Entrepreneurs Can’t Move Forward With Costs, Only With Investments

Entrepreneurs always want to be moving forward. What determines whether they’ll be able to is their understanding of the difference between cost and investment. In this episode, business coaches Dan Sullivan and Shannon Waller talk about the growth mindset that lets you improve for the rest of your life—versus the mindset that means you’ll forever be stuck right where you are.

Here’s some of what you’ll learn in this episode:

• The reason why small entrepreneurs are small entrepreneurs.
• Why you won’t get a return on investment if you think of team members as a cost.
• Why becoming a Strategic Coach^® member isn’t a cost, but an investment in yourself.
• Why it’s dangerous for your team members if you think of them as a cost.
• How to switch from operating in costs to operating in investments.

Show Notes:

Some entrepreneurs have essentially only created a job for themselves that doesn’t go anywhere.

If you see hiring people as a cost, you might just do all of the work yourself.

When entrepreneurs do everything themselves, 90% of what they do doesn’t actually make sense for them to do.

Investing in team members means you’re freed up to do better work, and that will easily pay for the investment.

When you hire someone, you’re investing more in yourself than in the other person.

If you consider someone to be a cost, that person will know it.

Making an investment is a risk, and it can require courage.

Someone who treats other people as costs treats themselves the same way.

With an investment, you'll put an enormous amount of thinking into it to guarantee that it’s successful.

When you’re making an investment, have a goal for the return and a deadline for that goal.

Resources:

Casting Not Hiring by Dan Sullivan and Jeffrey Madoff