From the archive: This episode was originally recorded and published in 2020. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.
Gino Wickman has been an entrepreneur since age 21. He is the founder of EOS Worldwide, and author of Traction. He is also the founder and author of Entrepreneurial Leap, with a mission to help 1,000,000 entrepreneurs-in-the-making over the next 10 years.
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Resources
Entrepreneurial Leap – Check out Gino’s new book and other free resources!
Entrepreneurial Leap on Amazon – Do You Have What it Takes to Become an Entrepreneur?
3 Value Bombs
1) Be a creative problem solver and be an optimist. See solutions instead of dwelling on problems.
2) You make decisions and are rebellious. You are willing to fail, but you do not intend to fail; you understand that failure is a part of the process.
3) In business, you are going to have 2 great years, 6 good years, and 2 terrible years. Be prepared and have at least 6 months of cash flow for your business and yourself.
Sponsors
BELAY: If you’re looking for highly vetted, US-based fractional virtual contractors, then check out BELAY! Learn how to reclaim your time and save 15 hours per week by mastering the powerful tool of delegation. Text FIRE to 55123 to get started!
HubSpot: HubSpot’s all-in-one CRM helps you automate tedious tasks, keep track of all your deals in one place, and make sure your whole team has access to the same data. Get started for free at HubSpot.com!
Show Notes
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: The Entrepreneurial Leap: Do You Have What It Takes To Become an Entrepreneur? with Gino Wickman
[1:11] – Gino shares something interesting about himself that most people do not know.
- Most people would think that he is an extrovert, but he is an introvert.
[2:44]- The 6 Essential Traits of an Entrepreneur:
- Visionary – You have lots of ideas, and can put things together.
- Passionate –You have a passion for your product, service, or the thing that you want to bring to the world.
- Problem Solver – You’re a creative problem solver and an optimist. You see solutions instead of dwelling on problems.
- Driven – You have a sense of urgency.
- Risk-taker – You make decisions and are rebellious. You are willing to fail, but you do not intend to fail; you understand that failure is a part of the process.
- Responsible – You blame no one, and you take full responsibility.
[8:15] – #3 Problem Solver
- As an entrepreneur, you constantly run into setbacks. Instead of waiting for the problem to go, you get fired up and are ready to solve the problem.
[10:36] – #5 Risk-Taker
- As an entrepreneur, the one risk you take is when you start your business and take that entrepreneurial leap.
[12:13] – What is an Entrepreneurial Range?
- You can picture the Entrepreneurial Range as an arc.
- On the far right side of the arc – True entrepreneur
- On the far left side of the arc – Self-Employed
- No matter where you are at in that range, you are taking a risk; if you have the 6 Essential Traits of an Entrepreneur, then you are unstoppable in being an entrepreneur.
[14:34] – Gino talks about The entrepreneur-in-the-making assessment.
- Entrepreneurial Leap – Go to the website, take your free assessment, and get your results!
- It will help you determine and decide if you are ready to take the Entrepreneurial Leap.
[17:15] – A timeout to thank our sponsors!
- BELAY: If you’re looking for highly vetted, US-based fractional virtual contractors, then check out BELAY! Learn how to reclaim your time and save 15 hours per week by mastering the powerful tool of delegation. Text FIRE to 55123 to get started!
- HubSpot: HubSpot’s all-in-one CRM helps you automate tedious tasks, keep track of all your deals in one place, and make sure your whole team has access to the same data. Get started for free at HubSpot.com!
[19:13] – Gino shares a glimpse of what it looks like to be an entrepreneur.
- The 2nd part of the book, Entrepreneurial Leap, talks about a glimpse. It paints a vivid picture for an entrepreneur in the making.
- It helps you see in advance what the life of an entrepreneur looks like so you can make the right decision for yourself.
- You can also learn about a “Day In The Life Of An Entrepreneur”.
[20:04] – The 8 Critical Mistakes Entrepreneurs Make:
- Not having a vision
- Hiring the wrong people
- Not spending time with your people
- Not knowing who your customer is
- Not charging enough
- Not staying true to your core
- Not knowing your numbers
- Not crystalizing roles and responsibilities
[24:31] – #5 Not charging enough:
- Watch Casey Brown’s Ted Talk – know more and learn about pricing.
