Any healthy and successful business needs 5 fundamental pillars to be able to survive any crisis and thrive.
I’ve identified these core pillars by following several leading entrepreneurs and businesses over time. In this article, I want to highlight these pillars and briefly discuss them.
1. Money Mindset
By business, I mean strictly money. Most people have the biggest problem with money because of the mindset they have formed over time. This toxic mentality is permeated by the system and very well ingrained in society, so it leaves you with the impression that if you do the exact opposite of what you are told, you are a freak, crazy, or who knows what other form of expression offers. And most of the time this happens at the very beginning of the road when you suddenly decide to stop walking with the “sheep” and go your own way.
And that’s normal because most of them want you to stay at their level or as much as possible below that level. At the beginning of the journey, it will be the hardest to make a change because there are so many things that seem to make no sense and seem to pull you back, from the people you have next to you, to strangers and the whole society. Only if you manage to overcome any mental barrier and reach a certain level and have a certain status will they start paying more attention to you and listening to you. That’s because you’ve proven it can be done and now you have the experience and knowledge available, and they want what you have. And you can offer it in your own way, for a fee.
When it comes to the healthy mindset of making money, there is a lot to be said about it. Of course, all you have to do is educate yourself, inform yourself and find out more and more about everything this money means. You begin to understand that money is not owned by you and that no one really owns money. They are just a means of transfer between the really important resources.
Do you know what the world’s most important resource is?
The time.
It’s the one limited resource we all have that we can’t multiply. Once you understand this you will value your time differently. Money is unlimited. Only last year in 2022 another 13 trillion dollars were printed in the USA. Where do you think that money will go? Why do you think there is inflation? Why is it now considered globally that being a millionaire is no longer rich?
There are many things that shake up everything we know about money. I learned these lessons myself from the most influential people who chose to share their knowledge. And why would he choose that? We will see this in the following chapters.
The fact is that if you look at the most prosperous people, you will see that for them there are no other forms of investment than in their own businesses. There they invest and reinvest everything they have. Why there and not elsewhere? Because that’s where their empire is. It’s their only source where they have total control. For them, diversification is bullshit. Surely they always take their security measures. Certainly, there are wealth preservation alternatives such as major stock indexes, bitcoin, or other forms of investments with returns that beat inflation and generate surplus wealth as well. Here I don’t want to get into polemics or discussions about which investment is better or worse. I personally feel that as long as you are investing in something, it is better than spending all the money and ending up with the stress of living from month to month.
The only way we can understand these concepts is if we put ourselves in the shoes of these wealthy people who got there based on their own efforts (we excluded inheritances). If we asked ourselves “what would it be like to have $200 billion like Elon Musk?”. What decisions would you make to preserve or multiply your wealth? Why didn’t he stop there? Why are they still producing?
Imagine looking at a map (like in a computer game) and seeing the whole map. You know where everything is and what’s going on. That’s about their level. We are at the level where we have a piece (smaller or larger) of that map and we still have a lot of it to explore.
I make these analogies and comparisons, I say this information because it took me a long time to understand some things about how the world works. It’s not just about what’s happening here. It’s about macroeconomics, high-level decisions, the control of the big powers, and the social and political influences we are constantly exposed to.
One thing is clear: wealth is not made by sitting still and thinking non-stop. Nor saving. Not investing little by little in 100 different places, just so something good comes out. Drilling down a bit, I noticed that businessmen who have reached appreciable sums have succeeded only because they have concentrated their resources, energy, and attention in the same place: in their own business or in a single activity that produces their wealth. That means putting aside distractions. To say NO to many opportunities and to be very clear in what you do.
The mindset of making money requires knowing the system and taking some risks. Plan to fail as fast as possible and after you fail keep moving forward without giving up. You’ve probably heard that many successful people have many failed businesses behind them. It’s something normal. You have to start with the assumption that you can lose. The important thing is to realize as quickly as possible the mistakes you made, to continuously adapt, and move on again and again and again until you reach your goal.
What’s beautiful about this whole money “game” is that it tests you. It develops you as a person. It takes you out of your comfort zone and puts you in the position of creator. I believe that entrepreneurs are the only people capable of making a positive change in society, a change that also has a significant impact. In the beginning, you will most likely have to work and pull to get yourself on your feet. Only after you are well will you really be able to help others. In vain do you (I give an example) come from poverty and try to help some needy people? You will not succeed. You will be able to feel good about doing a good deed, but the impact will be nil. If you donated a small amount of money to a needy family, you don’t solve their problem, you ease their pain. That’s why you better channel your energy and time to create prosperity for yourself so that you can then truly provide value to those around you.
