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4 Business Lessons from 8-Figure Entrepreneurs
Successful entrepreneurs get really good at the basics.
908 Words | 3 min 46 Sec Read
Welcome to another issue of Passionate Income.
Today we’ll be discussing eight business lessons I learned working with a variety of 8-figure net-worth entrepreneurs last year.
Let’s dive in.
This issue is sponsored by us - Passionate Income!
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Last year I had the opportunity to work two founders, both of which had exited their companies for over $130,000,000 each.
Luckily for me, part of my responsibilities involved interviewing them each week to pull content ideas out of their heads. While both of these guys charge over $1,500 per hour for consulting, I was getting paid double that to pick their brains.
As you can imagine, I took full advantage.
Surprisingly, neither of these guys revealed anything revolutionary.
Instead, their roadmap to success involved choosing one business model, sticking with it for years and years, and mastering the basics.
So in today’s issue, I thought I’d share what specifically they cited as being responsible for their success (including what advice they had for younger / beginner entrepreneurs).
#1 - They Did One Thing for Years
Meeting millionaires is so funny.
When you grow up poor / middle class (or even upper middle class), millionaires are looked at like some rare breed of human. Like they’re this rare class of people “normies” aren’t good enough to hang around.
Then you meet a bunch of them and realize (most of them) are normal people who chose one business model and stuck with it for years and years.
In fact, this pig-headed commitment to ‘making things work no matter what is how self-proclaimed “idiots” and high school dropouts get rich:
They just pick a business model, start it, and keep going.
For years and years on end.
No giving up. No switching their focus. No chasing squirrels.
One business —> Commit to making it work —> Do the work.
You’d be shocked how many people (who are by no means "smart") have become millionaires this way. For real.
#2 - They Chose the Right Business Model
News Flash: If you want to sell your company for $10M, you have to start the kind of company that can be sold for $10M.
On the surface, this might sound obvious. In reality, however, most “online entrepreneurs” choose business models that will never ever generate more than $50,000 to $150,000 per year in income.
Further, they choose business models that can never ever be sold as part of an exit (e.g. freelancing, creator, Guru / Expert brand, etc.).
Don’t get me wrong: These businesses are GREAT for cash flow.
But if you want to hit it big, you have to sell your company. Which means starting the type of business someone could potentially buy you from one day.
*This doesn’t mean you have to start the next $100M agency or supplement brand. Digital micro-businesses, like Ad Sense sites and Faceless Instagram Pages can be sold on sites like Flippa for 4-7 figures.
#3 - Hiring A Players
While both of these gentlemen had different attitudes toward business, one they thing agreed on was the importance of hiring A Players.
While you might not be in a position where you’re hiring quite yet, this is a tip you’ll want to keep in the back of your mind for life.
Mainly because A Players can provide 10x - 100x the output (and value) relative to their lesser counterparts (B / C / D Players).
And because of that, paying them an extra $3,000 per month (or whatever) is an incredible investment.
#4 - Testing Stuff
One thing both these guys emphasized was that they tested EVERYTHING.
Creative. Copy. Landing pages. Product ideas. Product packaging.
You name it. If they could test it, they did.
Not only does this require a lot of work, it also requires the mental fortitude to understand most of your tests will fail. In fact, not only will they fail, sometimes it will seem like you’re going backward.
But as you’ve likely heard before: “One step back, two steps forward.”
Just because a test fails does not mean you’re not making progress. While it might seem like you’re taking one step back, in reality, you’re laying the foundation to take two steps forward.
Repeat that process over and over enough times and you’ll find yourself miles ahead of where you are now.
💡 Takeaway: As a beginner, it’s easier to see wealthy veterans and think their understanding of the advanced stuff (hacks, tricks, etc.) is the reason they were successful. In reality, most any entrepreneur who’s hit it big will tell you success comes from mastering the basics.
I'll leave you with this quote…
"What we are waiting for is not as important as what happens to us while we are waiting. Trust the process.”
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