- Add 20%.
[26:56] – #7 Not knowing your numbers:
- 10-Year Business Cycle – In business you are going to have 2 great years, 6 good years, and 2 terrible years. Be prepared and have at least 6 months of cash flow for your business and yourself.
[29:20] – What is the path to becoming a successful entrepreneur?
- Gino created a path that will help you be prepared to find your passion, find a mentor, learn the 8 Disciplines for greatly increasing your odds of success, and the 9 Stages of growing your business.
- Once you take the Entrepreneurial Leap, the 6 Essential Traits will help you evolve.
[31:44] – Gino’s call action.
- Entrepreneurial Leap – Check out Gino’s new book and other free resources!
- Entrepreneurial Leap on Amazon – Do You Have What it Takes to Become an Entrepreneur?
[33:27] – Thank you to our Sponsors!
- BELAY: If you’re looking for highly vetted, US-based fractional virtual contractors, then check out BELAY! Learn how to reclaim your time and save 15 hours per week by mastering the powerful tool of delegation. Text FIRE to 55123 to get started!
- HubSpot: HubSpot’s all-in-one CRM helps you automate tedious tasks, keep track of all your deals in one place, and make sure your whole team has access to the same data. Get started for free at HubSpot.com!
Transcript
0 (2s):
Boom. Shake the room, Fire Nation, JLD here and welcome to Entrepreneurs nn Fire, brought to you by the HubSpot Podcast Network with great shows like Duct Tape Marketing. Today we're pulling a timeless Eel fire episode from the archives, so the giveaway may not be active and will be breaking down the entrepreneurial leap. Do you have what it takes to become an entrepreneur? To drop these value bombs? I brought Gino Wickman into EOFire Studios. Gino has been an entrepreneur since he's of 21. He's the founder of EOS Worldwide and author of Traction. He's also the founder and author of Entrepreneurial Leap with a mission to help a million entrepreneurs in the making over the next 10 years. And today, Fire Nation we’ll talk about being a creative problem solver and an optimist.
0 (43s):
And I love this. In business, you're gonna have two great years, six good years and two terrible years. Be prepared and have at least six months of cash flow for your business and yourself. Wise words, Fire Nation and so much more. And a big thank you for sponsoring. Today's episode goes to Gino and our sponsors. If you're looking for highly vetted US-based fractional virtual contractors, then check out Belay. Belay is exclusively offering Fire Nation their latest e-book delegate to elevate for free. Learn how to reclaim your time and save 15 hours per week by mastering the powerful tool of delegation Text fire. That's F i r e to 5 5 1 2 3 to get started.
0 (1m 24s):
Outbound Squad hosted by Jason Bay is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. Tune in for convos with leading sales experts and top performing reps to help you land more meetings with your ideal clients. One of my faves, The Monthly app with Jason Ethan where they share hacks, tips and tricks. Listen to Outbound Squad, wherever you get your podcasts. Gino say What's up to Fire Nation and share something interesting about yourself that most people don't know.
1 (1m 56s):
You bet. Well, hello Fire Nation. And something about me most people don't know is that I'm an introvert. So, most people would think I was an extrovert in all that I do in putting myself out there to the world. But at the end of the day, I'm a true card caring introvert.
0 (2m 12s):
You know, Gino, and maybe we can talk about this at some point in the interview if it comes up, but I would honestly say that nine out of 10 entrepreneurs identify themselves as introverts. Yeah.
1 (2m 23s):
And I would, I don't know if it's nine outta 10, but I believe it's most as well
0 (2m 27s):
It's up there. I mean, you know, it's something to, I think, cause I think there's a scale. You know, I feel like there's people that might be like 60% introvert, 40% extrovert. It's not just like a hundred percent one way or the other. Like just because you know, you'll like to Netflix and chill by yourself every now and then. Doesn't necessarily mean you are a card carrying introvert Fire Nation for everybody out there. So there's a range. I I'm, you know, I'm definitely in that higher range of being an extrovert, but at the same time, hey, I like to go on walks by myself. You know, I like to be in the hammock with nobody talking to me for stretches at at a time. So I definitely have my introvert phases as well. Sure. So we've already done a little teaser, Gina about what we're talking about today.
