1 Seven Digits Zero to One Million in Revenue through Faith and Finance
Seven Digits - Zero to One Million in Revenue through Faith and Finance
May 13, 2015
The following content is designed by Christopher Justice to help establish the mindset for building a modern company. The class was taught by Christopher Justice on August 23rd, 2013 as a part of a forthcoming book which is still in draft form. At over 43,000 words, we find the content is changing every day and there are new approaches that are redefining modern entrepreneurship. The final book may never get published but it serves as a record and reminder.
Never forget, never stop, live, love, fail fast, and be resilient.
These principles are derived from people I love and admire as entrepreneurs. Joshua Baer, Brian Spross, Sam Decker, Gene Austin, Andrew Eye, Bob Burg, and a few more. Frankly too many to thank.
We focus on core principles:
What are the fastest steps to develop new business opportunities?
How to organize a revenue generating sales strategy?
How do you price the value you and your company provide?
What contracts do you need and how contracts can help you?
How to develop referrals and focus on what matters?
What are the 6 key reports you should look at each day?
What insurance should you have in place?
What are the most critical roles in your business and which ones can you outsource?
How many employees do you need and how many should you have?
What business software do you need and which programs to avoid?
This is a foundation book for building a business with a seven digit balance sheet. This course has been developed from best practices from entrepreuers and will train you to mentally react, adapt and build a revenue generating business. Attendees will be challenged mentally and emotionally to embrace and respond to the pressure of owning, operating and developing a profitable business.
In closing, entrepreneurship is certainly not what I thought it would be and not for the feint of heart. You can be successful, you must never give up and constantly reinvent yourself.
All in all, work with love and loyalty, everything else will fall into place.
Never forget, never stop, live, love, fail fast, and be resilient.
These principles are derived from people I love and admire as entrepreneurs. Joshua Baer, Brian Spross, Sam Decker, Gene Austin, Andrew Eye, Bob Burg, and a few more. Frankly too many to thank.
We focus on core principles:
What are the fastest steps to develop new business opportunities?
How to organize a revenue generating sales strategy?
How do you price the value you and your company provide?
What contracts do you need and how contracts can help you?
How to develop referrals and focus on what matters?
What are the 6 key reports you should look at each day?
What insurance should you have in place?
What are the most critical roles in your business and which ones can you outsource?
How many employees do you need and how many should you have?
What business software do you need and which programs to avoid?
This is a foundation book for building a business with a seven digit balance sheet. This course has been developed from best practices from entrepreuers and will train you to mentally react, adapt and build a revenue generating business. Attendees will be challenged mentally and emotionally to embrace and respond to the pressure of owning, operating and developing a profitable business.
In closing, entrepreneurship is certainly not what I thought it would be and not for the feint of heart. You can be successful, you must never give up and constantly reinvent yourself.
All in all, work with love and loyalty, everything else will fall into place.
Welcome message from author
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Transcript
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Seven DigitsZero to One Million in Revenue through Faith and Finance
Christopher Justice
SEVEN DIGITS
‣ Husband‣ Father‣ Friend‣ CEO
Christopher Justice is Chief Executive Officer and co-founder of Sparksight. He oversees operations and strategy but Chris is a key component of each Sparksight project and client. Combining wisdom and humor with common sense, Chris is a featured speaker and is a master at building better businesses through a combination of face-to-face and online marketing techniques. Chris has developed local, national and international marketing programs and events that capture the imagination and generate a sense of opportunity from attendees, customers, partners and employees. His fun and joking personality spreads through each employee and client, allowing for a casual but always professional experience.
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introductions & Purpose
‣ Who are you?‣ what do you do?‣ what do you want to do?‣ what is a business to you?
‣ be personal, be specific. ‣ WHAT ARE YOUR EXPECTATIONS‣ HOW CAN YOUR EXPECTATIONS BE EXCEEDED‣ THIS IS A TEST AND EXPERIEMENT
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accountability video
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You will have the opportunity to commit on video.
