellence. When you get the gold medal in the one thing, then you can pivot to something else.
Your team has to be in place to run a business without you before you can give your full attention to something else. Entrepreneurs love to start new things, but the best way is to build one thing, automate it by having an all-star team, then focus on something else. If you can give 80% of your attention to something, then that is as close as an entrepreneur will get to doing one thing.
4. Setting Up and Building a Responsive Audience
Having a rabid audience is the lifeblood of building any business. The audience can be used in different ways, but treating them in a consistent, upfront, and value-driven way is the secret to supporting wherever you are going next.
Retargeting and longer-term sales cycles are the next wave of advertising instead of doing direct response or going straight to the sales letter. Deliver value upfront and let the relationship with those that follow you be the lifeblood for everything that fuels you moving forward.
5. Targets are Meaningless
If you target $10M or $1B, both are meaningless. Neither mean anything about you, and are simply targets. These do make a difference in the direction and decisions to move forward.
You might even argue that results are meaningless, as they don’t have any internal value. The idea of setting a bigger target may or may not be a good idea, and any target set should be inline to where the most value creation is. Wherever you put your focus will come easier and faster and have more meaning and impact if it comes from a place of value creation rather than money extraction.
Bonus – Everything is an Investment
Fitness, how you spend your time, and relationships are all investments and have an ROI. Choose your investments wisely.
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