In our first episode we interviewed John Lee Dumas who shared with us what he’s learned about entrepreneurial mentorship, leading with value, and listening to your customers. What’s remarkable about what John has accomplished in such short time in the staggering amount of profit he’s generated doing it.
John cites “creating profit” as the key for his business success and he’s very transparent about how he does it. In fact, he shares all of his income reports each month on his website so other entrepreneurs can learn from his successes and failures.
We ask John where all the money is going.
“Most of it is going straight into our bank account.” John says he’s happy to invest money back into his company at the right time and on the right things. He’s a big believer, however, in living “below your means” so you can “use your savings as a runway for 6-12 months in order to focus on the quality of the service.” John says he’s ready to “weather the downturns and invest when the time comes.”
We loved his closing comments about entrepreneurship and how he manages his business.
“The entrepreneurial journey is a roller coaster. There are ups and downs. We’re preparing to be agile when the time comes that we need to be flexible. We make mistakes and we learn from them. We share that in our monthly reports. Our mistakes and failures are right there in print. A lot of people find that valuable. We project transparency. Other companies are doing the same things. Transparency connects you to your clients right away in a meaningful way. Share it all and people will feel like they are growing with you: an intimate connection that you can’t achieve in any other way. If you can’t create a connection with your clients you are setting yourself up for failure.”