05.12.20162 min read

7-figure Success

I've spent a lot of time over the last few weeks interviewing successful business owners who've built their company to at least a $1 million per year in annual sales. These stage four-plus business owners come from all walks of life and have businesses as different as you can imagine.

Many of the owners share certain personality traits that help them achieve their success. Scott and I highlight these traits in our Small Business Success podcast interviews, which will be available for download in a couple weeks.

As I've thought about these business owners, a certain characteristic has jumped out, and it may come as no surprise to you: They are effective marketers.

But here's the key thing I want to call out. These successful entrepreneurs have LEARNED to grow a seven-figure business by marketing effectively. They weren't "born marketers." They didn't happen to stumble upon the right niche. They didn't get lucky. They created their niche.

Their success reminds me of the Thomas Jefferson quote: 

"I'm a great believer in luck. And I find the harder I work, the luckier I get." 

Yes, these successful entrepreneurs have worked hard to learn how to market effectively. They studied, attended training events, read books, learned from others, created a monthly marketing budget, and learned all along the way. In doing so, they found some "lucky breaks," which came as a result of all the time, money and effort they put into becoming good marketers. 

Only a few percent of small businesses ever get to stage four, a seven-figure business. Those who do take very seriously their personal development as marketers. So, if you really want to build a seven-figure business, get serious about learning how to effectively market your product or service.

SBS Idea of the Day: Set a monthly marketing budget. Study and learn to get the highest yield possible from that monthly budget. Don't worry if you test things that don't work. That's part of the learning. Increase your marketing budget as fast as possible, but only as you increase your marketing effectiveness.

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