How To Be The Best Entrepreneur In The World

In this video, I'm going to talk about how to be the best entrepreneur in the world and the five things you absolutely have to do to be that. In this video, we're going to talk about the five things that are absolutely going to make you the best entrepreneur in the world. How do you work smarter versus harder? You hear that weird cliche, but we're really going to talk about how that works. And then two things that you absolutely must do. Absolutely. They are like 9-1-1s if I was an entrepreneur out there. And I know it's what's made me the best in the world. So let's go. So let's begin with the five things that are going to make you the best entrepreneur in the world. And you have to know them and you have to know them probably from a mentor because you're not going to be taught, even in school. My son is in a finance, accounting, management, triple major, constantly texts me and says, mom, still not being taught. He's going to be a senior this year, by the way, still not being taught what you teach. When will I ever be taught what you teach? So here are the five things, write them down. You have to understand cashflow. You have to, you're not going to do a business just because it feels good, right? At some point you got to make some money and ideally you make a lot of money. So you have to understand cashflow. How do you get cashflow? Well, you got to understand marketing. You have to understand sales in an entrepreneurial style. A lot of times you'll take, you know, the, the five P's of marketing and, you know, really traditional theory from theorists and universities who never run a company. So entrepreneurial marketing, entrepreneurial sales, entrepreneurial leadership. So one of the biggest things you'll ever do is how do you lead the team that you're going to hire? Because that's how you actually then get to the next steps, which are working smarter and all of that. So we'll get to that. So how do you understand cashflow? Well, the easiest part is obviously you make more money than you spend. Now I actually break that down. And at the end of the video, I'm going to tell you a quick little formula that I made up. I'm going to share it with you on how I manage cashflow every day. And it comes to my screen, um, on a dashboard. And I know cashflow of every company that uses this tool. You'll get it at the end. Let's talk about it. What is cashflow, right? It's all the money that you're making, but let's be really clear in a business. You have to track which merchant provider it's coming from. So if you have a variety of merchant providers, you know, you have Square, you have Stripe, you have PayPal, all potential money coming in through contracts. Cause a lot of times it doesn't hit your bank account coming soon. And I really want like daily, this isn't just bank balances. This is projected money coming in, right? This is all the money, different sources coming in. It could be any contracts that you have for cash that you know, that you can run that money. It can be any AR, right? Accounts receivable. So you can actually document that. So in a really thorough, comprehensive, where is all the money coming from? And it should be a variety of sources and a variety of, you know, inputs into the bank account. You want those all documented. And so you want to pace with those. A bookkeeper does all this work for you, by the way, you want to pace with all that money's coming in, where it comes from. And then you really got to manage where it's being spent. So a lot of times you take your employee or, you know, your sole proprietor, individual hat, and you apply it to being a great entrepreneur. It doesn't work that way. If you want to be the greatest entrepreneur in the world, you manage cashflow. Like, um, you know, when they say cash is king, I say cashflow is queen. So it is the height of what you need to be doing, especially if you have a lot of moving parts and a lot of activity in your, in your companies, you want to manage where that's all coming into. A strategy I use is at the bank, you can actually go open a variety of accounts, right? So I have clients that have their main operating account, maybe a web account, where all the money's coming in from the websites, an affiliate account, money coming in from other affiliates and joint ventures, maybe a payroll account, because that's when you're going to spend out of. So use your banking system and your bookkeeper to help you organize this. So you want to know where money's coming every day and then how's it being spent. And again, using old habits, isn't going to work. So you want to break it into the four weeks of the month. Not everything needs to be paid on the 1st and the 15th. That's an old employee thing. As an entrepreneur, you want to look at one day a week where you're going to pay bills. So you're accumulating the cash for that day. You want to make sure it's adjustable. And even if you can make the payment, I would call through and organize that you can make minimum payments on those days. So every week you're making payments, right? And paying bills versus twice a month. It's going to help organize your cashflow. It's not going to be such a drain on the liquid accounts and the cash that you do have. So strategize where it's coming, when it's coming, how you pay. And again, even if you can make the whole payment, which I'm going to encourage you to make the whole payment, set yourself up for success to do just basic and minimum payments. As much as you can, you want to put it on auto pay. So there's cashflow in a tiny little nutshell, critical that you watch it every day. Now what creates cashflow? Sales. So