Archives for 2020

How to Succeed In Business As An Introverted Entrepreneur

Most people agree that being an extrovert is very helpful when running your own business. It’s usually not difficult to make connections and to build relationships with clients. But what do you do if you are an introverted entrepreneur? 

To know if you’re an introvert or extrovert, take this quiz.

Have you ever considered how your personality affects your professional success? Are anxiety and shyness standing in the way of maximizing your potential? 

You might find the world of entrepreneurship overwhelming. It requires a lot more interactions with others than you may be comfortable. Perhaps you tend to prefer isolation and working alone. Running a business as an introvert can truly be overwhelming. But are you aware of the advantages of being an introverted entrepreneur?

In this article, we will share with you some of the secrets of succeeding in business as an introverted entrepreneur.

Understanding introversion

Introverts usually enjoy thinking, reading, writing. They get their energy from these introverted activities. Extroverts, however, thrive in larger social activities. Thinking is collective discussion; reading is discussing with others, and writing is sharing with others. Extroverts like to be out and about, socializing, and feeding off the energy of others.

Now that’s a very literal and archaic way to look at it.

Today, we know that there are many levels of introversion. Moreover, most people are neither fully extroverted nor fully introverted. We find ourselves somewhere in between and at times, leaning into one side or another.

Many people, especially entrepreneurs, are inherent introverts but tend to adapt. Over time, they develop more balanced personalities. They become ambiverts and exhibit extroversion and introversion.

Perhaps you scroll down entrepreneurs’ social media accounts, seduced by the images of success on luxury. You may even be thinking, “That could never be me – I am too much in my own head.”

“Silence is a source of great strength.” Lao Tzu

But you are very wrong. You are never too introverted to succeed in business – in fact, you may even have certain advantages. 

In order to unlock those potentials, you need to first reflect on what you think a leader should be. Can you be one? Why not? You need to envision yourself as a leader – and then, locate the tools and resources you need to thrive.

To do this, you have to identify your power. Then, use the right tools to turn introversion into a powerful advantage.

And the last thing you should do as an introverted entrepreneur is to try to “overcome” your personality. We cannot outgrow ourselves: we can only become better versions of who we have always been.

If you want to see the aspects of being a natural introvert as unique tools for business success, then read on.

Choose your industry wisely

unlock your potential

People like J.K. Rowling, Bill Gates, and Steven Spielberg have one thing in common: introversion. Understanding your personality is actually key to success. It is also necessary for the crucial first step: choosing your industry.

Whatever it is you choose to do, you need to have a passion for. However, passion alone is not enough. To reach the peak of our potentials, we need to seek out an environment that will welcome and nourish us. 

Forcing yourself to fit in is going to hold you back and could be a source of anxiety and depression.

The first question you need to ask yourself is what kind of work makes me happy? Once you have an idea of what this might be, you will be able to search for your ideal industry.

But identifying the type of work that makes you happy is not enough. You need to also consider how you want to be working – that is, choose your work environment.

Perhaps you prefer quiet, isolated work environments. You may thrive working from home, which is not the case for many people these days.

Online work is just one of the opportunities for you to pursue. As an entrepreneur, working online means less in-person interaction. You can disconnect at your leisure and recharge as needed. You no longer have to feel anxious about turning inward, overthinking what to say, or silence on a regular basis.

In fact, choosing an industry with an anchor online may allow you to excel. This is why most of Dan Lok’s best copywriting students are introverts – they prefer to work alone and in isolation.

Another common thing is looking into studio work. There are many industries out there – such as music production, curation, or design – that may be perfect for introverts.

Now, your success in the chosen industry depends on maximizing your potential. To do so – you must know where your strengths lie.

Play on your strengthsaccept you are an introvert entrepreneur

As an introvert, you likely prioritize time alone and self-reflection. This means you have a deeper sense of self and value self-knowledge.

This is crucial because without self-knowledge, you cannot know your natural strengths. Without playing on those strengths, you are not going to reach the height of your potential. You need to know what your power is, to lead. What are your most important strengths? 

You may not even be aware that some of the most successful people you know of are introverts. And you know some of their stories because they are unusual and against the grain. They found their unique strengths and unlocked their true potentials.

You may be asking – how do I know if I have the potential to unlock?

Chances are, you have already been pursuing your strengths – perhaps only quietly and in private. For example, many introverts tend to be dreamers and to place a lot of value on imagination. Their minds are natural storytellers. These introverts tend to have an affinity for writing. They often seek out industries where they can hone their skill – such as copywriting.

This is also why introverts tend to be natural innovators.

They choose to stand apart from society and try something entirely new. But that does not mean they stand alone. They usually seek out like-minded people to be their partners.

Find an extroverted partnerintrovert entrepreneur should partner with an extrovert

Innovation is always a fusion of some kind. Most times, “the best of two kinds” is joined to create something larger and exciting. It is important to have like-minded people close, but it is crucial that they have a different approach.

Put simply – a balance of introversion and extroversion is key to business success.

Your strengths should be complementary. If you thrive in quiet and isolation, you might want to partner up with someone who enjoys teamwork.

One of the best examples of what happens when this balance is struck may be right under our noses: Apple. Steve Wozniak (an introvert) and Steve Jobs (an extrovert), brought their personalities together and created Apple. Steve Jobs was in charge of marketing. Wozniak focused primarily on product development. One’s extroversion and the other’s introversion made them strong beyond measure.

You and your partner need to not only make use of your own strengths but to also know when to play on the other’s. You will inspire each other to grow and unlock your higher potential.

Once you build trust with your partner, you will want to work together to build a strong network. You will each have to locate and make use of your own unique resources.

Connect to other introverts in your industryFrom toastmasters to ted talk

If you find an extroverted partner, you may think that they will be the ones doing most of the outreach and building connections. This thinking may be your downfall.

What you want to do is build a network on your own end. Reach out to other introverted entrepreneurs in your industry.

If you are first starting out, you may be thinking there aren’t many introverts in your industry – wrong. It is less likely you will meet them at social gatherings and see much on their social media. And this is how you know you want to reach out.

The more you’re out of your comfort zone, the more you learn. The more you learn, the more you grow. Share on X

Be confident that using your natural approach is the best way to go. You do not need to try to outspeak somebody else. Chances are, you are a natural listener and a keen observer. This means your approach will appeal to another such individual.

You will be able to make spontaneous connections with other introverts. This is usually because neither of you seeks out external affirmation. This is important in business. It means you are less likely to base your relationships on the competition. Because of this, you each will be able to see the benefits of a friendship without getting into each other’s way. Connections with other introverts will feel natural. They will also inspire and push you.

These connections will also likely be less exhausting. Being an introverted entrepreneur among extroverts can be draining. It is important for introverts to have time for themselves.

Take time to rechargeintrovert entrepreneur needs to recharge

Have you ever heard the term introvert hangover? Your feeling the need for a time-out from social environments is a very real thing. It is a consequence of social overstimulation.

Your body and mind may be telling you they’ve had enough, and that you need to retreat into yourself to recharge. But being an entrepreneur, you probably often try to “power through” and satisfy other demands before taking time off.

You may not know that recharging actually works. Your mind may be trying to tell you it needs to process information in solitude. Once you got rid of your ‘introvert hangover,’ you will go back to work with a fresh attitude and new ideas, so you are actually gaining and not losing steam.

Down-time does not have to be dull. You may choose to watch educational movies, write in your journal or meditate. You could also learn more about the power of silence and how to amplify your strengths.

Taking the time to recharge means allowing achievements to set in. It also means unlocking more potential. Share on X

As you unwind and reflect, you may also choose to hone your skills.

“Do you want to know who you are? Don’t ask. Act! Action will delineate and define you.” - Thomas Jefferson

One skill all introverts should hone

The ability to seal the deal is what makes a good entrepreneur. As an introvert, you are likely able to reach people on a more personal level. simply because you are a listener. And this is invaluable when it comes to closing. To make sure you can unlock your full potential – you should make sure your closing skills are strong.

For many introverts in business, closing is already a strength – you just need to keep nurturing yours. Dan Lok is also an introvert, which is why he put together The Perfect Closing Script. This is like a cheat sheet that you can just keep in front of you during your next sales conversation and allow yourself to thrive in your chosen industry.

Think of this script as a secret weapon for introverts. The more you practice, the more useful a weapon it becomes.

Updated November 4, 2020.

