hi I’m Evan Carmichael welcome to another edition of ask Evan today we’re
another edition of ask Evan today we’re
another edition of ask Evan today we’re going to continue on with our challenge
going to continue on with our challenge
going to continue on with our challenge series as we look at helping
series as we look at helping
series as we look at helping entrepreneurs with specific questions
entrepreneurs with specific questions
entrepreneurs with specific questions they have to grow their business and I’m
they have to grow their business and I’m
they have to grow their business and I’m going to answer question from one of our
going to answer question from one of our
going to answer question from one of our Facebook viewers named marc dreier who
Facebook viewers named marc dreier who
Facebook viewers named marc dreier who wrote in on the Telus talks business
wrote in on the Telus talks business
wrote in on the Telus talks business Facebook page and he wrote a question
Facebook page and he wrote a question
Facebook page and he wrote a question for Evan if you feel you’re out of place
for Evan if you feel you’re out of place
for Evan if you feel you’re out of place in your business where you have to grow
in your business where you have to grow
in your business where you have to grow revenue to increase profitability or
revenue to increase profitability or
revenue to increase profitability or scale back and stay smaller to increase
scale back and stay smaller to increase
scale back and stay smaller to increase profitability how would you recommend
profitability how would you recommend
profitability how would you recommend proceeding so thanks mark for the great
proceeding so thanks mark for the great
proceeding so thanks mark for the great question here are three suggestions that
question here are three suggestions that
question here are three suggestions that I have to help you number one are you a
I have to help you number one are you a
I have to help you number one are you a builder or an operator as entrepreneurs
builder or an operator as entrepreneurs
builder or an operator as entrepreneurs we tend to always want more we set goals
we tend to always want more we set goals
we tend to always want more we set goals and when we reach them we said bigger
and when we reach them we said bigger
and when we reach them we said bigger goals and then even bigger goals most
goals and then even bigger goals most
goals and then even bigger goals most entrepreneurs are builders we get
entrepreneurs are builders we get
entrepreneurs are builders we get excited about building companies having
excited about building companies having
excited about building companies having a bigger impact and continuing to grow
a bigger impact and continuing to grow
a bigger impact and continuing to grow the Builder would say grow revenues mark
the Builder would say grow revenues mark
the Builder would say grow revenues mark some entrepreneurs are better operators
some entrepreneurs are better operators
some entrepreneurs are better operators though the growth doesn’t excite them as
though the growth doesn’t excite them as
though the growth doesn’t excite them as much as continual improvement they look
much as continual improvement they look
much as continual improvement they look for ways to keep doing what they’re
for ways to keep doing what they’re
for ways to keep doing what they’re doing but make it better each time
doing but make it better each time
doing but make it better each time profitability becomes easier as you
profitability becomes easier as you
profitability becomes easier as you create your systems and refine your
create your systems and refine your
create your systems and refine your processes you might still go your
processes you might still go your
processes you might still go your revenue numbers but it’s not the main
revenue numbers but it’s not the main
revenue numbers but it’s not the main goal of the business the operator would
goal of the business the operator would
goal of the business the operator would say improve profitability mark there’s
say improve profitability mark there’s
say improve profitability mark there’s no right or wrong answer here it just
no right or wrong answer here it just
no right or wrong answer here it just depends on the type of entrepreneur you
depends on the type of entrepreneur you
depends on the type of entrepreneur you are and where you get your energy from
are and where you get your energy from
are and where you get your energy from number two what’s your ceiling another
number two what’s your ceiling another
number two what’s your ceiling another way to look at it is to try to
way to look at it is to try to
way to look at it is to try to understand what your ceiling is most
understand what your ceiling is most
understand what your ceiling is most entrepreneurs can only grow business to
entrepreneurs can only grow business to
entrepreneurs can only grow business to a certain size and then the plateau they
a certain size and then the plateau they
a certain size and then the plateau they just don’t have the interest skills or
just don’t have the interest skills or
just don’t have the interest skills or passion to build beyond when I was in
passion to build beyond when I was in
passion to build beyond when I was in the venture capital world we always
the venture capital world we always
the venture capital world we always looked at the founders of the companies
looked at the founders of the companies
looked at the founders of the companies that came to us and tried to figure out
that came to us and tried to figure out
that came to us and tried to figure out what their ceilings were is this someone
what their ceilings were is this someone
what their ceilings were is this someone who can build a company to a hundred
who can build a company to a hundred
who can build a company to a hundred million dollars and take a public or are
million dollars and take a public or are
million dollars and take a public or are they going to have to be replaced
they going to have to be replaced
they going to have to be replaced somewhere along the line some
somewhere along the line some
somewhere along the line some entrepreneurs are great at startups they
entrepreneurs are great at startups they
entrepreneurs are great at startups they know how to bootstrap and turn nothing
know how to bootstrap and turn nothing
know how to bootstrap and turn nothing into something they thrive on it and the
into something they thrive on it and the
into something they thrive on it and the lack of resources and having a small
lack of resources and having a small
lack of resources and having a small team push them to succeed
team push them to succeed
team push them to succeed but once they get to a certain amount of
but once they get to a certain amount of
but once they get to a certain amount of comfort they stop trying this heart the
comfort they stop trying this heart the
comfort they stop trying this heart the business also gets boring for them and
business also gets boring for them and
business also gets boring for them and they have a crisis of confidence
they have a crisis of confidence
they have a crisis of confidence sometimes the best solution for these
sometimes the best solution for these
sometimes the best solution for these entrepreneurs is to sell the business
entrepreneurs is to sell the business
entrepreneurs is to sell the business and start all over again other
and start all over again other