You can describe your dream company or business.
You can comment on the session and topics of the seminar.
AGENDA AND TIMELINES
‣ We are fluid‣ your input is key‣ questions at any time
8:30am Introductions and Purpose9:00am The First Digit: Foundations9:45am The Second Digit: Multipliers10:45am Break11:00am The Third Digit: Money11:45am The Fourth Digit: Love12:30pm Lunch (on your own)1:30pm The Fifth Digit: In vs On1:45pm Break2:45pm The Six/Seventh Digit: Sustainability & Accountability3:30pm Questions and Answers
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business types
LegacyAn system that lives after you are gone.
Liability A unsustainable
system that relies on one person to
support it.
HobbyCasual or occasional
work that can be abandoned.
JobA job is a regular
activity performed in exchange for
payment. 48
• ATTORNEY• INSURANCE AGENT• ACCOUNTANT• DESIGNER• HUMAN RESOURCE PROFESSIONAL
• WEB DEVELOPER • COPYWRITERS• VIDEOGRAPHERS• EXPERIENCED ENTREPRENEUR
ESSENTIAL RELATIONSHIPS
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CHRISTOPHER JUSTICESEVEN DIGITS
FIRST Digit: Foundations8
FIrst Digit: Foundation
SEVEN DIGITS
Principle One: Reciprocity
Give Back, Give Forward, RARELY take.
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First Digit: Foundation
Principle Two: Authenticity
Be true to yourself. avoid lies and liars. Speak your mind no matter the consequence.SEVEN DIGITS 10
First Digit: Foundation
SEVEN DIGITS
Principle Three: Decisions are Binary
Yes, no, there is no try, maybe or IF
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Principle four: Strengths & Being Smart
Your business is a child who relies on your soul to survive and your mind to thrive.
First Digit: Foundation
SEVEN DIGITS 12
SEVEN DIGITS
SECOND Digit: MULTIPLIERS13
Second Digit: Multipliers
SEVEN DIGITS
Principle Five: Not the Idea but the Person
IDEAS have no value. You hold the ability to create your wealth
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Second Digit: Multipliers
SEVEN DIGITS
Principle six: Goals Are Success Personified
We work flexibly with clients to fulfil their print and web needs.
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Second Digit: Multipliers
SEVEN DIGITS
Principle seven: SIMPLICITY
Explaining yourself and your value should take seconds not sentances.
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SEVEN DIGITS
THRID Digit: MOney17
PRINCIPLE eight: Deception Of Money
Money is a thief of value and a core deception of success.
Third Digit: Money
SEVEN DIGITS 18
Third Digit: Money
Seven Digits
Principle NINE: Be a CASINO
GENERATE IDEAS that have MULTIPLE OPPORTUNITIES FOR Generating income.
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Third Digit: Money
SEVEN DIGITS
Principle TEN: Hire for Values, Not Skills
You can teach anyone most things, but you cannot beat the jerk out of anyone.
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SEVEN DIGITS
Fourth Digit: love
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The Fourth Digit: Love
SEVEN DIGITS
Principle eleven: purpose to promise
your soul is the guide of your heart. commit to following it.
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The Fourth Digit: Love
Principle TWELVE: Fun, EASY, Fluid, Seamless
make business fun and easy. stop, reset and respond if it is anything but.
SEVEN DIGITS 23
The Fourth Digit: Love
SEVEN DIGITS
Principle Thirteen: Fail, often
more scars than trophies.
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SEVEN DIGITS
FIFTH Digit: IN VS ON
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The Fifth Digit: Working In vs On
SEVEN DIGITS
Principle fourteen: Valuation
Manage your business in an impersonal way and create a business that is of value to someone else.
