Momentum for the Entrepreneurial Personality Type (EPT)

I get a ton of questions about incentive programs, bonuses, and profit share for teams. It makes sense because entrepreneurs want to pay people for the results that they want to get in their business. There is a consistent way that I advise entrepreneurs to profit share that works consistently and engages teams.

In this episode, Alex will show you the frameworks we teach to implement this program into your business, and why we have seen it be so effective. This is a dynamic way to inspire your team to focus on what matters in your business and help drive the profitability of your company from the top down.

Resources Mentioned:

https://predictablebusinesssolutions.com

100% of businesses need to pivot right now. Some are making a minor pivot, some are making major changes, and some are going to change almost everything or start over. Yesterday I shared how to understand which of these three your company needs. Today I want to share how to create your pivot plan.

Crisis creates ambiguity, and ambiguity creates constraint.

In a crisis, it's important to lower ambiguity and increase clarity for everyone on your team and everyone around you. In a pivot, it feels natural to make decisions on the fly, without using a framework, and use your gut. This is dangerous. Especially if you have a team.

In the middle of a crisis like this is not a time to be doing things without a high level of certainty and a high level of clarity. Creating a plan will help you create both in your company. When you teach your team how to repeatedly execute the same type of plan, you create predictable results in your business.

Resources Mentioned:

https://clarityduringcrisis.com

One of the questions I'm getting most often today is "how do I know how much I should pivot?" This comes as no surprise because 100% of businesses are going to pivot in some way due to this crisis.

The key to surviving this crisis and thriving as a business is knowing how much you should pivot and why. There is a clear way to understand what your business needs to do and why do you need to make a minor, major, or absolute pivot.

I've helped hundreds of entrepreneurs and grow businesses through a crisis, knowing exactly how to set your company up for success is crucial.

Resources Mentioned:

https://clarityduringcrisis.com

The world has been thrown sideways and we are all adjusting. We are dealing with a new reality that none of us expected. It can feel challenging and overwhelming for all of us.

But I want to remind entrepreneurs, this is what we are made for. We are different than the rest of the population. When there is a crisis, we are the ones who step forward, create solutions, and make things happen. We have to remember who we are in a crisis like this because the world needs us to create momentum and move everything forward. Here is the mindset that I believe every entrepreneur should remember and use throughout this crisis.

Resources Mentioned:

https://clarityduringcrisis.com

As an entrepreneur if you could tell the future, it would give you an unfair advantage over all of your competitors. By understanding what is going to happen next in this crisis, you can have that unfair advantage.

While this crisis has created a tremendous amount of ambiguity and anxiety, it is actually relatively predictable what is going to happen next. If we look at the research on viruses throughout history, not specifically the coronavirus, we already understand how viruses act.

If you are running a business in this crisis, it's important for you to know what reality is, so that you can make the best decisions for your family, yourself, and your business.

As an entrepreneur and if you could predict the future, you would. You would want to know what's going to happen, anticipate what's coming next before your competition, and be prepared for what happens. Right now we are in the unique position to do exactly that. When the world is in crisis, by understanding what is the clear most likely scenario, as an entrepreneur or you can gain a massive advantage.

It can be hard to cut through the noise, politics, arguments, opinions, and even conspiracy theories that can all add to the confusion. The good news is that viruses are normal, viruses a part of the human condition, and viruses are predictable. For entrepreneurs, this is what's most important. We need to know what's going to happen next so that we can anticipate and overcome the challenges this crisis is going to have for us.

Resources Mentioned:

https://ClarityDuringCrisis.com

If you want to sell a product in a crisis, you have to make it a painkiller. Here's what I mean, in a normal market, people are willing to invest in improvement. They will buy things that make their lives better, like a vitamin.

In a crisis, people buy things to solve problems get out of pain. If you're not selling a painkiller in a crisis, it is going to be very difficult to be heard. When the world is noisy people don't think improvement, they want to make the noise go away. If you're having trouble selling in a crisis, ask yourself if you're selling a painkiller that solves someone's problem? If you can solve someone's problem better than anyone else can, you will exponentially grow a business in a crisis.

Resources Mentioned:

https://ClarityDuringCrisis.com

https://charfen.com/foundation

It may be counterintuitive to start a business in the middle of the crisis, but it's something I've done for my entire career. Just this week, we created a massive pivot in our business, a new product, conducted a webinar, and sold our first 20 clients.

In a normal market, this would've been incredibly difficult, in a crisis it's expected. There are multiple reasons why it's so much easier to start a business in a crisis, and in this episode of the Momentum Podcast, I want to share them with you. Crisis creates massive opportunity, and if you can find it, you can make your greatest contribution.

Resources Mentioned:

charfen.com/foundation

As entrepreneurs, we like to keep score. We like to know who's ahead, and we like the win. We are evolutionary hunters and we want to know if we are gaining on our prey. Understanding where we stand is important to us. One of the most important metrics we use is money.

The problem is that in a crisis like this, sometimes it's the only metric we look at. We look at what we're losing in terms of revenue. Property owners like me think about the equity that may be slipping away. We think constantly about all the plans we had for the money we are going to make with the business that we were running just before this crisis hit.

As entrepreneurs, we do what most people feel is impossible in order to make money. When we lose it, it's hard for us to think about anything else. I've coached entrepreneurs for years, and if you've lost money in this crisis, I have a perspective to share with you.

Resources Mentioned:

ClarityInCrisis.com

Last week when jobless claims numbers came out, the secretary of US treasury Steve Mnuchin said that the numbers were not relevant because it was a stimulus package that was about to be released. If you follow me, you know I said not only were the numbers relevant, but this was a ridiculous statement. Last week's numbers were seven times the previous record. Since last week I've been waiting for the jobless claims number to come out this morning. When it did I was dizzy. The new jobless claims number is 6,648,000 people in a single week. This beats the previous record from 1980 to 695,000 by almost 10 times. As entrepreneurs, we need to understand that this is a long-term issue and a challenge we will be digging out of for years.

Resources Mentioned:

ClarityDuringCrisis.com