1404: Want to Succeed as an Entrepreneur - Learn the Art of Leverage by Kevin Mulligan on Entrepreneurship

[00:00:00] [SPEAKER_00]: This is Optimal Work Daily, Episode 1404.

[00:00:03] [SPEAKER_00]: Want to Succeed as an Entrepreneur?

[00:00:05] [SPEAKER_00]: Learn the Art of Leverage by Kevin Mulligan with GoodFinancialSense.com

[00:00:10] [SPEAKER_00]: And I'm Dan.

[00:00:11] [SPEAKER_00]: I'm your host here on OWD.

[00:00:13] [SPEAKER_00]: Thank you so much for joining me yet again here for a daily podcast where I read to you

[00:00:18] [SPEAKER_00]: from some of the very best blogs that cover work-life balance, entrepreneurship, side-hustling,

[00:00:23] [SPEAKER_00]: and so many work-related topics.

[00:00:25] [SPEAKER_00]: So, with that, let's get right to our post for today as we optimize your life.

[00:00:33] [SPEAKER_00]: Want to Succeed as an Entrepreneur?

[00:00:36] [SPEAKER_00]: Learn the Art of Leverage by Kevin Mulligan with GoodFinancialSense.com

[00:00:41] [SPEAKER_00]: This will sound contradictory, but the same traits that make you a successful business

[00:00:47] [SPEAKER_00]: owner could also cause you to fail.

[00:00:49] [SPEAKER_00]: If you understand why, you won't join the legions of entrepreneurs that had the

[00:00:54] [SPEAKER_00]: drive and passion to succeed but ended up going back to work for somebody else.

[00:00:58] [SPEAKER_00]: It's all about leverage, and if you've never studied how this largely misunderstood

[00:01:03] [SPEAKER_00]: word is pivotal to your success, now is the time.

[00:01:07] [SPEAKER_00]: What Are These Personality Traits?

[00:01:10] [SPEAKER_00]: According to Entrepreneur Magazine, successful entrepreneurs have certain personality traits

[00:01:15] [SPEAKER_00]: in common.

[00:01:17] [SPEAKER_00]: One, they are curious.

[00:01:19] [SPEAKER_00]: They're always reading the latest article.

[00:01:21] [SPEAKER_00]: They're the person who asks all of the questions at the conference, and they never miss a chance

[00:01:25] [SPEAKER_00]: to meet somebody new and ask, how did you do it?

[00:01:29] [SPEAKER_00]: Two, they are controllers.

[00:01:31] [SPEAKER_00]: They don't want somebody else controlling their destiny, and they want the autonomy

[00:01:35] [SPEAKER_00]: to create their own vision and execute it in a way that they think is right.

[00:01:39] [SPEAKER_00]: And three, they have tunnel vision.

[00:01:42] [SPEAKER_00]: A little bit of adversity is fuel.

[00:01:44] [SPEAKER_00]: It makes them work harder because it never enters their mind that they might fail.

[00:01:48] [SPEAKER_00]: These are all traits that lead to success, but those same traits can limit growth if taken

[00:01:54] [SPEAKER_00]: to extremes.

[00:01:55] [SPEAKER_00]: What Is Leverage?

[00:01:57] [SPEAKER_00]: You probably learned about leverage in your high school science classes.

[00:02:01] [SPEAKER_00]: Remember how simple machines like levers and pulleys could multiply your strength?

[00:02:06] [SPEAKER_00]: Well leverage in business works the same way.

[00:02:09] [SPEAKER_00]: If you multiply your resources, you gain an advantage and allow your business to grow.

[00:02:13] [SPEAKER_00]: In business, there are three main types of leverage.

[00:02:17] [SPEAKER_00]: Leverage Somebody's Time.

[00:02:19] [SPEAKER_00]: Regardless of who you are, you share a limitation with everybody else in the world.

[00:02:24] [SPEAKER_00]: You only have 24 hours in each day.

[00:02:26] [SPEAKER_00]: You have to sleep, eat, spend time with your family and tend to your growing business.

[00:02:31] [SPEAKER_00]: At some point, probably sooner than you think, you're going to reach a point where you

[00:02:35] [SPEAKER_00]: can't get everything done.

[00:02:37] [SPEAKER_00]: With your experience and education, how much are you worth per hour?

[00:02:41] [SPEAKER_00]: Anybody who has started and grown a business has unique skills that are worth more

[00:02:45] [SPEAKER_00]: than the average laborer.

