The content of this recording is copyrighted by Sandler Systems LLC. All rights reserved.
Glenn Mattson
Well, welcome back, everybody, to the Building Blocks of Success. Today is season five, episode four. We're going to be taking a look at the developing entrepreneur, which are among my favorite positions in the five stages of entrepreneur growth. You know, we have to take a look at it. The developing entrepreneur has a lot of different variations and subsets to them. These are individuals that may be in there for a little bit of time. Other people could be there for their entire career. There are two things to remember about the developing entrepreneur. It's really about time and money. Some are in there for literally three or four months. Some are in there for their entire career. I have people who are in the developing entrepreneur that are making barely enough to pay their bills, and I have other developing entrepreneurs that pay more in taxes than the average person makes. So don't think that time, and or money is going to dictate what a developing entrepreneur is.
Glenn Mattson
So, let's see and take a look at what we have here, right? The developing phase is really amazing for many people, right? You’ve got to remember, they just made it out of a burning building. There's no more 911, for the most part, they've got most of their stuff all figured out. So, the developing phase is really fantastic, right? They've been through all the stuff. They can realize now that they can do this. They realize that I can actually be somewhat successful at this, some real thing. I'm very successful, but I can do this because the scariness of the emerging phase is kind of behind me. You start to understand things really fast about the current clients that you have.
Glenn Mattson
You start to understand what works and what doesn't work. You start to understand who your clients are, what they represent, what their ages, and their demographics are. You start to understand what are the things that they like to hear when it's time to sell. You start to understand things about how to service them, what are the most common questions that they have, and what are some of the nine ones that may occur through the process. You've figured all that out. There are products that you can sell. You understand what they need, how they need it, and how to on-board them. So, you're successful at this phase, you start to understand your swim lane. You start to understand who your clients are, how to sell them, and what to do with them. Now, many people in this phase start to honestly, start to enjoy life, because the first phase was hell, so start to enjoy themselves for the very first time.
Glenn Mattson
You know, I was on vacation once with my son and was moving him in. We're down to Tampa, and we go to the gym around 11 o'clock, and it was literally filled with people. I'm like, you know, that's probably someone who's a developing entrepreneur. Others go at four or five in the morning, five or six at night, the middle of the day. Why not? Maybe they take lunch a little longer. Maybe they will start learning how to play golf. They start to change behaviors. The other interesting thing about development is that they really start to look at what I call Need versus Nice.
Glenn Mattson
So, the developer, remember, they’ve got the swim lane. They know who to talk to. They know what they're doing. They have confidence in what they're doing. That doesn't mean they can't do more. They just have confidence in what they're doing, the flow, the momentum. Because of that, they start to have a change of their mindset with regard to their time and where to spend it. Remember, many of them didn't like selling, and they were selling and they got out of it. Now they know what to do and how to do it. So, they start to ask themselves, you know, I have free time. I'm going to the gym at nine. Many of them, again, live in a world of need/nice. Let me tell you what need/nice means.
Glenn Mattson
Need/nice is, is that hopefully you're past the need in the developing and you're more in the nice. Nice means that my significant other would like to have a new kitchen. For instance, they want new kitchen cabinets, countertops, and all that fun stuff. It's going to cost X, whatever it may be, right? I have to drop 100 grand in the kitchen to do that. This is the type of or the amount of business I need to bring in. Then all of a sudden you go sell that. So, all of a sudden you start to use your business, almost like an ATM card. When you need more money, you go sell more. It's interesting for many, it's the first time that they've actually experienced comfort zones. 50% of people never get past the developing, entrepreneur. It's really the first time they start to understand about time, energy, and effort.
Glenn Mattson
You may want to think about those three things as Olympic wheels, for instance, the time, energy, and effort. Time, energy, and effort equals revenue. It equals success. Of course, revenue is whatever you want it to be, because we earn exactly what we think we're worth. But a developer starts to understand in their head how much time it's going to take to actually accomplish certain tasks, they start to ask themselves, is it worth it? They literally will say, I can do more, but I have to put more time in. I could earn more, but I have to put a little more effort in. Then, all of a sudden, in their head, they say, is it worth it? Do I want to do that? So, the very first time, a lot of them started to understand what I mean by camping, the first time ever they had the courage, the confidence, to get to a certain level.
Glenn Mattson
When they get to that certain level, they decide just to turn off the passion; their desire to grow turned into a desire to protect. Isn't it interesting, right? You get motivated to accomplish certain things, and when you accomplish them, how many people just look around and say, I made it and then sit down? So, we're looking at them and saying, Hey, is it worth it? Again, remember, 50% is this is where 50% of the people fail out. So, when they look at it they say, Hey, is it worth it? It really becomes an issue of time profitability. So, they start to ask themselves, is it worth my growth? Is it worth doing it?
