Dan Martell - May 22, 2023


The Biggest Entrepreneurial Mistake


Episode Stats


Length

35 seconds

Words per minute

210.1695

Word count

124

Sentence count

8


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Every entrepreneur that s ever created wealth will always reinvest in the business to the degree that they have an efficient reinvestment strategy. But if it s not efficient, meaning you can t see the ROI clearly, take it out and let the company figure out how to generate more cash.

Transcript

Transcript generated with Whisper (turbo).
00:00:00.000 One of the biggest mistakes entrepreneurs make
00:00:01.840 is they have great years.
00:00:02.980 600K, super profitable.
00:00:05.380 Next year, 500K didn't make a penny.
00:00:07.940 5 million, super profitable.
00:00:09.660 The next year, 3 million didn't break even.
00:00:12.200 Every entrepreneur that's ever created wealth
00:00:13.780 will always reinvest in the business
00:00:15.320 to the degree that they have
00:00:16.460 an efficient reinvestment strategy.
00:00:18.140 But if it's not efficient,
00:00:19.240 meaning you can't see the ROI clearly,
00:00:21.440 take it out and let the company figure out
00:00:23.680 how to generate more cash.
00:00:24.820 What would be a forcing function
00:00:26.440 for a lot of entrepreneurs is take the extra cash
00:00:29.120 out of the business, put in your hold code, put in your trust, and then force the business
00:00:32.920 and the team to continue to produce.