0 (3m 8s):
A lot of exciting things. And as Fire Nation knows, we're talking about the entrepreneurial leap. Do you Fire Nation have what it takes to become an entrepreneur on fire? So let's dive in Gino. I wanna talk about the six essential traits of an entrepreneur. Let's break those six down and then do a deep dive into a couple of
1 (3m 28s):
'em. You bet. And to create a little context, this book is written in three parts. I call it confirm glimpse and path. And so what we're about to talk about is that first part of the book that is first confirming if you are an entrepreneur in the making before we even get into talking about you taking your leap. And so in that, I believe there are six essential traits that every true entrepreneur possesses. They are visionary, passionate, problem solver driven, risk taker, and responsible. And we can go as deep into any and all of those. If as you'd like, this
0 (4m 6s):
Is what I wanna do. I wanna at least have one or two sentences on each one of those six. And then after we go through all six, just based on those one or two sentences, I wanna pick one or two to dive a little bit deeper on. So start with visionary.
1 (4m 21s):
Love it. And so here's what I ask. So as the listener is listening, I want you to really kind of do a checkup on yourself as I kind of do a riff through these six essential traits. A and just kind of get a feel for if this describes you. Because again, this describes all true entrepreneurs. Here we go, visionary. And so visionary means that you have lots of ideas, you're able to connect the dots, you have this sixth sense, you see things that other people don't see. You are able to kind of see around corners and you're able to kind of put things together.
1 (5m 1s):
Number two is passionate. And what I mean by passionate is passion is really passion for your product or your service or that thing that you wanna bring to the world. You have strong belief, there's a void that you wanna fill in the world. You wanna put a dent in the universe. You have what's known as a reality distortion field as Steve Jobs was accused of having. Number three is problem solver. And problem solver is that you lean into problems. You are a creative problem solver. When you get hit with a setback, you lean into that setback, you're an optimist by nature. You see solutions where most people see problems.
1 (5m 44s):
Number four is driven and driven. Very different than passion. Where passion is about your product service. The thing you're bringing to the world driven is this internal fire that you've always had. This sense of urgency, this competitive nature. You want to succeed, you are self-motivated, you hustle, you love working hard. Number five is risk taker. And risk taker just simply means you don't freeze when it comes time to make the tough decision. Your rebellious, you have a rebellious nature, you're willing to fail, you don't wanna fail, you don't intend to fail. But you know that failure is all part of the process and you will make those tough decisions and risk failing to ultimately achieve your objective.
1 (6m 32s):
And you tend to be the kind of person that begs for forgiveness instead of asking for permission and then responsible. The final one is that you blame no one. You take full responsibility. There are two types of people in the world. You can line everyone up in your life. There are the people that take responsibility when something goes wrong. And there are people that blame everyone else when something goes wrong. And so you default to looking in the mirror when something goes wrong. And I heard a great line just a few weeks ago from one of our EOS implementers and the essence of responsibility is if a meteor hits your building, you know it's your fault.
1 (7m 14s):
At the end of the day, you chose that building, you built that building, you chose to be there. And so that's, you know, just that kind of a person, somebody who's responsible just defaults to saying, how do I solve my problem? And those are the six
0 (7m 27s):
Fire Nation, six essential traits of an entrepreneur. Visionary, you have a lot of ideas. You literally claim to have had the idea for Amazon before. Bezos, that's a lie. You didn't, but you claim it's passionate. There's a void you wanna fill that reality distortion, field problem solver, you are an optimist driven, I love this one of course because of the internal fire risk taker, you make decisions and are rebellious and responsible. You take a hundred percent responsibility. One thing that I've always said is that, hey, if I'm gonna stop sign, if I'm gonna stop sign waiting, you know, for that light to turn red. If I'm at a stoplight and I get back, rear-ended, it's my fault. It's my fault.
