LifeWealth - the intersection of SCALE and FREEDOM

Entrepreneurs and founders should not accept the tradeoffs people throw at them… People will say things like:

• You can be a CEO of a scaling startup OR a great spouse (but something has to give)
• You can run a global company OR coach your kids sports teams and go to their plays at 2pm on a Tuesday
• You can be fit, healthy and happy OR scale to $10m+ in revenue, but to get to $10m you’ll have to make some big sacrifices... 

You've likely heard 20 more of these BIG tradeoffs people want you to make.

My view is that you have to say AND... not OR. You have to say I will do both/all. I refuse to accept the tradeoffs. This is something I am truly passionate about and could go on for days...

I feel like I've lived that way for the past 19 years (since my first daughter was born in 2000). I think after 4 MORE exits since she was born, I've proven it is possible. 

There is such a thing as “balance.” Here are a few ways to achieve LifeWealth:

1. Create constraints. One of the quickest and easiest ways to live a robust life is simply commit to it. For example, decide you will leave work every day at 5pm to have dinner with your family. Schedule it on your calendar, set up auto-responders, tell your team you are not available between 5-7pm, etc. Two amazing things tend to happen… First, you now have that new daily slice of freedom because you committed to it and second, (which is powerful) people adjust TO YOU and your schedule. 
2. Let people sink or swim. I have a philosophy that has served me well. If I want to live a life of scale, freedom and impact I have to be able to go dark. If I am in the middle of every process, every call and all key things, I cannot be free. So I hire (or contract) the best people I can find. I set expectations clearly (including me being highly unavailable). I tell them how I define their success and when they are clear. I throw them in the deep end (and let them sink or swim). Sure, some people will sink. They will not perform, they will not communicate well, but you’ll both know fast - if it's a bad or good fit. BUT good people swim. They see this as an opportunity. They step up and take MORE responsibility. They love the autonomy you’ve given them to do their best work. They rise to the occasion and want more to do… they are happy and fulfilled. You’ve added someone great to the team AND freed up your time.
3. 80/20 Principle: If you haven’t heard of the 80/20 principle, it’s pretty simple. It states that the MINORITY of your effort leads to the MAJORITY of your results…

• 20% of your habits usually result in 80% of your success
• 20% of your customers usually account for 80% of your profits
• 20% of your investments usually account for 80% of your returns

Stop spending all of your time on things that won’t make THAT big of a difference, and instead use that 80% to be with your family, take care of your health, etc.             

I've given some really fun talks on my concept of LifeWealth. I've given talks about living like you have an 8 figure net worth, even when you don't (freedom, travel, time....)... I've spent years helping entrepreneurs scale and design an Eight Figure Future..

The reality, which I see again and again, is that 90% of entrepreneurs don’t follow these principles which can lead to scale and freedom. Are you a part of the 10% or 90%?