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The three wealthiest families in America are the Waltons, the Mars family, and the Koch brothers. Like them or not, these heirs to significant family fortunes have continued to expand their wealth, rather than resigning to what they already had.
In fact, since 1982, the combined net worth of these three families has grown by more than 6,000%.
Chances are, you’re not an heir or heiress—but you may be able to relate to Justin Forsett and David Roy Newby, two hard-working entrepreneurs I’ve had the opportunity to speak with recently.
During my conversation with Justin Forsett, co-founder and CEO of ShowerPill, I was amazed by his incredible work ethic. Even though Forsett had a successful career as an NFL running back, he still continues to work around the clock to make it as an entrepreneur.
Later after speaking to David Roy Newby, author of Beyond Billions and founder of the Solomon Wisdom Society, I couldn’t help but feel that same drive again. Despite a lucrative career, Newby continues to secure the future financial success of his family. So, how do you plan for a more profitable future despite your first taste of success?
Here’s what I gleaned from both conversations.
1. Apply The Veil Of Ignorance
In the book Theory of Justice, author and philosopher John Rawls comes up with a thought experiment named “The Veil Of Ignorance.” In short, the theory states that if you place yourself behind this pretend veil, you can observe your situation completely objectively, without carrying around all of the internal biases based on your life experiences.
Using this frame of thinking, you have no idea who you are, what class you’re in, or what your advantages and disadvantages are. Technically, this idea serves as a good starting place that can help anyone create a solid financial plan.
Regardless of your past success, before you think about your future, put on your hypothetical veil.
Forget where you’ve come from, what you’ve learned and ask yourself how you’re going to get where you want to go. Then, make a plan with clear, tangible goals that will help you towards the future you imagine.
2. Persist And Learn From Your Failures
According to Forsett, one major theme underlies his successes. “In my journey of being an entrepreneur and athlete, what allowed me to be successful was persistence, and now I have to use it day in and day out. I hear no constantly, whether I’m going out and pitching a company, meeting with investors, or pursuing new distribution channels. I hear a lot of no’s but I don’t allow it to deter me,” explained Forsett in our recent interview.
One of Forsett’s most notable no’s came from the Shark Tank panel. Still, Forsett remained committed. He knew from his own experience that active people need an after-workout hygienic solution when there’s not enough time for a shower.
Despite receiving negative responses on the show, he held onto the belief that his full-body, antimicrobial wipes would take off with enough hard work and dedication—and he was right. Shortly after the Shark Tank episode aired, ShowerPill saw a dramatic increase in sales, website traffic and social media activity.
3. Keep The Big Picture In Mind
To make a big plan actually come to life, you need to hit countless milestones along the way.
When you’re planning for your future, always keep that overall goal in mind, but it’s crucial to schedule time and check in with your progress on a monthly basis.
Between those monthly check-ins, come up with small goals and achievable tasks. This way, instead of getting overwhelmed with everything it’ll take to pull off your bigger picture objective, this approach will help you stay focused and continue moving in the right direction.
4. Assess Your Performance
How often do you monitor yourself and review your performance?
There’s a reason many businesses conduct employee reviews every few months. Even if you’ve already made it financially, you need to keep evaluating yourself if you want to succeed in the future.
“Thanks to instant replay, as an NFL player, my coaches could watch and evaluate me from multiple angles at the same time,” said Forsett. “With video technology, I could get specific feedback and assess my performance in real-time. With ShowerPill, things are a bit more complicated. My every move, both good and bad, isn’t captured in a way that’s easy to evaluate and improve. So, I’ve had to adapt. I’ve had to learn which people, technologies and systems can help me monitor and improve my effectiveness as a business owner.”
5. Secure A Mentor
To get to where you are now, you’ve probably had the help of mentors at various stages along the way.
If not, now’s a great time to start. No matter how well off you are financially, there will always be someone more knowledgeable and connected than you. When you connect with these types of people, you can elevate your career path and learn more about what your future may look like.
Additionally, mentors are invaluable when it comes to networking. Having someone you look up to connect you with other well-established leaders will provide you with future opportunities like guidance, partnerships and support.
“To better yourself, you don’t have to reinvent the wheel,” insisted Newby. “Many brilliant minds, like King Solomon, have come before us and created tried-and-true insights that can help business owners today.”
Newby continued, “Although Solomon was one of the wisest and wealthiest people to have ever lived—he created $4 trillion worth of wealth in today’s money with his various undertakings—so many lack a knowledge of his teachings. To become rich and successful today, it’s wise to model your path off of what’s worked for others in the past. Sometimes, your best mentors will be historical figures.”
6. Think About Your Family
According to a September 2017 Global Family Office Report by UBS, if you achieve great wealth, your family is more than 90% likely to lose all of that accrued wealth within the next two generations. On top of that, the more financial success you have, the greater the chance your family will break apart.
Newby and I spoke extensively about the importance of squaring your family away when planning for a profitable future. Newby advises his clients, “Hold Family Vault Meetings where you share what you’ve learned from both your trials and victories.”
“Involve your kids and other trustworthy family members with your business, teaching them what’s made you successful,” he continued. According to Newby, speaking openly and candidly with your relatives can help you ensure you and your family continue to have a flourishing income and growing impact.
Plan For Future Success
Recounting these conversations I had with Forsett and Newby, it’s clear that making it big is just the first step along the lifelong journey to securing a profitable future for your family.
These two entrepreneurs from different backgrounds exemplify drive, intelligence and balance.
Whether you’re just starting out in your career, or you already have a sizable net worth, these principles will help you plan for an even more prosperous future.
June 1, 2019 at 01:14PM
Forbes – Entrepreneurs