I was asking earlier why rich people keep getting richer and never stop or never seem to be satisfied with what they have. Do you think Jeff Bezos, Elon Musk, Bill Gates, Warren Buffett, and other billionaires do not have enough money to live another 10 lives with what they have accumulated? Surely. The point is that we are already talking about other things that are above their own person. We are talking about goals. Of inheritance. Each of them is fighting for something greater than themselves. And by what they do (good or bad, or how everyone perceives it), they will truly be able to achieve those goals and provide value through what they set out to do.
But to put the stories aside for a bit, here’s why I think the mindset is the first basic pillar in a business:
- everything starts from the mentality
- mindset means ideas, strategies, decisions
- mindset makes the difference in a critical situation
How can we form it and what should we do about it?
Personally, from my own experience and my thoughts, I cannot say that there is a global recipe. It’s a combination of continuous information, continuous action, and continuous adaptation.
„The more you learn, the more you realize how much you didn’t know”
How did I form this mentality?
- I have read many books by people smarter than me
- I continuously learned from every person I met, remaining open to any perception/idea
- I turned my eyes and ears to the people I admire and mentor
- I acted constantly trying to get over the barriers
- I tried to avoid communicating these issues with anyone I shouldn’t
- I have purchased various educational materials from which I have learned multiple things
- every time I acted I tried to ask for feedback and analyze and improve to be better next time
These are just a few aspects that I have practiced in recent years. As I write these lines, I am still not at the level I set out to be, but I accept and live in the present, humble and happy with the whole journey I have chosen. It might be more difficult than I imagined (it’s usually not what you expect), but it’s a choice I’ve made and I hope these lines will be of use to you in one way or another on your journey and use these lines as a source of inspiration.
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2. Marketing
The first part was about mindset. The mentality brings with it the strategy and all the aspects necessary for shaping the business: the plan, the system, etc.
In second place comes marketing.
Here we talk about understanding marketing and the marketing actions to be taken. Because without marketing, a business cannot thrive. You can get clients just from referrals, but when it comes to scalability, that’s where you need help.
And sometimes it’s not just referrals or scalability. Sometimes we can also discuss new launch lines, validation of an idea, increasing notoriety, and so on.
Marketing is about understanding the market. About entering the market with a product or service to meet the demand. And here you have to understand best, what people actually want.
What needs do people have? What desires do they have? What frustrations do they have? What ideals do they have? What problems do they have and need to be solved?
After you answer these basic questions, after analyzing the current offer on the market (potential or your current competition), you can figure out if there is a place for you or if you can come up with something new that is different and that gets traction (generate interest).
Thus, everything you outline in stage 1 to the strategy, will later be adapted by what you observe from the marketing research and analysis.
More often than not, where there are competitors in the market means there is also demand. That’s why sometimes it’s better to enter an already active market than to try to invent one yourself. Very rarely in history has anyone been able to create demand in the market. This happened in the past when the Internet appeared, the touchscreen phone, social media, electric cars, etc.
Here we can see how marketing propelled some companies that became number 1 in the world (ex: Apple) and how due to not adapting to trends, some companies were deleted from the charts (ex: Nokia).
Once you have this understanding of the market, then of course comes a marketing strategy and list-building.
Building a list (followers, subscribers, etc.) of contacts is the first thing you need to do as a marketing activity. Here are a number of tactics you can use to grow this contact list:
- direct marketing
- sms marketing
- email marketing
- organic marketing
- paid social media marketing
- SEO
- viral marketing
- influencer marketing
- affiliate marketing
- offline marketing
- and so on
You can learn more about marketing from the guide I created: Marketing Online Unlocked.
In any case, you need money to produce money. That’s why marketing isn’t free. But if you do your calculations and tactics well, you will have the chance that 1 lei invested can produce even 10 lei. And from those 10 lei, subtract the initially invested lei, taxes, and other expenses, and be left with a profit!
Here you can have an automatic solution to generate leads for your business or even direct sales (depending on the business model you have chosen).
