Building a Resilient and Wealth-Driven Business Through Self-Assessment

We want people who are taking the entrepreneurial journey to really understand the fundamentals of what it means to be a successful entrepreneur and a successful entrepreneur that is able to have financial success and become an entrepreneur that builds wealth and builds a team and builds an organization that can maximize its impact. Good day, everybody, and welcome to the Wealthy Entrepreneur Podcast. I am your host, Bob Govreau. I'm so excited to have you join me today. And you know what? We're going to talk about something that we've just recently created and what that creation is. It's an assessment tool that allows us as entrepreneurs to understand, you know, exactly where we're at along our journey, understanding what our strengths and weaknesses are, assessing those, and pinpointing exactly what we need to focus on. Take ourselves as a CEO and an entrepreneur to becoming a wealthy entrepreneur. We're actually calling it the Wealthy Entrepreneur IQ Test, which we're really excited about. It's fairly elaborate, but it will help you pinpoint the areas of weakness or the areas that cause you frustration and stress along your journey where you can look for support. Look to us for support in how we can help support you along your entrepreneurial journey. But before we jump in to talk about everything that is the Wealthy Entrepreneur IQ Test, I just want to remind you that the Wealthy Entrepreneur Podcast is the place where we dissect the elements that contribute to entrepreneurial success, from mindset and leadership to profits and revenue, and in fact, contribute to Wealthy Entrepreneur iq. So let's talk about this. You know, we were revamping our program that we have called the Wealthy Entrepreneur Program. It used to be called the Million Dollar Year program. We revamped it, we revitalized it. We kicked a lot of serious value into it. We rerecorded an entire program on helping you build out the benchmarks and the roadmap to achieving your greatest level of success in this next year. And I'm going to share that in the next episode. But I wanted to talk about why we we sort of re rebuilt this out and how we came up with this framework and called the Wealthy Entrepreneur IQ Test. And, and really what we've found is we're looking to help solopreneurs who, who are really, you know, they've started in their business. There's an established business. They've been working hard, but they've been working hard to the point where the only way they make more money is they put more hours in, and they're likely capped at the number of hours they're maybe starting to build a team. But they don't really know how to build a team, don't really know how to find employees. They're starting to make sales, but they don't really know how to formally sell. They just know how to do a really good job with their craft. They don't have systems, they don't have support, they don't have financial frameworks in order to help them be successful. And they're sort of walking around aimlessly trying to figure this out and just constantly working harder but feeling like you're taking less home the more you work. So. So we rebuilt this program to say, you know what? We want people who are taking the entrepreneurial journey to really understand the fundamentals of what it means to be a successful entrepreneur and a successful entrepreneur that is able to have financial success and become an entrepreneur that builds wealth and builds a team and builds an organization that can maximize its impact. And what we were doing as we were rebuilding this out, we were really analyzing entrepreneurship in many different factors. And I'm going to share. Share with you in a moment what those are and what those criteria are. But we really wanted people to identify, where are we on the journey? You know, it feels like we're struggling, but what is it that we're really struggling with? What's the highlight of the area that we, if we just, you know, spent 10% of our time focusing on improving this one area, we would get 40% of our time back, you know, or if we just focus on this one particular area, this would allow us to take our business to the next level. And so what we did, we created this free assessment, the wealthy entrepreneur iq. And really what it's focused on, it's a framework that's built on six connected pillars, right? So they're all interconnected. You can't necessarily have one skill in one area and not the other. They need to be supportive of each other. And really, these areas are the following. Their financial literacy. You know, we're a CPA firm, first and foremost. Business school and education doesn't really teach you how to run a business. They teach you the ideas, the. The functions, the accounting, the finance, the legal, the marketing, the sales. Maybe a little bit. You know, they. They teach you this, they teach you h R, but they don't teach you this. This is how you need to run a business, right? And so for us, you know, we have a definite focus on financial literacy. And that's where we started, by having an understanding the art of how businesses are financially successful and how to measure it and how to give Insights that will help an entrepreneur make better decisions. And that's the financial literacy focus. But really this pillar focuses on the relationship with money and how you manage money, how you manage cash flow, what profit margins are, what financial planning is. And if you can master this, it really can help you fuel sustainable growth in your business. So financial literacy is pillar, one pillar too. And this is where you know, yes, in business school they talk about vision and values and the importance of it. And I would say getting into coaching programs and having a coach, they'll talk more about this. Simon Sinek, start with why. But having a purposeful vision is really focusing on how you align as an entrepreneur with your long term mission and goals, how to have a clear vision, to stay focused on that purpose, making decisions that lead to meaningful growth and long term success. Right? This is coming up with an idea that you're passionate about that you can inspire others to be part of and staying on track to, to realizing it. And really that's part of creating something that's exciting that you want to be part of. So finding that and assessing that, you know, where do you rank on that skill? You know, did you just start your business