0 (8m 7s):
Like it is a hundred percent my fault. Like that's how much I believe in taking a hundred percent responsibility for everything. I mean for me Gino, that goes back to my army days. I was an officer for eight years and the commanders in my line of command that I always admired the most were those that took a hundred percent responsibility. I was like, I want to be like those people because no matter what happens, no matter whose fault it is, they take that responsibility. And I love that. It is passionate, it is so important for me to continuously be 100% responsibility. Love that. So Gino, I've gone through all six and the two that I wanna dive into a little bit deeper is number one, problem solver.
0 (8m 50s):
That optimist. So go a little bit deeper into this one. They're gonna go a little bit deeper into the risk taker and then we'll move on.
1 (8m 59s):
Love it. Well again, so you know, as I said, you're a creative problem solver. Where problems happen, most of the world sees problems, you tend to see solutions. And so you know, building a business, being an entrepreneur, putting a product or a service out there to the world, you constantly get hit with setbacks, a problem with the product, a problem with the service. A surprise that absolutely knocks your business on its butt. Well most of the world curls up in a ball, sucks their thumb and and, and waits for the problem to go away or someone else to solve it. You get fired up, you actually get energized and you lean into that and your brain just starts to go, yes, for 30 minutes, an hour, maybe even a day you got knocked off kilter.
1 (9m 45s):
But you get up fired up, ready to solve whatever that problem is, be it a big one or a little one. And and I find that an entrepreneur is basically solving six problems a day if they have a normal business.
0 (9m 56s):
I mean, I'll tell you what, I'm not gonna lie, I dislike, I strongly dislike being around pessimists. I just don't like being around pessimists. I never have. I don't know, it's just something about them. And it's even to this day, I mean I have family members who are so pessimistic and I just can't stand spending a lot of time with them because I'm just like, why do you wanna live the world that this way? I mean you have literally two choices. You can be an optimist or a pessimist and you're choosing that sad, sad route. And I don't get it in Fire Nation. I'm telling you there are so few entrepreneurs who have truly been successful while being pessimistic. Like you have to be an optimist. Like yes this went wrong. Now where's the bright side? Where's the silver lining?
0 (10m 37s):
Where's the sun shining through this cloud? Figure that out. And now risk taker Gino, I wanted to move into this one because you know, I love personally being the devil's advocate. Like I always love to see the opposites, you know, of whatever someone says about their opinion. No matter if I agree with or disagree cause I love the conversation, you know, and I also love that phrase that you use, which is ask for forgiveness, never permission. I mean that is literally how I live my life. And you know, looking back into why I launched Entrepreneurs on Fire, like I hired the mentors and the masterminds and they all told me, John, a daily podcast will fail. It just can't work. And I loved that they said that cuz that gave me the chance to be rebellious and just go against the grain.
0 (11m 18s):
So break this part down for us. Risk taker.
1 (11m 21s):
Yeah, I love it. And I love your point there about, you know, I think about everything I've ever succeeded at. Somebody told me I couldn't do it. Yeah. And for some reason that just fueled me 10 x and anyway with that,
0 (11m 32s):
Well Gino, but that actually excited me as I'm sure did you as well. Because I'm like wow, these people think it can't be done and I figured out how to do it. Wow. Yes. That's awesome. Here,
1 (11m 41s):
Here. Yeah. And then the other way I like to describe this is everybody thinks that an entrepreneur as a risk taker, you know the one risk they take is when they start their business and take their entrepreneurial leap when in fact that is one of a thousand risks. So true over a 10 year period. And so this is so important because you know, I'm teaching these six essential traits and then there's an assessment that your listeners can take to make sure they have 'em. Because I'm first and foremost confirming that you have what it takes to become an entrepreneur. And it's a cautionary tale because if you don't have these, you probably shouldn't take the leap. And so my point is, taking your entrepreneurial leap, that's one risk.
