Momentum Podcast: 200

Entrepreneur

by Alex Charfen

Introduction

The last level of the billionaire code that we had published right now is Entrepreneur. It's the hundred million dollar plus level. In the United States, there are only 22,393 out of 29 million businesses that are over 100 million dollars. And let's remember everything you had to do to get there. 

Remember Seekers, 0 to 40,000, there's only 16 million in the U.S. That's that early entrepreneur dabbling with their time, trying to figure out keystone habits routine, daily planning, understanding who you want to serve.

Episode Description

The last level of The Billionaire Code (for now). $100M+ a year. Only 22,393 out of 29,000,000 in the United States. You are meant for more. When you think of everyone in history that matters to be remembered, I want you to remember that is our tribe. This is who you are. This is who we are.

Full Audio Transcript

I'm Alex Charfen and this is the Momentum podcast, made for empire builders, game changers, trailblazers, shot takers, record breakers, world makers, and creators of all kinds. Those among us who can't turn it off and don't know why anyone would want to. We challenge complacency, destroy apathy and we are obsessed with creating momentum. So we can roll over bureaucracy and make our greatest contribution.

Sure we pay attention to their rules, but only so that we can bend them, break them, then rewrite them around our own will. We don't accept our destiny, we define it. We don't understand defeat because you only lose if you stop, and we don't know how. While the rest of the world strives for average and clings desperately to the status quo, we are the minority, the few who are willing to hallucinate. There could be a better future. And instead of just daydreaming of what could be, we endure the vulnerability and exposure it takes to make it real. We are the evolutionary hunters. Clearly the most important people in the world because entrepreneurs are the only source of consistent, positive human evolution and we always will be.

Entrepreneur. The last level of the billionaire code that we had published right now is Entrepreneur. It's the hundred million dollar plus level. In the United States, there are only 22,393 out of 29 million businesses that are over 100 million dollars. And let's remember everything you had to do to get there. Remember Seekers, 0 to 40,000, there's only 16 million in the U.S. That's that early entrepreneur dabbling with their time, trying to figure out keystone habits routine, daily planning, understanding who you want to serve.

And then there's Starter, the 40 to 100,000. The part-time person who's trying to figure out their deliverable and their avatar. As a Seeker, you're asking, "How do I stop pressure and noise?" As a Starter it's, "What is wrong with me?" And what does a Starter need to do? They need to get market and avatar clarity and consistently monetize their product or service.

And then you jump to Promoter. 100 to 300,000. Promoter, it's when you're finally full-time. You need to automate your lead generation. You're asking, "How do I get ahead?" Usually you start building a small team, maybe you, a contractor and an assistant. You find the early adopters in your movement, you help them grow. And your biggest need is leverage, lead generation. And to graduate, you have to generate your leads and convert them consistently.

Then there's Builder. Builder's 300,000 to a million. It's when you go from working full-time to overtime. It's where you're leveraging your sales. And Builder, your need is to get leverage in your sales. You might have some partners, assistants, contractors and obviously maybe a salesperson. And to graduate, you build systems and process around what you do well.

Then we go to Operator. It's 1 to 3 million. 700,000 of them in the United States. You're now going from overtime to delegating time. From leveraged sales to delivery system. From, "How do I get further ahead?" to "How does my team get me ahead?" And at Operator, 1 to 3 million, you're building that first solidified real team around you. You are the hub of communications in the middle of that team. And you create the team that grows the movement. And the biggest need is you build a team to scale consistent delivery and you build a team. And to graduate, you build a team and you train them to do what you do well. As a Builder, you build systems and process around what you do well. Because that system and process will allow you to train your team as an operator. And then the team will start building system and process from that point forward but as an Operator, the way you graduate is you build that team and they do what you do well. They don't just augment what you do. They do what you do well.

And that will get you to Leader, $3 to $10 million, there's only 300,000 in the U.S. Major transition in time. You go from delegating time to delegating success. Instead of just asking people to do things, showing them what to do, you now have to tell them to go achieve a success for you, because you can't do it all. And you go from focusing on delivery systems to now becoming a transformational leader. The question goes from, "How does my team get me ahead as an Operator?" because they're all helping you to, "How does my team get ahead?" As a leader where you're now helping them because your ability to grow the team is what will grow your business the fastest.

Today I was on the phone with somebody who does 4 million a year. Caroline Soldow and such an impressive entrepreneur, I mean blew me away. So excited she's joining one of our coaching programs. She said, you know, you get to a point where it's all about the people and the process, and she is so right. Because at Leader, it's about your team, and it's about making sure you have the systems that grow your movement. As an operator, you build a team and scale consistent delivery. As a leader, you scale a team to consistently deliver, which is completely different. In the first step, you have a small team that's helping you increase your delivery. Now you have to scale the small team, and keep consistent delivery as a leader. Then to graduate, you recruit, develop and lead, a leadership team.