How To Deal With Gold Diggers, Transactional Relationships and Genuine Friendships When You’re Wealthy

Do you need help dealing with gold diggers? Many wealthy people have unfulfilling relationships with others. Once your wealth reaches a certain level, relationship dynamics often change. That’s just the way it is.

People who didn’t care for you before, will suddenly want to be your friends when you’re rich. Others will ask you for help but never give anything back. And some people you were genuinely friends with before your wealth, will start demanding your help as if they are entitled to it. Conversations will often feel one-sided and people will seem to care more about your money than they care about you.

You won’t know who you can really trust. Are people just nice to you because they hope to get some of your money? Are they gold diggers or genuine friends?

You’ll need to learn strategies on how to spot genuine friendship and genuine relationships. Do it for your own well-being. You don’t want to go about your day mistrusting everyone. That will only cause you more suffering.

It doesn’t really matter if you are male or female. Gold diggers can be either gender. And they don’t only exist in romantic relationships. Gold diggers can also be among your friends.

In this article, I will go over what gold diggers are, how you can spot them, how to deal with them and how to get the kind of genuine relationships you truly want.

So, how can you deal with gold diggers, transactional relationships, and genuine friendship when you’re wealthy?

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What Exactly Are Gold Diggers?

Gold diggers are in a relationship for access to someone’s money, rather than for love or genuine friendship. They might feign feelings of love and affection for you, but in truth, they want to benefit from your wealth.

When you withdraw their access to your money, gold diggers have no problem with leaving the relationship. They are extremely materialistic.

Such a relationship will leave both partners unfulfilled in the long run. You might feel like you are giving, giving, giving . . . but getting nothing back. Gold diggers actually suffer, too, because they have to fake their emotions and fake good intentions each and every day.

Remember that gold diggers can be male or female.

If you are a wealthy female, know that a male gold digger might want to get into a relationship with you. Or, other females might try to be your friend or business partner. Often they are very good at disguising their true motivations – so you only notice when it’s too late.

There are certain characteristics that most gold diggers share. If you pay attention, you might be able to spot the gold diggers in your life.

How Can You Spot Gold Diggers?

I believe that the best way to deal with gold diggers is to avoid them as best as you can. If you are observant, you can spot gold diggers and steer clear of them. So what are some common signs that tell you that a person might be a gold digger?

The Way They Speak

Gold diggers will very likely ask a lot of questions about your money and what you own. How much money do you make? Do you own a house? A car? Do you throw parties? They want to know it all.

So when you talk to a person and they ask a lot of questions about your career, your material possessions and your money – rather than asking about you and getting to know you – they might be gold diggers.

If they know you quite well, they will also ask you to loan them money or buy them something. If they are a business partner of yours they might want you to invest in the business more, instead of sharing the costs equally.

Of course, everybody can be in need sometimes, wanting to ask a friend for money. It can happen. But if they rely on you repeatedly without ever paying anything back or thanking you, that’s a sign they might be a gold digger.

The Way They Act

Gold diggers have certain behaviors that you can spot. When it comes to their job, they might work in lower-level positions. But they aren’t working on themselves or furthering their career. Instead, they try to leech off of somebody who is rich already. They don’t have a growth mentality like a rich person has.

Another typical behavior of gold digger is this:

They don’t appreciate small, inexpensive gifts. Nor do they appreciate acts of service (such as making them dinner). This counts especially for people who are already close to you. What they do appreciate, is expensive, material gifts. They feel very entitled to getting big, expensive gifts from you. So if a gold digger was your partner and you get them a box of chocolates or some flowers, for example, they wouldn’t be very happy. They want expensive, materialistic gifts.

If you get them flowers or something smaller they will make you feel guilty. You will hear, “You don’t appreciate me anymore” or similar complaints. So while you want to put a smile on their face with a lovely gift – they don’t appreciate it unless it’s expensive.

In other words, for gold diggers, it’s not the thought that counts. It’s the price tag that counts.

This could leave you feeling hurt or emotionally unbalanced. Because while you truly care about them, they don’t give back, nor do they appreciate your thoughtful gestures if money isn’t involved.

Gold diggers add no real value to your life.

Most gold diggers are well-dressed and stylish. Appearance matters to them – which is a good thing generally – however, this is often a sign that they are quite materialistic. So don’t let their appearance alone lure you into thinking that they are wealthy too.

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They Ask You For Money

Another common trait of gold diggers is that they will ask you for money, or often ask you to pick up the bill. They will rely on you lending them your money and never pay it back. They basically use you as a human ATM machine.

The problem is, even if you see through them and you decide not to lend them any money anymore, they have their ways to push you. They even have their ways of subtly manipulating you into spending money on them or giving them money. Especially if they are a loved one who you truly care for. That’s why many wealthy people feel trapped and stay with gold diggers. Even if there is no logical reason for it. It’s more like emotional manipulation. It’s very hard to detect at times.

Gold diggers usually don’t ask you for money once. They want financial support from you again and again. They refuse to do the work themselves and would rather utilize your resources. Some gold diggers will even convince their rich partner to give them an allowance.

The Power of Environment

If you want to spot gold diggers, it’s a good idea to have a look at their friends. How do they behave? Are they gold diggers too? People are often very similar to their friends. That’s why your environment is so important. If all your friends behave a certain way, you will act similar to them. So, if all their friends are gold diggers, they likely will be too.

For you, as a wealthy person, the power of the environment has other consequences. You can’t allow people into your life that tear you down.

Take me as an example. When I was in my teens, I would hang out with the wrong people. My friends weren’t good for me and my teachers and parents got worried that I would turn criminal. So, my parents got me out of it by moving to another city – Vancouver. If I had stayed in the same environment as I had before, I would never be where I am today.

So, I urge you to ask yourself. Do the people you surround yourself further your growth? Or do they only make you feel drained?

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Why Are Relationships With Gold Diggers Bad For You?

The problem with relationships with gold diggers is that these toxic relationships will affect your mental health. Some people argue that being in such a relationship isn’t that bad. I like to disagree. Relationships with gold diggers don’t add any value to your life. You are only wasting each other’s time.

Relationships with gold diggers are unhealthy relationships.

Once you are sure that they are only after your money you will feel betrayed. You will be mad at yourself for trusting them. I have seen wealthy people who went as far as hiding their money from their spouse, so they wouldn’t blow it on their next shopping trip. It’s a sad reality for many people.

Would They Stay If You Had No Money?

The final question to ask yourself in order to spot a gold digger in your life is this: would they stay by your side if you had less money or not much money at all? How much does your income matter to them? Is there anything beyond the money that is keeping the relationship together? Do you share the same values? Can you work as a team? Do you enjoy each other’s company? Does this person genuinely like you as a person, on a deeper level?

Really look beyond the surface, to see if they want you because of who you are as a person, or if they’re attracted to your money.

If money is truly the only thing that keeps the relationship alive, then you are in trouble. Even if you hope that they will change and become genuine, know that it's very unlikely. Share on X

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How Can You Deal With Gold Diggers in Your Life?

Perhaps you are suspicious that there are some gold diggers in your life. They way they act and talk makes you suspect that they are after your money. You suspect that they don’t even see who you really are as a person, or care.

Now how do you deal with that?

You will be hurt. Especially if you really loved and trusted this person.

You’ll be mad at them for betraying you. And mad at yourself for trusting the wrong person.

But you can get out of this. Becoming successful might mean that some people don’t grow with you. They only drain your energy.

The only way forward is to remove them from your life. Cut ties. Because after all, you want genuine and healthy relationships that fulfill you.

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Get Clarity on the Type of Relationships You Want

So if you are suspicious that a person is a gold digger, find clarity on what your relationship with them is like. Do you talk mostly about money? Are they interested in growing as a person? Do they tend to manipulate you, however subtly?

You might want to have a talk with them. But I wouldn’t expect much from it. People rarely change. Most of us only change if we experience a lot of discomforts. Imagine you are sitting in a chair, you won’t move until your position gets uncomfortable. Most people are like that in life.

So, if gold diggers can comfortably live off your money then why should they change? There might be no reason for them to do so.

That’s why in my opinion, the only way to deal with them is to stop seeing them. Instead, get a circle of friends or a relationship where the other person is actually supporting you. Find a relationship where you each value who the other is on a human level, and you are truly able to grow together.

Now you might think, “Trading my resources for their love doesn’t sound that bad.” At least you will always feel loved, right? Let me explain why I think that such relationships don’t work.

Relationships with gold diggers are mostly transactional relationships. What exactly does that mean?

What Are Transactional Relationships?

