You’ve got a brand, now where do you go? What are the next steps toward turning that brand into the successful business you envision?
Mike Dillard joins us to talk about the things you need to move your business forward to the levels of success you know it can hit. Mike has gone from waiting tables to running companies that have produced over 50 million dollars without outside financing. So what are the keys to that sort of success?
Building a skill set
One of the most important elements in success is having a skill set: Something you can can do, that others will pay for, and that you can continue to improve upon and refine until that skill set reaches a world-class level. Mike stresses that there’s no magic shortcut to success, it’s all in mastering a skill set that is rare and sought after. Once you’ve identified the skill focus on learning it and becoming very good at it.
The importance of leverage
Mike gave an example of a neurosurgeon as a valuable and in-demand skill set, but pointed out the missing element. A surgeon lacks what he terms “leverage” because they can only work on one or two patients a day. That is an automatic limiting factor to how productive they can be. That’s where an internet-based business becomes a huge advantage, as the entire world becomes your potential customers, and you can work with large numbers of them at the same time.
What is your brain wired for?
Don’t try to recreate the businesses you see other people being successful in if it’s not a skill that is natural to you. If you are trying to be the world’s best accountant all the while hating working with numbers, you’ll ultimately fail. You need to find a skill set that matches the conditions mentioned above, AND is something you love and have a natural aptitude for. Struggling to do something that isn’t you, won’t get you where you need to be.
The next step
Mike tells us that moving from the $5 million a year point to goals beyond that is particularly tricky, because that’s when you definitely need to bring in a larger staff, and remove yourself from the day to day business. Let your employees serve customers as you consider how to grow the business. It’s changing jobs, while continuing to lead the company you’ve built. That’s a completely new set of skills.
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