Most people have no idea how to start a business nor what to expect. “The Entrepreneur Roller Coaster” is a guidebook that explains what it takes to start a business and how to prepare yourself for the ups and down of the entrepreneurial roller coaster ride. It provides useful insights for anyone who is contemplating whether to start a business, or is trying to figure out how to maximize his/her chances of success.
Hardy started his first business when he was 18 and earned $20,000/mth by the age of 19. Although he built several successful businesses—from door-to-door sales to real estate, online media and educational software—he also made his share of mistakes. In the book, he shares many stories and anecdotes from his own experience, as well as insights gained from interviewing top leaders and business magnates as the former-publisher of the SUCCESS magazine.
In The Entrepreneur Roller Coaster summary, we’ll distill the key ideas and recommended action steps for the 8 key chapters of the book. You can also download free worksheets from Hardy’s website.
Here are some things to expect on the entrepreneurial roller coaster ride!
Meet the Minimum Requirements
You need to be of a minimum height to get on a roller coaster. Likewise, to survive the tough entrepreneurial journey, you must minimally meet 3 requirements so you have the drive or motivation to stay the course.
Find your Love/Passion
Passion is something that’s already inside you. Your first role is to find your passion switch. In the book or our full 15-page summary, we explain in more detail on how you can zoom in to 4 areas to find your love/passion—for WHAT you do, WHY you do it, HOW you do it, or WHO you do it for.
Find your Fight
We are driven by the pursuit of pleasure or the avoidance of pain. You can also identify an “enemy” (e.g. injustice or poverty) which fires you up and gives you a reason to fight for something.
Find your Strength
To succeed, you must also identify unique advantages that will help you succeed in business. In the book / full summary, we explain more about the importance of strength training and the 10,000 hour rule.
One of the most challenging things about entrepreneurship is the amount of rejection and ridicule that you’ll face. Even those closest to you may discourage you, tell you that you’re crazy and try to convince you to follow the conventional path. That”s where the next segment comes in: to prepare yourself mentally for rejection.
Get Ready (Buckle Up)
When others mock your ideas or reject you, it’s important to realize that it’s not about you. It’s actually about them, because you remind them of what they themselves dare not do. In the book / full summary, we dive into 5 strategies you can use to crush these negative voices—Don’t be likeable, get laughed at, define success in your own terms, realize most opinions don’t matter, and shorten your recovery time—and how to get started. The surest way to fail is to quit. Crush the naysayers and persevere to achieve success on your own terms.
As an entrepreneur, there will always be too much to do in too little time. To get results, you must focus on the right things. And your main priority in business = Sales.
The best businesses aren’t the ones with the best products, star players, nor outrageous margins. 90% of the time, it’s all about having great sales and marketing. Without sales, you have no business. Besides selling to customers (directly or via your sales team), you must also sell your vision to internal and external stakeholders, recruit the right people and convince them to give their best etc. You must sell to everyone, every day.
In the book, Hardy shares 9 key steps to build your sales muscles, how to assess/re-prioritize your strategic focus and get your dream clients [You can also get a detailed overview in our complete summary].
Fill Your Empty Seats
At some point, your coaster (or business) is going to take a plunge. Would you want the people riding with you (your team) to be fearful and paralyzed, or excited and ready to take on the challenge? Unfortunately, entrepreneurs tend to get so excited by people who love their ideas/vision that they overlook the skills/experience, or they try to hire people to put out fires rather than bring their vision to life.
In the book / complete 15-page summary , we look at why it’s important to hire only A-Players, the 3 things you must do to recruit effectively and how to take stock/recruit for a high-performance culture.
Take the Front Seat
In any organization, the quality of its leadership determines its performance. As the leader, you must bear 100% responsibility for everything that happens in your organization. Always share the credit but own the blame. In the book / complete summary, we look at the key ingredients for leading effectively in the 21st century, how to start on your leadership development plan and help your team with theirs.
Pick Up Speed
As your business grows, you must become increasingly productive without being overwhelmed. Just like how doctors use vital signs (e.g. heart rate and blood pressure) to assess your health, you need to focus on 4 vital factors to manage your business for success:
Your Vital Functions
Know your hourly value and the top 3 vital roles that only you can do, which you do best and contributes the most to your organization.
Your Vital Priorities
Define the top tasks you must perform well to accomplish your #1 vital function.
Your Vital Metrics
Identify the metrics that’ll help you to know if you’re on-track or off-track so you can do course-correction, and use the “Massive Transformation Formula” (MTF) to develop your goals and habits to achieve them.
Your Vital Improvements
Identify thekey skills required for your success. Learn-do-rinse and repeat to keep improving.
Hands in the Air
Entrepreneurs are not fearless risk-takers. Everyone feels afraid at some point and it’s all about facing your fears. Hardy shares 6 brain hacks to conquer your fears, and to develop your action plan to move ahead in spite of your fears.
Smile for the Camera: Don’t Miss the Point
In the pursuit of your goals, don’t lose sight of what matters most. Riding a roller coaster isn’t about reaching the destination; likewise, building a business isn’t about just achieving your financial/business goals. Here, Hardy takes you through several dos and don’ts to help you enjoy the ride, and to gain clarity on what truly matters so you don’t neglect them on the way.
Other Details in “The Entrepreneur Roller Coaster”
This book is written like a workbook, and the tips are meant to be applied. Do get a copy of the book for the full details, get The Entrepreneur Roller Coaster Summary Bundle for a detailed overview of the key concepts and action plans and/or download the free worksheets at http://RollerCoasterBook.com/Resources.
Prepare yourself for the entrepreneurship journey!