The new year is just three short weeks away. With that comes a fresh set of new year's resolutions, goals, and ideas.
Simultaneously, going into 2023, it has never been more popular to become an entrepreneur or business owner. The social media era has created a frenzy of young gen-z and millennials filled with hopes of becoming the next famous streamer, podcaster, or vlogger.
Even older generations are scrambling to understand the waves of trends we are hit with every day in efforts to leverage their social platforms to grow their businesses as well!
With that being said, in order to boosts spirits, morale, and motivation to sustain these goals and future businesses. We have five crucial skills you must master to go from start up to fortune 500.
All of these concepts and information were learned from Patrick Bet-David's book "Your Next Five Moves" and each point is broken down into further detail in the book.
A link to buy this book can be found here!
#1 - Master Knowing Yourself
As a business owner, the most important question you'll ever need to answer is "Who Do I Want To Be?"
It's important because your answer will determine the necessary level of urgency needed to accomplish your goals.
If you want to build a mom & pop corner store, you don't have to treat your business like war and you can take a more laid-back approach.
But if you're looking to disrupt an industry... You'd better be armed with the right story, team, data, and strategies.
"Really take time to get clear about your story- who you want to be - or you won't be able to soldier when things get tough. And in business... things will get tough. Nothing matters unless you understand what makes you tick! " - Patrick Bet-David
Knowing yourself is a topic rarely talked about in business circles, but with self-awareness, you gain the power of choice and control over your actions.
With the knowledge of understanding who you are, you will not only learn which direction you want to take but you'll also learn why it matters.
#2 - Master the Ability to Reason
What are you doing to process problems that you are facing? What methods are you using to deal with these decisions?
No decision is black & white, and you must learn to see all shades of gray and move forward decisively despite the uncertainty,
There's going to be moments when you feel as though the world is coming to an end. These moments separate the amateurs from the pros. An amateur panics, a pro doesn't. Building a business requires you to slay many different dragons. Problems are inevitable, so the only solution is to get good at solving them.
To do so, you must be processing issues constantly. Below is a list of processing traits possessed by masters at the craft:
- Processing is the ability to make effective decisions based on access to information at hand with the highest odds in your favor.
- Processing is about subjecting every difficult choice, problem, or opportunity you face to rigorous mental analysis
- Processing is playing out strategies, seeing the hidden consequences, and sequencing a series of moves to permanently solve those problems.
And the most important trait needed to process effectively? Taking responsibility.
Great processors use the word "I" and see their role in whatever problems occur.
Poor processors play the victim and blame others & external events rather than seeing how they contributed to the problem.
If you want to ensure long term success for your business... You must take 100% responsibility for anything that doesn't work out and develop systems to fix and learn from those problems.
#3 - Master Building the Right Team
To build the right team you must become an expert on understanding others.
More specifically, the team that will help you grow.
Leading people to discover the best versions of themselves should be at the heart of what you do.
"No matter how brilliant your mind or strategy, if you're playing a solo game you'll always lose out to a team." - Reid Hoffman, Co-Founder of Linked-In
It doesn't matter what line of work you're in, staying successful means working well with other people. Working with clients, employees, investors, partners, or outside vendors requires induvial understanding and care.
The CEOs who are thinking steps ahead with the actions they take, prevent their egos from telling themselves they can do it all alone.
Never assume that if you've achieved a lot on your own in the past, you'll be able to achieve even more by yourself in the future.
#4 - Master Strategy to Scale
How do you properly gain and maintain momentum as well as create systems that allow you to track and measure the key parts of your business?
This can seem overwhelming, especially for those who are green in their entrepreneurial journey.
You can now study seasoned CEOs, like Patrick-Bet David, and understand their in-depth philosophies on how to raise capital, create rapid growth, and hold people accountable for their actions,
You'll be amazed by the growth and gratification that is received when you put together a strategy for your business. It's exhilarating when money starts to finally come in,
Mastering strategy to scale can be broken down into four sections: all of which deserve equal respect, research, and thought.
Decide how you're going to capitalize your business.
Make momentum your friend and be prepared for chaos.
Design systems to track your business; codify what's in your head by creating manuals to transfer knowledge.
Stay paranoid; as your company grows, it will become more vulnerable. Know your weaknesses & stay on guard.
#5 - Master Power Plays
The only way you're going to beat the Goliaths in your industry is by mastering power plays.
Simply put, you must understand human psychology. Use it to control your narrative & leverage social media to frame your story.
Here is a formula for gaining power, listed below.
Outwork: It's critical to put in the time, but the hard work alone won't be enough.
Outimprove: This constantly gives you new ways to take your business to the next level, plus it gives you confidence.
Outstrategize: This means thinking five moves ahead and figuring out how to scale, while having the patience to plan moves ahead before they bear fruit.
Outlast: You really learn about people both when you achieve great success & when you suffer tragic failure. It's hard to know who will keep going. To outlast, you need endurance, which comes from making choices that keep you alert & focused on the game.
What's most important to take from all of this, is that each of these skills require years of experience, studying, homework, and respect before your ever considered a master.
You'll know you are there when people start to praise you and recognize you for your mastery. Until then you have work to do!