As a serial entrepreneur and the world’s #1 wealth coach, I have come to see a disturbing trend. I do business and speak in over 40 countries all over the world, and I often find many businesses succumb to trying to model themselves after other successful companies; such as an Uber, or an AirB&B. They are comfortable with the thought of “as long as I grow, it doesn’t matter if I make money”. They think growth will one day equate to dollars. Amazon lost money for over 10 years before finally turning a profit and now they are worth billions. In fact, many of them were worth billions before they even made 1 cent. Silicon valley dubs them as “unicorns”. The definition of a unicorn company is one that is relatively young and new yet worth at least 1 billion and not one of them is making any money.
The problem for every Uber, and SnapChat out there, there are hundreds of thousands of other businesses that fail with this type of business model, and they are pretty much worthless.
I own many companies and brands and my philosophy is quite simple, I find ways to make money from day 1 when I start any company. Profits are more important than growth. In order for a business to survive today’s ever challenging economic times it must have sustainability, predictability, and consistency. I made the mistake a couple of years ago by growing too fast too quick and before I knew it, my profit margin went from 32.7% to 8.4%. In fact, I had to change my entire business model to stop the bleeding. So you if you want to succeed in business, here are my 3 best tips:
With change comes opportunity, but are you the one doing the disrupting? Or is your competition forcing you to catch up? When executed properly, disruption will open new opportunities while squashing some of your competition’s advantages, not so much putting them out of business. Driving your competition crazy is essentially a deliberate process that can yield very tangible results.
So I am not sure if you are following me on Facebook, but I have flown all over the world in the past 5 months and haven’t been back to South Africa since then but my team has. Now it’s time for me to return.
I am very concerned about what is going in South Africa right now, the rand and consumer confidence are both going down. I have had hundreds of messages from clients begging me to return to SA to shed some light on what is going on, and create a blue print for 2016. Continue reading →
I had a great year, and looking at all the end of year reviews from my students indicate all of you had a better year too. I traveled 1.2 million miles on an airplane this year, so I know I need to change it up. Now we need to make sure that 2016 is going to be your year. I am going to share my goals and strategy with you. Those who implemented my 2015 strategy that I wrote had a record year. From the naysayers and non believers who think I don’t own any companies (it’s been like this my whole life), I finished the year in 2015 by having deals to acquire 3 new companies. I will be making another announcement this week for another company acquisition. Here are my strategic goals for 2016. Continue reading →
2015 is almost over and the numbers don’t lie. It’s been a record year for me across all my companies but also for many of my clients. At Family Reunion back in November with 800 people from 51 countries the proof was overwhelming.
Wherever you are in the world reading this right now, there is a high probability that you have heard and have used Uber. This company is dominating the world and changing how the world moves by connecting riders and drivers. With a $62.5 Billion valuation, this company just landed another $2 Billion dollars from investors. How do they do it, and how can you do this for your business? Continue reading →
If you are like me, seeing the same commercial play on Hulu every 15 minutes while I am trying to watch a show, doesn’t get me to want to buy their product, it does the exact opposite and I never want to see that commercial again.
The most recent example of this marketing strategy is with Microsoft. If you have Windows 7 on a machine capable of using Windows 10, chances are you are getting swamped with ads from Microsoft telling you to upgrade. Continue reading →
When profits are falling because of the costs of repaying back a debt, it leaves a company asking themselves two questions, “Do we stop the debt and risk disaster in the short term or do we let the business keep eating away at the profits until they are all gone?”
Recently you may have noticed Apple coming out with their newest iPhone ad using celebrity Jamie Foxx. Seeing this ad, I am instantly reminded about the power of a celebrity brand and how important it is for a company. I then think of how I can help relate this to my students, helping them in their business. In truth, products must find some level of fame before consumers will buy them.
To succeed in business, you don’t have to wish upon a star. Just instill a few core beliefs from the most successful people in the world, like Elon Musk, Steve Jobs, Walt Disney, Richard Branson, and Mark Cuban…