We start this episode with a number of stores I visited just yesterday in downtown Kernersville, NC. We encourage you all to shop local and find your friends and family unique gifts they can't buy at Walmart or any other chain. Then we dive into some updates and the top 10 business secrets to help you launch your dream.
10 Things I’ve Learned In Business
- 1. Extreme Ownership. As owner of the business, as leader of the business, CEO whatever you call yourself, you are 100% responsible for the outcome. Even if you employee 10, 100, or 1,000 people. If there is miscommunication leading to failure, that miscommunication is your fault. No excuses. Just accept your responsibility.
- 2. Have a plan. He who fails to plan, plans to fail. Have a plan for your company name, brand, tax filing status, registration of your business name, logos, etc. You don’t have to go over in depth with your plan but you need to plan the most important details. Your why, the solution you are proposing for the problem you have faced, the value you plan to give, how you plan to make money, who your target audience is, and how you plan to facilitate getting your value out to your target audience.
- 3. Keep your business funds separate from your personal funds. Two separate checking accounts. It’s easier to track. Download apps like every dollar, quickbooks, and other apps to help you track expenses and mileage, etc.
- 4.Don’t let fear of failure cost you everything. Don’t take away opportunities to grow yourself and your business because you are afraid of failure. The only way to gain new opportunities and to grow is to say yes to new experiences, things that scare you, and stuff that places you way the hell outside of your comfort zone.
- 5. Failure is a good thing. We have grown up believing the exact opposite because that’s what we have been taught, that failure is bad. Failure is how we learn. You actually want to fail, hard, fast, and a lot while you are young so you can have the wisdom and experience to develop and scale your business as you get older. Take those risks while you’re young and have time to recover.
- 6. “Never invest in a business you can’t understand. In business, if it sounds too good to be true, it usually is” - Warren Buffett
- 7. If you have problems in your personal life prior to starting a business, those problems will be amplified upon launching a business. I.E. if you are experiencing marital problems before, they’re not going to get any better by adding more stress of owning a business. You have to invest in personal growth before and during the process of owning and running a business.
- 8. Always know how to do every facet of your business. Be capable of understanding every single detail of daily operations. That doesn’t mean do everything yourself. In fact, just the opposite. If you have the financial means, hire someone to do what you don’t have time to. But be familiar enough with how to do their job that you are not left in a pinch if they quit or you have to fire them. “You can’t make a good deal with a bad person” - Warren Buffett. Be worthy of the deals you make.
- 9. “Losing some money is an inevitable part of investing and there is nothing you can do to prevent it.” - Warren Buffett
- 10. Have patience. Building something of value takes time and takes patience. “No matter how great the talent of efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.
Books to read
- Extreme Ownership - Jocko Willink and Leif Babin
- My Warren Buffett Bible - Robert L Bloch
- 80/20 Principle - Richard Koch
- The effective Executive - Peter F Drucker
- Ready, Fire, Aim - Michael Masterson
- Good To Great - Jim Collins
- The Lean Startup - Eric Ries
- The 4 Hour Workweek - Tim Ferris
- Originals - Adam Grant
- Start with Why - Simon Sinek
- The Hard Thing About Hard Things - Ben Horowitz
- Crushing It - Gary Veynerchuk
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About the Show Host:
Megan James is the Founder of Legacy Lifestyle Coaching, a company dedicated to Lifestyle Design. She has an extensive background in life coaching, business coaching, and career coaching. Megan has designed a life she's proud of but she's not planning on stopping there. Now Megan intends to take her skills and knowledge gained through her personal and professional experiences and share them with you! If you like the show, please subscribe! Follow our Socials! Facebook (Podcast): https://www.facebook.com/The-Megan-James-Show-2336167713274705/
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