The Money. The Power. The Cars. The Houses. These are all the things that are usually associated with a successful business mogul. Unfortunately, these are the exact same things that naively inspire people to chase the dream of building their own business empire. In my opinion, this is terribly wrong and will most likely cost you more money than it will make you. The truth about running your own business is that it is HARD and unpredictable. Steve Jobs once stated that people who get jobs are the smart people and the entrepreneurs are the crazy folks. After years and years of triumphs and setbacks I am beginning to think he is right. However, if you still think you are ’bout that Mogul Life, then read on.
The first thing I will say is that you need to live by the lean business model practices with every project you start. You will fail sometimes. So fail fast! What do I mean by fail fast? I mean that you should always be learning and taking notes from your failures. Never make the same mistake twice. I have noticed that this is one of the traits that make the experts so valuable. They have personally made the mistakes and learned well from them. So when a project does not work out for you, its not simply “On To The Next One”. Take the time to assess where you possibly went wrong and be sure to address those same issues while brainstorming for your next project. Otherwise, you will get caught up in an endless loop of failure.
My other golden piece of advise is, plan, plan and plan some more. Things will constantly change while you are clawing your way to mogul status. Thus, you really have to assess your current situation and plan how you will move or execute. Although you can’t be reactive to every little issue that comes your way, this level of planning will allow you to be effectively agile with your business. Don’t take the last statement lightly! This is extremely important in today’s face paced business world. Make it a habit to take time on Sunday to plan how you will take over the world in the upcoming week. Be detailed and put timelines on your action. Then take the time at the end of every work day to plan out how you can effectively accomplish the smaller action items you set for the next day. If you run into issues call a small audible for the next day. Be sure to scratch all the items that you completed off of your to do list. This should have you on a real path to success.
Last but not least. Reward yourself and celebrate your accomplishments no matter how small they are. Don’t go overboard and buy a new house or obtain new debt. A simple upscale dinner, a day off or a night out on the town will all help your brain realize that you are making progress and moving forward to living that mogul life. Keep this up for the next year or two and you can start to queue in the…The Money. The Power. The Cars. The Houses.