where's your marketing? Where's your sales? So marketing is about getting new leads, people interested in you. And for a lot of you, especially in today's era, I hear a lot of people say, well, I have all these followers. Followers do not equal a database. I can promise you. Followers on any of these social channels, you could be taken out for a day. You could be taken off completely. I've had clients that are, you know, they've got some pretty robust conversation and they've been taken off social platforms. So if your business is operating on certain social platforms, followers is not going to be your game. And either way you want to put them in a proper database. So we use a database. I'll give you that link at the end to got lots of goodies at the end. And I'll give you a link to go get the exact one I've used for decades. And it has made me a world-leading entrepreneur. I sell the most in the world for that company. It's not even my company. You say, why do you do it? Cause I need data as a coach, as a mentor. I need your data. I need your marketing data. I need your sales data, which is your money. Marketing is about moving people from all these followers, right? From as many social platforms, doing a lot of different marketing, moving into a database and then selling them. And when you sell, like I always teach sell to serve, right? It's really a serving behavior. If you know that you're really good, you have a product or a service and you're really good at it, you're not selling them, you're serving them. So I need you to really like own your expertise, own the products and service of your company and get out and make sales every day. So again, hand in hand with that cashflow statement in your sales report, you're going to be seeing where your cashflow goes. A lot of times, um, and Michael Gerber again said it best in his e-myth book, you may be the greatest pie maker, but pie makers don't make business owners. So I'm making you a really good business owner at the thing that you're good at. So understanding cashflow, marketing, and sales all goes together in one big conversation about how many leads your conversions to lead, your conversions to sales. As you get more technical, you can take all this online to your platforms and even track your conversions of videos, your conversions of webpages. Super simplistic in my teaching, we can dive deep once you're a client into all of the nuances of that, but critical, you set those things up. Now let's talk about the fourth one, just as important. I don't know that one of these five is, uh, above others, but entrepreneurial leadership. Now, if you've come out of corporate America, which I had a few minutes over at Chevron, I was put through some rigorous training. And right now the rigorous training, a lot of you, the corporations are requiring people to go through that tells you what I think about them. Um, but I remember going to like leadership and management classes. Cause I had a lot of people reporting to me when I worked, uh, at Chevron and there are very formal classes about how to manage people, how to find their personality and how to do all that stuff. Very different when you're an entrepreneur, cause most of the entrepreneurs, you know, folks that you're going to be leading are your peers, right? You're leading your CPA, you're leading your trust advisor, you're leading your corporate specialists, you're leading your marketing experts. It's a peer to peer relationship of contractually bound people. It's very different than what I call, you know, the paycheck and the gun, right? So if you're an employee, I have, you know, I call it your, your, a gun to your head called your paycheck. And you'll do what I say. That doesn't mean you're going to perform. But if we're in a contractual relationship, which is entrepreneurial leadership, you have a contract. I have a contract. We have to perform to work together. It's a very different level of upleveling your respect, your conversation, really your communication skills. If you're going to do the next thing I'm going to talk about, which is work smarter versus harder, you're going to have to hire some people. And when in that beginning part of being a world-leading entrepreneur to hire, and I can tell you immediately, one of the biggest mistakes I see every entrepreneur make is they don't hire fast enough. It's like, well, one more month, a little more cashflow. Well, what creates more cashflow, more sales? So where are you as the lead of this organization, pushing on sales and making sure that you have enough revenue. And there's a point in your cashflow as a new entrepreneur, or even a world-leading entrepreneur, as you hire more people, you know, a lot of that cashflow is going to pay more people. You personally aren't going to feel like, oh, I have all this more money to go invest in new things. Cause there'll be a period where you got to ramp up your team. And a lot of the money you're spending is going to the new employees and your new teammates. So there's a psychology to that, that I find a lot of people, if you haven't had experience in leading and hiring, that you back away from that. Cause all you look at is the bill, right? Oh my gosh, it's going to cost me 2,000 a month, 4,000 a month, 10,000 a month. You say, I can't, I can't afford those people. And I'm going to tell you, you can't not afford those people. You've got to push on all of these are, think of these five as a Rubik's cube, right? Even though there's not five sides to it. I mean, put team and leadership together, call it a Rubik's cube. They have to work together. Your sales is going to influence your cashflow, your marketing influence