The Best Business Podcast: From Janitor to a Million-Dollar Business in One Year
Tony Rose, Founding Partner at Rose, Snyder & Jacobs LLP, and Book Author
If you’re someone that loves to make money, this episode is for you. Learn the most important aspects of starting your own business and the right people to work with. In this episode, you will learn what it is to be a successful entrepreneur, how to manage yourself and your people, and what moving forward to success looks like.
Join us with our guest Tony Rose, founding partner at Rose, Snyder & Jacobs LLP, and Author of Five Eyes on the Fence: Protecting the Five Core Capitals of Your Business and Say Hello to the Elephants.
The Life of an Entrepreneur
Not all business owners are entrepreneurs, and not all entrepreneurs are good business owners. One thing in common between the two is they have no choice but to succeed. David mentioned that the life of an entrepreneur is not knowing when or where your next paycheck is coming from. You better do something about it. The reality with entrepreneurs is that what they do is not easy; it’s hard mentally, emotionally, and sometimes physically, and it takes a lot of courage.
This may terrify you out of becoming an entrepreneur, but there are a lot of upsides in the entrepreneur lifestyle. If you’re someone who likes to be in control, this is the career for you. You will make all the key decisions in the running of your business. You can have colleagues and advisors, but ultimately, the running of the business is your responsibility. It’s a chance to practice great leadership and get the best out of others, too. In addition, being an entrepreneur is one of the most flexible jobs that exist. You set your own timetable, judging when to work hard and knowing when to take a break. It’s a real gift to be able to fit a job around your lifestyle, and not the other way around.
Creating Your Business Bumpers
The concept of non-negotiables is very necessary for growth in a business environment with many people. Business owners should determine what their non-negotiables are– it could be two or three non-negotiables. Maybe it’s “don’t bother me after 5:00 because I’m going home to my family,” or “Don’t ever come to me with a problem without a suggestion on how to solve it.” Make sure your team understands what your non-negotiables are. This is what Nic Peterson wrote about in his book called Bumpers; these will keep you down the path that you want to go, and allow you to continue being able to say “no” as an entrepreneur to initiatives and behaviors that are non-negotiable for you.
These bumpers evolve too! For David, it will vary on your growth in your professional career as an entrepreneur. One bumper that entrepreneurs should focus on is their health. Building a business can keep you busy, plus your eagerness for success can affect your health. These bumpers can help you in every aspect of your life. It creates balance.
David’s story has helped him learn how bumpers are important. David used to work 16hrs a day, traveling too much, because he wanted to succeed so badly. He grew his company from 7 people to 120 people in two years. Then, he collapsed because of a heart attack. Everything went down because of that, and he learned the great importance of creating bumpers.
Exposing Yourself Outside Your Passion
Successful entrepreneurs can have a group of like-minded people who share visions and success stories, but it is also important to listen to other voices, other perspectives, and other approaches. Doing this can help you expand the potential of your business. Another thing is to not always believe that you know what’s going on in your industry. You also need to seek to understand what changes, what the dynamics are, what the economy does, and how the geographical area you’re operating in affects business because it opens your mind to ideas for growth.
Making a Good Company Culture is Difficult but Necessary
Once you start growing your business, everything becomes about culture. Many businesses struggle with this and there are some that forget to focus on it completely. You can hire people with good technical skills, but if they have bad values or attitudes, it will ultimately hurt your business. This will reflect on you as the owner since you will likely attract similar people as you. The culture starts in you as the business owner. Then it radiates to the kind of people you will or already hired, and you will see how people blend into that good culture you are trying to make.
If you are not sure what to do, invest. Invest in building your team with good values and with a real culture, not something that is written on a wall that no one is reading, but a real culture. Sometimes, even if you’re not offering the most high-paying job in the industry, it’s possible you will have retention thanks to the fact that people love to work with you, and they will stay because of the culture. In today's time, employees are not only after the pay, but they’re also considering how a job can increase quality of life.
Conclusion
Entrepreneurs have different ways and experiences in winning the game, and what works for others might not work for you. It is important to learn as much as you can for you to make your own story, and what is common in every entrepreneur is that they didn’t do it alone. It’s not supposed to be a one-person army; there is always someone, a mentor, a teacher, a friend, or an entrepreneur that can help you succeed.
It is very hard to build a successful business– it will push you to your limits and will open unfamiliar events in your life, but it will make you a better version of yourself and increase the opportunity for freedom.
“Sh*t happens. You either let it throw you off, or you deal with it and move on.”
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