Transactional relationships are relationships we have out of necessity. It almost feels like the two people are making a trade. Share on X

A common mentality of gold diggers is, “I will make you feel like you are loved and in exchange, you will buy me nice things.” For some people, that works well enough and feels acceptable.

I don’t like transactional relationships because they lack depth. I believe that staying in such a relationship for a long time will take a toll on your mental health. How can you truly feel loved when you know they only stay with you because of your money?

As human beings, we are social animals and we need relationships and human connection. To be truly happy, our relationships need to fulfill us and inspire us. That type of fulfillment is usually not going to occur within transactional relationships. Transactional relationships lack genuine feelings.

I have had to learn this as I became wealthier and more successful. Your relationships are your environment. And your environment is key when it comes to growth or stagnation.

So, in transactional relationships, at least one side expects that they will get something from the other. Real relationships are meaningful because you learn and grow together. These healthy relationships that lead to growth for both people are often referred to as “transformational” relationships rather than transactional relationships.

In a transformational relationship, both sides are open and giving because it just feels right, and they genuinely care about each other’s happiness. These relationships are based on real human connection. You add value to each other’s life but you do it without expecting anything in return. It’s genuine. Doesn’t that sound far more ideal?

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How To Find Genuine Relationships

If you want genuine relationships in your life – no matter if it’s a romantic relationship or a genuine friendship – you need one thing. You need to be clear about what you want from the other person.

I recommend making a list of the traits you want the other person to have. For example, you could write down five ‘must-haves’. Those are the qualities that the other person must absolutely fulfill. If they don’t, they aren’t for you. You should also have a list of a few ‘no-goes’. Those are the deal-breakers that you can’t accept in a spouse or friend. For example, a deal-breaker could be smoking, excessive spending, or drinking.

Have that list handy so that you are clear on what you want in a relationship. Then, communicate what’s on that list clearly with the other person. My wife Jennie and I did that. At the beginning of our relationship, we had a long talk and I told her what I need my partner to be like. I decided to tell her clearly and openly, so we wouldn’t waste each other’s time. If she would have said no to these things, at least we would have clarity and could move on. Back then, Jennie didn’t know if she could be that person for me. But she was very grateful that I told her and she tried. Today, Jennie and I are genuine partners in everything in life.

When it comes to genuine friendships, it’s very similar. Have clarity for yourself on what kind of friends you want. If you are an entrepreneur, for example, it’s unlikely that you would want friends that hang out in bars each day. You want friends who are also working on themselves, so that you can motivate each other and grow together. You don’t want friends who are gold diggers who want your money. Find people who are interested in your ideas and will support you instead of trying to benefit from you.

How To Master Your Relationships

I don’t want you to go out and distrust everyone. The point of this article isn’t to have you think that everybody out there is after your money. My goal is to help you see where you maybe had blinders on before.

You might have been so caught up in your relationship that you didn’t fully notice what was going on. You may have missed the signs that someone was a gold digger, and this article helped you see clearly.

Never forget that your environment and the people in your life have a big influence on you.

As a wealthy, successful person, I want you to value yourself and your time, and commit to your health and your success.

On my YouTube channel, I’m continuously giving advice on how to shift your mindset and become an even more successful entrepreneur. What would it mean to you to develop the mindset of a millionaire?

For more free, life-changing advice, subscribe to my free YouTube channel here.

10 Detrimental Mistakes To Avoid When Starting A Business In A Crowded Marketplace

Have you been making these mistakes when you’re starting a business? It can be overwhelmed in a crowded marketplace. What are the mistakes you can avoid?

Here are 10 detrimental mistakes to avoid when starting a business in a crowded marketplace

The truth is… everyone makes mistakes and it’s obvious that it’s no different for business owners.

Unless your mistakes can turn into huge advantages in your business and life – avoid it when you’re starting a business. 

There are many common mistakes and it’s natural getting a little tripped up here and there. But some of these common mistakes are detrimental when you’re starting a business. 

It means, it can become costly down the line.

So, it’s better to avoid them at the beginning itself. 

With effective planning, you can avoid typical stumbling blocks that may potentially lead to failure. 

Starting a business is not a consequence of good genes or being lucky. It can be engineered by following the right methods and strategies – it can be taught. 

A crowded marketplace can be overwhelmed, and you’ll sometimes get overconfident with enthusiasm. However, enthusiasm can be both a blessing and a curse when you’re starting a business. 

Why? That’s because it drives the passion for your business that can fuel your success – and financially ruin you if don’t think through your decisions.

Here’s a video I want to share with you. About what I learned and some costly mistakes you can avoid.

I’ve started and failed in 13 businesses – lost thousands and millions of dollars. If you don’t navigate those potholes. You’ll most likely won’t see success.

If I could turn back time, I’d do things differently

10 Detrimental Mistakes To Avoid When Starting A Business

  1. No Goals And Commitment
  2. Avoid Micromanaging When Starting A Business – Delegate
  3. No Understanding Of Marketplace
  4. Not Having The Right Mindset
  5. Technology Ignorance Isn’t Bliss
  6. Starting A Business Without A Plan
  7. Neglect Marketing Investment
  8. Accidentally Create Leverage
  9. Spending Lavishly
  10. Hiring the wrong people

No Goals And Commitment

When you’re aiming in the dark – you can’t hit a target that you can’t see. You’re going to miss 99% of your target. 

It’s the same with everything we do in life. Without a clear goal, you won’t have any motivation to improve your business continuously. You drift along and taking things as they come – hoping for the best. 

And because you’re not putting in the time, energy and focus into growing your business, eventually it’ll fail. 

When starting a business, set a clear goal and commit to making things happen. With that said, be very specific with your goals – not being a generalist. 

Instead of saying “I will improve next quarter’s revenue”, say “ I will increase sales by at least 20% each month until the next quarter”. 

When you be specific about where you want to go from the beginning, you’ve created a much clearer image in your mind of how to achieve your goals. 

On another note, observe your motivation. Because this can lead to emotional baggage and this baggage slows us down and hinders our growth.

Not only you’re going to miss most of your target. What’s worse is you’re also stuck in this vicious cycle of emotional baggage. 

Or maybe the regrets you have will demotivate you to achieve your goals. 

Avoid Micromanaging When Starting A Business- Delegate 

Delegating is a powerful tool when starting a business. But you must know when to spend your money before you create your high-performance team

There’s sometimes a lack of self-awareness when starting a business. Some business owners in the early stage are not great at delegating work to their team members. 

So, if you’re not good at certain things, avoid doing everything just because you want to cut costs. 

Focused on your strength in specific work tasks and delegate the rest will help in the long run. 

While most employees don’t appreciate being micromanaged – as a business owner, when stating a business – curb this behavior before it leads to negative effects. 

Here are some pointers on how to let go: 

  •  Reflect on your behavior. Most likely it’s because of some insecurity – if your team doesn’t perform exactly the way you wanted – you’re afraid it’ll reflect badly on you. 
  • Prioritize what matters and what doesn’t. Regardless of how important the task is – you can’t do that if you want to control everything. Avoid being a control freak. Create a To-Do list and start determining what work is critical and delegate those that are less important. For example, strategic planning vs presentation.
  • Talk to your team. Once you’ve determined the importance – the next step is communication. Have a conversation with your team about what really matters to you and how you want to be kept in the loop. 
  • Built trust. Have a pep talk with your team members. Because they’re used to you not trusting them, they might come to you for approval on each and every project. So, give your team members the psychological power to lead. Show them you trust and have faith in their abilities.
Editorial Credit: Stephane Bidouze / Shutterstock.com

No Understanding Of Marketplace 

Most Entrepreneurs are an expert in their own product or services. When we talk about the marketplace – it can be billions and billions of people but with your product – will the majority pay for your product or service? 

Exactly – NO! Not everyone will pay. So how exactly can you understand the marketplace or at least understand your market?

That means If you have a certain product or service, where and what types of customers will pay for it. 

When you understand your marketplace or customers – not only it’ll increase your sales, but also increase your chances of attracting the kind of customers you want Share on X

Do you see what I mean?

And sometimes, you come out with a new product or service. With that said, testing your product is critical to your success or failure – your product-market fit can be tested in small ways. 

Why do you need to test it? 

Because a product that works for you may not work for others. 

So, by testing it in smaller ways can help you save time and money. At the same time, you are generating feedback and answers to your growth success. 

Only then, you will understand your marketplace and customers better. 

Maybe you need to modify and fine-tune your product according to your feedback… 

Or perhaps, you need to remove some funky and complicated product or service that initially you thought it was cool to combine – but not in the eyes of the marketplace.