Read also: How to start a business on your own
3. Communication
Communication is the third important pillar of a successful business. Without good communication, you have no way of getting people to understand your value proposition or your offer.
When it comes to communication, again, it’s a complex subject that needs to be explored and understood in depth. I’ll try to get down to the nitty-gritty and clarify a few key points about communication.
First of all, you have to understand very well what all people have in common.
Think a little.
Do you want to know?
People have in common that they want to be successful.
But what exactly do they want to be successful at?
3 things:
- health
- wealth
- relations
These are the main interests of people globally. Every sane person wants to be successful in these 3 areas. The point is that success is perceived differently by each of us. But that’s not a problem. The point is that to a greater or lesser degree, we all want success in health, wealth and relationships.
This is where the story comes in. The storytelling part.
This is where your story comes in.
Every man has a more pleasant or less pleasant story. That’s why it’s important to communicate our story to the rest of the world to get them on the same page as us.
Once people know our story, they will better understand our “why”.
Thus, we will attract the right people to us: our customers, suppliers and partners.
The right people are those people who identify with our story. They are those people who not only identify themselves, but who have common values and principles with ours. Some of them are people who are just like us. They have the same frustrations, the same desires, the same ideals.
Our role is to communicate well not only to attract attention but also to arouse interest. To create a connection.
Good.
Now the point is that this is where most people have problems. And I’ll admit that I’ve had these issues too, and even though I’ve fixed them, I’m still working on optimizing them.
Here, 4 important elements of communication come into play:
1. Clarity
Without clarity, it is impossible to communicate. What does clarity mean? It means knowing exactly who we are, what we want, and what we don’t want. It means getting to know each other. It means knowing well what problem we are solving. Let’s know how we can solve this problem. And then to know what products/services to develop to solve those problems.
Lack of clarity leads to chaos and misunderstanding. Without clarity in communication, people won’t know exactly who you are, what you do, why you do it, etc. They will not identify with you. They will not consider you as an option to solve their problems. And finally, they won’t pay you.
2. Confidence
It is not enough just to communicate. We must also have confidence in what we say. That is exactly why we have to work on ourselves. Let’s be clear.
If we have confidence in ourselves and what we are conveying it results in no confusion and conveying our real energy to the audience. This is when we truly know our heart is ready. That’s what we feel inside.
3. Communication
Obviously, communication is among the most important elements of communication. That is the action itself. How do we do it? How many times do we do it? Who do we do it with? That only depends on the mindset and the marketing strategy that we created in the previous chapters.
4. Customers
Customers are those people with whom we actually communicate. To be successful in business it is important not to waste our time and energy communicating generalities or things that do not attract the attention and interests of our customers.
That means speaking the language of our customers. It means understanding their frustrations, wants, and needs.
Nowadays communication is essential. The more authentic and sourced the communication, the more trust and action it inspires from those listening.
Gone are the days when we sat behind the keyboard and communicated only through writing. People want to see, hear and feel. People want human interaction. This is where you come in, stepping out of your comfort zone and gently moving towards making your voice heard.
This is where you come and stand up and say what you have to say.
The microphone is now in your hand. Don’t drop it!
4. The sale
Without sales of course you cannot have a sustainable business. Selling is paramount in any business, but unfortunately, most people run away from selling because they are scared when they hear the term.
People try to avoid as much as possible what they don’t know how to do. Of course, selling takes place in different contexts and sometimes everything goes smoothly. In supermarkets, it is clear that people go there to buy something and the seller does not have to actually sell but only to collect the money.
But in general, things are not that simple, right?
What can you sell in the end? Anything can be for sale, right? From simply used things you want to sell on OLX to multi-million real estate deals, sales happen.
In the online environment, we promote our services or products. We make sure to draw attention and interest to us, but ultimately we need the sale.
One of the most important rules in selling would be to not solve the problem before the sale.
What do you mean?
Let’s take a simple example.
We assume you offer weight loss counseling sessions. Basically, you are selling information, as is the case in most businesses. The transfer of information from point A to point B is and will always be very valuable. People want to know how to get from point A to point B and are willing to pay for it.
If you provide the answers before making the sale, you automatically lose the sale. Sure, you can create webinars, courses, guides, and all kinds of free information packages, including blog articles and more.
But at the end of the day, all these actions have a clear purpose: to attract potential customers in order to sell them something.
