5 Lessons Entrepreneurs Can Learn From Jesse Krieger
Who is Jesse Krieger and what you can learn from him:
Reading through Jesse Krieger’s story is like peeking into a world where all your dreams come true. From a successful rock star to a bestselling author, it seems like everything Krieger touches turns to gold. And while it may be tempting to read his story and think that he was born under a lucky star, there’s no reason why you can’t duplicate his success. Here are five lessons that any entrepreneur can learn from Jesse Krieger’s life.
1. What if Money Were No Object
Probably the first thing you think about whenever you get a new idea is, how much is that going to cost me? New businesses (and old businesses too, sometimes) live and die by their budget. It certainly isn’t irresponsible for you to be mindful of how much a new investment is going to cost and running some figures to see if it’s worth the money. To really kick your business into the next gear, however, Jesse Krieger suggests a different approach.
Begin by asking yourself what you would do if money were no object. Don’t be afraid to dream big here. Paint a big picture and have fun playing with the details. Solidify your ideas by putting them down on paper. And then start investigating how much it would cost to actually turn this dream into a reality. Usually, it turns out that things cost much less than we fear they will. It may not start out quite the same as that dream image, but with a little creative thinking you can get a good start at making things happen. You never know until you try.
2. Lifestyle First
Being a lifestyle entrepreneur is much more than just getting a new job. Incorporating your business into your lifestyle makes it much easier for you to manage your business without giving up any of your loves. Many people think that when they structure their business, that has to get top priority. The rest of their life gets put on hold until they have their new company up and running. But the fact is it could be years before your business really finds solid ground. That’s a long time to be tied down to one project that is eating up most of your time.
Just like asking what you would do if money were no object, ask what your ideal life would look like. Do you want to do a lot of traveling? Do you want to see the cities of the world or would you rather explore the wilderness areas? Maybe travel isn’t your thing and you just want to settle down in a quiet country town somewhere. Determine those factors first and then build your business model around scenarios that makes that possible.
3. Structure for Scalability from Day One
If your business is a product based business, make sure it is a systems-based process. Each and every order goes through the exact same process so that once you have your system in place, it never needs to be revisited. For an online business, having a fulfillment system in place is the biggest time saver here. At the very beginning of your business, it might not seem very difficult to have a basement full of inventory that you are shipping out. As your business grows, however, you are going to have a bigger and bigger inventory to manage. Setting it up from day one so that your products are being shipped directly from the manufacturer, for instance, will make it much easier for your business to grow without becoming too much for you to handle.
For a service-based business, it’s all about having a one to many offer. One on one coaching may sound appealing, but it makes it very difficult to expand your business as you only time for so many meetings or sessions in a day. To keep up with a growing client base, you have to structure your business from the very beginning to allow you to reach multiple people at once.
4. Master Online Talent Markets
There are a lot of sites out there, such as Elance and Odesk, which allow you to place ads for jobs that you need done and receive competitive bids from skilled workers. Website design, marketing work, programming, and even administrative work can all be farmed out on these sites.
To get great deals from these sites, divide work between designers and programmers. Splitting the project up makes it a smaller job, which means that you can pay less per job. If you send the job off to one group, they are going to want enough money to pay a team as it is unlikely that one person will be able to meet your deadline on a large job like designing and programming a website. Dividing the work can halve your cost.
5. Cultivate a Culture of Contribution
Many people go into entrepreneurship worried only about getting ahead and helping themselves. But anyone who has ever tried to start a business can tell you that it’s not a one person job. Reaching back to share your experience with those who have only just started a new business helps build a culture of contribution. The more this culture develops, the easier it is for you to find help when you need it. And remember, someone asking you for help today may be in a position to give you help tomorrow.
More Information About Jesse Krieger
Preview the book, Lifestyle Entrepreneur, with Jesse Krieger himself
Buy Lifestyle Entrepreneur by Jesse Krieger on Amazon today
Visit LifestyleEntrepreneurBlog.com to learn more about Jesse, his book, and his other content
Visit BusinessInAWeekend.com to learn more about his entrepreneur program
Follow Jesse Krieger on Twitter and Facebook