So, when starting a business… and to avoid these detrimental mistakes.

You need to make sure what works best for your clients. And this is one of the main factors most online entrepreneur/s fail to succeed 

Watch this video on how to choose your niche and target market.

Not Having The Right Mindset

Do you have confidence in yourself? Or confidence in your product or service…

Don’t expect customers to show up at your doorstep or website to buy from you.

You need to put yourself out there by branding your business, marketing your offers and networking. 

I know many brilliant business owners with exceptional product or service – but lacking in confidence.

You see, starting a business is no easy task… 

You need to have the right mindset even before you start a business. If you’re lacking confidence, you need to learn how to be more confident. 

So, what do I mean by not having the right mindset? 

Is it the level of confidence or having a combination of mindset which includes leveraging your money mindset to create more money?

When we portray confidence in anything we do... that’s a positive mindset Share on X

It’ll constantly motivate you towards success. And leveraging money mindset is like, instead of having a saving mindset and trying to salvage every dollar – focus on making more money with your money. 

Now, does that make sense? 

When you’re starting a business, think of how you can use your mind to create wealth – use the money you currently have to help you generate more money. 

With that said… doesn’t mean that you need to spend every single penny on marketing or product development. 

Plan according to your goals and commitment and then take massive action Share on X

Develop a millionaire’s mindset and be a “Doer” instead of a “Talker”. Most unsuccessful people like to talk about things and tend to have a lot of opinions. 

They dwell and complain about their struggles and problems. 

So, if you’re reading this article right now…

I know you are a “Doer”. You want to avoid mistakes when starting a business.

You want to achieve your goals and generate results.

Technology Ignorance Isn’t Bliss

The digital landscape is rapidly growing and constantly evolving. As a business owner, if you don’t leverage the current technology in your business, you’re considered as laid back. 

If you’re a young entrepreneur just starting a business…

Here’s a question you might be asking; How can I use technology in my business? 

Simple!

I spoke about micromanagement earlier, about delegating certain things and avoid doing everything by yourself. 

You see, tasks like data entry, posting updates and generating leads on your website can be delegated and those are all the things that can be done with technology. 

It’ll save you hours on trivial tasks if you know how to leverage it. This useful tool gives you the time and freedom to attend to more important matters in your business. 

If you don’t want your competitors to run you out of business – find the time to learn how to leverage technology Share on X

Now, this is where the mindset comes in…

If you’ve been a stubborn business owner and refuse to learn, you’ll most likely lose out to your competitors and more likely to see failure instead of success. 

Don’t adopt the old school traditional mindset, it’s one of the deadliest mistakes business owners make – especially if you’re starting a business. 

Starting A Business Without A Plan

A business plan is your roadmap to success!

Although it could evolve as you go along. But when you’re starting a business – a proper business plan leads you on the course with a structured approach. 

You can document your business thoughts and ideas you want and need to accomplish. And then, formulate a strategy and tactics for how you plan to get there. 

Successful Start-up entrepreneurs are often those who have strategies in placed to deal with challenges as they occur Share on X

While being flexible and adaptable to the changes in today’s marketplace – you can’t sidestep planning if want to succeed. 

While the mindset plays the biggest role in our life – exercising self-control to avoid these mistakes when starting a business – doesn’t mean you need to re-consider your whole idea of having your own business. 

The thing about having your own business is, it requires both patience and passion. 

This may sound troublesome to some business owners. But my point is…

If you could avoid these detrimental mistakes with proven strategies, wouldn’t you make use of that opportunity?

Neglect Marketing Investment

If you have a mindset of, “I’m already doing well, I don’t need to invest in any marketing” but you expect to increase your revenue…

You’re most likely won’t be successful forever. 

Most business owners who are already successful have this mindset. 

You see, the thing is…

You’re going to slowly lag if you’re aren’t bringing in new business – especially from today’s competitive marketplace. 

In one of my recent articles, I spoke about “The Future Of Marketing Automation” and in one of the sections in that article, customers want a more satisfying journey when they are searching for a particular product or service. 

To survive and thrive in the future of marketing – you don’t want to neglect marketing investment when you’re starting a business Share on X

On top of that, people are talking about customer experience (CX). Research from PWC said, 86% of buyers are willing to pay more for GREATER customer experience. 

So, if you neglect your marketing investment – you’re likely to lose out a lot. 

Now, as you already know, in this new decade, we’re all moving towards “Digital”. And with all the variety of technology tools available, you can always start with some free marketing tools to help you grow. 

By doing that, you can maximize your return on investment (ROI). 

So, don’t neglect it – thinking you’re already successful and don’t need any investment in your marketing. 

Accidentally Create Leverage 

Who owns your company’s intellectual property (IP)? This includes the brand name, designs, domains, and technology. Ensuring vital IP owned by the company is critical. 

Because, in the event of a dispute between two partners, and If one partner owns the domain names personally – this means he or she has not assigned the right to any intellectual property. 

Now, what does this mean when someone has not assigned any IP rights? 

It means, they can leverage in any negotiation. 

Here’s the thing I don’t want you to miss…

When registering domain names and assets in the name of the company – it’s straightforward. 

But… when it comes to Intellectual creation, you need to understand the most important point. 

For example, when an employee of your company creates a logo, it means, it’s owned and assigned by the company. 

However, if it’s being created by a freelancer – it needs to be assigned in writing. 

Now, you don’t actually need to engage a lawyer to do this. There are plenty of standard intellectual property documents online where you can get your team to prepare. 

This might be one of the biggest mistakes for young entrepreneurs. 

That’s why it’s crucial to know what are the mistakes to avoid when starting a business.  

Spending Lavishly

Your first-quarter sales were good – business is going well. Second-quarter was even better and now you have some extra cash to splurge. 

Typically, most of us would make a few purchases to help with future scaling. 

Investing in new software, doubling your ad spend, redesigned a new company logo, or maybe a small renovation for the office. 

What happens if the following month, your projected revenue isn’t as much as what you’d expect? 

All of a sudden – you find yourself in debt. 

You’ve spent too much money too soon on unnecessary things. And these things can turn your business profits into additional business expenses. 

On top of that, you are not in a position to utilize them yet. 

So, before you spend lavishly on unnecessary things, ask yourself this: “ Is this important and going to be used immediately to grow your business?” 

And by asking yourself certain questions, not only it helps you avoid crucial mistakes, but to also make a decision to achieve your goals faster. 

Hiring The Wrong People

Hiring the wrong people is like having a bad team. If you select the wrong people to be on board, not only you’ve made a mistake. But also closer to failure than you know it. 

When you have the wrong people on your team, it harms your business reputation Share on X

Before you hire anyone – think about what that person is like. If it’s possible, find out about their goals, beliefs, and mindset. This is crucial because it has to be aligned with your vision and mission.

Let’s take a salesperson for an example. Many companies hire salespeople because they want to generate more revenue. However, a salesperson, they only look at their own income and sales quota. 

They don’t care about things like integrity and morals…

With that said, at the beginning of their career, they might bring in more sales but subsequent months, their sales get lower and lower. 

This is because most salespeople are not properly trained. Instead of building a long-term relationship with your customers – they resort to being a slimy salesperson with pushy tactics. 

As a result, you’ll only get a “one-time purchase” from your customers. What’s worse? 

You spend years generating and nurturing leads…

And because you hire the wrong people, your customers lose trust in the company and they go to your competitors. 

So, to see success faster, create a high-performance team that’s aligned with your goals.

Want To Scale Your Coaching Business?

So, is it time to scale your business? – Especially for coaches and consultants.

As your business grows – knowing when to hire, when to automate the tedious process, strategizing techniques and tactics effectively is crucial when starting a business. 

I said this in the beginning – you can avoid typical stumbling blocks that may potentially lead to failure. 

I’ve started and failed 13 businesses –  I have seen startup companies moving too fast without proper planning and crumbled before they can achieve their goals… 

The thing is, all this can be avoided.

Why would you create a new success strategy when there are already several proven strategies? 

Discover the method and strategies that you can use to scale your coaching business online. 

You see, I knew little to nothing about starting a business. This was when I was younger. I was heavily in debt and failed 13 businesses.

Today, you can discover the method I used to scale my coaching business from zero to $1,000,000 a month in less than 8 months…

Now you must be thinking what did I do to achieve that? 

Well, it’s by doing the opposite of every other coach! Get your resources here and maximize your “Personal Media Platform”.