That’s why it’s very important not to solve people’s problems before they pay because you won’t be able to make the sale.
Now, whatever you have for sale:
- a job
- a turnkey business
- an entry package into an MLM
- a product
- a counseling session
- a book
- tickets to an event
- access to a program
- a course
- and so on
Whatever you want to sell, you must be aware that there will be objections. That’s why it’s important to connect with that person, and understand very well all their objections (whether it’s money, skepticism, time, or anything else), it’s important to ask those people and find out exactly the real reason behind a potential refusal.
Of course, if you’ve done your homework, you’ll know the person you’re dealing with and try to build a relationship with them. Trust is very important in sales. It’s not only about what your interlocutor wants, but also about the trust he has in you.
There is a lot to say about sales. Selling itself is an art. You can best learn to master it through practice. You have to overcome your fears and accept the fact that you may be rejected. But there is no problem with that. The more refusals you have, the more experience you have.
Some people are very good at selling. If you feel that you are not ready and you have an important transaction coming up, I suggest you bring an expert salesperson with you to handle it for you.
The sale can be done in many ways: by phone, face to face, in writing, in a video call, through mediation, etc.
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5. Scaling
There is a long way to scale. As my mentors say, scaling requires a very good foundation.
Here we can make an assimilation with the construction of a building. There are certain rules and steps you need to follow to create a solid structure so that the building you build can withstand the many obstacles that arise over time.
Imagine that your business is like such a building. You start with the foundation. This is where you lay the foundations of your system: make certain things clear from the start. You determine concretely what risks may occur, what opportunities there are, and what are the advantages and disadvantages. If you have associates, it is even more important that you all be on the same page and maintain an attitude that is in favor of the team and your project.
It requires respect, trust, leadership, commitment, desire, and many other such aspects from the parties involved.
As the years go by and your building (business) gets taller, you add more and more levels, it’s important not to reach the worst point that could happen: the moment you feel good, you throw a party at the top of your building (music, drinking, pool, fun, etc.) and suddenly you see the building collapse.
97% of businesses don’t survive more than 10 years. Some businesses reach a large level but stop scaling for various reasons. Others barely make it to that point. I personally am not in the scaling stage (scaling not growth, … there is a difference), that’s why everything I say here I don’t want to sound like I’m saying like an impostor who speaks from hearsay, but I speak concretely from the experience of people who already I’m at the top and who I listened to what they had to say and from whom I learned and wrote these lines.
80% of businesses do not reach the figure of 100,000 euros annually. Of course, the statistics may differ over time, but what is certain is that most are struggling in the bottom tier, which is most of the time above average labor market earnings anyway.
To scale a business we understand that there are 10 primary elements, each of them having its own complexity:
- Strategy
- Marketing
- sale
- processes
- Finance
- People
- Leadership
- data
- Technology
- investment
To be able to scale, you need to create a system. The system is unique in every business and it is definitely influenced by both the people who created and control the system as well as the people who are in the system and ensure its proper functioning. This is where clear rules for each role come in, clear tasks, procedures, and case studies (what if, what if, how to avoid a certain thing, etc.).
In order to scale, a business needs a system and people willing to work and do the work. From a former employee’s perspective, I can say that leadership (how you are treated and what you are given in terms of benefits, responsibilities, etc.), work environment, colleagues, etc. it greatly influences the mood, performance, and activity you carry out in an organization. Here I have seen (not only in myself in the past, but also in friends or acquaintances) that people give their interest in something as long as they feel that what they are doing has a benefit for someone. When you feel like you’re going to work pointlessly and that everything you do has no meaning, then the system is probably not the easiest. It depends a lot from case to case, regardless of the level of the company, problems can always exist.
From the perspective of a business owner and business partner, I can say that it is impossible to create a business system with the aim of scaling if you don’t have a system in your life that you operate through. Here I mean all personal procedures, the way you see and treat things, the decisions you make, how you work, what you eat, when you eat, who you go out with, what you do, how you do it, when you do it, who you do it with, etc. all these aspects of personal life influence the business maximally.
We are basically going back to where we started: to the mentality.
Conclusion
Everything I’ve written here is just a fraction of what I’ve learned over the past few years and a sliver of all the information available in the world about each of the 5 pillars. Indeed, this information is valuable and can give you food for thought, but let’s put the thoughts aside and get to the action!
P.S.
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