1 (12m 21s):
And then getting your butt kicked every week for the next 520 weeks over the next 10 years, you know, that's where you're making tough decisions. You're having to fire people that are, you know, lifelong employees. You're having to make really tough decisions. You have to fire customers, you have to make major changes to your product or service that potentially put you out of business. This is never ending, this risk-taking that you have to do. And so it is a forever thing. It's not a one-time thing. You check the box and all of a sudden you're in business. Talk
0 (12m 52s):
To us about the entrepreneurial range. What is this?
1 (12m 57s):
Yeah, so this helps me teach these six essential traits because the reality of it is, what I'm trying to do is I'm trying to explain to the reader and your audience what a true entrepreneur is. And for people that listen to this that don't have all six essential traits, they feel a little defeated because they really want to be self-employed. And so the entrepreneurial range works like this. And so if you picture in your mind this arc if you will, and on the far right side of the arc, you picture the word true entrepreneur and on the far left side of that range or arc is self-employed. Well every self-employed person is somewhere on that range.
1 (13m 39s):
And so a true entrepreneur are the picture the, if we go to the far right side of that range are the greatest entrepreneurs of all time. Henry Ford, Walt Disney, Thomas Edison, Oprah Winfrey, Sarah Blakely. And then if we go to the far left side of that range are these are self-employed people, people with you know, a one person show sole proprietors of of somebody who buys one franchise, somebody who has a lifestyle business. And so the point in that is all of the people on that range that have a business, they're all self-employed. But what I'm teaching and speaking to are people on the right side of the entrepreneurial range that truly build organizations with people really making an impact on the world through an organization of people.
1 (14m 24s):
And so no matter where you are on that range, it is respectful. You're taking a risk, you're a self-employed person and many self-employed people need to stay on that left side of the range and just be a one person show and there's no shame in that. But if someone has these six essential trades, you can't stop yourself. But to end up with an organization and a product or service that is far reaching. And so that's the range just to help the listener really understand the context of being self-employed and the audience that I'm teaching.
0 (14m 59s):
So I love that visual of the true entrepreneur all the way to the self-employed Fire Nations. So kind of visualize that picture that as you're going through this process and in your book Gino, you have the entrepreneur in the making assessment, give us a quick taste of what this looks like.
1 (15m 17s):
Yeah. And so it's free on the website, e-leap.com, you're gonna answer 25 questions about yourself and you're gonna get a result. And so it's everything we're talking about and that result is just another way, another tool, another opportunity for you to filter yourself and decide do you have these six essential traits? And if at the end of taking that assessment you score a 90 or higher, there's a really good chance you probably have all six essential traits. Where on the other side, if you score 60 or lower, you know I'm gonna caution you that taking the entrepreneurial leap may not be the right decision for you in the way of being on the far right side of that range.
1 (15m 58s):
All that said, you know, if you just wanna have your own business, you wanna be self-employed and let's pretend you're handy. I mean you can go start a handy person business, be a handyman, a handy woman, make 60 bucks an hour, yeah a six-figure income, be self-employed and that is admirable. So please go do that. But odds, odds are you're probably not gonna build a hundred person construction company
0 (16m 20s):
In Fire Nation. Not everybody's meant to be a number one either or, you know, even like the person that's running their own self-employed company. I mean it's just a, a reality like the number 37 at Facebook has made way more money than Genio and I will combined to ever make. It's just like they were in the right place at the right time and they were adding value to a real corporation. So that's why taking these type of assessments is so critical to really honestly gauge yourself. Cuz like look, it's a fad, it's cool, it's hip, everybody wants to be a quote unquote entrepreneur now and that's awesome and a lot of people can and should, but a lot of people can't and shouldn't. So like figure this stuff out before you spend a ton of time, energy being with potentially money going down this path if it's not your path in Fire Nation, if you think we're even close to being finished dropping value bombs, come on now.
0 (17m 10s):
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0 (19m 13s):
Get early access to HubSpot AI today at hubspot.com/artificialintelligence. So, Gino, we're back and I want you to give us a glimpse of what it looks like to be an entrepreneur.
