1/4/2021 Tip: 2 Questions Every Entrepreneur Must Ask | Growthink

1/4/2021 Tip: 2 Questions Every Entrepreneur Must Ask

Today’s Quote

“When something is important enough, you do it even if the odds are not in your favor.”

~ Elon Musk

 

Today’s Tip

Entrepreneurs and business owners must ask themselves 2 questions every year:

  1. What is the end game? For example, is my goal to run this company until I die? Do I want to eventually sell my company? Or do I want to pass it down to family members?
  2. How do I build VALUE that multiple acquirers would want and/or that will make my business easier to run and have more predictable revenues in the future? Building value is different than simply running a business or just seeking profits. It includes building things like revenues, a customer base, marketing skills, intellectual property and operational processes among other things.

 

Today’s Resource

Goals – Assets – Metrics – Systems – Strategy – Execution

These 6 principles are the difference between “average” entrepreneurs and super-successful, 8-figure entrepreneurs.

Learn more here.

 

Trivia

Today’s Question: What were Kleenex tissues marketed as when they were first introduced in 1924? (the answer will be in tomorrow’s tip)

 

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