MBA1239 4 Personal Business Principles For Success

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This is going to help you be more successful in business, especially if you're starting out. I learned these four principles the hard way. I went through a lot of turmoil, a lot of personal anguish, a lot of self doubt to get to this point where I can share these principles with you. These are timesavers, these are lifesavers, these are agony savers. It's gonna allow you to stay focused on your business and your journey. I'm gonna explain each principle, how to apply it and why it's so important. My promise to you is by the end of today's episode, you'll feel more confident. You'll be armed with the principles you need to to feel better about yourself as an entrepreneur and do better as a business. So let's get into it. Let's get down to business. Okay, let's get into the four personal business principles for your success. Principle number one, Be aware of your emotions. A lot of us do not want to admit that our emotions get the best of us. A lot of the times let's just be honest. Running A business is very emotional. It's an emotional rollercoaster, as they say. There's ups and downs, there's highs and lows. There's moments where you feel on top of the world, and there's moments where you feel absolutely lousy, and that's par for the course. But your job to be successful is to be aware of those emotions and to course correct as soon as possible. It's okay to feel low for a moment because things didn't turn out the way you want it to be. You're disappointed, but you need to be aware of that as quickly as possible so you can tell yourself, hey, I gotta pick myself up. I gotta stay focused. I gotta work on the solution. The same thing goes when things are great. You're on top of the moon, you had a huge win. There's nothing wrong with celebrating and have a good time and rewarding yourself. But also you have to tell yourself, hey, this is not how it's gonna be forever. I've been there before. We're just at the top, that peak of the roller coaster right now. And it's okay to celebrate and have a good time and feel good about it. But understand that, hey, I gotta prepare for those rainy days. I gotta use this momentum, success to propel me through those rainy days. I gotta remember this win so I can know that, hey, I can win when I'm down. I've seen so many entrepreneurs quit or don't get the things they need to get done in their business because their emotions get the best of them. They feel down, they feel depressed, they feel overwhelmed, and they don't take control. They don't realize how much those emotions are affecting their results. It's affecting your business if you're not productive because the way you feel today, that's a problem. Your business needs you, and you need to put those emotions aside. You need to tell yourself what you need to tell yourself. Give yourself a pep talk. Tell yourself that this is par for the course, that every entrepreneur goes through struggles. It's okay to feel overwhelmed, but it's not okay for you not to take action. It's not okay for you not to be productive. It's not okay for let those emotions affect the way you treat other people, the way you act, the way you present yourself, the way you lead your team. Too many people let their emotions kind of get the best of them, and they just chalk it up to be like, hey, I'm a passionate person. This is who I am. No, you have to take control of that. Everybody's not going to pay the price of you just letting your emotions, you know, dictate every single thing that happens. There's nothing wrong with being level. If I look at all the entrepreneurs that I admire, they have this trait. It doesn't mean that they're a bore. They're positive and they smile and they go on vacations and they enjoy themselves. They, they're not some sort of silly person, but they know how to take a gut punch and keep going. There's too much that relies on them, whether it's their team, their business or customers, for them to feel down and depressed for too long. It's okay to have those feelings momentarily, but it's not okay for it to carry on the whole day. That's a wasted day because you couldn't have control over your emotions. You have to be aware of what's going on. Ask yourself, why do I feel this way? Why? Why am I not as productive as possible? Why am I unproductive Today I need to change the way I feel about things by changing the thoughts in my head and focus on what I need to do. So principle number one, being aware of your emotions and taking control. Principle number two, and this one's a huge one. I wish somebody told me this when I first started. And it's having a long term view. You have to see your business long term. You have to play the long game. Now, there's several reasons why this is important. Number one, anytime you make decisions just for the short term, there's a high likelihood it's the wrong decision for the long term. Number two, when you don't have a long term view, it's easy to feel overwhelmed. Why? Because you feel like you have to do everything now. But if you have a long term view, you're like, hey, I understand that greatness takes time and to build a great company may take a decade. So if you have a whole bunch of things you want to fix and improve in your business, you know, hey, I, I can't expect to get that all done this week. I have to be able to understand this is going to take some time and things are not going to be perfect and there always will be challenges and always will be problems. And that's just how it is. This reminds me of a story of Xbox where they had a huge debacle when they launched the Xbox One, I believe, and a lot of users were getting this like weird error message and they weren't able to use their Xbox. This is Microsoft we're talking about here. The people that Made Windows that made desktop computing possible. They have so many wins in their favor. They are so experienced, they have tons of money. It's going to take them a long time to compete with the Nintendo's, with Sony PlayStation and create a great game console. Same goes for you. You're not Microsoft and you don't have the backing of Microsoft. So you're going to have to take maybe even a little bit more time. So have a long term view, understand things don't happen overnight, realign your expectations. This is why I love biography so much. Because when you read a company's story, a founder's story, you realize, hey, this is tough, this is going to take me some time. I'm going to have to go through all these obstacles or similar obstacles. Don't make the mistake where you think that everything needs to be done immediately because the reality is it just can't happen immediately. You can't do everything at once. Even if you have all the money in the world and you can hire people to do it. That's going to take time to hire people, train them, communicate what you want to get done. It's gonna take time. It just doesn't happen overnight. My next principle is a continuation of this principle, having a long term view and that's take small steps. Sometimes when we look at our business and we look at the things we need to do, we get super overwhelmed. We sort of become like the deer in the headlights where we just freeze, we don't know what to do and we overanalyze, we think and we plan and we never take any steps forward in terms of doing what we need to do to improve. So I always have to tell myself, take small steps, just take one small step, do something, implement something towards