Important Lessons For Entrepreneurs
A crucial part of being an entrepreneur is to learn on the journey. The more you know, the easier it will become to overcome the obstacles on your path to success.
In Season 6, Episode 48 of The Making Bank podcast, Rylee Meek talks about the importance of money, sales, and God. Rylee is the Founder and CEO of Social Dynamic Selling, which utilizes Rylee’s tried and proven process to help entrepreneurs design, build and launch a predictable, sustainable, and scalable lead generation system for their business. He has been able to help eight companies reach 7 to 8 figures in just a year of their inception, with each of those companies generating over 150 million in sales over the last decade. He is also the King’s Council Coaching founder and a fellow podcaster hosting the King’s Council Podcast. Rylee has been able to empower individuals and families and help them create a proven framework of success through King’s Council Coaching.
On the podcast, Rylee talks about sales and his tried and proven sales techniques and strategies that allow you to connect with your customer better. He also talks about the importance of having money and how that enables us to fulfill our God-given calling. One of the most important aspects of being an entrepreneur is having the ability to learn continuously. The best way a new and aspiring entrepreneur can learn is through experience. Rylee started his entrepreneurial journey right out of high school. He never liked the idea of ‘work.’ He didn’t want an hourly rate on his time, and he set out on his entrepreneurial journey to do something he was passionate about. Now Rylee has not only become a successful entrepreneur, but he’s also helping others find success through his techniques and methods.
We’ve put together 3 of the most important lessons that Rylee had for new entrepreneurs:
1. Truly Passive Income Doesn’t Exist
For a lot of people, the dream or goal is freedom. Unfortunately, freedom doesn’t come free. Many people put in massive amounts of time and effort to grant themselves the freedom to enjoy the wealth they’ve built for themselves. What if there was a shortcut? Some people believe in the concept of truly passive income — where they can sit back while money is generated. Referring to the old adage, “When something sounds too good to be true, it probably isn’t.” The reality is that you need to put in the time and effort to make money. Passive income is a term loosely thrown around to define work that takes little to no effort to manage, but the truth is that no business runs on its own. Even if you hire people to run the company for you, you’re first tasked with finding the right people for the job. After that, there are still contracts that need to be negotiated, employees that leave need to be replaced, and plenty of other factors that both owners and managers are responsible for. If you work hard enough to make millions, then you can sit back and be “passive” and enjoy the fruits of labor, but until then — no business is passive because they all require a certain amount of effort and work to keep them running.
2. Surround Yourself With People That Have What You Want
Earlier, we mentioned that the best way to learn is from experience, and it’s true — you need to face obstacles to know how to get around them, and only once you’re knocked down can you stand back up. An entrepreneur’s experience is spread across the years they spend running their business and competing in the market. However, you can still learn from experience because the experience doesn’t have to be yours. On the podcast, Rylee mentioned that he was keen to learn at the age of 15, and the way he learned was from exposure to mentors and other entrepreneurs. Find people that already have what you want and learn from them because they were also once in your position. Rylee makes it a point to emphasize throughout the podcast the importance of surrounding yourself with successful entrepreneurs and mentors. The people around us play a significant role in influencing our experiences and the way we think. If you want to succeed in a space, surround yourself with people who have already achieved what you want. You’ll be able to pick up invaluable lessons, methods, and strategies and expose yourself to countless opportunities you can capitalize on.
3. Don’t Allow Your Passion To Fizzle Out
We’re often told to follow our passion and do what we love so that we never have to work a day in our lives, but that’s not good advice. If you turn your passion into your primary way of making money, then your passion becomes work you need to do. That doesn’t mean you shouldn’t mix your passion with work; instead, don’t allow your passion to become a chore. As an entrepreneur, one of the most valuable things you can do is keep your head on a swivel for opportunities. No matter what opportunity you get, the most important thing is to approach that opportunity with passion. Don’t force your passion to become work; instead, bring your passion to every opportunity and work to the best of your capabilities. Use your passion as fuel to achieve your goals, and by doing that, you’ll be able to make the most out of your work while leaving time to pursue the things you’re actually passionate about.