People are hardwired for contribution and this is why entrepreneurs who make a contribution to the world and to the people they serve are often happier and more fulfilled. There are entrepreneurs like Kevin O'Leary from Shark Tank who are all about the bottom-line and whether it makes money or not, but one can assume he is not as happy or even as fulfilled. Dr. Matthew and Bruce talk on how you can actually do both, make money and bring contribution to your customers and team, on today's episode.
Key Takeaways:
[2:05] True entrepreneurs are driven to serve and to lead.
[2:10] Bruce talks about the contribution perspective.
[3:55] Is Kevin O'Leary the least happy person on Shark Tank?
[4:55] People like Steve Jobs and Tony Hsieh serve the market's unmet needs.
[5:45] When Roger Bannister ran a mile in four minutes, he inspired others to do the same as well.
[7:00] You will also provide inspiration to your team, not just your customers.
[7:45] People who are just focused on the bottom-line aren't as fulfilled.
[8:15] If you're just focusing on money, then you're somewhere in the middle of the process.
[9:35] It always starts with the public's unmet needs.
[10:30] Why do you own a business?
[12:55] People can have massive success, but still be unfulfilled.
[13:25] You can contribute to your success while you're making money.
[14:15] Business people feel lost because they're on a hamster wheel.
[14:30] We're hardwired for contribution.
[17:15] So many businesses do not relate to the people they serve.
[19:55] If you're not engaged with your own story, it's very hard for others to follow suit.
[23:50] A lot of entrepreneurs fall in love with an idea they have and naively believe it will sell.
[24:00] Ask yourself: What are the public's unmet needs and how can I solve it?
[25:10] Bruce talks about the 4 primary business mindsets: Hamster, Inventor, Problem Solver, and Guide.
[29:00] Dr. Matthew explains 'hair on fire, customer pain'.
[29:40] Look for the customers with their hair on fire. How can you solve their problems?
[32:00] To test an idea, Bruce would run an ad to test the market before he'd make the product.
[33:55] A common mistake startups make is that they solve problems nobody has.
[34:25] Even if you've been in business for a long time, think of your company as a startup to change your perspective on old and out of date business models. How would you do it differently?
[35:35] Challenge of the week: Look at the public and see who has their hair on fire.
Mentioned in This Episode:
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http://mindfluencerevolution.com/you/
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