Tag Archives: entrepreneurship

How to Maximize Your Profit Potential

So many of my clients think that their number one problem in business is that they aren’t turning a profit. I totally get that. You need money to fund your operations, grow, hire good people, fire bad people, purchase inventory, and maintain equipment. Having good cash flow is necessary to your long-term success and sustainability but what if you’re not making any sales? What if you have no clue how to make any significant money to turn a profit?

 You can absolutely make money and succeed in entrepreneurship as long as you have the 4 P’s of Profit in place. I discuss this topic in great detail in my training programs for aspiring entrepreneurs and small business owners; however, here is a brief overview to get you started.

Maximize Your Profit Potential with the 4 P’s of Profit

  1. Passion – This is “what” you do. Missing the mark on this is the number one reason why small business owners and aspiring entrepreneurs fail to turn a profit. You Profitthink you can startup a get-rich quick company because you see the glitz and the glam of a potentially wealthy lifestyle rather than actually being passionate about the products and services you offer. You have to have passion to start any business, even those that are considered multi-level marketing. The bottom line is entrepreneurship is difficult and especially in the very beginning while you’re building your business. There is no magic bullet that will make you rich quick but there are proven steps that you can implement to help you succeed in business faster. Make sure that whatever venture you are embarking on is driven by your passion for the products and services you offer or no amount of education, wishing nor hoping will help you succeed.
  2. Purpose – You have to have a why, whether this is a personal mission or a business mission. Your passion is the “what” you do but your purpose is the “why” you do it. What do you hope to accomplish as a result of your hard work. What is the end game? What is your vision? What impact do you want to have? Starting a business without a clear purpose in mind, even an already set-up business such as multi-level marketing, will leave you drowning in mindless activity. It’s like getting in a car without knowing where you want to go. If you don’t have a clue where you’re going, how can you plan for gas, driving time, budget needed, rest stops, etc.? You will succeed in turning a profit if you have a purpose (end goal) to focus you.
  3. People – These are your customers who not only buy your products and services but also clue you in on their needs and interests so you can serve them better. You cannot succeed in entrepreneurship without a solid team around you. This also includes those who will support you and your business. This is everyone including your partners, vendors, immediate family and best friends (who by the way are not always your customers), business consultants and coaches like myself, accountants, attorneys and other service providers.
  4. Processes – These are the tried and true, proven best practices, automated tools and duplicable activities that you strategically and intentionally implement to build and sustain your business. The more efficient your operations, the easier and faster you will generate a profit. I also sometimes refer to this P as “Productivity” because with adequate processes in place, you will be more productive.

Incorporate the 4 P’s of Profit into your marketing plan and you absolutely will be successful in turning a profit. For additional support on how to succeed in maximizing your profit potential, request a free Business Breakthrough Strategy Session. During the session, you will gain more clarity, identify goals, uncover hidden challenges, and leave feeling confident in your next steps.

Have you found success in network marketing? If so, tell us how you did it in the comments below and, if you found this post helpful, please share it to your networks.

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10 Traits of the Entrepreneurial Mindset

Do you have an entrepreneurial mindset? Entrepreneurs are some of the coolest entrepreneurial mindsetpeople on the planet. Entrepreneurship, on the other hand, can be a difficult journey. It takes a certain type of person to become a successful entrepreneur.

After over 20 years of partnering with small business owners and aspiring entrepreneurs, we have observed many of the common traits shared by the entrepreneurial mindsets of the clients we serve. We have outlined the top ten traits of the entrepreneurial mindset below for you to determine if you have what it takes to become a successful entrepreneur.

10 Traits of the Entrepreneurial Mindset

  1. Unique – Entrepreneurs have a different perspective of looking at the world around them. They tend to march to the beat of their own drummer. For this reason, many entrepreneurs may feel alone and like most people don’t get them. Successful entrepreneurs make sure they seek out like-minded individuals who will celebrate their uniqueness.
  2. Creative – Entrepreneurs are highly imaginative and often get inspired by even the most minute things. Often, entrepreneurial pursuits are an artistic expression of the ideas flooding one’s thoughts. Entrepreneurship serves as a creative outlet for these overflowing thoughts.
  3. Innovative – Due to their massive creativity, entrepreneurs are responsible for many of the ground-breaking concepts that have emerged throughout time. They are pioneers of their craft often discovering new ways to tackle everyday problems.
  4. Bold – Entrepreneurs are some of the bravest people you will ever encounter. Their courageousness emboldens them to face challenges head on despite the negative noise of naysayers.
  5. Visionary – Entrepreneurs are big-picture thinkers. They can see beyond what’s readily visible by most people. Entrepreneurs dream constantly, day and night. If you have an entrepreneurial mindset, you may be regularly accused of always having your head in the clouds.
  6. Curious – Entrepreneurs possess a natural interest in everything around them. They question societal norms and the traditional way of doing things. This curiosity often leads to a new understanding of complex concepts, patterns and much more.
  7. Flexible – The most successful entrepreneurs understand that they have to be willing to change at a moment’s notice. The world is constantly evolving all around us, especially in terms of technological advances. Entrepreneurs must be willing to adapt to sudden shifts in their industry, political climate or even in themselves as they learn and grow as a business owner.
  8. Resilient – Entrepreneurs must be able to bounce back from failures quickly. Fail fast and often is a reoccurring them in the successful entrepreneurial mindset. Successful entrepreneurs not only face obstacles head-on, but overcome them through perseverance.
  9. Servant Leader – The number one reason most businesses are started is because an entrepreneur had a vision to serve or help others to address a particular problem or concern. Successful entrepreneurs are natural leaders who inspire and motivate through their service.
  10. Coachable – The most successful entrepreneurs don’t waste time trying to reinvent the wheel. They recruit partners, consultants and coaches who can help them become better decision-makers and direct their time on mission-critical, income-producing activities. These entrepreneurs understand how important it is to be open to different perspectives, best practices and industry trends to sustain and grow their businesses.

Do you have what it takes to become a successful entrepreneur? Tell us in the comments below if you agree with these top ten traits of the entrepreneurial mindset or if there are other characteristics that should be included. Should you have found value in this post, please do share it with your networks to help others learn if they have an entrepreneurial mindset too.