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5 Crucial Things To Look For Before You Invest In Startups

Are you looking to invest in startups but you aren’t sure what to look for? How do you determine if a startup is a good investment idea? How do you know it’s the right thing for you?

When you want to invest in startups there are plenty to choose from. Almost all startups need money. That’s why it looks like a promising investment sector too many.

It seems so easy, find a startup. Invest your money. Watch them grow and multiply your money. But, in reality, it isn’t quite that easy.

Not every startup will be the next Uber. Not every startup succeeds and grows rapidly. Often it’s hard to tell if their product and offer are any good.

That’s a problem because if you are investing in a startup you want to make sure it pays off. You want to get returns on your investment sooner or later. Investing in the wrong startup can be a risk.

And there are also other factors you have to consider before you put your money into anything. So before you go ahead and invests your money into a startup, check for these 5 crucial things first.

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1. Is There A Hungry Market for Their Product?

Before you invest in startups you want to make sure there is an actual market for their product or service.

Let’s imagine you can choose between startups. One has an advantage in capital, on has the best product or service, another one has the best team. Or maybe they have the perfect timing or the latest technology. Which one would you choose?

If I would invest in a startup I would always choose one thing: A hungry market. I would choose that every. single. time. Share on X

Their product or service might change, but a hungry market will always buy from them.

So many startups fail because they focus so much on their product or service. But they completely forget about their customers. They focus more on their own needs than on the needs of the marketplace.

They put all this effort into building the perfect product…that nobody wants. Instead of their product, look at their offer. What is the irresistible offer that they bring to the marketplace?

An offer contains their product plus the value. If the perceived value is high enough people will want to by. You can imagine the offer almost like a bait. Like if you go fishing, you want to choose the right bait. So the fish would actually bite. Using a stone as a bait won’t do you any good. You have to understand what they want.

Why Is The Market So Important?

So many startups make one mistake. They offer what they think the market wants. Instead of finding out what the market actually wants.

You only want to invest in startups that actually have an irresistible offer of some kind. It should be more than a crazy idea in their mind.

Save yourself from investing in startups that spend years on things that nobody wants to buy. As sad as it is, that happens too often. 8 out of 10 businesses fail after 20 years. Half a million businesses are created every month. 30% of those go out of business within two years.

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What to Look for in a Market?

You also want to check how big the market is before you invest in startups.

Is it a very local market only in the direct neighborhood? Or is the market the whole world?

Don’t get me wrong the market doesn’t have to be huge for them to be successful. But it has to be some good size so they can expand later. Simply put, is the market big enough so their offer is scalable? What are the chances of this offer getting bought now and also in the future?

And finally, when it comes to invest in startups, there is one more thing about the market. How saturated is it? Are they targeting an existing market with lots of competition? Or a completely new one?

What if their chosen market is very competitive? Do they have a defining factor that makes them different? How is their solution different from existing ones and is there a market that needs that? There is also the question of how powerful their competition is.

I once had a guy tell me he wants to start a coffee company and compete with Starbucks. How can a small startup compete with a huge chain?

Of course, the founders are very passionate about their ideas. But you have to stay cool and check if their business actually makes sense.

What to do if you invest in startups that market to a completely new market? You have to make very educated guesses if it is possible. Will the market be big enough? Is the crowd hungry for this?

2. Do They Have Some Money Already?

When you invest in startups, you don’t want them to fully rely on only your money.

If they can only start out because of your investment, that’s actually very dangerous. If they need your money so urgently, the founders aren’t entrepreneurs yet.

Making money from business takes time and effort. If they expect to find one single investor (you) and suddenly make all the money…they don’t understand what it means to have a business.

Building up a successful business needs time, effort and money. You don’t create a startup because you want to work less and hate your job. If you do that, your business will fail.

That’s why I advise all my students to take care of their cash flow needs first. First, they need a stable income. Only then they should even think about becoming an entrepreneur.

So, if you want to invest in startups what out. Pick those that have a great work ethic and are resourceful enough to generate money –  before they are looking for investors.

There is nothing wrong with looking for investors, but it can’t be their income stream.

5-Crucial-Things-To-Look-For-Before-You-Invest-In-Startups-Infographic

How resourceful are they?

Their resourcefulness to getting money shows you what they are willing to do in order to succeed. Do they tilt because an idea didn’t work? Or are they looking for solutions and create results?

Believe it or not, there are startup founders that only want to put their money in after the startup has reached in size. They don’t have any skin in the game. Rather, they try to build their business and get wealthy by a miracle.

They have this idea and think it will make them rich. But a business without money is just an idea…it’s not even a startup.

So don’t get swooned owner by fancy looking business plan and market analysis. Those are great things to have but if there is no starting capital, how will they succeed?

I’m very careful about such things. You don’t want them to run off with your money. You want to invest in startups that are resourceful enough to have some money already. Your investment might help them to get more scale.

Being resourceful also means they don’t lose hope after hearing no several times. They have the stamina to go on because they know there is a demand for their product or service.

3. Are Their Team Members Complementing Each Other?

The next crucial thing you want to look for before you invest in a startup is their team.

Before the investment, you will likely get in contact with the founders of the startup. You will discuss the strategy, business plan and other things.

But I highly advise you to also have a look at their team. Who else is working on the startup? What skills do they bring to the table? And, likely most important, how do the founders lead their team?

Are their skills working together? Do the founders mentor the teammates? Do they really have successful chemistry?

All these are pointers to look out for. The team is an important metric to measure the success of a startup.

But, you only want to look at this, after you’ve checked the market! Again, the best team in the world won’t help, if there is no hungry market for the product.

If they have the market and a great team, those are good signs to invest in startups.

Some startups have quite small teams because they are saving on costs this way. But they absolutely need people in all the key positions, so the whole business can actually run.

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What Does a Great Team Look Like?

Their team has to be able to execute. Too many founders try to get everything done themselves and give no trust to their team. Instead of delegating they work tons of hours to get everything done.

When really, all their team members should be experts in their field and get the job done themselves. They should also have some operating systems in place already. That shows they are serious about this business. Do the founders have the vision while the team is taking big parts in executing that vision?

Another very important thing: don’t invest in startups that don’t have an expert on their niche on their team. Let’s say the startup is a lead generation agency. But nobody on the team ever worked with lead generation. All they do is guessing how it works…How likely will that team succeed?

A well-built team should have the skills that the founders lack. They are balancing each other’s strengths and weaknesses. You don’t want to invest in a startup where all team members have the same skills. It means they have huge weaknesses too.

4. Did They Create Results Already?

This is another great point to look into before you invest in startups. Did they already get in contact with their market somehow?

Are the customers already engaging in with the product? Maybe there were some test runs and the testers are giving feedback. Or maybe the founders did a survey of what customers expect a certain product to do.

Looking at this shows you how serious the founders are. Do they just have ideas or are they willing to execute? Are they still working on the basic concept or are they already developing tangible results?

Are they committed to making this happen and work out for them? Or is it just an idea and if it doesn’t work they jump onto the next idea?

If you get in contact with them and they want to win you over as an investor,

watch out if they can present any real data. Does the data support their idea? These early calculations are a great proof of concept.

So what does a promising startup look like? They have a hungry market and some data collected already. If they have the data but the market is non-existent or too small you don’t want to put your money there.

When it comes to data, also make sure that their measuring is actually realistic. Some startups run into the trap of measuring too much. Or the use numbers too early. While data is important, it’s not the only factor that determines their success (and as a result the success of your investment).

How do Others React to their Idea?

A great way to see if the startup’s offer creates the desired results is this:

Show it to strangers on the street and see their reaction.

If they say “ok, yeah that’s good” then the idea actually isn’t good! You want them to go “wow this is great, where do I buy.”

If the offer can’t win over people, it won’t stand a chance in the marketplace.

Take-Your-Chance-To-Invest-Like-The-Rich

4. Are You Actually Ready?

The final thing you want to consider before you invest in startups is a little bit different.

It’s less about the startup, the founders, the product or even the market…

It is about you. Are you actually ready to invest in startups?

To invest in startups might sound like a good idea but it’s only one investment type of many, many more. So, ask yourself why you want to invest in startups. Share on X

Are you actually passionate about startups? Are you an expert on the field? Or did you just hear about other people who successfully invested in startups? Are you looking for a quick way to get rich?

The problem with that is that, if you suddenly jump into investments without knowing anything about it, you are taking huge risks.

You risk making a mistake and losing all your hard-earned money. I’m not saying investments are a bad thing…I’m saying investment without knowledge is not a very smart thing to do.

