20 Years of Business Success: Lessons from a Self-Made Millionaire

Creating Your Unique Vision of Success

When starting a business, it's crucial to define what success means to you personally. Many entrepreneurs fall into the trap of chasing external markers of success, like fancy cars or big houses, without considering what truly matters to them. Instead, take the time to craft your own unique vision.

For me, success has always meant running my business my way. This includes:

• Working only with clients I like
• Owning 100% of the company with no outside investors
• Having the freedom to work remotely
• Traveling for months at a time
• Sharing my philosophy with millions through various media

Having this clear vision was especially important during challenging times. In 2016, my business experienced a 50% decline in revenue. We had to go through multiple rounds of layoffs and I struggled with severe anxiety. But because I had defined success on my own terms, I was able to stay focused on why I started the business in the first place.

Defining Your Rich Life

A key part of creating your vision is defining what a "rich life" means to you. This goes beyond just financial wealth. For me, a rich life includes:

• Impact: Reaching and helping millions of people
• Profit: Building a highly profitable business
• Lifestyle: Having the freedom and flexibility to live life on my terms

I encourage you to write down your own definition of a rich life. Be specific about what success looks like to you across different areas.

The "What Do I Get?" Exercise

A powerful exercise is to ask yourself "What do I get?" when it comes to your work and business efforts. For example:

• I get to make my own decisions and own the results
• I get to take a large share of profits when we're successful
• I get to buy nice clothes and stay at beautiful hotels when I travel
• I get an executive assistant to help manage my life

Be selfish and honest about what you want to get out of your hard work. There's no virtue in living smaller than you need to.

Hard Truths About Building a Business

Over 20 years of entrepreneurship, I've had to accept some difficult realities:

You Can't Do Everything Yourself

In the early days, I did everything myself - writing blog posts, sending emails, tracking metrics, etc. But as the business grew, I had to learn to let go and trust others. For example:

• I no longer know how to send marketing emails or log into our email system
• I stopped writing every Instagram caption myself
• I don't manage the day-to-day operations anymore

Being humble enough to accept you can't do it all is crucial for growth. Find people who are passionate about the things you don't enjoy or aren't great at.

Nobody Cares As Much As You Think

We often obsess over every detail of our work, thinking others will scrutinize it just as closely. But the reality is, most people only engage with your content for a brief moment.

For example, I used to spend days crafting the perfect email. Now I realize most people skim it for a few seconds at most. We have an internal saying: "We are but a moment in our reader's day."

This realization can be freeing. It allows you to focus on what truly matters rather than endlessly polishing minor details.

You Can't Really Motivate People

A hard lesson I learned is that you can't fundamentally change someone's work ethic or passion. People either love to work or they don't. No amount of incentives or motivational techniques will transform someone long-term.

Instead, focus on finding people who are naturally driven and passionate about the work. When you find those people, nurture and support them.

Learn to Say No

Saying yes to everything is necessary when you're starting out. But as you grow, being selective becomes crucial. I've become much more comfortable declining opportunities, even ones that would have been exciting a few years ago.

Protecting your time and energy is strategic. Get comfortable with the idea that there will always be more opportunities in the future.

Choose Your Customers Wisely

One of the most important decisions you'll make is who you serve. When I started out writing about personal finance, I attracted a lot of extremely frugal readers. But I realized I didn't enjoy serving that audience.

Instead, I pivoted to focus on people who wanted to live a "rich life" - earning more, spending more on what they love, and growing their wealth. This aligned much better with my own values and interests.

Pathologically cheap customers are often the most demanding and difficult to please. Don't be afraid to be selective about who you work with.

Rewriting Your Attitude Towards Money

As your business grows, you'll need to shift how you think about money:

Expect to "Waste" More Money

As a business owner, you'll inevitably lose money on things that don't work out. That's part of doing business. Many entrepreneurs play it too tight as they grow, clinging to a scarcity mindset.

At a certain point, you need to loosen the reins. Not everything will have a direct ROI. For example, I've invested over $20,000 in my video setup. It doesn't directly generate profit, but it elevates the quality of my content.

Don't Get Fooled by One-Off Metrics

It's relatively easy to have one good year in business. What's impressive is steady growth over time. Don't get too caught up in snapshot metrics like revenue for a single year.

Invest Your Profits

Many entrepreneurs I know have multi-million dollar businesses but barely invest in the stock market. They always want to reinvest everything back into the business.

But it's crucial to diversify and build wealth outside your company. Take money off the table and invest it. Your business won't last forever, but a well-managed investment portfolio can provide lifelong security.

Developing Your Skills and Mindset

To build a lasting business, you need to continually develop yourself:

Build a Technical Skill

One of the best things I did was develop deep expertise in personal finance and psychology. Anyone can be a generic "money coach," but very few can discuss the intricacies of asset allocation or behavioral finance.

Having a true technical skill creates a moat around your business. It's something you can carry with you for life.

Learn to Distinguish Tactical vs Emotional Problems

Many business problems that seem tactical are actually emotional at their core. For example, someone asking if they should splurge on a business class flight isn't really asking about the financials - it's an emotional question about worthiness.

Learning to identify and address the emotional root of issues is a critical skill.

Develop a Strong Point of View

One of the rarest and most valuable things you can have is a unique, well-developed point of view. This is what allowed me to stand out and eventually land opportunities like my Netflix show.

It takes time to develop, but having a clear perspective that's different from everyone else is incredibly powerful.

Get Media Training

If you want to have a big impact, you need to be able to communicate effectively. Many brilliant people struggle to engage an audience for more than a few minutes.

Invest in media training to improve your speaking and presentation skills. It will pay dividends across all areas of your business.

Master Your Psychology

I realized that for my business to thrive, I needed to be happy and motivated. After 20 years talking about the same topics, it's easy to get bored or burnt out.

Find ways to stay inspired and engaged. For me, that includes lots of travel and exploring new ideas, even if they don't always pan out.

Learn to Live in the Present

As an entrepreneur, it's easy to always be focused on "what's next." But learning to enjoy and celebrate your current successes is crucial for long-term fulfillment.

Take time to acknowledge your wins and be present in the moment, rather than immediately chasing the next goal.

Final Thoughts on Building a 20-Year Business

Creating a business that lasts for two decades is incredibly rare, especially on the internet. It requires a combination of strategy, psychology, and continual growth.

Some key takeaways:

• Define success on your own terms
• Be selective about who you serve
• Invest in your skills and mindset
• Learn to let go and trust others
• Stay connected to why you started
• Find ways to stay inspired and motivated

Building a lasting business takes hard work, luck, and making the right moves at the right time. But by following these principles, you'll be well-positioned to create something truly meaningful and impactful.

Remember, the goal isn't just to build a profitable business, but to craft a rich life on your own terms. Stay focused on what truly matters to you, and you'll be able to weather the inevitable ups and downs of entrepreneurship.

Here's to the next 20 years of business success!

Article created from: https://www.youtube.com/watch?v=_mUvhhH3O20