Glenn Mattson
The other thing that's interesting about the developing opportunity is that piece, but my gosh, their time profitability is awful. What I mean by that is, is that many of them, even though they have lots of no-pay time activities, many of the developer entrepreneurs, may have staff, but the staff they have is dealing with the lowest common denominator tasks, scheduling paperwork, etc., Heck, some of those individuals, developers won't even actually hire people to do that. They'll turn around and say, well, it's not that big of a deal. I can do it myself. Well, you know what? I know what I need to do on my website, so I'll do that. Then all of a sudden, they literally are doing everything in their job besides being the owner. So, it really is interesting, right? So, with the developer, they’ve got to really give and start to learn how to delegate. It's really important.
Glenn Mattson
Now when we look at it, they really start to have this, should I do it? Could I do it? That's where just because you can doesn't mean you should, and you have to get rid of the low profitability tasks to somebody else. So, when we look at this comfort zone, what I find with emerging advice, emerging, really developing and emerging, the emerging right make it out. The development is finally there, and they start to figure out that when they get there, they know their clients, and they literally will start to have a lifestyle business if they want to grow, they want to get to the next level. Maybe they're in a study group. They hear other people say, Hey, you could do this. What am I growing here? I've had 1000s and 1000s of these conversations. They need to put in more time, energy, and effort to grow.
Glenn Mattson
They keep asking themselves, is it worth it if I put more time in? Is it really going to do something different for me? So, they are comfortable where they are. When you look at a developing, entrepreneur, one of the things you have to remember is, that because they finally got through the fire, they do have what we call an at least tolerance, at least or tolerance, which means they could do better, but at least I'm not doing that bad. I could grow, but I'm still making good money, and that's the time profitability piece I could get by and they justify mediocrity, the risk tolerance is also low, and many of them, when they start to get successful, right? When they start to have some business coming in, then all of a sudden, they slow down their behaviors. That's why many developing entrepreneurs earn the same amount of income every year. So, for those individuals who want to get out of this phase, for those individuals who say, I don't want to have a lifestyle business, I want to start climbing again, a couple of things really quick I want to share with you.
Glenn Mattson
Number one, if you do not have a strong “why?” Good luck to the strong, why are going to fight everything in your body that says, don't change? Most humans are guys. We are designed not to want to change. We are designed to not want pain and want to express pain and feel pain. So, a developing, entrepreneur to get to the next level is going to have to get outside their comfort zone and feel pain again. So everything in their body is going to be screaming, why are you doing this? You were doing fine. Before going back to where you were, their body's going to scream, testing their commitment. So, I'm just sharing with you, that if you're a developing and you want to get to rainmaking, you better look at yourself in the mirror and you have a very strong why. Because you're gonna have a very strong Why are you doing this? So you better figure out why you are doing this.
Glenn Mattson
Okay, next, you also have to make sure that at the beginning of change, you're gonna have to suck a little water. What I mean by that is it's going to take time and momentum without the results to start to have what you need for new business coming in, just like the stories I told you about individuals learning how to water ski, right? If you don't have a good engine to pull you out, you're sitting there planning for a little while. It's called sucking water. So be prepared to suck some water, to go from developing to rainmaking if you've been camping for a while.
Glenn Mattson
Also, realize time profitability. Never live in the world that I can do it, therefore I should. You should always ask yourself, what I'm doing right now, can someone else do it? If someone else can do it, then someone else should be doing it so you can do the things that only you can do. You have to change your beliefs about failure, rejection, and money. You must treat your business as a business, not as a hobby. You also must treat your business as a business, not an ATM machine. Unfortunately, you're going to have to be okay being not okay. I want everyone to hear that again. A lot of entrepreneurs live about 80% of their lives feeling okay about not having all the answers, and not being okay all the time. So, be okay by buying not okay. Make sure you delegate as much as humanly possible you can.
Glenn Mattson
The last thing I would suggest is you find a mentor, find someone who is going to be of like mind, because your body and your brain will scream to slow down and go back to doing what you're doing, and you're going to need that little person sitting next to your screaming over your shoulder. You can do this. Keep it up. Find a mentor. Find a mentor.
Glenn Mattson
For those of you in the developing entrepreneur phase, it is for many a lifestyle business you worked so hard to get into it. You know who your clients are. You know what to do to sell. Your ratios are really high. Your conversion ratios are high. Typically, you have a shorter sales cycle, but at the end of the day, you're starting to earn what you think you're worth. Start thinking bigger. Start asking yourself, you risk so much to get to where you are, then you finally get there. Now you're camping. Imagine if you didn't camp, what would happen next time? Let's talk about brain-making and how to get to the next phase. Talk to you soon.
Glenn Mattson
This is the Building Blocks of Success with Glenn Mattson.
Talk to Glenn Mattson