1 (19m 27s):
Yeah, you bet. And so with that, you know, bringing you back to that context and your listener, back to that context, we've talked about the first part of the book and this content, which is confirm and let's pretend we've confirmed that you are an entrepreneur in the making. We move to the second part of the book, which is glimpse and you're grabbing one of the tools that I teach and the idea behind Glimpse is to paint this vivid picture for that entrepreneur in the making so they can see in advance what the life looks like and make the right decision for themselves. And in that, I teach a day in the life of an entrepreneur, both the dream and the nightmare, the two scenarios that entrepreneurs live. And in that what I do is I teach the eight critical mistakes that most entrepreneurs make to live and end up in that nightmare scenario.
1 (20m 14s):
So again, I'll give you the high level and then we can go as deep as you'd like. Cool. But here, here they are. Number one is not having a vision. Number two is hiring the wrong people. Number three is not spending time with your people. Number four is not knowing who your customer is. Number five is not charging enough. Number six is not staying true to your core. Number seven is not knowing your numbers. And number eight is not crystallizing roles and responsibilities.
0 (20m 43s):
Okay, I definitely know the two that I want to go on a deep dive already cuz I just know my audience. But let's take a second, just like last time, let's go through, give one or two expounding sentences on each and then we'll dive into two.
1 (20m 54s):
You bet. So number one, not having a vision, simply put, you know, you don't need a detailed business plan any longer to launch your business. 95% of businesses don't need it. 85% of businesses are not raising outside funds when they start. And so the idea though is I created a tool called My Vision Clarifier, eight sections to it. And you're just simply getting out of your head and in a document your vision, you owe it to yourself, you owe it to your people, you owe it to your customers. Number two is hiring the wrong people. So what happens in this situation is the entrepreneur almost always takes the leap, starts to grow, the business needs people and they grab the closest body that they can.
1 (21m 36s):
And so they hire their brother, their sister, their best friend, their mom, their dad, their neighbor, and they throw 'em into the business and have not confirmed that that person fits in the culture, has the core values, has the skillset to do the job. And sadly, they're firing that person a year or two or three years later. And each one of these mistakes stem from the 30 years of me working with companies and taking clients through my process. These are all the mistakes that we're fixing and solving and unwinding as we as EOS implementers are helping companies through the process. Number three is not spending time with your people. And so a classic mistake of the entrepreneur is their passion leads everything and they're bringing people into the organization.
1 (22m 22s):
And these people are just following them aimlessly because they're so fired up about the passion where they're just not spending enough time. And so months in years in all of a sudden communication is always the number one problem. And so the quick solution is meet with your people weekly, meet with your people quarterly and give feedback, open and honest. And often that will solve 85% of your communication problems. Number four is not knowing who your customer is. And so a classic mistake is that an entrepreneur is trying to be all things to all people. They're marketing and selling their wares to everyone in the world where the real secret is, is to hone your target market, know your ideal customer, demographic, geographic, psychographic, and target them.
1 (23m 6s):
Number five is not charging enough. Classic mistake where it's a psychological issue. Most entrepreneurs undercharge and, and to the degree they literally raise their fees 10%. It's the difference between going out of business and staying in business. The difference be between losing money and making money. Number six is not staying true to your core. Classic mistake here is the more successful you get, the more opportunities come at you, the more shiny stuff presents itself. And so most entrepreneurs go after all the shiny stuff and find themselves diluted and unfortunately outta business because they didn't stay true to their core. Number seven is not knowing your numbers. Classic issue with someone with the six essential traits.
1 (23m 49s):
They're typically not great with the numbers, but simply put, have a weekly scorecard, monitor your monthly p and l, have a budget. And number eight is not crystallizing roles in responsibilities. Even if you only have two people, you and one other, you need to have an an org chart. Roles and responsibilities, you need to know who's doing what. It will set you up for great success as you add the third, fourth, fifth, sixth, seventh, 10th, 100th person to your organization.
0 (24m 17s):
Okay, the first one I wanna dive into is number five, not charging enough. I can tell you, okay, from first inexperience, Fire Nation comes at me all the time. Like, John, what do I charge for this? What do I charge for that? It's such a stress point. It causes fear, it causes paralysis. They don't move forward because of it. So they're either charging way too less or way too much, or they just don't know what to do here. So let's go a little bit deeper into this, like how do we actually figure out what that price point, that right price point might be?