[00:02:46] [SPEAKER_00]: Would you say that you're worth at least $50 per hour?

[00:02:50] [SPEAKER_00]: If your business were to hire somebody like you at a rate of $50 per hour, would you use

[00:02:54] [SPEAKER_00]: their talents and experience to grow your business by gaining new clients, streamlining

[00:02:59] [SPEAKER_00]: a manufacturing process or advising you on how to negotiate better vendor terms?

[00:03:04] [SPEAKER_00]: Or would you have them answer the phone, update the Facebook page and perform data

[00:03:08] [SPEAKER_00]: entry?

[00:03:09] [SPEAKER_00]: Those lower level business tasks are essential but you can hire somebody to do all of

[00:03:14] [SPEAKER_00]: those duties for less than $50 per hour.

[00:03:16] [SPEAKER_00]: The question becomes, if you wouldn't pay somebody $50 per hour to do those tasks, why

[00:03:21] [SPEAKER_00]: is your business paying you such a large amount to complete them?

[00:03:25] [SPEAKER_00]: By hiring somebody to do those tasks, you're able to free up time in your schedule to

[00:03:30] [SPEAKER_00]: grow your business.

[00:03:31] [SPEAKER_00]: In order for your business to grow, you have to delegate tasks to others.

[00:03:35] [SPEAKER_00]: You have to transform from the primary laborer to the manager or CEO.

[00:03:39] [SPEAKER_00]: Until you do that, your business will only grow as much as you can handle on your own

[00:03:44] [SPEAKER_00]: in a 24 hour day.

[00:03:46] [SPEAKER_00]: Leverage somebody's labor.

[00:03:48] [SPEAKER_00]: There are tools on the internet for just about everything and as a result, business

[00:03:52] [SPEAKER_00]: owners sometimes believe that it's faster and cheaper to perform professional tasks

[00:03:57] [SPEAKER_00]: in-house.

[00:03:58] [SPEAKER_00]: You can build a website, create a flyer, read an article that gives you step-by-step

[00:04:02] [SPEAKER_00]: instructions for fixing a refrigerator and more.

[00:04:05] [SPEAKER_00]: Is there anything you can't find online?

[00:04:07] [SPEAKER_00]: The internet hasn't put professionals out of business because successful business owners

[00:04:11] [SPEAKER_00]: know that hiring professionals to do professional work not only produces standout results, it

[00:04:17] [SPEAKER_00]: saves time in the process.

[00:04:19] [SPEAKER_00]: What took you six hours to learn online would take somebody with experience half that

[00:04:23] [SPEAKER_00]: time or less.

[00:04:24] [SPEAKER_00]: How many hours did you spend attempting to save money?

[00:04:28] [SPEAKER_00]: Hiring professionals will produce better results in less time.

[00:04:32] [SPEAKER_00]: Leverage somebody's money.

[00:04:34] [SPEAKER_00]: Here's a hypothetical situation.

[00:04:35] [SPEAKER_00]: You own a self-storage business on the north end of town.

[00:04:39] [SPEAKER_00]: It's so successful that it's nearly at capacity.

[00:04:42] [SPEAKER_00]: But even if you were to add more storage units to your current property, you still couldn't

[00:04:47] [SPEAKER_00]: gain business from people who live in the southern portion of your community.

[00:04:50] [SPEAKER_00]: The owner of a self-storage facility in the south end of town is planning to retire.

[00:04:54] [SPEAKER_00]: His location is ideally situated but he's never had the success that you've found.

[00:04:59] [SPEAKER_00]: You would like to buy his business but you've never believed in taking on debt

[00:05:02] [SPEAKER_00]: and paying cash isn't an option.

[00:05:04] [SPEAKER_00]: Assuming you've done an exhaustive analysis of the business by leveraging experts that can help you evaluate the business,

[00:05:11] [SPEAKER_00]: leveraging a bank's money by paying a little interest to make a much larger return is a sound business decision.

[00:05:18] [SPEAKER_00]: Turning away from debt should be applauded but when opportunity appears, debt isn't always a negative.

[00:05:23] [SPEAKER_00]: Most companies grow by leveraging somebody's money.

[00:05:27] [SPEAKER_00]: Bottom line.

[00:05:28] [SPEAKER_00]: An entrepreneur that can't give up control and embrace the concept of leverage is one that will always wonder

[00:05:34] [SPEAKER_00]: why their business never grew to the size they envisioned.