out of a need, a demand that started to make money? Have you really thought through the vision of what you're trying to create? Is it something you're passionate about? So identifying and assessing where you are on that journey, number three, and this is so important as an entrepreneur. Again, we start out our business, we're doing all the work, we're working hard, we're putting in all the hours. But if we really want to build a wealthy entrepreneurial business, we need to be a strategic leader. We need to understand what leadership really means. And in this pillar, we assess how well entrepreneurs step into the role of being a visionary leader. So, yes, create a purposeful vision. But how do you lead? And when you become a leader, that means others are following you, right? You can't become a leader if no one is willing to follow and no one is admiring what you're doing and wanting to be part of it. So really this focuses on your ability to get, delegate, empower a team, guide a business strategically towards long term goals rather than getting stuck in just doing the work. Right? Rather than just getting stuck in trying to work harder, put more hours in and continuing to chase your tail and it becomes a real big challenge as an entrepreneur. So strategic leadership and becoming a leader is really important if you want to build a business that will become a financially successful entity that you can eventually sell and exit from and be proud of and create a legacy with number four. Now, this one is one of my favorites. And the reason it's one of my favorites is that it's exciting and it's around sustainable growth. Now, you know, our team has been on the fastest growing company's list for the last five years straight. That is sustainable growth. Having one year where you have a spike in growth and then dropping off and flatlining, that's not sustainable growth. Coming up with a predictable way that you can grow your business, creating that vision for what you want to accomplish and staying on track for it. So as the pillar that we want to assess, we're really assessing your need to think beyond the present to scale the business effectively. So not focusing on the past, but focusing on the future and what critical drivers are going to help you achieve that future success. This evaluates how well you build systems, processes and strategies that allow the business to grow without overwhelming the resources or sacrificing quality. And listen, when you start growing, you sometimes break things or some things are strained. And the important thing is to know that we can fix that. Yes, we have to redeploy resources to help support it. We have to refocus on areas that need extra support. But as far as being a business owner, what is your skill set and what is your ability and what does your track record look like on creating sustainable growth? Do you understand how to do that effectively? So again, our WE IQ assesses your ability to establish sustainable growth within your organization. Number five. And this is where it starts to get into. This is how we dial things in. So how good are you at building resilient performance? And this is really the focus on the idea that resiliency is the number one I feel skill set for any entrepreneur to be successful. So because we can learn about finances, we can learn about wealth accumulation, we can learn how to be a leader, but we need to be able to be resilient. Resiliency allows us to fail and pick ourselves back up and get back on the horse and get back in and engage. Resiliency is doing things that we don't like to do, but we do it anyway and we get things done. It's so interesting. I'm a fairly consistent gym goer now because it's become part of a habit for me. But you know, I gotta tell you, there's lots of times where I do not want to drag my butt to the gym, but I know I have to. If I want to have energy, if I want to have increased blood flow, if I Want to have the ability, the cardio, to be able to go long hours if I need to, or to perform at a high level. I know I have to do things that I don't want to do. And really understanding your level of resiliency, are you, do you have enough resilience to be successful in this? So really, our resilient performance focuses on assessing the emotional resilience of how well you can handle stress and your ability to bounce back from setbacks. It's going to happen. It's not easy. In fact, it's tough. And a lot of people ask me, what do you do, Bob, that helps you deal with stress? And I honestly, I will throw headphones in, I will go for a walk and I will throw on. And this is just for me. Don't use this as your tip unless you think it helps for you. But I'll throw on a motivational YouTube video that essentially tells me to get back engaged, get my button gear, get back in there, and that nothing that's worth it comes easy. And really, that's the idea of resiliency, right? Is that things that are worth it are going to be hard. If it wasn't hard, everybody would do it. And there's a line, I can't remember. There's a, there's a line, a quote from a friend of mine that he says that something along the lines of, you know, being lonely on the road, being the only person on the road, it's lonely, but you're there because no one else is willing to be on that journey. And I think that's important as an entrepreneur. You know, there's a lot of people that think entrepreneurship is this great thing, but they just think, oh, I'm going to create something and it's going to be really easy. And I do wish that for you. But resiliency and having challenges and setbacks and being able to deal with it, it's going to make you an entrepreneur that's going to be successful. Right? We're not going to quit. We're going to double down and figure this out. You know, we're going to find a way to solve the problem to, to move on to the next level. And truthfully, resiliency is, is so very important. So those who are able to master this, stay adaptable and turn challenges into opportunities. So how do you fair on the resilience performance pillar of the WEIQ assessment? You should check it out. And the last one is people driven success. So this is where successful entrepreneurs know that people, both their team and Customers are central to their growth. You know, we recently were recognized locally in our hometown, Peterborough, by the Chamber of Commerce as the business of the year, the employer of the year. And this one, you know, I had a conversation