Then the next level, Owner, $10 to $30 million. You break into the eight figures. Only four out of 1,000 businesses will get here. There's only a 100,000 in the US. The time as an owner, you give up autonomy of time. Your primary focus is culture, recruiting, and team development. Your fall back question goes from "How does my team get ahead?", to "How does my team get further ahead?" You lean in further because you go from having a leadership team, with teams, to an executive team and leadership team, with teams. You go from creating the system to grow the movement, to creating the systems that support the movement. And you go from scaling a team to consistently deliver, as an owner, you now have to scale your leadership systems, your culture, and duplicate your decision making over a larger population. To graduate Owner, $10 to $30 million, you grow a leadership team, to create a second level of leadership.

And then we get to Investor. We talked about this just a couple days ago, $30 million to $100 million, 70,000 in the United States. This is where, in the previous level, you had to go from delegating success, to giving up autonomy of your time, to now, you have to coach and support your team to give up their autonomy of time because they're in exactly the position you were in Owner. You go from culture recruiting and team development to creating leadership development systems, because now your ability to groom, to recruit, to bring in leaders, to have people become leaders in your organization will be your ability to grow to the next level. You now go from executive team and leadership teams to an executive team, departmental teams, leadership teams, with teams. You go from creating the systems that support the movement to creating the leadership team that supports the movement, and the leadership development system that supports the movement. Your biggest need goes from scaling leadership systems and duplicating decision making to scaling investment management and tracking systems. Your organization is getting big enough now, you need scalable tracking, scalable management. How are you systematically understanding what's going on in all areas of your business? What kind of a system and a structure do you have that will help you understand that? And then, you grow a leadership development system to graduate from Investor.

Which gets us to where we are now. I just to let you know, tomorrow, I will be sharing the one consistent tool, you need, at every level of the billionaire code, if you expect to accelerate your progress through. I'm going to share Entrepreneur in just a minute, but I just want you to know, that you should definitely tune in tomorrow because if you want to go through the progression, that I just went through, faster than the average entrepreneur, and by the way, I don't just talk about this, I prove it everyday. I put a company on the Inc 500 list three years in a row, we were number 21. I'm coaching at least two, if not, three or four of the fastest growing companies in the country right now, I may be coaching the fastest growing company in the world right now. [inaudible 00:08:41].

And when you look at most masterminds or organizations in the marketing or business development arena, we usually have a couple of their top members in our groups because we're helping entrepreneurs scale at a rate that you just can't scale normally. And I will share with you tomorrow exactly what that tool is. Because if you're gonna get here, to Entrepreneur, you have to have it. Entrepreneurs' a 100 million plus. As an investor, you are coaching and supporting your team to give up autonomy of time. As an entrepreneur, you're investing and giving away leverage time. See, when your team is fully leveraged, you become fully leveraged. And in Entrepreneur is where you can start investing, giving away your time. If you show up in a room, that room's worth more.

You can make an effect, you can make a difference, you can make a change. If Richard Branson shows up in a room, people will pay to be in that room. And a 100 million dollars plus as a CEO, people will want to be there. You will be able to give away leverage time. You go from your primary focus being leadership development systems to how are you gonna maximize your legacy and your contribution, how are you gonna grow this business even more, to the point where it gets to ten figures. But that's partially how you're going to maximize your legacy, because understand that a 100 million dollars plus, that business will be the biggest part of your legacy.

And you go from asking a question, "How do we help others get ahead?" As an investor, to, "How do we help everyone?" At a 100 million dollars plus, you have scope, you have reach, you have breath, this is where you can reach out and do what you want. And, you go from having executive department and leadership teams to executive, department, leadership, management teams, you might even have more. This is a multi-layered organization, it's a full conglomerate team. And you go from creating leadership development systems to support the movement, as an entrepreneur you're now scaling the effect of the movement.

So many entrepreneurs wanna have this massive impact. But they start working on impact before they work on effect. See, when you go out and you have an effect on people, when you go out and you can cause a consistent effect, a consistent result, you can go out and have a massive impact, easily. But going out and trying to have an impact without having creating some level of reputation for yourself, some level of credibility for yourself, it's very hard. Why would we let you have an impact, you haven't done anything yet.

A friend of mine in Australia, Brett Campbell, who's just brilliant. First, the guy doesn't stop, he's a brilliant marketer, he's a brilliant business person. One of those grounded people that I love talking to. And, a few years ago we were talking about a book that he wrote, just a couple years ago. And, a book that he really wanted to put out there, it's a personal development book. But, it's not a painkiller. It's an improvement book, but it's an incredible book. And, it's a movement that he wants to start. And, Brett went through a lot as a kid, and he wrote about it in the book and, it's one of those things that he really wants to put it out there. And I told him what I've told so many of my friends, who have books and who have the movement that they wanna start, and the change that they wanna make. If you have a book and you want everybody to read it, go have a massive effect in your business first. You have a 20 million dollar, 30 million dollar, 40 million dollar, 100 million dollar company, people are going to listen to you.