that goal, towards that improvement. I'll give you a real example. I am working on a project to improve our trial conversions over at Webinar Ninja. I want to create a campaign of emails that are catered to people that are active, people that are inactive and send them specific emails to make sure that they have a great experience during their trial when they use our software, Webinar Ninja and, and if they're having any questions or any troubles, they get specific emails to help them. Now this is going to take some snazzy software like Intercom and I'll have to set this all up and it seems overwhelming because there's so many things that you're not sure that you're going to be able to do yet because you have to learn the software. But I could take One step forward. I can just list all the emails that I want to send first. These are all the emails I want to send first. I can write the subject lines for all these emails. I can write the whole email, each email that I want to write in the sequence of emails in the trial conversion campaign. I can write them out. I can write them out in text doc, in a word doc, in a Google Doc. These are all things I can do towards that goal. I don't need to do all the challenging stuff that's holding me back first. Let me get all the content done. I could do that. I know how to write now. Once I have all that done, I have this mountain of, okay, how am I going to actually time these and send it to the right people? Well, let's just start with the first email. What's the first email I have to send? Oh, a welcome email. A few. Who needs to get a welcome email? All users. Well, I can do that. That's easy. There's no filters there. Just as soon as somebody signs up, they get this email. So you see what I mean? Take it step by step. If I got to the point where all the emails are written out and all the subject lines and I'm all set to go and I'm starting with the welcome email, I'm about 70% done. It's over now. I just got to put it into the software, maybe reach out to support and make it happen. It's not as overwhelming because I took steps forward. But when you just sit there and you be like, oh, I got to do this and that, well, before I start, I want to understand, understand every single aspect. You don't have to learn every single aspect about the project before you get started. You can take some steps forward and learn as you go. Because what happens is that you just get so overwhelmed and you don't do anything. The project gets pushed aside and you get busy doing other things. Emails, notifications, putting out fires. So again, the principle is take small steps, break it down. You have a big project, break it down into micro steps, micro tasks, and just take a step forward. Even if it's just one step a day, one aspect of the project a day, make progress. One of the things I tell myself is inaction is not acceptable. You just can't do nothing today. You can't just say, I'm going to read or I'm going to understand or I'm going to explore or I'm going to browse around the software. No, you got to do something. You got to take A step forward. Inaction is not acceptable. So my fourth and final personal business principle that I want to share is, is sacrifice. Everything has a cost in life. Everything. You want to buy a fancy car, it's going to cost you X amount of money. You want to look good and trim and feel healthy. You're going to have to go to the gym consistently for a long period of time, and you have to continue to do so. If you want to maintain that, that's the price you have to pay. You want to travel more, well, you got to earn the money to be able to afford to travel as well as afford the time off. Everything has a price. You have to sacrifice something. I'm not a believer that you can do everything at once. You can't have it all at once. You can have it all, but over the course of your life, and I say this because building a great, successful business that you love and that it fuels, empowers the life that you want, that's not going to come cheap. It's going to take some sacrifice. Something is going to be sacrificed in your life. Your free time, maybe, you know, part of your weekend, maybe watching, you know, football on Sunday. Whatever it is, something's gotta give. And what this tells you is that, hey, I have to kind of understand what my priorities are. I have to kind of list what is really important to me because I need to do certain things to be happy in my life. Say, for example, you're like, I need to exercise because I need to feel good and be healthy and know that I can live a healthy life and be able to fully enjoy the success that I have. So I got to prioritize health, but I also have to prioritize my business so I can be able to fund the things that I want to do, like travel. But I also have to prioritize my relationships, family and friends. So you look at your priorities and you got to say, okay, I have to narrow these down as much as possible. So let's say, for example, family and friends. If you're building the next Nike, it may mean you're going to have to hang out less with your friends to make some time. Or choose a select number of friends that you'll see and not as many as you used to. If health is important to you, then you may have to cut out an hour of your Netflix and chill time at night. Instead of watching two hours on Netflix, you're going to watch one hour. This is the point. Everything has a price. So you have to sacrifice something. You want a successful Business is going to come at a price. Something's got to give. You're going to have to let go of some of the things that maybe are fun or comforting to you. And trust me, success is the cure for a lot of things. When you start building your business, you start reaching those milestones that you've been hoping for. You're not going to miss any of that stuff. You're like, this is great. So sacrifice is a principle. We need to understand. Something's got to give. What are we willing to give to get what we want?

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Guys, to wrap up today's lesson, my four personal business principles that I want to share with you are being mindful of your emotions and taking control, having a long term view, take small steps forward, and understanding the principle of sacrifice. I hope this has helped you, helped you reflect a little bit and has given you a new lease on your mindset as an entrepreneur. These things are important. These things put you in control. When you don't take control of these things, something else will influence your success. External forces, other people, other circumstances. These principles allow you to take control. Thank you so much for listening to the $100 MBA show. Before I go, I want to leave you with this. One of the things I've learned over the years and I'm continuing to learn and is that if you want to become a great entrepreneur, you want to be something better than you are right now, then you have to change. You have to change who you are. You got to change what you do. You can't continue to do the same things. You have to change your habits, change the way you see the world. You have to become who you want to be. And becoming something means changing. And that's not always easy, but it's a reality. And you have to accept that if you want to become that better person, that better entrepreneur, that better state in life. I hope that helped and I hope to see you in tomorrow's episode. I'll see you then. Take care.

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