with a few people, they were like, oh, well, we don't need recognition for our ego. And I'm like, yeah, that's not what it's about. I don't need recognition for my ego. You know what this does though? It just shows people how we focus and care about others. You know, like when we're looking at building a world class team, the fact that we're one of the fastest growing companies, that we're recognized as the employer of the year, that we're recognized as one of the great places to work in Canada, Canada on that ranking. These are things not to stroke my ego, but to show examples to people who are potential prospects to not only work with us as customers and value that sort of relationship because they know if you're going to treat your employees with great care and respect and create trust and get recognized for that, you likely are going to do that to them too. So people driven success, entrepreneurship and having a business is all about the people. You know, yes, you can have an online business, but you have relationships. You're creating dialogues, you're, you're helping people understand, you're helping solve a problem. Businesses are really truly about people. So when we're assessing this, we're really focusing on building empowered teams, your ability to do that, fostering a positive company culture, creating an environment that people want to be part of, and creating lasting relationships drive loyalty and business growth. We look at net promoter scores, we look at employee net promoter scores and you know, yes, they're never going to be perfect. So what are the common issues and what are the quick wins that we can have to fix those and make those relationships stronger? So how do you fare in the assessment of people driven success? So these really, these six pillars, they're the foundation of, you know, what we're calling the wealthy entrepreneur IQ assessment. So where do you stand on them? Where are your weaknesses? And if you focus on those weaknesses and you put in a little bit of effort and maybe have some guidance from those who've built programs around this or have gone through this themselves. This is where you can take your business yourself, your vision, your passion for what you do to the next level. So, you know, ultimately what we're trying to do is we're trying to move businesses to who are stressed and overwhelmed into being and becoming the wealthy entrepreneur that Builds autonomy, builds a team, has an accountability system that demonstrates how they can accomplish their goals and having really well defined goals, which is really, you know, the foundation of our Wealthy Entrepreneur program. So make sure you check it out. So check out the Wealthy Entrepreneur iq. We iq. Now we're going to put the link in below. But you know what, if anything, it gives you the opportunity to self identify where you're struggling and where your strengths are. You know, maybe you want to double down on your strengths because those are the areas that you're really strong in and find those people that you want to build your team with who can compliment you in the areas that you're weak. Let me know what you think. Drop a comment in here. I would love to know what you think of we iq. This is our created platform and it's unique IP to us on the Go Team and the Wealthy Entrepreneur program. This assessment and it's based on working with, you know, tens of thousands of individuals hearing the stories of businesses who are struggling and successful and you know, we wrote the book the Wealthy Entrepreneur. Download that, check that out. It gives you a foundation of what these certain areas focus on. It will give you advice and guidance. But check it out, check out where you fit on this assessment tool. It's really powerful and it's something that we're really proud of. So check it out. I'll put the link in below here. It's super important that you understand this. Again, you don't, you won't know how to solve the problem if you don't know that the problem exists. So let's identify it, let's focus on a solution and let's help you take your business from being frustrated, going through economic hard times, cash flow challenges, to a defined path, new strategies to help you and, and really the support that you need to build a team that's going to be successful and build the business of your dreams. This has been the Wealthy Entrepreneur podcast talking everything. Wealthy Entrepreneur IQ assessment and test. Check it out, make sure if you have an entrepreneur that, that you work with or another business owner that you're friends with and you think, oh man, you know, this person would really value from just taking a little bit of a self reflection on where they stand and where their weaknesses are. If you're listening to this and you've got a boss that you feel would benefit from having this assessment, maybe self identifying some of the areas in those six pillars that they could benefit from learning from and just understanding where their weaknesses are, share this link, share it out to them. This is a free tool that we created just to provide value and insight to entrepreneurs. Again, our goal is to empower entrepreneurs to change the world, to have good financial knowledge and information about how to be a successful entrepreneur so that you can use this information to maximize your impact and ultimately we can change the world together. So check that out, share it with somebody, make sure you get your score. This is here just to provide value and insight to you and no obligations in order to do that. Once again, a free tool. So check that out. For those of you who continuously come back week after week one, I appreciate you so much. Make sure you hit follow on this podcast. If you appreciated this in any way, hit follow on the podcast. You'll get a notification when next week episode comes out. And I want to tell you what we're going to talk about is the Revitalize Wealthy Entrepreneur program. So now once you've got the assessment, you, you know where you're struggling, I want to share with you a few ways that maybe we can help you and we'll do that in the next episode. And once again, really excited about that relaunch and the value that we're contributing to people there. So thank you for following, for making sure you're subscribing to the podcast, whatever platform it is that you're listening to. My name is Bob Goverow. Was super delightful to have you here today and can't wait to see you again next week.