MBA1557 Why an End Goal For Your Business Is So Important + Free Ride Friday

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Hey, today is Free Ride Friday so make sure you hang on to the end of the episode to hear who won this week's Free Ride. Every Friday we give away a lifetime membership to one of our programs. We're giving away easy course, our 30 day course on how to build your own online course over at EasyCourse co. It retails for $500 or you can win it for free. Just leave us an iTunes rating and review and you enter our weekly random draw. Listen in on Friday to see if you won. It's that simple. It's our way to say thanks for showing us love on itunes. All right, let's jump into today's episode. Hey O. Welcome to the $100 MBA Show. Because your business team counts on you to be your best. That's why we deliver daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of $100 MBA, a complete business training and community online. And in today's lesson you will learn why having an end goal for your business is so important. Every day we work so hard on our business to build it, to grow.

It, to sustain it.

It's not easy, but it's even harder if you don't why you are doing it. Many of us just truck along day after day, month after month, year after year, building away and not really know why we're building it. What are we building it for? You need to have an end goal. You need to understand what you're striving for as an entrepreneur. You need to have a finish line, something that says you've made it. The good news is, is you get to define what that is. You get to decide what the finish line is. For some, it could be an exit, having a company acquire your business for a huge amount of money. For others, it's working less. Maybe you want to work three days a week and you want to be able to afford some senior management and hire a president of operations so you can take four day weekends. Maybe your end goal is to go public and to be a publicly listed company in the stock market. But the point here is that it's really hard to be a sustainable entrepreneur, somebody that's going at it every day, full force. If you don't have a clear vision, a clear goal, what is this all for? What's the end game? In today's episode, we discuss why this is so important and how to define what your end goal is so you know what you're striving for. Every single day you wake up and go at it. We got a lot to cover, so let's get into it. Let's get down to business. I want to start today's episode with a reality. If you don't define what you want, someone else, something else will decide for you. The market, your colleagues, your business, they're all going to push you in different directions. And if you don't know how to course correct, if you don't have something to look forward to, a lighthouse to guide you, then you're going to end up in a place after all that hard work that you're not happy with. This is why it's so important to know exactly what you want. Why are you doing this? This is the first question you need to answer. Why did you start this business? Get brutally honest with yourself and this could be literally you with a paper and pen or anybody else involved in the business, like a co founder, no distractions. I actually think you should do outside the office, maybe at a park, on a park bench, and ask yourselves, why are you in business? Yes, you want to be an entrepreneur and it's exciting to build a product, but why? Why did you decide to do this? What are you trying to do here and what does it mean for you personally? And it's okay for you to say anything that matters to you. If it means, hey, I want a million dollars, write that down. I started this business to have a million dollars in the bank. Whatever. If that's your answer, write it down. If it's, I wanted to have the freedom to do what I want to do every single day, write it down. After you've written down, ask yourself, are you there right now? Can you do whatever you want today? Do you have a million dollars in the bank? Chances are it's no. The next step is to ask yourself, what does having achieved that goal look like? What has to be true in order for this goal to manifest? So if you want to do whatever you want every day, say, for example, tomorrow you wake up in the morning like, hey, I want to go to the beach. I don't want to go to work. Well, do you have somebody who can kind of take care of things for you? Do you have levels of management that can run the business and you can just take off one day with no issues? It's not going to kill the business. It's not going to make a break. Heck, you could take a whole week off if you want a month. What needs to exist, what needs to be true in order for this to happen? That's your end goal. If you achieve that, then you've achieved what you're working for so you can get what you want. If it's the million dollar example, how much money you got in the bank now, what would you need to do?

Do you need to change your prices?

