Life goes up and down. There are good days and bad days.
It is not what happened to you. It's what you do after that issue happens that matters. We can never stop what and how things happen. We can decide how we react.
Some of the very Important lessons I had learnt in the last 6 months, that cost me my day to day bread and butter, investments and wealth creation.
Lesson #1: Trust but verify what they say and what they can do. Title means NONTHING!
I trusted a partner, to be given shares of the company, to be given full support to run a new company and a new project. He abandoned the project halfway to focus on his ICO and left the management of what we started to his GM, which totally have no expertise in management or in the industry. In short, the last 8 months, whatever needs to be done, whatever could have been made, all went down the drain.
Lesson #2: Solve the root cause not the symptoms.
Root cause of financial distress : Not taking enough actions on profit making activities. Spending more than needed.
Solution : Do whatever it takes to drive revenue in. In 1 month, I made more money than the last 8 months combined, after making a decision on 1st April to take charge 100% of my life, my business and the way the business should run. Putting in 100%, I made the 5 figure income again!
Lesson #3: Conceptional implementation: Something that is as common as dirt in one industry can have the effect of an atom in another. Analyse the industry and businesses and implement properly.
The way to make coffee and tea is different. Never use the way to make coffee to make tea. You will never get good tasting tea if you do so. So learn new things daily and implement properly. Change quickly when needed.
Lesson #4: Get rid of the bad apples and cancer in your company or lives.
Allowing these bad apples (someone who never liked me from day 1) come into my lift and business, I lost more than 100K in loss revenue. If something or someone is stopping you in achieving your goals and success, bull doze through and get them out of your life asap.
I commit this mistake and its disastrous as I trusted..... Sigh.... Expensive Lessons
Lesson #5 : Solve problems and find solutions.
So many problems keep on happening. Basically, the wrong person leading the whole gang. The business is losing money every day. Run by someone with "Employee" mindset! Despite many request for me to head the company and lead the team, there was "promises" of what the team can do with the "employee" leading. In short, in my more than 30 years of starting and doing business, this is the 1st time that a company is still losing money after 6 months!
Solution : I either take charge of the company or I leave. I left! Cause bad apples are in the team. I had always fire people first thing I step into any companies or team that I coach. I did not do it this time.
My mistake. The first person the needs to go : 2nd in command : the GM. The team is only as good as the leader.
Lesson #6: Stop doing the same things and expect a different result.
8 months, saying the same thing, banging table on the same topic, advising the same team on the same actions.
They don't change, results never change.
End result : company lost more than 50K in operations.
Loss of revenue : 150K
Total loss : 200K
Lesson #7: Re-evaluate every 3 months what is working.
I did it and advise but the "Leader" is not willing to listen...
Always fire the leader if the leader is responsible for the mistake unless the leader is willing to change and make things right. Never leave a Smart Ass as a leader.
Lesson #8: It’s your fault, not anyone else's.
My fault. I never force it hard enough to take charge and I did not leave. I trusted the wrong person.
Result : Loss of more than 250K in income and expenses.
Lesson # 9: Make your people sign non-competes and non disparagements.
Make sure they are not going to compete with you after you leave or they leave.
If they do compete, make sure you come back as fast and grow as big as you can so that they NEVER catch up!
Lesson #10: Trust no one. I know it sounds harsh, but greed, pride and ego from others are always a threat to your financial future.
Trust but access frequently.
When I say this, you will be addicted to success and getting things done after this. You will be the most driven and focused individual you know if you get the right coach.