[00:05:37] [SPEAKER_00]: At the beginning stages, performing all business tasks on your own probably made sense

[00:05:42] [SPEAKER_00]: but as you grow, you have to embrace leverage.

[00:05:45] [SPEAKER_00]: Only then will you see the exponential growth you always expected.

[00:05:53] [SPEAKER_00]: You just listened to the post, want to succeed as an entrepreneur?

[00:05:57] [SPEAKER_00]: Learn the art of leverage by Kevin Mulligan with Good Financial Sense

[00:06:02] [SPEAKER_00]: This show is sponsored by BetterHelp.

[00:06:05] [SPEAKER_00]: We all have non-negotiables.

[00:06:07] [SPEAKER_00]: Maybe you never skip leg day or have to take your morning walks

[00:06:10] [SPEAKER_00]: but when your schedule is packed with kids activities, big work projects and more,

[00:06:15] [SPEAKER_00]: it's easy to let your priorities slip.

[00:06:18] [SPEAKER_00]: Even when we know what makes us happy, it's hard to make time for it.

[00:06:22] [SPEAKER_00]: Therapy can help you reclaim control of your time and values

[00:06:25] [SPEAKER_00]: and make no mistake, therapy is for everyone.

[00:06:28] [SPEAKER_00]: Whether or not you've been through significant trauma,

[00:06:31] [SPEAKER_00]: therapy can be a great tool for setting boundaries, learning positive coping skills

[00:06:35] [SPEAKER_00]: and ultimately becoming the best version of yourself.

[00:06:38] [SPEAKER_00]: If you're thinking of starting therapy, give BetterHelp a try.

[00:06:41] [SPEAKER_00]: It's entirely online, designed to be convenient, flexible and suited to your schedule.

[00:06:46] [SPEAKER_00]: Just fill out a brief questionnaire to get matched with a licensed therapist

[00:06:49] [SPEAKER_00]: and switch therapists any time for no additional charge.

[00:06:53] [SPEAKER_00]: Never skip therapy day with BetterHelp.

[00:06:55] [SPEAKER_00]: Visit BetterHelp.com-work-daily-today to get 10% off your first month.

[00:07:00] [SPEAKER_00]: That's BetterHelp.

[00:07:01] [SPEAKER_00]: H-E-L-P.com-work-daily.

[00:07:06] [SPEAKER_00]: Thank you to Kevin and the team at Good Financial Sense,

[00:07:09] [SPEAKER_00]: which by the way is spelled C-E-N-T-S a little play on words there.

[00:07:13] [SPEAKER_00]: As for the website Good Financial Sense, that was created by Jeff Rose.

[00:07:18] [SPEAKER_00]: Jeff is a certified financial planner and the author of the book,

[00:07:21] [SPEAKER_00]: Soldier of Finance.

[00:07:22] [SPEAKER_00]: He served in the Army National Guard for nine years

[00:07:25] [SPEAKER_00]: and is now a husband and proud father of four.

[00:07:28] [SPEAKER_00]: He previously founded Alliance Wealth Management back in 2011

[00:07:31] [SPEAKER_00]: and went on to sell it in 2019, now focused on online education.

[00:07:37] [SPEAKER_00]: We are a big fan of his work and if you are too,

[00:07:40] [SPEAKER_00]: you can find more from Jeff on Forbes, Business Insider and more.

[00:07:44] [SPEAKER_00]: And of course come by GoodFinancialSense.com to show your support.

[00:07:47] [SPEAKER_00]: Again, that's Good Financial and Sense, C-E-N-T-S.

[00:07:52] [SPEAKER_00]: He has a lot to offer on his site with articles covering topics like

[00:07:55] [SPEAKER_00]: making money, managing money, investing and taxes

[00:07:58] [SPEAKER_00]: to guides on credit, debt, insurance, your home and much more.

[00:08:03] [SPEAKER_00]: So again, come by GoodFinancialSense.com to learn a lot more

[00:08:07] [SPEAKER_00]: and thanks so much to Jeff for letting us share his work.

[00:08:10] [SPEAKER_00]: Okay, that's going to do it for today. Hope you enjoyed this post

[00:08:13] [SPEAKER_00]: and thanks so much for being a subscriber to the show.

[00:08:16] [SPEAKER_00]: And I'll see you right back here tomorrow where your optimal life awaits.