your sales, and your ability to lead all of this with the right team affects it all. So those are the five things that will make you a world-leading entrepreneur. If you just focus on those five, which is what I'm going to teach you to do. And what I do, you're going to have a home run. You're going to have a home run business. I'm going to get you past that six figure mark as fast as we can. Now, if you're loving this content, give me some thumbs up, like go, go, go. Um, super easy for you. Just go and do it like, you know, a hundred times. Helps me a lot. Tells you to please show this video. Cause I don't believe young entrepreneurs, new entrepreneurs, or even entrepreneurs who they've been doing stuff for a long time. Any of these five can create some refreshment in your energy. Let's talk about smart versus hard. So everyone thinks that work is like be, you know, having to do the work. And there is this period of being an entrepreneur where yes, you probably could do it faster. You probably could do it better. That's not going to help you train people. It's not going to help systemize or put any SELPs into place. So if you're really going to start like working on being smarter, not harder, you put systems in place. You put your team in place. I always say systems and team will change your life and it will change your psychology. Here's a homework assignment I'm going to give you. I want you to design your org chart of your company, what you want it to become. And guess what? You have no place in the entire organization. You could maybe be the chairman of the board. You can maybe be a trainer where you can insert, but you are not necessary every day. So then you got to say, well, what would you be doing? That's our next conversation in a wealth building. I'll teach you that, but working smarter versus harder. It's a bigger transition than a lot of you think. So before I get to the end, again, I want you to subscribe, watch me every day, get a notification. And then when you get it, I want you to be so excited. It's like, oh my gosh, I wonder what Laurel's going to say today. I can't wait till you're that person. It'd be super fun. And then you can actually put in the comments what you want me to talk about. And then I'll talk about them. Isn't that amazing? We're in this great relationship. So the last and final, like critical, and it's made me a world-leading entrepreneur for a very, very, very, very long time. It's two things. You'll be shocked at them. It's consistency. I'm amazingly consistent, consistent in personality. I'm just as funny and sarcastic here. Well, at least I think I am. As I am at home, as my kids, I don't change. I am not somebody to the camera and somebody else in my personal life. Well, first of all, entrepreneurs have a life. We have a person, you know, you don't have two lives, personal and professional. You have a life. So integrate it. That'll take, you know, a ton of time off your hands, but consistency is critical. Consistency to your family, to your audience, to those audience who then become clients, to your team members. Consistency allows trust and reliability. So what does that provide for your teammates? My teammates pretty much know how I'd make a decision, how I would do a deal, how I would cut percents. They know a lot about how I would do decision-making. So again, you get to work smarter because you're training a team of people and you're consistent. It's the inconsistent entrepreneur or owner. You make a decision this way. The next day it's this way. No one can follow an inconsistent leader. It makes no sense. Plus, you can't trust them. And the other side of it is you've got to live your life through the lens of yes. So you have two choices. It's yes or no. I live my life through the lens of yes. Yes, I want that. Yes, I'm going to have a great day. Yes, I'm going to have an amazing, you know, whatever I'm doing. A lot of you, because of the way you were raised, blame your parents for a minute. Now it's all about you. You're an adult. You live your life through the lens of no. Everything is no or it's not possible. I don't have time and blah, blah, blah. You live your life really like clinging onto comfort. Well, clinging at comfort is never going to make you a world-leading entrepreneur. Honestly, it's not even going to make you a fun person to hang out with. So live your life through the lens of say yes and figure it out. So to do all of this and be a world-leading entrepreneur, I put together 21 cool ways to create wealth. So pick and choose those you want. I want you to click on the link below. It's in the description. It's called 21 ways to wealth and you pick and choose. Ideally, I want you to do all of them, not all in one day, but you know, take a few months and integrate them all into your life. And before I leave, I have promised you one more thing. So the database that I've used since the beginning, and I actually made some mistakes. I left and I went over to another database. I came back, went to another database. I only had to do that twice. Data moving is a problem. You lose data, you lose momentum. So I went back to where I started and I have a link. It gives you the best deal in the world. Click on the link. It will take you to a webinar to explain how the database works and why it works and why like the data you can get out of it for cashflow analysis is phenomenal. Done right. So click on the link, go get this database, stop followers and start a database. Bob Proctor told me the person with the greatest monetized database will win. I have an enormously monetized database. So go get my link, enjoy, build a business, be world leading, all those things. Bye.