1 (24m 46s):
Yeah, great. I wanna share three things. Number one, I cannot tell you how many times I've advised a client to raise price raise fee. They did it without a hitch. So I'm speaking from experience on this. One example is a client was charging $95 an hour for their tech service when they just raised it to $99. There's a 4%, almost a 4% increase in the bottom line. They didn't skip a beat. Second thing I always like to share is a great tool for your listeners, watch Casey Browns TED Talk on this subject. She is the expert, the guru on pricing, and she will take you to the psychology of why you are struggling with charging enough.
1 (25m 32s):
Again, it is a psychological issue. And then a fun little nugget from Dionne Sullivan, the creator of the strategic coach, the way he describes it is he says, here's how you do your pricing. He says, pick the number that scares the heck out of you
0 (25m 46s):
And
1 (25m 47s):
Then add 20%,
0 (25m 48s):
Then add 20%.
1 (25m 49s):
And that is tr it's, it's true almost all the time, but that's the kicker is the ED 20%. So there's a couple of nuggets to stir the conversation.
0 (25m 57s):
Okay, the next thing I wanna move into is not knowing your numbers. I mean, let's just be honest right now, coronavirus, COVID 19, I mean that hit a lot of people outta nowhere, they weren't prepared. And you are seeing businesses and record numbers failing. And I'm not gonna lie, like I'm, I feel bad for a lot of these businesses, but at the same time I'm like, what were you thinking? I mean, listen, the fact that in two weeks, like you can't make payroll because you have no revenue coming in. The fact that you have less than one month's operating expenses. Like I know businesses tough, but I mean pe PE people and businesses have been running with these ultra thin margins for so, so long now and they've done it, you know, because frankly they thought they could get away with it.
0 (26m 38s):
And they're going on vacations and buying luxurious homes, doing all these other things with their money when they could have been shoring up their overall businesses, their business finances, because they didn't know their numbers and they didn't realize that, hey, if something happens, like you are literally gonna go from a business that's chugging along to all of a sudden, oh my God, I literally can't meet payroll next week. So a lot of businesses going outta business or facing bankruptcy are begging for handouts because they just haven't really known their numbers for years. Now what say you,
1 (27m 11s):
Yeah, I say a lot. So I'm gonna put it in a nutshell in two minutes for you as best I can. Cool. But I could literally go for an hour on this. And what I would urge and ask John is I wrote a a three page article on this that is all of my advice, 30 years, three crises. If you could put a link to that, you know, along with this podcast, I think it would help a lot of your listeners. But I'm gonna give you a couple nuggets on this because I wanna give you nuggets that will help your entrepreneurs and future entrepreneurs, entrepreneurs for decades, not in just this crisis. And so the first one is something my business mentor taught me 30 years ago, and he talked about the 10 year business cycle.
1 (27m 52s):
And again, this all goes into much more detail in the article, but 10 year business cycle works like this. In business, you are going to have two great years, six good years, and two terrible years that could potentially put you out of business. And since he taught me that it is held true for three decades, this is just another crisis. Now knowing that, because again, the person that's sitting there in pain is saying, no, Sherlock, well listen, everyone that listened to me is at peace right now. And so what that means, knowing that that means in the next 10 years, another one is coming, what the hell it is? Who the hell knows? Nine 11 a virus, a stock market crash, a great recession, who knows?
1 (28m 35s):
But I promise you it's coming. And so knowing it's coming, you've got to be prepared. And the way to be prepared is to have six months cash flow for your business and for yourself personally so that you're prepared for this downturn. And so those are the two big awarenesses that will give you peace in the next one. And then again, I could rattle off the whole article to you for an hour, but please read it because I've been asked this so many times in the last 30 days, I decided to put it all in one place and it's, and it's 30 years of doing business turnarounds, fighting through crisises. And so it comes from a lot of experience. The first crisis, you know, I went from being a millionaire to $200,000 in debt, so I know the pain.
