For most of us, Labor Day marks the beginning of “Back to Work” season. For many of us, it is also a reminder of a very harsh reality: The costs of living are non stop increasing while their salary still the same, making it difficult to meet months end. Whatever your situation, do not expect this economic scenery to get any better. Things will only get worse: housing and food prices will be forever increasing while your income will still be stationary, unless you decide to take the matters into your own hands. Unless you are dying, in a temonal phase of your life or mentally challenged, it is never too late to make the most possible of your life.
Over the years, I have met many entrepreneurs who achieved seven-figure revenue in one-person businesses or with a small handful of employees. Here are five things I have learned about what made them successful.
1.- They did show up for their businesses consistently.
I have yet to discover a single entrepreneur who hit seven-figure revenue while dabbling in running a business. These entrepreneurs that I met kept showing up daily for their business and, as a result, benefited from the cumulative gains that their steady effort generated. Working and hustlting full time always pay off; once in a while, not so much.
2.- They paid a lot of attention to relationships. It may seem like meeting actual clients, potential ones and people in your field of occupation, face-to-face in a cafe or over lunch, takes more time than you can afford. But as these seven-figure entrepreneurs I met told me, forming genuine friendships with others in your industry makes almost everything easier. These types of acquaintances are the ones who will tell you about new opportunities, offer helpful coaching, bring you into their projects and otherwise support you. Block out time on your calendar for getting to know others in your field, whether it is by going to in-person conferences, joining cameras-on livestreams or inviting them out for coffee. Otherwise, it may not happen.
3.- They all were reading a lot.
Many seven-figure entrepreneurs are big readers. In transit or walking, they will listent to audiobooks. It does not matter where you read. What will help you is fitting it into your schedule. There are many lessons you will not have to learn the hard way if you learn from others’ mistakes.
4.- None of them did it all by themselves.
All of the seven-figure entrepreneurs I interviewed told me they used contractors, consultants and professionals to start and set up their business. 90% of them told me they used automation and AI. Obviously, especially in a very fast pace and ever changing world, it is hard to spend time on idea generation and new business development if you are bogged down in minutia.
5.- Most importantly: patience.
For most of the seven-figure entrepreneurs I interviewed, it took them four years, on average, to get to $1 million, and four years before they hired their first employees. “Overnight” seven-figure business is very rare. These seven-figure entrepreneurs I met invested enough to become very proficient and make what they are doing look easy. But it is not. Only steady, consistent and sustainable will win the race.
Why is the fourth year so important? This remains to be explored and will be the topiv of my nect article.
J. Michael Dennis