On this episode of Rhodes to Success, I interview Jim Palmer who is a marketing and business building expert, host of Newsletter Guru TV, Stick Like Glue Radio, and is the founder and CEO of multiple six figure businesses, including the Dream Business Academy. Jim is also the author of five books and known internationally as the Newsletter Guru and Dream Business Coach. This podcast covers business coaching, what being a successful entrepreneur involves, and purchasing speed of growth. If you’ve ever wondered what the Million Dollar Platform is, then this podcast is a must listen.
Main Questions Asked:
Talk about the first time you experienced a business coach.
- What are your thoughts on people wanting to wait until they get to the next level to hire a business coach or people who say they can’t afford it?
- What is the Million Dollar Platform?
Key Lessons Learned:
Working With a Business Coach
- If you are working with a coach, it has to be a person with a successful track record.
- The right coach is someone who is going to push you, tell you when you aren’t doing things right, and when you are making stupid decisions.
- You don’t need a friend, you need a coach who will tell you what to do and hold you accountable.
- Ask yourself, “Am I growing a business or friendships of likeminded entrepreneurs?” The answer should be business.
Being a Successful Entrepreneur
- A successful entrepreneur is someone on the move, who is climbing and taking people along with them on the journey.
- As an entrepreneur, if anyone is going to slow you down on your journey, you have to cut the rope.
- Ego often gets in the way for entrepreneurs. If it is not the entrepreneur’s idea, then they often don’t buy into it.
- Will you be more hung up on ‘whose idea it is’ or who actually gets the credit?
Focusing on Revenue Generating Activities
- If you want to ‘do it all by yourself,’ then you are creating a job for yourself.
- Entrepreneurs come to the table with a skill or talent. However, a successful business needs accounting, marketing, and administration as well, but at a certain point you have to be focused on the skill that bought you to the table.
- That skill is your revenue generating activity. You need to focus on that skill and outsource all other skills.
Purchasing Speed of Growth
- As an entrepreneur, you have to put money out before you get it back in.
- There are two types of ‘you’:
- Current you/You that you want to be.
- Business you have today/Business you want to have.
- The only way to get where you want to be is to invest.
- You can purchase speed of growth by getting connected with a coach or mastermind group.
- These are people who have been there and done what you are trying to do. Getting involved and following good advice will give you a shortcut.
- It’s only an expense if it fails to produce a return on the investment.
- Green Eyeshade Thinking: An accountant will make a decision on the numbers ‘today.’ Entrepreneurs think of the numbers you can ‘make.’
- There are so many ways to get a return on investment with a coach and mastermind group.
- This comes on from ideas and implementing what you do right, as well as saving money by not implementing things too.
Tough Love and Defending Your Position
- Don’t make rash decisions after you get ‘tough love’ as the ego can help and hurt you.
- Sometimes we get so emotionally tied to something, even when you get feedback from lots of people saying ‘no,’ it’s hard to do.
- Defending your position often helps you to really think your idea through.
- When someone challenges, you’ll either defend it saying it’s a good idea or start to question yourself.
The music in today’s episode was written by The Danger Os and produced by Nick Palmer. Check them out at https://www.facebook.com/thedangerosmakemusic
Links to Resources Mentioned
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