I Had Lunch with a BILLIONAIRE (Here are 3 Things I Learned)

Lessons I Learned from a Business Owner who Built a Billion-dollar Company

One of the most powerful ways to unlock faster success in your business? It’s connecting with other entrepreneurs and CEO’s who’ve already grown past where you are. Their guidance and advice can save you months of effort and stress and can help you overcome obstacles that could otherwise stall your growth.?

Recently, I had the opportunity to have lunch with a successful business owner from the Philadelphia area who is doing a quarter of a billion dollars a year on recurring revenue. His company is close to the billion-dollar mark in terms of size, and he has over 600 full-time employees. He was gracious enough to share some of the biggest lessons he’s learned in business and life. In this blog post, I will share some of the key takeaways from my conversation with him.

Lesson 1: The Importance of Building a Strong Team

One of the biggest lessons I learned from this business owner is that once you become a true successful business owner, everything becomes about the team. When you get started in business, it's all about you. You spend all your time learning new skills, signing up for courses, attending masterminds, and focusing on your own growth.?

However, once you have built a team, everything that was once about you becomes about your team being successful.

Therefore, the most important thing you can do as a business owner is to invest in your team's skills, capabilities, knowledge, mindset, and growth. The question you need to be asking is not what the answer is to the next question that you have in business. Instead, it is how you can set your team up to find the answers to the questions that they and your company need in order to succeed.

Lesson 2: The Importance of Networking

The second biggest lesson I learned from this business owner is the importance of networking. If you want to get in touch with people that you want to network with, you need to reach out to them. Don't wait for them to reach out to you. You need to be proactive and take the initiative to connect with them.

In my case, there were around 30 business owners in the Philadelphia market who were finalists for Entrepreneur of the Year Philadelphia. I was humbled to be one of those finalists. At the event, I was too nervous to introduce myself to the business owner I wanted to connect with. However, as soon as the event ended, I reached out to him through email and was able to schedule our first lunch. The insights I learned from him will probably add another $1MM - $3MM to my business in the next 12 months.

Lesson 3: The Importance of Focusing on Customer Needs

The third biggest lesson I learned from this business owner is the importance of focusing on customer needs. The key to building a successful business is not just about making money. It's about providing value to your customers and meeting their needs. You need to focus on solving their problems and providing them with solutions that actually work.

Your customers have likely tried many other vendors and providers for your service. And they’ve likely not had the best results before. Therefore, it's important to spend time understanding your customers' needs and wants, and then tailor your products or services to meet and exceed those needs. This approach will not only help you retain customers but also attract new ones.

Conclusion

In conclusion, learning from successful business owners can be invaluable in your own success journey. The lessons I learned from the business owner I had lunch with are essential for any entrepreneur or business owner who wants to grow and succeed. By investing in your team, networking, and focusing on customer needs, you can take your business to the next level. I encourage you to apply these lessons to your own business and see the positive impact they can have.