I can tell if your business is going to scale successfully by asking one question:
If your answer is no… I’m worried for you.
Hear me out.
Succeeding in business means making the right decisions frequently.
I’ve seen small companies dominate in niches that were owned by big-business giants simply because they made better decisions.
But I’ve also seen companies run themselves into the ground in less than 12 months because they made too many wrong decisions.
As a founder, you’re faced with million-dollar decisions every day, even if it doesn’t feel like it.
You’ve got to know what to say YES to, and when to say NO.
Without any shred of doubt in my mind, I know the best way to consistently make winning business decisions is to:
My first two companies were failures, but my 3rd made me a millionaire. My 4th and 5th were even more successful again… Why? Because I got advice.
Business coaches, mentors, advisors — I’ve hired them all. I’ve even been advised by:
- Mark Cuban, Billionaire
- Travis Kalanick, founder of Uber
- Richard Branson, founder of Virgin
- Eric Ries, author of The Lean Startup
- Sean Ellis, founder and CEO of Growth Hackers
- And many, many others
I invest over $250K a year (pre-Covid) on coaching, meeting mentors and seeking out strategic advice from experts.
I’m telling you… don’t try to be a business genius on your own. Find someone that can advise you.
And if you want to know how to find the right advisors for your business, then you’re in luck:
That’s what my latest video is about.
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Advisors know their value and sometimes they’ll offer shady deals in exchange for their million-dollar advice. In this video, I’ll share with you:
- How to find the right advisors
- How to identify when you need advice
- What kind of deals you can expect with an advisor
- Why I won’t give equity for advice
- How to leverage social currency
- Dealing with an advisory board
- How to communicate with an advisor
The purpose of this video is to demystify how these kinds of business relationships work.
It can feel strange to hire someone just to point you in the right direction and help you choose right from wrong in your own business.
It felt weird to me the first time I did.
But once you feel the weight come off your shoulders knowing that you don’t have to have it all figured out, you’ll realize how infinitely valuable advice is.
Good advisors really can make or break your business.
Got any other questions about how these types of business relationships work? Leave me a comment below.
Dan Martell has advised more startups than his hometown has people and teaches startup founders like you how to scale. (Get access to all my latest business hacks.) He previously created, raised venture funding for and successfully exited three tech companies: Spheric, Flowtown and Clarity.fm. You should follow him on twitter @danmartell for tweets that are actually awesome.