40 business lessons in 40 years
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The document outlines 40 business lessons learned by Jonathan Mills by age 40, emphasizing the importance of branding, real-world experience, and focusing on personal strengths. It advises against partnerships, encourages finding mentors, and highlights the significance of continuous learning and networking. The author shares insights on managing time effectively, recognizing opportunities, and maintaining a strong personal reputation while pursuing business goals.
40 business lessons in 40 years
- 1. 40 business lessons by 40 years old by Jonathan Mills Patrick jonathanmillspatrick.com
- 2. Run up hill The best time to start sprinting is when everyone else is slowing down
- 3. Build your brand early Don't worry about getting it all "figured" out, but do find a niche that fits you
- 4. Experience>theory Advanced education is critical, but real world experience beats the study of theory all day, every day
- 5. Eat your frog second - Brian Tracy wrote a great book about "eating your frog" or doing the least desirable item first. I believe you should eat your ice cream first (a positive item) to get your momentum going, then your frog
- 6. Rise and shine at your own time I don't buy into the early risers are more productive theory. You know your sleep cycle and productive times better than anyone, so stick to them
- 7. Be active Some of my best business ideas and problem solving have come during exercise
- 8. Do it for the money I know this won't be popular. But if you are going to pursue a profession that you aren't passionate about then you might as well chase the money
- 9. Follow the pain Anytime you experience a pain point with something there is opportunity ahead. Find ways to solve problems and there is the potential for a business
- 10. No partners allowed Do all the joint ventures you want, but avoid partners in business. Particularly family
- 11. Find your niche Focus on a specific area in your industry. If you are in Marketing then become an expert in one area, but know the others
- 12. Mentors Find mentors that are where you want to be that are willing to take the time to teach you how to get there. That includes through reading their books
- 13. Who are your five? You are only as strong as the five people you spend the most time with. Make sure they share your vision, values, and drive
- 14. Find a passion This one isn't for business. Find something outside of business that you are passionate about. This keeps you grounded
- 15. Have a Plan B Start your own business. It's a great learning experience, as well as allowing something for you to supplement your income with
- 16. Stay ahead of trends Don't be a follower. Find trends that excite you and stay ahead of them
- 17. Know your strengths What things make you who you are and come naturally to you. Focus on those...
- 18. Outsource your weaknesses ...and ignore everything else. I spent months one time trying to be good at something I had no aptitude toward nor patience for
- 19. Play nice, until they don't Being nice in business will take you a long way. But know when not to be nice as well
- 20. Say no Don't try to be all things to all people. Know when to say no to people that demand your energy, money, and time
- 21. Pareto's Principle Better known as the 80/20 rule. Spend your energy, money, and time on the 20% of activities that yield 80% of the results
- 22. Be scrappy Fight for your rights when it's appropriate. I once had someone try to claim my business idea as his own at a conference. I almost got my team thrown out of the event, until the truth came out. Then my imitator all but got thrown out
- 23. Play both offense and defense How do you improve the bottom line? You can increase your revenue or control your expenses. I recommend both.
- 24. Rediscover yourself In "Quitter" John Acuff says that "finding" your passion is more about rediscovering something you were already passionate about but had forgotten
- 25. Simplicity is best Keep it simple, whatever it is
- 26. Be razor focused Avoid trying to do too many things at once. Focus on one or two things that match your interests and skill set
- 27. Be a people person Life is about relationships, like it or not. Learning how to read, get along with, and impact others is an enormously powerful skill
- 28. The ladder or the laptop Decide early if you want to climb the corporate ladder or would you rather make a comfortable living with some flexibility
- 29. Be a student Always be learning. Whether through books, podcasts, or conversations with others
- 30. Know your "why" Probably one of the best books of all time, Simon Sinek's "Start With Why" is a must read
- 31. Release early and often Paralysis by analysis will cripple anything. Sometimes knowing too much is a bad thing. Don't be afraid to move ahead with a project that is mostly done
- 32. Be willing to fail The best baseball batters get a hit about every third at bat. And they get paid millions.
- 33. Every 3 questions What topics do others tend to ask your advice on? Anytime you are asked the same question 3 times you have a business opportunity
- 34. Products are easier than services I've sold products and I've sold services. There is something inherently easier about selling a tangible thing. Services can be turned into products, such as knowledge into ebooks
- 35. Trust, but verify What takes the longest to earn, but can be the quickest to lose? Someone's trust
- 36. Protect your rep One of my mantras is to do the right thing. It's not always easy and it has cost me on many occasions. But doing so has kept my reputation in tact
- 37. Which package works for you You are not a non-profit organization. There has been a cost for you to obtain your level of expertise. Charge a fair price for that access
- 38. Pen and iPad I've spent years trying to decide if I was a pen/paper or technology kind of guy. The answer is what works best for you, which sometimes is both
- 39. Give and be willing to receive Having a servant's heart is all well and good. But there is no reason to feel guilty for receiving your fair share
- 40. Who do you know? Learning the art of networking and connecting with complimentary, not competitive, professionals has made my career
- 41. How can I help you? Being willing to help others first with nothing expected in return has earned me plenty of return favors
- 42. So...how can I help? Feel free to reach out to me if I can help you launch or grow your business in any way. Click here
- 43. About the author Jonathan is passionate about helping business owners accomplish their dreams by providing the best information and resources available regarding business finances, management, and marketing. He has worked in the financial industry for nearly fifteen years. First as a top ten insurance salesman for a national company, a financial advisor, and finally in the banking industry for the past ten years. Over that time he has been involved in over $500,000,000 in transactions involving lending, angel investing, and venture capital facilities. As a senior executive at a financial institution Jonathan has been part of a team that has averaged double digit growth over the past few years. He has also lead that same company to be named SBA Lender of the Year for 2012 and 2013. Jonathan is an entrepreneur himself, including launching a business to business networking site in 2011 that reached membership in 45 countries. He has been named to Knoxville’s prestigious “40 under 40 group and serves on the Boards of both the Fairview Technology Center and Community Health Alliance. Jonathan is first and foremost a husband and father. In his personal time he enjoys helping people accomplish their health and fitness goals, including teaching others the benefits of exercise through mixed martial arts training. Jonathan has worked with a variety of people to reach their weight goals, including multiple 50+ pound “losers”. He enjoys running, reading, and time with his family.