and start all over again other entrepreneurs are better builders they
entrepreneurs are better builders they
entrepreneurs are better builders they hate the startup mode but love taking
hate the startup mode but love taking
hate the startup mode but love taking companies and building them up they
companies and building them up they
companies and building them up they might come into a company that’s been
might come into a company that’s been
might come into a company that’s been hovering around the million dollar
hovering around the million dollar
hovering around the million dollar revenue mark for a few years and turn it
revenue mark for a few years and turn it
revenue mark for a few years and turn it into a 25 million dollar company they
into a 25 million dollar company they
into a 25 million dollar company they love that kind of challenge and then
love that kind of challenge and then
love that kind of challenge and then once they hit their ceiling they get
once they hit their ceiling they get
once they hit their ceiling they get bored again because it becomes more
bored again because it becomes more
bored again because it becomes more about managing the company instead of
about managing the company instead of
about managing the company instead of high-speed growth time to cash in and
high-speed growth time to cash in and
high-speed growth time to cash in and find the next company to grow with the
find the next company to grow with the
find the next company to grow with the general advice here is to work in the
general advice here is to work in the
general advice here is to work in the type of environment that best suits your
type of environment that best suits your
type of environment that best suits your personality you’ll have a lot more
personality you’ll have a lot more
personality you’ll have a lot more success and you’ll also have more fun
success and you’ll also have more fun
success and you’ll also have more fun number 3 live a day in the life if the
number 3 live a day in the life if the
number 3 live a day in the life if the question is to grow revenues to new
question is to grow revenues to new
question is to grow revenues to new heights or scale back and become more
heights or scale back and become more
heights or scale back and become more profitable then it might help you to see
profitable then it might help you to see
profitable then it might help you to see what life looks like in both scenarios
what life looks like in both scenarios
what life looks like in both scenarios before you make a decision you should
before you make a decision you should
before you make a decision you should already know what the scaled-back more
already know what the scaled-back more
already know what the scaled-back more profitable version of your business is
profitable version of your business is
profitable version of your business is you’ve lived through it so you know how
you’ve lived through it so you know how
you’ve lived through it so you know how big your team will be how much work life
big your team will be how much work life
big your team will be how much work life balance you’ll have and if type of work
balance you’ll have and if type of work
balance you’ll have and if type of work you’ll be doing and not doing it’s the
you’ll be doing and not doing it’s the
you’ll be doing and not doing it’s the bigger version of your business that is
bigger version of your business that is
bigger version of your business that is both exciting and scary an easy way to
both exciting and scary an easy way to
both exciting and scary an easy way to learn more about what that kind of life
learn more about what that kind of life
learn more about what that kind of life looks like without having to go out and
looks like without having to go out and
looks like without having to go out and build it is to find an entrepreneur
build it is to find an entrepreneur
build it is to find an entrepreneur who’s living that life and ask to spend
who’s living that life and ask to spend
who’s living that life and ask to spend some time with them for example if
some time with them for example if
some time with them for example if you’re a million-dollar business and you
you’re a million-dollar business and you
you’re a million-dollar business and you want to get the five or ten million what
want to get the five or ten million what
want to get the five or ten million what does that business look like find
does that business look like find
does that business look like find somewhere neither in your nice tree or
somewhere neither in your nice tree or
somewhere neither in your nice tree or in a related industry who’s running that
in a related industry who’s running that
in a related industry who’s running that kind of business and see what their
kind of business and see what their
kind of business and see what their day-to-day life looks like if there’s
day-to-day life looks like if there’s
day-to-day life looks like if there’s nobody in your local market look two
nobody in your local market look two
nobody in your local market look two different geographic area even a
different geographic area even a
different geographic area even a different country if you have two most
different country if you have two most
different country if you have two most entrepreneurs are willing to help out
entrepreneurs are willing to help out
entrepreneurs are willing to help out other entrepreneurs if they see that
other entrepreneurs if they see that
other entrepreneurs if they see that you’re genuine about learning and
you’re genuine about learning and
you’re genuine about learning and there’s no direct threat to their
there’s no direct threat to their
there’s no direct threat to their business see if you can shatter them for
business see if you can shatter them for
business see if you can shatter them for a day or at least get a tour of their
a day or at least get a tour of their
a day or at least get a tour of their offices and ask a few questions asked
offices and ask a few questions asked
offices and ask a few questions asked about the entrepreneurs lifestyle and
about the entrepreneurs lifestyle and
about the entrepreneurs lifestyle and his or her goals do you get excited do
his or her goals do you get excited do
his or her goals do you get excited do you want to be like this person or does
you want to be like this person or does
you want to be like this person or does it seem like too much work and stress
it seem like too much work and stress
it seem like too much work and stress again there’s no right answer but going
again there’s no right answer but going
again there’s no right answer but going to live a day in the life of someone
to live a day in the life of someone
to live a day in the life of someone who’s already done what you want to do
who’s already done what you want to do
who’s already done what you want to do will hopefully make the decision easier
will hopefully make the decision easier
will hopefully make the decision easier to make
thank you for watching if you enjoyed
thank you for watching if you enjoyed the video and you want to see more
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it in comments section below I always
it in comments section below I always read those and love see them come in so
read those and love see them come in so
read those and love see them come in so thank you and we’ll see you on the next
thank you and we’ll see you on the next
thank you and we’ll see you on the next episode
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