See, wealthy people, invest in what they understand. And they have their ways of checking and evaluating if an investment is a good idea.

If you don’t know how to successfully invest in startups – and only do it because it worked for others – reading a few blog posts about it won’t help you much. So what should you do?

How To Prepare Yourself for Any Investment

Before you invest in startups – or do any other investment really – you want to do a few things.

First, you can’t invest if your daily cash flow needs aren’t met. Meaning, if you don’t have enough money to pay your bills, you aren’t in a position to go out there and start investing. Raise your income first (have a look hat I teach about high-income skills).

Now you want to be in a position where you can invest at least a few hundred bucks. And lastly, really understand which investment type suits for you. What do you really like? Is it really startups? Or stocks, or real estate?

I personally love two types of investments. Investing in myself and real estate. Why? Because I understand it. I would never advise anyone to invest in something they don’t understand.

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What if I told you there is a chance to learn the investment strategies of the rich?

My fans and students kept asking me about investments. When to do it, how to do it right and so on. Exactly for that reason, I’m offering a once in a lifetime event. What is it about? It’s called “Secrets Of The Rich” and it will take place from February 23rd to 24th.

The rich have these crazy strategies that give them stable returns – sometimes up to 24%. Those investments are low-risk and high-return. But you can’t find it in any book and it’s not taught at seminars. At least until now.

The event is really a once in a lifetime chance. It’s unlikely that it will ever be repeated. If you want to educate yourself on investing as the rich do, this is your chance.

Unfortunately, the event is now sold out. But I have a special offer for you. You can get lifestream access that comes with a full recording too. This way you can learn the investment strategies of the rich, even if you missed out on the seats.

Check out the details HERE.

How To Get Out Of A Bad Business Partnership

Feeling trapped by your business partner and looking for a way out? Learning how to get out of a bad business partnership can be difficult, especially when legally binding documents such as contracts are involved.

There’s no worse feeling than being stuck in a business contract with a bad business partner. At that point you’ll be dying to know how to get out of a bad business partnership.

At first, everything was going smoothly. You were on the same page, you had the same goals and it made sense for you to become business partners. But as time went on, small cracks began to appear. First it was a few emails that they didn’t reply to. Then it was an important business decision made without your approval. And slowly but surely, those cracks began getting larger and larger.

Now, it’s gotten to the point where you two are on completely different tangents, and you don’t know what to do. You feel like they are holding you and the business back. Perhaps it’s finally time for you to part ways with them and go on separate paths. If you’re wondering how to get out of a bad business partnership, let’s discuss a few tips to help you do so:

How a Bad Business Partner Creates Resentment and Kills Business Potential

Imagine that you are a tiger on an isolated mountaintop. You have not eaten for three days, and you are starving. But a few moments later, you see a nice looking deer that is within range of you. You begin stalking towards it slowly, careful not to make any noise to alert the deer of your presence.

As you get closer and closer, you realize there is another tiger on the opposite side of the mountain that is doing the same thing. That tiger is also slowly making their way towards the deer – your deer. 

how to get out of a bad business partnership

That tiger poses as a direct threat towards what was supposed to be your food source. Now you have a decision to make – you can either walk away and try to find another deer that isn’t contested, or charge towards the deer and hope you get to it before the other tiger does. But even if you manage to reach the deer first, you still run the risk of having to fight off the tiger in a bloody battle in order to claim your spoils.

The tigers represent you and your business partner, and the deer represents the business. In a fruitful business relationship, this does not happen. Both tigers would be looking to work together in order to capture the deer. They would split the food amongst themselves. That way, both of them can eat and neither one starves.

In a bad business partnership, you and your partner will end up fighting each other in order to gain control of the business. Even if you do reach the deer in time, you will have to put up a fight in order to keep it. And this struggle continues until one of you gives up and can’t fight any longer.

When a Prosperous Business Partnership Suddenly Turns Sour

Not surprisingly, most business partnerships do not work out. Statistics show that 70% of business partnerships ultimately end up in failure. More often than not, most business partnerships are between spouses or family members, which makes getting out of it even more complicated. This is due to a variety of reasons such as trust issues, lack of communication, and not drawing the line between business and personal life. 

If things aren’t working out, you need to examine why. Why did the business partnership go downhill? Is it an issue between you and your partner, or something in the business? Getting clear about where you are coming from can save you a lot of headaches down the road and give you clarity about what exactly is not working out.

For example, if the issue is that you and your partner are incompatible, then there is no choice but to move on. That means either you or your partner has to leave the business, and go your own separate ways. Two tigers cannot share the same mountain, just as two incompatible business partners cannot run the same business.

One Mountain Cannot Contain Two Tigers. - Ancient Chinese Proverb Share on X

The Risks of Starting a Business With a Family Member or a Friend

Starting a business with a trusted family member or friend can seem like a very intriguing idea. However, when it comes to business there is more at stake than simply just losing the business. With business comes money, and money is widely seen as a controversial issue. If you are going to start a business with someone you know, ask yourself if you can handle the worst case scenario.

If for example your business partner is your spouse, you have to make a decision. Do you want to save the business, or do you want to save your marriage? In the situation where neither person wants to back down, making a decision like that is sometimes necessary. Either one of you has to accept that things are only going to get worse, unless someone surrenders. That means letting them take over the business and calling all the shots, whether or not you want them to.

how to get out of a bad business partnership

In Dan’s own organization, his wife Jenny is a valuable business partner. However, as much as he values her insight and opinions, at the end of the day his word is final. They have come to an agreement that as chairman of The Dan Lok Organization, his decisions have more weight than anyone else’s. As a result, everyone in my organization understands that even if they think he is wrong, they have to respect and follow his decisions. Because of this rule, it makes it easy for everyone to come to an agreement, and keep our business lives separate from our personal lives.

When Your Business Partner is Strictly Business

If your business partner is your friend or family member, you have to take your relationship into account when making a decision to walk away. However, if your business partner isn’t closely related to you, then it simply comes down to a matter of business.

When you first started out as partners, you most likely had contracts and agreements in place. In most businesses, partners will divide up the company into shares, and allocate an even number of majority shares to each partner. That means you and your business partner could be holding onto 40% of the company, with 20% open to the public. If you want to get out of your business partnership, you will have to sell your shares to your partner. However, if you want to continue running the business and want your partner out of the picture, that means you will have to buy their shares.

Business is all about negotiation. In the scenario where both of you are in agreement – you want to own the company and they want to leave, your partner will state their price and the two of you will negotiate back and forth about how much their shares are worth. Once you’ve reached an agreement, simply sign the documentation, shake hands and you both continue on your way.

The worst case scenario when two business partners aren’t closely related, is that both of them want to run the company and neither is willing to budge. That means either you have to make them an offer they can’t refuse, or you make the decision to walk out.

Making The Difficult Choice Between Leaving The Business or Fighting For Control

If you and your business partner are not aligned – which is the most likely case considering you want to get out of the business partnership, you have to decide. Are you willing to make the sacrifice and leave the business, after you’ve poured in all your energy, time, sweat and money? Or will you stand your ground and stubbornly fight for control – and risk bringing the business down with you?

how to get out of a bad business partnership

Fighting for control of the business is a game of chicken. It is like both of you being in two separate cars side by side, racing toward the finish line of bankruptcy. Whoever decides to hit the brakes first before crossing the finish line, loses control. The one who perseveres the longest, becomes the one and only chairman. In the process however, the business will have plummeted in value due to both of you fighting for control instead of managing the business. What’s left over are the scraps of a business you once had, and your job after regaining control will be to rebuild everything you have just lost. It may be a victory, but it will be a bitter one.

The other choice you can make, is to walk away. If you choose to walk away, realize that it doesn’t mean you have lost or given up. It simply means you recognize that fighting for control of the business with someone who is not willing to negotiate is not worth your time and energy. Your time that you would use to try and gain control, is much better used to pursue other more fruitful opportunities that await you. And you never know – in the future your partner may want to sell the business. That gives you an opportunity to buy back the business.

How a Royalty Agreement Allows Both Partners to Remain in Control

In situations where neither partner wants to budge, both parties can still own the business without having to step on each other’s toes.

For example, let’s say your business partner created the product or service and you managed the daily operations. After working together, you realize they aren’t that passionate about continuing to run the business, leaving you to do most of the work. After many heated arguments, your business partner declares they don’t want to give up the ownership or right to their own product. But without it, your business can’t continue functioning.