And, to Brett's credit, he was like, "Yeah I think you're right." And now he's building a huge company, Campbell Media Group. And, he said, "You know what, you're right. I'm gonna go do this." And so now, rather than try and just have the movement, rather then try and shortcut to having the big impact, he's building the massive company so that he can have the notoriety, so that people will listen to him, so that he does have a massive following. So there's a huge credibility when Brett says something. And, that's what happens for all of us.

And when you get to a 100 million dollars, your biggest need goes from scalable investment management and tracking systems, to scaling your influence, scaling your contribution. You will feel the pull to make things bigger, you will have a level of influence and a level of affluence you've never felt before. I've watched entrepreneurs go through this, there's a massive change at nine figures. The world looks different, your capabilities are infinitely expanded, from anything you've ever known in your life. And to graduate Entrepreneur, to graduate this level, you grow your legacy.

And I bring this up purposefully because today there's a challenge in the entrepreneurial world, far too many entrepreneurs are trying to work on their legacy way too early. There's far too many entrepreneurs who are so focused on the change they wanna make, the legacy they wanna lead. The difference they wanna see in the world, they haven't even figured out how to do that yet, they just talk about it and wanna do it. And so they focus time on what they think will get this legacy to happen, but here's what I want you to know. The reason that there's buildings throughout the world with guys' names on them and womens' names on them, the reason that there's magazines that are named after people on the title, the reason that there's an entire network named after Oprah Winfrey, is because they're all successful entrepreneurs.

Kennedy, Rockefeller, those guys stroked a check for those buildings. And if you wanna leave a legacy, go create a massive amount of cash, because you can make sure you have a legacy. You can make certain everyone hears it. I guarantee you, in a few years I won't have to introduce you to Brett Campbell, you'll know who he is, cause he's out there doing it. He's building it so that he gets to the level where he can go focus on his legacy. And I want you to just think about, if you're in that place where you been trying to work on a passion project or on your purpose, or on your legacy or any of those things and it isn't going very well, I think we all have to ask ourselves, "Is it a little premature?" Because if it's not going well, there's usually a reason for something like that. And if it hasn't had the success you want, maybe it's too early.

Because here's what I know as an entrepreneur, when we go out and create success, it becomes constructive and we only experience more success. But for you to go have success in the legacy category is really hard, because that's a place where most people write a check. And make it happen, and go make a massive difference in the world. And, if you're gonna do it without that, you have to do some things that are really hard for entrepreneurs, like asking for money, and asking people to do things that aren't related to a business, that's difficult.

But here's what I know about people like you and I, you're never gonna stop. Chances are, you're not even gonna slow down that much. So instead of focusing on the legacy right now, why not put time into each level of the billionaire code. Go back to the beginning and re-listen, and when you're in Seeker, set your sights on Starter. When you're making between 0 and 40K, set a goal between 40 and a 100. And you will go crush it and pull the targets closer, and shoot right through them. And when you get to Starter at 40 to a 100K, set a goal in Promoter. And never set your goals more than one level ahead of where you are on the billionaire code.

And go start measuring and understanding exactly where you're going, and what you want, and focus on exactly what's needed, your biggest need, your focus. What you need to graduate, listen from the beginning and what will happen is, you will not only just know the code, but you will climb the code, and you will get through these levels. And there will be days where it's hard and days you wanna quit, and days you don't know if you can. But there will be massive breakthroughs. And those moments that people like you and I live for, not so that we can celebrate, not so we can jump around, not so that we can tell everyone, but so that we can have that internal feeling of knowing that we just crossed a major threshold in our lives, and no one else even needs to know.

And you will have those every single day if you are willing to climb the code. You will see the people around you in a different way, you will see yourself in a different way, you will see your capabilities expand, and you will know without a doubt, that you are meant for more. You are meant to do more, be more, leave more behind. And when you think of everyone in history that you remember, everyone that matters to be remember, I want you to remember that is our drive. This is your birthright, this is who you are. You owe to yourself, to me, and to every other entrepreneur out there, to go listen to the code, know the code, and go up the billionaire code. Because, people like you and I, from the beginning of time, have been the only source of consistent, positive, human evolution. And we always will be.

Everything in your world was brought to you by an entrepreneur. On behalf of all of us, you're welcome. That is the tribe you are part of, that is who you are, and we all go forward faster together. Thanks for listening, and I am proud and honored to be a small part of your journey up the billionaire code. If you want the full summary of the code, if you wanna see exactly where you are, understand what you should be doing next, and climb the code faster than the entrepreneurs around you, and experience less frustration, less headaches, less constraint. Go to billionairecode.com, answer a few questions, and we will get the entire summary out to you. So you too, can know the code.

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With gratitude,

Alex

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