9 Lessons from 7-Figure Business Owners
Hi, I’m from the future.
I just spent two days in a room full of 6 and 7-figure business owners, getting the exact roadmap to level up from wherever you are now to 10, 20, 50, 100k / month or more in revenue.
The combined monthly revenue represented in the room was around 1.8 million / month.
The main theme that I took away from the event was the stark contrast between what 7 figure business owners worry about vs the concerns of the clients and prospects I talk with every week.
We love to complicate our business but focus is what gets the most results. Here are 9 things I noticed that 7 figure entrepreneurs (AKA rich people) worry about that struggling business owners don’t.
1. Energy Management > Time Management
Immature entrepreneurs are obsessed with time management. They think that if only they could manage their time better, they could finally gain ground on that never-ending to-do list.
Rich people are obsessed with managing their energy. They understand that you can have all the time in the world, but if you are not in the proper state to perform, then the work you get done will be less effective.
Consequently, they worry about things like getting proper sleep, keeping healthy, and avoiding people who drain their energy at all costs.
2. Effectiveness > Productivity
You can’t open a browser tab without tripping over an article or course about productivity these days. Experienced business owners understand that being productive at the wrong things is worse than doing nothing.
They spend time daily reviewing their goals and actions, thinking, and planning the essential next best steps to achieve their goals with maximum ROE – Return on Effort. Their list of what NOT to do is just, if not more important than their list of to-dos so that they stay focused.
Most importantly – they consistently invest in themselves via education and coaching so they’re not stabbing around in the dark figuring what the right actions are.
3. Identity > Accomplishment
Successful business owners know that attaching your confidence level to external results is a recipe for disaster.
They spend time deliberately crafting their identity separate from things such as monthly revenue, ad performance, money in the bank, comment trolls etc.
They understand that to achieve a goal, you must first become a person who is worthy of that goal and make decisions accordingly, no matter what external indicators may indicate.
4. Principles > Tactics and strategy
- Should I use Facebook or LinkedIn?
- What about messenger bots?
- Do I blog or create a webinar?
- How do I find a good sales script?
Guess what? None of it matters if you haven’t mastered the principles behind the strategies and tactics.
These are simple:
- Learn how to earn the attention of your market (marketing).
- Learn to convert that attention into dollars (sales).
- Trust the process and be consistent.
- Track everything and make decisions based on data.
5. Leadership > Control
Mature business owners become the general in their business. They learn to let go of micromanaging every aspect of the business and instead develop leaders who can keep the ship moving while they focus on making sure everyone is rowing in the right direction.
Running a business is a roller coaster. These lessons are all about smoothing out those peaks and valleys and performing consistently.
6. Regulation > Reactivity
Most small business owners are like tiny rudderless sail boats, getting tossed about through their days from one emergency to the next.
Top CEOs plan their days for maximum effectiveness so that they are acting, instead of reacting. They regulate their activities and create consistency in their routine so they perform at high levels most of the time.
7. Momentum > Perfection
This is a big one. As I write this, I literally have two clients sitting on completely finished websites that they refuse to launch because everything is not perfectly lined up. They’re worried about tweaking paragraphs, building out the perfect back end funnel, or making sure everything is perfect in the business before launching their ideas into the market.
Rich people have an idea, get that idea into the market so they can accelerate the process of validating (i.e. making sure people will pay for the solution), getting feedback, and iterating to improve the product or service.
You create momentum by taking action.
If you want to be perfect, by all means go ahead. Have fun watching your competitors leave you in the dust.
8. Lead indicators > Lag indicators
Immature, shortsighted small business owner:
“I tried ads for 3 weeks but it didn’t work.”
7 figure business owner:
Knows their goals
Has a strategy in place to reach them.
Settles in for the long haul of taking consistent action (ads, organic marketing, sales etc).
Tracks results and makes adjustments based on data
Falls in love with the process, knowing the results will show up.
9. Accountability > Cheerleading
I belong to a group where there’s an accountability thread that features a lot of people cheering each other on even if they’re not actually doing anything to reach their stated goals.
I belong to another group where it’s a daily occurrence for people to get called out for not doing what they should be doing.
Guess which group is more successful?
BONUS LESSON (And the linchpin for everything else)
Environment, Environment, Environment
I saved the best for last. There’s a reason that I invested so much to go hang out with successful entrepreneurs who make more in a month than most people make in a year.
The biggest predictor of your success is your environment.
So if your goal is to make 30k/month but you never talk to anyone who makes 30k/month… good luck with that.
That’s basically the equivalent of saying you want to run a marathon and hanging out at the video arcade instead of the runners club.
Being in the right environment will normalize the goals you want to achieve which will help you take the actions needed to get there and show you the roadblocks to expect along the way.
Having this roadmap is priceless and can literally shave years off your path to success.
If you’re ready to upgrade your environment and get insurance that your actions are leading you towards success, the easiest first step is getting clarity around where you are now, where you want to go, and the first step you need to take. You can do that here.