One way to allow them to remain the rightful owner while you run the daily operations of the business, is with a royalty agreement. A royalty agreement allows the creator of the product to earn royalties for every sale that is made. This way, your business partner can still profit from what was originally theirs, and you can continue running the business the way you want to. Now, instead of having arguments about who rightfully owns the business, you can focus on running and making it grow. It’s a win-win situation for everyone involved.

Always aim to create a win-win situation in business. Share on X

When You Can’t Reach an Agreement, Let Your Employees Make The Decisions

If you and your business partner can’t come to an agreement, the best thing may be to not agree at all. This is where the old saying “Agree to disagree” comes in. In situations where a compromise is not possible, but both partners understand that the business won’t succeed if they continue their arguments, a third party may be the best solution.

Instead of letting the company be run by either partner, you can delegate that task to your employees. Some of the most successful companies today are not run by the owner’s themselves, but by employees acting as the CEO or President. Because they aren’t personally invested in the company as much as the owner’s, they are able to provide a rational perspective and avoid any conflict that would arise from having just one person running the company. That’s why larger companies will have a board of directors, to allow decisions to be made only if there is a majority vote from many members.

how to get out of a bad business partnership

By letting a middleman such as hiring a CEO to run the company, you and your partner can still own the business without needing to get involved in the internal affairs and conflict that would arise. Even if you and your partner hate each other’s guts, you won’t feel the same way towards a third party who is making decisions on your behalf.

If you’re struggling to get out of a bad business partnership, the best option may be to substitute yourself with an employee who is willing to take over your role and responsibilities.

Getting Out of a Bad Business Partnership: What’s Next?

Let’s say that despite trying to negotiate and work things out, you think the best thing to do is for you and your business partner to go separate ways. What do you do after that? Should you secretly check up on them every single day and hope that the business will fail without your guidance? Or should you be humble, accept that it’s just business and move on?

In the world of business, nothing is personal. Learning to let go after a setback or negative experience is just as important as learning how to build a business. If you carry around your past with you, it will only negatively affect you in the long run and harm you in any future endeavors you may undertake.

Keep your business life and your personal life separate. Letting your personal emotions cloud your thoughts and affect your judgement means you never really got out of a bad business partnership. You’re still with someone who’s toxic or doesn’t help you grow. And this time, that business partner is someone you won’t ever be able to walk away from: Yourself.

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Learn From Your Failures: Don’t Be Haunted By Them

Dan’s executive director Desmond had a similar story. When he was younger, he became business partners with some Australian men that took advantage of him. At that time, he was young and eager and displayed a lot of passion for entrepreneurship. These are the kind of qualities that will get you ahead in life. But unfortunately, these are the same qualities that his business partners would later on take advantage of.

His business partners saw that he was young and eager, and used him for their own personal gain. He ran the company, putting in his time, sweat and energy and in a few years grew it to the million dollar mark. One day when he tried contacting his business partners for an important meeting, he felt something was wrong.

They wouldn’t reply to his phone calls. They wouldn’t reply to his emails. All the ways he previously contacted them before, no longer worked. At that moment, he realized that his usefulness had come to an end. The company was wildly profitable, and so were the owners. 

Overnight, his business partners took everything and left him with nothing. He had nothing to show for all his years of hard work, except the tears that were shed as the realization of what had happened dawned on him.

A few years later, Dan would meet Desmond and listen to him tell me this exact story. And unlike his former business partners that sought to use him for their own personal gain and then leave when the time was right, Dan made sure Desmond knew that if they were to become business partners, they would be in it together.

A 4 Step Process To Getting Out of A Bad Business Partnership

If you’re stuck in one and want to know how to get out of a bad business partnership, here’s a 4 step process you can use.

1. Get Clear On What You Want Out Of It

At this point you are clear that you want nothing to do with your business partner any longer. You cannot work alongside them, or you want complete control of the business. The first step is to decide what you want.

Ask yourself what you want to salvage from the partnership. Do you want a cash severance for all the years of work you put into the business? Or do you want your business partner to step down and let you make the decisions? You need to get clear and stay clear on what you want after ending the business partnership. These should be things that are non-negotiable.

When you finally talk to your business partner about ending the partnership, you need to know exactly what you want or you will settle for a compromise. For example, you might want 60% ownership of the company, but after talking to your business partner they might somehow influence you to settle for a million dollar check. In reality you could have forgot that it’s not about the money, it’s about owning and operating a business.

Unless you know exactly what you want, you will waver in your convictions. Get clear on what you want out of the partnership, before you approach them to end it.

2. Look At Your Partnership Agreement And The Business

If you have a partnership agreement from before you two became business partners, review the document and familiarize yourself with what was written.

Look at what belongs to your partner, and what belongs to you. If you both own equal shares in the company and you want to buy them out, you’ll have to determine how much it’ll be worth. If your business is making $10M annually in revenue and your business partner is preventing it from going any higher, it might be worth it to simply buy them out for $4M. While it may be a hefty price to pay, it’ll allow you to grow the business you want to without any limitations.

If you can grow the business so that it brings in $12M the next year and $14M the year after that, you’ve essentially gotten rid of a problem that only costs you 2 years worth of revenue. Analyze how much each decision would cost and then implement it.

3. Create A Legally Binding Agreement For The Breakup

Once you’ve talked to your business partner and negotiated a deal that you both can agree on, it’s time to put it into writing.

Create a legally binding agreement that includes the details for how you two will dissolve the business partnership. The agreement should detail what the terms and conditions include – such as exact sum of money that will be disclosed to either party, the rights each party now holds, and what each party is or is not allowed to do afterwards.

The last thing you want is for them to steal all your insider business secrets and become a competitor. If you want to avoid this, make sure your agreement outlines it in the terms and conditions.

4. Go Your Separate Ways

Once you’ve discussed with your business partner what you each expect and have put it into writing, the last step is to go your own separate ways. You two no longer have anything to do with each other, and can do things the way you like.

Unlike a bad relationship where one partner might have cheated on the other, your former business partner is a professional. Getting out of a bad business partnership is just like becoming partners – it’s a mutual agreement between two parties.

Don’t make the mistake of labeling your former business partner as an enemy or someone to get back at. You are simply two people that weren’t able to make the business relationship work. No one is to blame, and you both can now focus on what it is that matters to you.

Your Failures Only Make You Stronger 

Knowing how to get out of a bad business partnership is only the first step towards becoming a success. As a teenager Dan failed at 13 businesses but never gave up despite being $100,000 in debt. Once he discovered that he could earn a high income without needing to rely on starting businesses with other people, his entire world changed. If you want to learn more about the skill of High Ticket Closing, watch the free training series here.

How The Rich Manage Their Money

How do the rich manage their money? What can you learn from them, in order to handle your money better?

Most people think to have a nice lifestyle, they need to make a million dollars first.

But is it possible to live like the rich even if you don’t make a million dollars?

You’re probably wondering how long it would take you to save up every nickel, every dime you have lying around? How long would it take,  before you can buy a Ferrari, Gucci watch, or Hermes purse? But what if you could live like the rich without giving up vacations and without saving up each and every dollar you make?

If you know how the rich manage their money and follow their steps, you can afford a nice life without being a millionaire. Rich people do three things: earn money, save money and invest.

The problem is, most people do at least one of those three in the wrong way. They handle their money wrong, that’s why they feel poor. They become cheap and focus on saving every last cent. That’s why they develop a scarcity mindset. The problem is, living with a scarcity mindset won’t program your mind for wealth and abundance.

With that kind of mindset, you won’t become a millionaire.

So what do I suggest? My recommendation is to learn from other rich and wealthy people. Let’s see, how do the rich manage their money?

How To Earn More Money

Rich people don’t earn their money from a job. Actually, J.O.B. stands for “just over broke”. With the income of a regular job, you can’t get rich. Think about it, how many people do you know who work full time – or sometimes even two jobs – and still struggle?

Jobs these days aren’t meant to get you rich. They just keep you somewhat alive. That’s why getting more jobs is not how the rich manage their money.

They focus on developing their skills and building scalable businesses. They know that money comes from the value they create.

They have ways to slowly detach their income from their time. So while an employee has to trade time for money, the rich find ways to increase their earnings without working more.

How To Save More Money

How do the rich manage their money in terms of savings?

Saving money isn’t just about collecting all your loose change. Because at the end of the day, a dime is still a dime, and a quarter is still a quarter. Most people think that the way to save themselves to riches is by putting money aside in savings, mutual funds or other investments.