Do you need more customers? Do you need more traffic? Is your product where it needs to be so you can keep the customers you have? In order to get what you want, you have to understand needs to be true for it to happen. Some people have hairy, audacious goals and they say, I want $50 million. That's a lot of money, okay? But can you build a $50 million company, a company that's valued at that? If you're making $10 million in annual revenue, there's a good chance you can sell for 50 million. Are you making $10 million in annual revenue? And do you have a business that's easy to sell, that everything's in place, that's legally viable, that has a solid brand that can be handed over without your involvement, that has a team that's trained? All these things you need to consider. Some people don't want to sell their business. They want to build their business and do it for as long as they can, but they don't want to kill themselves in the process. So that goes back to having a little bit more flexibility, having the team in place to do the things you need to have done. But you need to answer those questions. What do you want? What are you doing this for? What needs to be true for you to get it? If you're not there yet, how are you gonna get there? Have a game plan and make sure anybody involved, like co founders, are on the same page with you. You have to agree on this. Because if you're not singing from the same song sheet, if you're not shooting for the same goal, you're gonna slow each other down. You're going to actually hinder the progress towards that goal. You have to have an end goal, otherwise it's just not gonna be worth it. You're not gonna make it. You're not gonna have enough motivation to pull it off. Business is super hard. It's so challenging. There's new problem and it's gonna beat you down. If you don't have something that you're shooting for, if you're just going along for the ride and hoping for the best, you're gonna end up saying, you know what? This is not worth it. Because you didn't give it any value. You didn't say, hey, this is what's worth it. This is what I'm doing this all for. It has to be crystal clear in your mind. You need to know, as soon as you wake up in the morning, why are you getting up to get to work? What are you doing this all for? I wanna mention that you can do this incorrectly, meaning you can think that you know what you're doing. You have an end game, you have an end goal. But the truth is you're not honest with yourself. You said to yourself, I want a successful business. My end goal is to have a hundred thousand users have an impact on the world. And you just said the things, or you wrote down the things you think you're supposed to say instead of really being honest with yourself about what you want. Is 100,000 users going to make you happy personally every day? Is it going to make you feel like, wow, that was worth it? If yes, great, but most people are going to say no. That's 100,000 headaches. And you can't go and pay Your bills with 100,000 users or customers. You need to be profitable. You need to be making money. You need to have some end goal.

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One of the best exercises I've ever done. I did this the first time about 10 years ago and it was really game changing for me and it's not easy to do. But this exercise is super helpful in defining what you want out of your business and out of life really. And that's to sit down, force yourself to write down what a perfect day would look like. In a perfect world, in a perfect life, how would you spend your day? We're not talking about a vacation, we're not talking about some sort of break. We're talking about your normal everyday life. Some of us will really struggle with this because all we do is work and we don't give enough time for dreaming or imagining what can be. But I want you to just force yourself to do this in a quiet moment on the weekend, Something like that. And this will allow you to start exploring the idea what you really want out of life, what you're trying to do here, and what you're going to need to get those things, whether it's money or time or flexibility. And that's going to get you closer to understanding what needs to be true to reach that end goal. Thank you so much for listening to the 100 MBA Show. Today's episode's not over though. It's Free Ride Friday. Let's see who won this week's Free Ride. And the winner is carlzmay. Carlzmay says. Short, snappy and insightful. Five stars. I love that there isn't too much fluff straight to the juicy content with really helpful advice. I'm a Product Manager currently working at a startup and I'm finding so many helpful tips in this podcast. Thank you so much Carl Zmay for that amazing review. Your mission is to email me over@omar00mba.net so I can hook you up with the lifetime membership to EZ course our free ride $500 value right in your inbox. So send me an email if you want to win a free ride to Ezcourse. Check it out EasyCourse co. Go ahead and leave me an iTunes rating and review and you enter a weekly random draw. Listen in on Friday to see if you want. It's that easy. Thank you in advance for doing that. Before I go, I want to leave you with this. I know these are big questions that we're asking ourselves, but we have to do it. We can't delay. The more we delay, the more frustrated we're going to get, the more we're going to be building towards something we don't really want. So take the time. It's not going to take too long. It's worth it. Go ahead and do it this weekend. All right, I'll see you in Monday's episode. I'll see you then. Take care.

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