Many entrepreneurs suffer from “The Shiny Object” syndrome. It is the reason young business owners jump from idea to idea, looking for the “perfect” business that will make them a million dollars overnight. While this might be possible for a few people, it is the exception and not the rule. Building a 7-figure company requires a high level of focus and persistence coupled with the ability to go ALL-IN and shut out the noise. Patrick Duong is one business magnate who has mastered this skill and applies it without reservation to grow his private equity consulting firm, Talent Evaluation Group.
In this article, he presents his top tips to stay focused on building a business that will stand the test of time.
Your Talent Pool is your Potential Net Worth:
You could have a business idea that would make Elon Musk jealous, a fool-proof business model, and an incredible revenue-generating stream. However, all of these assets could turn into nightmares in a snap if you don’t invest in the most important thing of all; people. It takes an army to build a business and you need to pick your soldiers carefully.
Patrick is incredibly proud of his own team. “I went ALL-IN in 2016 and the folks who believed in me went ALL-IN as well,” he says. “We all want to grow our start-ups together. Getting our starts-ups to be successful is our only option.”
When recruiting members for your team, look for people who are as passionate about your solution as you are. The lifespan of your business depends on it.
Stay True To your Strategic Core:
“The main reason many companies fail is that they start off doing one thing well, then get distracted by other opportunities,” Patrick explains.
There are many times when new companies get tempted to jump on trends and ride on the backs of successful fads. What these business owners don’t realize is that these habits hurt the core of their companies, leading them to digress from what they stand for.
“They distract business leaders from what they set out to do. All too often these shiny new opportunities are well removed from the original roots of the business. That means there is little synergy with established operations, and way too much to learn – about new products, suppliers, distribution channels, markets, and customers. These companies fall into the pit of guesswork and improvisation.”
It is easier to grow a business when your efforts as a leader are directed towards the primary reason you got into business in the first place.
Don’t Think About The Hours:
In Patrick’s bestselling book, Don’t Change, Just Get Better, he takes out an entire chapter to tackle this subject. Simply put, nobody wants to hear about your labor pains. They are only going to show up to compliment your adorable baby.
In the same vein, no customer or investor cares about how long you work. They don’t want to hear how you have spent hours in the office. The only thing that catches their interest is your business result and how it makes their lives better.
As a business owner, your metric for success is the quality of the solutions you produce. Patrick says, “I believe in working until you procure the results you desire and learning from any mistakes along the way. We are either progressing or regressing. Progress equals success to me.”
Photo Credit: Johnathan Nguyen