Or, to be more extreme, they clip coupons. They sell items they don’t need to earn a few bucks here and there. Then they start to suggest cheap activities when meeting up with family and friends. But the problem with these actions is, you train your mind to think in scarcity. You constantly feel like resources are limited and you can’t make ends meet. It’s a very limiting mindset.

But, rich people think in abundance. They aren’t cheap. They know they can increase their earnings, that’s why they also increase their savings. But they still spend some money on nice things. They know limiting themselves doesn’t get them the… Share on X

They save but they are smart about it.

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How To Invest Your Money

The final part of how the rich manage their money is investing.

Rich people focus on high-return investments, like stocks and real-estate (tax lien certificates are especially popular with ultra-affluents).

They never invest more than they can and only put their money into things they understand. That’s why I personally never invest in Bitcoin or anything like that. I don’t understand it and can’t check if it would get me the results I want.

So, investing doesn’t mean to be risky and lose all your money. That’s what most people get wrong. On the news, they see how people lost all their money in investments and think that’s the only truth.

But the real truth is, you can start out with a few hundred dollars and steadily build the habit of investing.

So, if you want to manage your money like the rich do, here are the four goals you want to work towards:

Goal 1: Increase Your Earning Ability

Point number one, on how the rich manage their money, is to increase their earning ability.

The secret to living like the rich, enjoy life and buy nice things is to increase your earning ability every year.

The best way to do that is to develop a high-income skill, such as copywriting or high ticket closing. These skills can get you an income of $10,000 or more a month. If you have a high-income skill, you want to increase your yearly income by 10 percent at least.

So you hone your skill day by day and increase your earning year by year.

The rich manage their money well because they constantly improve their skills. They ensure that their earnings grow constantly.

How To Increase Your Income

The key to this plan is to increase your earning ability. What you need is a scalable business and a high-income skill. A high-income skill allows you to earn money, even when the economy is bad. The scalable business allows you to earn more money in less time.

The high-income skill is what you fall back on whenever you need more money. It’s a very safe way once your skill has reached a certain level.

Next, train yourself to set money aside. Some entrepreneurs open a bank account so they can make deposits but not withdrawals. This is where they put their business income. It takes discipline, but with this system, their income will grow.

Their spending can also increase because their business and income are growing. This is the psychology of money. Never spend more than you earn, obviously. Actually, that’s one of the number one reasons while people are stuck in jobs they hate.

They spend more money than they earn, so with their next paycheck, they pay the credit from last year. They repeat this every month and can’t get out.

Spend your money on nice things, but do so wisely.

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Develop Financial Confidence

Also, develop financial confidence. This means, in business deals, you appear confident, not desperate. If your prospect doesn’t do business with you, it doesn’t affect you. You have the mindset that your prospect has the problem and you’re the one presenting them with a solution.

Financial confidence also means, that you know you can make money anytime you need it. Your high-income skill is well developed and independent of the current economy.

With this attitude, any money will come to you faster because money goes to those who don’t need it. You can charge higher prices for your offer because you can produce the results. People will want to do business with you because success attracts success. Then, when you have money, you can save and invest it.

Most people have a rainy day account that’s about 3 to 6 months of savings. It’s up to you how much to set aside. A measure of your wealth is if you were to stop working today, how long could you survive financially?

You can’t get rich looking poor. If you charge more for your offers, you up your game. You look more professional. You won’t have a second chance to make a first impression.

Goal 2: Save More Than Last Year

What else can you learn from how the rich manage their money?

They know that saving money alone won’t get them rich. Still, they focus on saving more than they did last year.

This doesn’t mean to hold onto every last penny – as I said, you don’t want to live in scarcity. It simply means to improve year by year.

Every year you should save more than you did the year before.

The thing with saving is, you have to increase it year by year. Because of inflation, your money loses a little bit of value each year.

So if you don’t increase your earnings and your savings, you are losing money because of inflation.

The saved money sits on your bank account and is worth less and less. You need some savings for safety reasons but I don’t recommend to save all your money.

Goal 3: Increase The Amount You Save By Percentage

Tipp number three on how the rich manage their money: they calculate their savings according to how much they earn.

Increase the amount you save by a percentage of your income. This is a very important point in managing your money well.

You don’t need to be cheap and frugal to save up. Focus instead on increasing your earning ability by following the ratio and setting aside a percentage of your income to invest.

By setting these three goals, you will increase both your income and the amount you can spend. You can enjoy life. Buy nice things. No one looks good in a cheap suit, so buy nice things.

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How Much You Should Save?

The amount you save matters. If you make less than $40,000 a year and save 10 percent of your net income, this amount won’t mean much in 20 years with an inflation rate of about 2 percent a year. You’ll need to keep increasing your income and… Share on X

Your target amount to save depends on your income.

I generally recommend these frames:

  • if you earn less than $50,000 a year you want to save 10%
  • if you earn more than 50,000$ but less than 100,000$ you want to save 15%
  • if you earn more than 200,000$ but less than 500,000$ save 25%
  • if you earn more than that but less than 2 million, save 35%
  • if you earn between 2 million and 5 million you want to save 40%
  • finally, if you earn 5 million or more, you should save 50%

Do you see how the increased earnings also increase the savings? This is a vital point.

After you’ve saved your target amount, you can spend and blow the rest as you choose to reward yourself.

Set Money Aside For Spending

The problem is, most people make X amount of dollars but they spend even more. Their attitude is they can buy whatever they want. But that won’t get you rich. The truth is, it doesn’t matter how much they spend as long as they spend within their target amount and save much more.

So, what I recommend is this. For every dollar you earn, some percentage goes into your savings account. And at least 10% should go into your spending account. That is the part you can spend freely, just for fun. Having that kind of “fun” money will give you additional feelings of abundance.

10% sounds like a lot for most people. Mainstream financial advisers recommend putting 1% of your earnings in your spending account. I think that’s bad advice as it will again, train your mind to think in scarcity.

As long as you don’t spend all your money, you are okay. Don’t be cheap, allow yourself to spend money on fun things.

Goal 4: Focus On High-Return Investments

How do the rich manage their money? They focus on earning more, they focus on saving more and finally, they make high-return investments.

For such investment, you need little cash and possibly get very high returns. Sometimes a few hundred dollars are enough to start out.

Most ultra-affluents, they do this by investing in tax lien certificates. With this kind of investment,  they earn government checks of 16%, 18%, up to 36% interest.

These kinds of investments aren’t really known by the general public. It’s a secret technique the wealthy use. What is it about?

Tax lien certificates are a great way to invest, especially in North American real estate. You are basically buying other people’s debt from the state and get high returns on that. All interest from the tax lien certificate goes to you. Your investment is basically protected by law.

Do you see how it would benefit you to learn these investment strategies that the rich use? You can’t find this online or in any investment book.

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Focus On High-Return Investments

If you focus on high-return investments you increase your earnings even more. In addition to the income from your high-income skill and scalable business, you now also earn money from your investment. That’s how the rich manage their money.

If you invest as the rich do, then it’s a very safe investment that will earn you money steadily.

And because you earn even more money now, you can also save more. Again take a percentage from the investment wins and put it into your savings. Some money should also be left to spend on fun. You are allowed to have nice things,

That’s why they manage their money well. They learn new strategies to grow their income.

How Can You Invest Like The Rich?

Now, you know how the rich manage their money. How can you make this possible for yourself?

When it comes to investments, there are ways to start out with only a few hundred dollars. Investing is a skill and a habit, the sooner you teach your brain to think like an investor, the better.

If you invest, let’s say 100$ and get a return of 12%, guess what, you just increased your money. Again, you are training yourself to think in abundance.

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Are You Ready To Learn From The Rich?

So, to manage your money like the rich, do what millionaires do. Increase your earning ability. Save more than you did last year. Increase your savings each year by a percentage and finally, focus on high-return investments.

These are the tips I teach all my students who want to have a millionaire mindset.

There is one more thing the rich do. They never shy away from investing in themselves.

What if I told you that from February 23rd to 24th, you have to chance to learn the investment strategies of the ultra-affluent? This is a once in a lifetime chance, to learn about tax lien certificates. These kinds of investments produce checks of 16%, 18%, up to 36% interest.

Frankly, those investment secrets are very guarded, hardly anyone knows about it. And the banks would love to keep it that way. Learning this is an investment in yourself, that pays off for years and years to come.

If you want to manage your money like the rich, this is the perfect chance.

Seatings are sold out by now, but you can get your hands on an exclusive lifestream ticket. With the lifestream, you’ll also get access to a full recording – yours to keep. Check out the details here.