My Best Advice for Entrepreneurs
My Best Advice for Entrepreneurs is:
1. Burn the Ships
Too many people go into business with a Plan B in mind. True entrepreneurs that really love and believe in what they are doing are prepared to die for it. They are willing to work 24 hours if necessary. Real entrepreneurs don't work 9-5; instead, they get into a flow of commitment and build their business. Let me make this clear. I am not advocating for entrepreneurs to neglect their health and family. Balance is necessary to sustain an entrepreneur long term. I am a huge believer in balance, which is why I just wrote a book called, "How You Can Have it All." Balance is necessary to sustain an entrepreneur long term.
However, I do want to get rid of the myth that entrepreneurs can start a business, get a stack of business cards, rent out a 5,000 square foot office, purchase expensive furniture for the office, get a membership at the local country club, play golf every day, come in at 11:00 am, and take a long lunch. My friends, these type of entrepreneurs are why the majority of people that go into business fail. People that go into the real world of entrepreneurship pay now so they can play later. The mindset of a true entrepreneur is to say no to the good so that they can answer yes to the best. They bury every other option and do whatever it takes to succeed.
2. Be About Cash:
Way too many entrepreneurs get in the trap of busy work instead of doing actions that make cash. My advice is to be extremely conservative. If you think you are conservative already, you are probably not being conservative enough. You need to minimize as many expenses as possible. For the first 3-5 years, you shouldn't even be thinking about getting a lot of cash. Most entrepreneurs foolishly spend every bit of money they make. Wise entrepreneurs that are in it for the long haul and are trying to build a business will pretend like they have no extra money. They will focus on their basic needs and invest all their efforts into actions that will make them money. Every day, you need to ensure that each step you are taking is bringing in cash for your business. Live a frugal lifestyle because when you have cash, you have the power, freedom, and ability to market. You sell differently when you have cash in your bank account. I don't care if you have to sleep on your grandma's couch, sell everything you own, or stay in your car for a couple of nights. Focus on getting cash, saving, and budgeting so that your cash flow can go directly to your business.
3. Be Relentless About a Daily Sales Process:
It all comes back to habits. Successful entrepreneurs are the ones that have a process and marry themselves to it. They do it on the good and bad days. They do on those long Tuesdays and even after they land that big account. Once again, I'm all about balance. You need to take care of your body, mind, and spirit. You need to run a business while still maintaining healthy relationships with your family.
However, don't get the mentality that every time you have a breakthrough you are going to take the day off. This is what's wrong with most salespeople. When they hit their quota, they decide to take the rest of the month off. You need to keep selling with the same passion and commitment whether you hit your quota or not. Your sales process does not need to change one bit. Be known as the entrepreneur that is a hustler and a salesman. Be proud of being referred to as a salesman and sell every second of the day. Put your focus on selling and marketing, and you will have ultimate success as a young entrepreneur.
My friends, know this. It will not be easy. You will have to sacrifice your time and give up a lot of things. It might even be lonely; however, the entrepreneur's life has so many positives. Be thankful that you have the highest privilege in the world, which is to be called an entrepreneur.
Matt Maddix, master sales trainer, consultant and CEO of Matt Publishing, is a successful international speaker and master motivator. He has hosted over 120 live events with as many as 32,225 registrants.
During past events, Maddix has shared the stage with some of the greats in the world such as: Kevin Harrington, Gary Vaynerchuck, Darren Hardy, Greg Reid, and Glenn Twiddle.
In conjunction with traveling as a motivational speaker, Matt is the founder Maddix Publishing, My Health Coach, TextNinjaPro and Maddix Missions. He is also the author of bestselling books How You Can Have It All and Just Juice It.
In addition, Maddix is co-host of two internet talk shows—Morning With Maddix and Fuel for Success.
Matt is best known for his life strategies along with his sales and marketing success, but he is most proud as the father of 15-year-old celebrity superstar speaker, Caleb Maddix.
His son was recently voted in the Top 20 Most Motivational People in the world. Caleb has been featured in Huffington Post, Forbes Magazine, Entrepreneur, Inc and interviewed on Good Morning Australia with over 8 million viewers. Caleb wrote his first book by age 12, Keys to Success for Kids and has already earned Six figures by age 14.
Matt lives in Los Angeles and St. Petersburg, Florida.