Episode 18 – Are You Playing Defense?
Billionaires and millionaires take risks. They take so much risk that that’s the one thing that’s common between these two groups of people, other than, of course, having lots of money. That said, what then is the key difference between a millionaire and a billionaire? Simple, a billionaire’s bank account has a lot more zeros than that of a millionaire. However, there’s one other thing that’s a little more interesting about billionaires– billionaires like playing defense. They are so protective of their wealth that they would rather forego an investment opportunity than lose their wealth.
If you’re in business, it’s normal to constantly take risks and chase more and more opportunities. Taking risks is important because you’ll never know until you try, right? However, I believe your primary aim in business should not be short-term goals; rather, it should be long-term success. The most successful business people know this, and that’s why they focus on longevity instead of immediate gratification.
Tune in as Seth reflects on his own business blunders and shares the 3 categories of disasters your business can land in if you choose to not play defense. Get tips and insights to increase your business’ longevity and leave a legacy.
What You’ll Learn:
[01:00] The Differences Between Millionaires and Billionaires
[03:04] Are You Playing Defense?
[05:03] Why Defense in Business is the Key to Long-Term Business Success
[07:30] Why Most Business Owners Only Focus on Offense and Neglect Defense
[09:20] Damages of a Business: A Diseased Business
[11:58] The Demerits of Expanding Too Quickly
[13:30] The Things That Could Incapacitate Your Business
[15:01] Ransomware Attacks in Small Businesses
[17:35] Why All Businesses Need Clear Cut Financial Controls
[19:48] Business Fatal: The Death of a Business
[22:40] Insurance and Why It’s So Important in Protecting Your Business
[23:34] How to Train Against Business Failure
[25:00] Negligence and Why It’s So Detrimental To Your Business
[27:25] The Power of Reacting Swiftly and Consistently
[28:20] The Problem with Inconsistent Reactions
[29:20] Why Successful Businesses Focus on Longevity
