David Finkel returns to the show to share practical advice on how to create owner independence through enhancing the strategic depth of your business. He casts light on the factors that impede progress and how to mitigate them. Listen today to hear David highlight the key factors that will help your business efficiently achieve its goals.
About David Finkel:
David Finkel is the CEO of Maui Mastermind, a leading coaching company dedicated to empowering entrepreneurs on their path to success. With a passion for helping business owners, he focuses on helping them not only build thriving companies but also regain valuable time for themselves.
Beyond his role as CEO, David is a best-selling author with 12 business and financial books. His books, including “The Freedom Formula,” “Making Big Money Investing in Real Estate,” “Scale,” “The Real Estate Fast Track,” and “Making Big Money Investing in Foreclosures,” offer practical guidance on achieving business success, gaining personal freedom, and mastering real estate investing, making them essential reads for anyone looking to grow their companies without sacrificing their time and well-being.
For detailed reviews of these exceptional books, please visit: The Freedom Formula, Making Big Money Investing in Real Estate, Scale, The Real Estate Fast Track, and Making Big Money Investing in Foreclosures (Book Reviews)
How FUD hinder the growth of business?
Fear, uncertainty, and doubt (FUD) can have an impact on an entrepreneur’s ability to grow their business. When these negative emotions take hold, they often result in tunnel vision, which can hinder and impede the overall progress of the business.
Fear, as a natural response to the unknown, can prevent people from taking necessary risks or pursuing new opportunities. It instills a sense of apprehension and hesitation, making business owners reluctant to go outside of their comfort zones. Fear may hinder innovation and creativity because people become overly preoccupied with avoiding failure rather than embracing growth.
Uncertainty also adds another layer of complexity to the entrepreneurial journey. Entrepreneurs may become mired in a cycle of over-analyzing and second-guessing their decisions, which eventually hinders their growth. They are unable to see the wider picture or seize valuable opportunities that lie outside their immediate line of sight.
Lastly, doubt is a persistent companion of many entrepreneurs. Doubt causes self-imposed restrictions since it undermines confidence and belief in one’s own skills. When entrepreneurs experience doubt, they could become too cautious and risk-averse, avoiding projects that drive growth. As a result, they are unable to consider various strategies, look for new collaborations, or take calculated risks that could unlock the true potential of their company.
Overcoming this tunnel vision requires a shift in mindset. By reframing risk as an opportunity for growth, doing thorough research, setting realistic expectations, being prepared to fail, and seeking help when needed, entrepreneurs can break free from the constraints of tunnel vision. You should embrace a growth mindset to see beyond immediate challenges, explore new horizons, and pursue innovative strategies that can result to business growth.
Episode highlights:
- The FUD (fear, uncertainty, doubt) Factor, results in tunnel vision, which interferes with your ability to grow your business. To counteract this, make sure that you surround yourself with people who can help you see the bigger picture (and if you are a leader, make sure that you do this for your team). [07:33]
- Grow players constantly seek new challenges while role players desire to grow within a specific position. Understanding which category each of your team members falls into is vital for keeping them motivated. [15:21]
- As a leader, it is your job to find the balance between flexibility and momentum within your organization. To do this, choose only 2 or 3 priorities per quarter (these should include your biggest growth-limiting factor and your biggest opportunity). [23:42]
- You can’t be successful if you spread yourself too thin. As CEO, focus only on a few high-impact tasks and delegate the rest to your team. [27:13]
- Celebrating your successes in business is vital for keeping your team inspired. Don’t become “the parent that your staff can never please.” [34:36]
- Advice for staying focused on your quarterly plan: have an internal “check-in” process at regular intervals, bring in an outside set of eyes (e.g. a coach), build a company culture around your plan, and find people to hold you accountable. [38:42]
- To have strategic depth in a business context means to have multiple people responsible for functions so that the survival of a business is not dependent on one person. Enhancing your strategic depth and owner independence will allow you to build a truly scalable company. [48:52]
David Finkel’s advice for entrepreneurs:
“You need to build a community. You need to have meetings with your clients where you can hold each other advisable. Although many entrepreneurs are like lone wolves, you are still social beings and you perform so much better when you want the respect and affirmation from a group of people who we admire.”
Connect with David Finkel:
Follow Beyond 8 Figures:
Affiliate Disclaimer: Some links in this episode are affiliate links. If you make a purchase through these links, we may earn a commission at no extra cost to you. Rest assured, we only promote products/services we believe will benefit your entrepreneurial journey.
