Have you ever looked at successful entrepreneurs and thought “I wish I had that kind of money”? If you said yes to that question, then congrats, you’re part of the rat race.
What do I mean by that? Well, urban dictionary articulates it pretty well.
One of the most common denominators among those in the rat race is they look towards people with bigger bank accounts and long for the day they can have the same.
“If only I was making $15,000 a month without doing any work like all of them.”
“If I made that much I’d retire and live in a (ridiculously luxurious) beach house in Miami Beach and have zero problems.”
“I can’t believe he spent $50 million on that mansion; imagine how many people he could have fed with that money!”
The problem with this mentality is it undermines the sacrifice and hard work every successful entrepreneur goes through. It values the result more than the process. Let me explain:
The Mindset of Somebody with A Lot of (earned) Money
Here are some quotes that speak for themselves.
Don’t start a company unless it’s an obsession and something you love. If you have an exit strategy, it’s not an obsession.
Photo from Business Insider
“Until your mission is an obsession, nothing will change.”
See the common denominator? It’s all about your focus and the amount of time you put into your goal.
You might as well throw all your talent out the window if you aren’t focused on what you’re doing. Whether it’s losing weight or gaining your dream car, you need to be obsessed with that goal.
Let’s take an owner of a construction company that remodels homes for example. He wants to grow his business, but he doesn’t know how to get remodeling jobs consistently and predictably. He can be the most skilled home remodeler on the planet but if he doesn’t know how to secure work, what good is it? Many will point to better marketing and sales as the solution for that situation and ones similar to it, but what’s the root of marketing, sales, and operations? An obsessive work ethic.
What’s the Secret? Just Tell Me!
The difference between successful and unsuccessful entrepreneurs is…
I know, what a mundane concept to get hyped about, right? The truth is the routines you have and the way you manage your time is the biggest factor determining your success. There’s no use having all the talent, skills, knowledge, connections, etc. if you’re not built with an above-average work ethic.
Routines = Results
Before talking about what it takes to have a winning schedule, we need to go over a very serious phenomenon called imposter syndrome. Many people get so caught up in what famous motivational speakers do or what their favorite entrepreneur says that they decide to do exactly what they do. But in reality, you don’t want the same things other people want, so why would you try to replicate what other people do?
So it’s established that authenticity is important, but now what does a winning schedule look like?
As mentioned earlier, you need to be obsessed (in a good way) about your dreams and goals. And you need a clear plan that get’s you from where you are today (Point A) to where you want to be in the future (Point B).
Example of a Winning Routine
Sticking with a similar example as earlier, if you’re an owner of a construction company hoping to grow your construction business, you need to have a specific plan that’s as detailed as possible. First, you’ll learn the fundamentals; how to find construction leads, how to bid projects, how to close them successfully, and how to manage the project so it runs as smoothly as possible. And after absorbing all that knowledge it comes down to the execution.
When it comes to creating a checklist for your goal, it’s best to work backwards. So let’s start with the goal of being a successful contractor and work our way down by continually asking, “what do I need to do this?”.
3. Successful contractor making $100,000+/year.
2. Generate $1M/yr of revenue at 10% profit margin.
1. Sell 10 projects per month at average of $100k per project.
There’s an example of a clear-cut, number driven plan for being a winning contractor. Your goals may be different, but this gives you a solid foundation for how to organize your success routine.
Tying Everything Together
Hopefully, you got some value from this piece. When you boil it down, it’s all about your time management and your level of obsession with your goal.
Time management isn’t as flashy as being the ultimate salesperson that can make anybody doing anything, or having the most advanced automated system handling all your work, but I’d argue it’s much more important, if not the most important factor determining the success of not just entrepreneurs, but anyone with a dream.