1 (29m 20s):
Many of you are feeling out there and you gotta be prepared going forward for the next one.
0 (29m 25s):
So Gino, the grand finale, let's just cut through all the flack. Give us the path to becoming a successful entrepreneur.
1 (29m 35s):
I love that. So, so first of all, let me start with the disappointing statement. There is no path, there is no process, there is no system. And that's why I lay this book out the way that I do. And, and, and so what I mean by that is, is everyone thinks that there's this perfect path. You write a business plan, you go raise money, you go sell a product, it's step by step by step. It doesn't work that way. And that's why I start this book talking about the six essential traits. Because if there is a path, it is step one, you have an idea. Step two, you take a leap. Step three, you fight like hell for 10 to 20 years.
1 (30m 15s):
And step four you emerge a successful entrepreneur hopefully because there's a 50 50 chance that you won't. Now I say all of that because now we're going to the third part of the book. That is path. What I do in path and what I feel I can help the entrepreneur in the making be prepared for is, is I go through the whole gamut. College, you're not, if you're at that age, how to find your passion, how to find a mentor, 10 year thinking, eight disciplines for greatly increasing your odds of success, and then the nine stages of growing your business. The point in all of that is what I'm doing is I'm showing you milestones.
1 (30m 55s):
I'm trading an awareness that will literally help you head off at the pass. Half of the mistakes you're going to make, the other half you need to make. They're all part of the process, but it will greatly increase your odds of success, help you eliminate half those mistakes, and all of a sudden now you move forward with this, we awareness greater odds, you'll succeed. But the reality of it is now that you've taken your leap, it's the six essential traits that's going to help you evolve, Bob, weave, adjust, move, change, wherever needs to happen along that journey over 10 years. It's that that makes an entrepreneur successful. It's not following some step-by-step methodical process.
1 (31m 38s):
There isn't one, it doesn't exist, it never has, and probably never will.
0 (31m 42s):
Gino, you have dropped so many value bombs today. Of course, you couldn't drop as many value bombs on this episode as you could drop in your book. So please give Fire Nation the call to action. How can we acquire your book?
1 (31m 59s):
So, all things are at the website eleap.com. What you'll find there are nine free tools to help you become a successful entrepreneur. The book is available at all major retailers, so you can certainly go to any major retailer. There's a free first 30 pages of the book on the website that you can download certainly as the assessment is there again, along with seven other great tools that will help you. But everything can be found at eleap.com.
0 (32m 28s):
Fire Nation, you're the average of the five people you spend the most time with and you've been hanging out with GW and JLD today. So, keep up that heat and if you head over over to eofire.com and type Gino G I N O in the search bar, his show notes page will pop up with everything that we've been talking about today. Links all that jazz. Be your direct call to action, eleap.com, see what he has going on over there. Gets all of this genius in one place. And Gino, thank you brother for sharing your truth, your knowledge, your value with Fire Nation today. For that we salute you and we'll catch you on the flip side. My pleasure.
0 (33m 8s):
Hey, Fire Nation, today's value bomb content was brought to you by Gino and have you ever considered running and creating your own mastermind? Well, I created a completely free course to help you do just that and includes a two-hour training with Tony Robbins. Visit mastermind on fire.com, check it out today, and I'll catch you there. Or I'll catch you on the flippity flip side. If you're looking for highly vetted US-based fractional virtual contractors, then check out Belay. Belay is exclusively offering Fire Nation their latest eBooks delegate to Elevate for free. Learn how to reclaim your time and save 15 hours per week by mastering the powerful tool of delegation text fire.
0 (33m 51s):
That's f i r e to 55123 to get started. Outbound Squad hosted by Jason Bay is brought to you by the HubSpot Podcast Network, the audio destination for business professionals. Tune in for convos with leading sales experts and top performing reps to help you land more meetings with your ideal clients. One of my faves, The Monthly app with Jason Ethan, where they share hacks, tips and tricks. Listen to Outbound Squad wherever you get your podcasts.
Killer Resources!
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
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