James Schramko in the Maldives

Podcast highlights:

00:36 - The eight-figure goal

03:29 - Just what is growth?

06:33 - Are you having enough of THIS?

08:24 - Look at these three areas

11:59 - What’s your Ikigai?

15:27 - Stop competing, start cooperating

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Transcription:

Hey, James Schramko here, and welcome back to SuperFastBusiness.com. I really appreciate you listening to this podcast. And I'm going to get straight into today's topic, which is perhaps you're measuring success wrong.

What is the goal?

So I was on a coaching call with a new client recently and this is a high level group for businesses who are already doing well. I call this SilverCircle. And as I always do for the first call, I ask, what is the goal? What are we aiming for? I'm really seeking to identify what this is because I want to know how we're going to measure success. If I can achieve that goal for a client, then we all agree that this was a success. But the answer that I got was depressingly predictable. To date, I've had no less than 17 clients state their goal as being a 10-million-dollar revenue. So why is this 10-million-dollar revenue the goal? I mean really? Is that really the goal?

Where do we get these ideas from, it made me think. I'm just wondering, is this really the number that we need in order to feel accomplished? Because in theory, I could actually answer that question. After all, when I quit my job to pursue my online business full time, 10 million dollars in revenue was my goal too. But that was a decade ago. And in the end, I had to change my goal. But why did I change my goal? I changed it because it's the wrong goal. It was the wrong goal for me. And it's probably the wrong goal for you.

Now you might be the exception, and that's OK if it is. But let's take a moment to deconstruct this idea of what success is and see if success really is 10 million dollars in revenue. By the way, that's called an eight-figure business. So when people talk about six, seven, eight-figure business, six-figure business means $100,000 or more. Usually, it's not a mid six-figure business. That would be a four, five, six-hundred-thousand-dollar business. A seven-figure business is usually somewhere around a million dollars. If it's a mid seven-figure business then you might be talking about five or six million. And if it's an eight-figure business then you're probably talking about 10 million dollars. OK. So is that really the goal?

Now, if you're already reasonably successful in your business and eight figures is your ultimate next goal, then you need to ask yourself this perhaps, would having a lot more money in your bank account make you significantly better off than you are right now? You see, the chances are the answer is no. When I apply this to myself, I don't think having a few extra million dollars in my bank account would change my life much at all. I already live where I want to live. I already surf every day. I do business with people I like. I enjoy my business model, and I'm travelling enough, I'm healthy and I've got good relationships.