Business Lunch Billion Dollar Bullseye with Jonathan Cronstedt
In this episode, we will hear the story of Jonathan Cronstedt, also known as JCron, who went from bankruptcy to building a $2 billion company. He is going to share with us about the book he is writing: Billion Dollars Bullseye: My 7 Almost Never Fail Double Unicorn Strategy and will discuss valuable lessons for all people involved in the business.
JCron also shares his journey with Kajabi, which he helped grow from a $6 million ARR company with 25 employees to a $2 billion valuation with over 400 team members. He discusses the challenges of dealing with success and how he struggled to figure out what to do after achieving such a significant milestone.
Key takeaways:
[00:00:12] Roland Frasier introduces Jonathan and shares his background story.
[00:03:31] JCron talks about the impact of working with Roland, his generosity, and how he has influenced his business life.
[00:07:56] The first three areas to focus on are foundational: purpose, profit, and product. Without these concepts, the business will not scale. Everything else serves as an amplifier.
[00:20:55] Building in public allows you to move from a push strategy to a pull strategy. It attracts people to your business and helps articulate and optimize your purpose. This will be the biggest trend of entrepreneurship in the coming decade.
[00:22:57] Profit is essential in your business, and knowing your numbers is key to making intelligent decisions.
[00:27:33] Product is the single biggest lever in your business, and having a distinguished product and service is crucial for success.
[00:28:59] The prestigious customer experience was an amplifier that changed the game for Kajabi.
[00:43:40] Persuasion: Persuasion is an amplifier for your business, and it should pick up where marketing leaves off. The ultimate persuasion framework is based on Blair Warren's quote: "People will do anything for those who encourage their dreams, justify their failures, allay their fears, confirm their suspicions, and help them throw rocks at their enemies." Persuasion is about getting people intellectually engaged and emotionally charged to take action.
[00:47:49] People: The final area of focus is people. To attract and retain A players, you need to have solid systems in place that support your people strategy. Hire slow and fire fast, and use "good goodbyes" to give people a respectable send-off when the business has grown in a different direction.
[00:51:00] Conclusion: By focusing on purpose, product, profit, promotion, persuasion, and people, you can expand your target and hit your billion dollar bullseye.
[00:53:28] Answering participant questions.
[00:59:00] Jonathan advises focusing on your internal purpose to guide you through an existential crisis.
[01:04:42] Roland Frasier emphasizes the importance of having a continuity of purpose in entrepreneurship even after the exit of a business. Having multiple businesses that one enjoys can provide continuity of purpose.
[01:09:23] Jonathan Cronstedt answers a question on retention and emphasizes the financial and product functions of retention in a business. He also talks about net dollar retention as the holy grail of a business.
[01:12:04] The inflection points for raising capital are driven by intellectual capital needs and industry changes, not financial needs.
Ask Roland and Ryan a question HERE.
RESOURCES:
Thanks so much for joining us this week. Want to subscribe to Business Lunch? Have some feedback you'd like to share? Connect with us on iTunes and leave us a review!