Personal and business reinvention doesn’t always have to be painful. Virtually every billionaire entrepreneur has a “Phoenix Rising” story about how they made and lost millions before they had their big break.
Mike admits he’s rarely spoken publicly about it for fear that his customers and employees would abandon him, but he’s been on the edge of financial disaster more times than he cares to admit.
Learning how to predict, anticipate, or control the variables or learn how to live and deal with the stress of building and growing a company is what determines the character of an entrepreneur. Resilience!
The thought of leaving behind what you have in order to do something different can be scary, but it's something that practically every entrepreneur has been forced to do because a market or entire industry changes or disappears. In this episode, Dan Sullivan and Mike Koenigs talk about how reinventing yourself is a logical and necessary step, and how it can benefit you and others.
Here are a few key points Dan and Mike talk about:
The products we want: An interesting distinction Dan and Mike have found is “we all write the book we need to read” and “we all make the products we want to buy.”
Transparent and honest: Your objective as an entrepreneur (and both your personal and company brand) is to be as transparent and honest as possible in such a way that someone is attracted to and sees all aspects of you in a very authentic way.
For others: You can direct the capabilities and strategies you've acquired toward helping other people do what you've already done for yourself.
Fewer and deeper: It might be that you can impact a lot more people by impacting fewer people more deeply. Transformational products, services, and brands don’t always require “narrow and wide” market penetration to cause massive change.
Personal realm: Often, the biggest catalyst for growth in an individual comes from igniting a personal transformation.
Who you are: When you figure out your greatest value as a human being, you can get paid for who you are as opposed to what you do or what you know. This requires constant tweaking and market testing.
Keeping score: Not everything in business is about money, but money can be a way of keeping score.
Reacting and adding: Being a great entrepreneur means reacting and responding to the marketplace and trying your best to add some scientific principles and wisdom.
Reinventing ability: As an entrepreneur, you have the ability to reinvent and to rewrite the rules of who you are and how you're going to behave.
Without prep: If you're cooperating and creating with the right people, you can create magic without very much preparation. Dan and Mike are both big improvisers and have managed to create businesses that thrive on their unique capability to create on the fly and produce products and services their clients love to buy.
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