How To Make Your First $100 Million

There is a BIG difference between strategies and mindset. You need to make $100,000 dollars versus $1,000,000 versus 10 million and so on.

Today we’re going to talk about how to go from that $10 million mark to $100 million.

What I’m going to talk about is what it takes to go from the $10 million mark to a $100 million.

Here are 10 skills many of you have probably mastered, already.

• Number 1: Persuasion
• Number 2: Reading people
• Number 3: Sharing the wealth
• Number 4: Leverage
• Number 5: Recruitment
• Number 6: Energy management
• Number 7: Processing issues
• Number 8: Time management
• Number 9: How to manage money
• Number 10: How to be aggressively patient

You’re going to get to a point where you have a lot of time on your hands. Why? It’s because you hired people. You’ve got the right C-suites. If you’re doing $10 million, you’ve officially been given back maybe 20, 30 hours a week.

If you’re here for the first time, trust me, you’re going to be confused.

Too often, when a person gets to $10 million and has more time on their hands, rather than working on the business’ strategies, hiring, recruiting, growth, marketing, next campaign, next technology, whatever that may be, they get distracted thinking they’re rich…

Point #2: MANAGE YOUR BOREDOM. This is more of a number 1 method, but lemme explain to you what this means.

Benjamin Franklin once said, “Idle hands are the devil’s plaything.” When you have too much time on your hands, you have vices – drugs, alcohol, partying, gambling – make sure you fight against that.

If you’re only working on protecting what you build and you’re not playing offense, the company’s gonna get smaller and smaller.
Everybody in the company is hoping you’re creating strategies to take the company to the next level. And to do that, you need to say no to the small things and let your leadership team handle that. And if it turns big, then it comes to you. You need to focus your time into the big things.

Point #4 is about focusing on the areas you need to go deeper in. Invest where things align and see when it is best to invest.

Point #5 is Human Resources. There’s a big difference between running a team with less than 50 employees. It’s still manageable. All of the sudden, you go to 100 employees, 200 employees, and 500 employees. Now you’re national. You’ve got offices all over the place. Now you have HR issues. Now you need to do training in HR. There are many different things you’re dealing with here, which means your HR team has to be a better quality HR team with more experience, understanding of different dynamics, creating better structures, better guidelines, clearer guidelines, and benefits.

So point #6 is a bit of a contradiction with 5. The company is growing with a different management style. When you compromise your culture, now they know you don’t stand for anything. So now they know there really has never been a culture in this company. It was all about winging it. Don’t compromise your culture.

Point #7 – Manage internal politics. Play the independent to right side so you can see different sides and make them come together.

Point #8: Letting employees go, gently. People love drama and you WILL have it. So how do you handle it? Some of them you Some? You can’t do anything about it. Others, you have to learn the art of letting people go gently. And the bigger you get, the more they are going to be angry. You have to figure out a way to work with former disgruntled employees and try to let go of them as gently as possible and don’t piss them off more than you already have.

NEXT: At a certain point, you’re gonna have to upgrade the talent that you currently have. You have one of two choices. Either the people that have been with you are gonna tell you why you need to pay them 50% more, but they’re the same as they were two years ago. If they can’t step up, find better quality talent.

Point #10: You have to continue to take risks, no matter how big you get. Do not be reckless – be methodical and strategic but at the end, you need to take the leap.

Next, what are you investing in your company technologically? You’ll need to do that to get to the next level.

And finally, you need to upgrade your business network with other successful people. You need to constantly find yourself as the smaller person in the room to make yourself grow and take that next level.

Do you have aspirations to one day earn $100 million? In this episode, Patrick Bet-David breaks down the necessary skillsets to go from $10 million to $100 million. Go to our sponsor https://betterhelp.com/valuetainment for 10% off your first month of therapy with BetterHelp and get matched with a therapist who will listen and help.

FaceTime or Ask Patrick any questions on https://minnect.com/

Recommended video:
10 Rules For Making Your First Million: https://youtu.be/I3UORgx3DBw
11 Skills that Millionaires Master: https://youtu.be/eJlWQ08UCyM

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