- The 4 Elements Necessary for Building Innovative Teams - December 7, 2021
- 4 Steps for Creating Lasting Entrepreneurial Success - September 8, 2018
- Securing Your Startup’s Intellectual Property Rights: Patent vs. Trade Secret - June 21, 2018
An entrepreneur is resourceful, able to make something more out of something less and is able to create growth and success. These are all qualities investors look for; investors invest assets, employees invest their knowledge and resources, and customers invest money. When an investor throws their money on the table, they are most likely looking for a 10X return on investment (ROI). The same thing holds true for a hired employee. When companies bring on an employee, they should look for that employee to add ten times the value on a per year basis, or meet the 10X rule.
To create true success in your entrepreneurial endeavors, you need to be able to paint a clear picture in your own mind of how you’re going to get a 10X return on that employee, and give a 10X return to that investor. This may mean you are able to focus more on fewer things, but those things will be more impactful to your business.
What you need to realize is that a 10X ROI starts with a 10X mindset.
Related: Tips to Inspire Your Salespeople
In his recent book, “The 10X Rule,” Grant Cardone states that a 10X result starts with a 10X mindset. You have to think in regards of exponential growth, not logistic growth. Since your thoughts lead to your actions, 10X thoughts lead to 10X actions. One of the biggest mistakes people make in this world is not setting goals high enough to get them going. Cardone suggests setting outcomes for yourself that are 10X higher than what you think you can achieve.
As entrepreneurs, it’s important that we come to terms with the level of thinking and effort that’s required to become an elite business. There are many reasons why investors only put their money into a fraction of 1 percent of all companies. One of those reasons is that they see potential within the entrepreneur they are investing in that they’ll do whatever it takes to take their company to the 10X level. If an investor doesn’t see that drive and hunger, they won’t put their money up.
When you stop viewing success as an option and start looking at it as a duty, you’re on the path toward 10X results.
It’s not just about 10Xing your income, or the investor’s ROI. As you are working on your startup, take the time to evaluate each area of your business, as well as each team member, and determine if there will be a 10X performance. As a leader making choices for your organization, ask yourself if the strategy you have and the choices you plan to execute will have 10X results.
“The 10X Rule” is available now wherever fine books are sold, and at StartupNation.com.