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The Fifth Digit: Working In vs On
Principle fifteen: systems
operational, technological, financial, legal, human capital and marketing
SEVEN DIGITS 27
The Fifth Digit: Working In vs On
SEVEN DIGITS
Principle sixteen: ASsETS and EXITS
developing a foresight and a forward-looking vision
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SEVEN DIGITS
sixth Digit: Sustainability
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The Sixth Digit: Sustainability
SEVEN DIGITS
Principle seventeen: results and emotions
your business and your employees are a direct reflection of your state of minds and happiness.
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The Sixth Digit: Sustainability
Principle eighteen: leveraging performance
find what works and apply it in every possible way
SEVEN DIGITS 31
SEVEN DIGITS
seventh Digit: accountability32
The Seventh Digit: Accountability
SEVEN DIGITS
Principle nineteen: Simplicity and volume
Small things done consistently in volume with a good margin, nice profit and repeatability
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Principle TWENTY: Compound faith and finance
profits realized as cash compound exponentially and creates true business and personal alignment
The Seventh Digit: Accountability
SEVEN DIGITS 34
DREAM35
SEVEN DIGITS
Questions36
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defining a DReam business
‣ Determine your value and the equations of your success.‣ Get a set of mentors and peers for brainstorming.‣ The product of your business is love but the language of business is finance.
‣ Be happy and ready to pivot if the finances are not working.‣ If you get in trouble, call a person on your Oh Shit List.
Supplemental Slides
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SEVEN DIGITS
AWESOME PRESENTATION TEMPLATE
‣ NO‣ no‣ no‣ yes
Should you start a business if you have a lot of debt?
Should you start a business if you can't fund it?
Start a business if you can't afford to quit your job?
Join a business that has momentum / learn as you earn?
honest questions
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defining a business
‣ Are you a product or service?‣ What investment will your business require?‣ How quickly do you need to process customers?‣ Are you a Entrepreneur, Manager, Technician?
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defining relationships
‣ Is this a social or business relationship?‣ What does this person expect from me?‣ What can I provide them that is within my direct control?‣ Will there be a next step to our relationship?‣ How does this person fit into my network of relationships?
THE FIRST DIGIT: RECIPROCITY
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Authentic challenges
‣ We often live by the values we inherited from our parents, authority figures and childhood socialization.
‣ Technology has introduced unhealthy distractions that reduce authenticity and focus.
‣ Ask questions, be here, be now and be attentive to what’s actually happening in every situation.
THE SECOND DIGIT: AUTHENTICITY
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THE SECOND DIGIT: AUTHENTICITY
personal exercise
‣ What have been your three greatest accomplishments?
‣ What have been your three greatest failures?
‣ What are any common rules or themes that you can identify?
‣ Identify one trait that you want for every person in your company?
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decision mistakes
‣ Relying too much on expert information.‣ Overestimating the value of information received from others. ‣ Hearing what you want to hear/seeing what you want to see.‣ Not listening to your feelings or gut reactions.‣ Lack of resource and cost estimation required.‣ Baseless time estimate / working example used for comparison.
THE FIRST DIGIT: RECIPROCITY
wise decisions
“Politics is the art of postponing decisions until they are no longer relevant.” Henri Queuille
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Do not over think, most business decisions can be reversed.
After your decision is made, new major information may come to light suggesting alterations to or the wholesale
reversal of your original decision.
Don't get too hung up on keeping your options open.
Remember that at some point, indecision becomes a decision to do nothing, which might be the worst decision of all.
excercise #1: Core values
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Initiate - We hire smart, friendly and driven people that are self-starters, detail-oriented and strong communicators. - We honor our commitments and communicate proactively to ensure trust and respect. - We foster collaborative relationships and continually share ideas and knowledge.
Innovate- We are visionaries that exploit technology to transform experiences, processes and lives. - We are creative, open-minded and bold without losing focus on the needs we are serving. - We carefully select resources to that achieve the maximum benefit at the least cost.
Inspire- We are designers that dedicate our collective energy to amaze, engage and motivate action.- We look for new and exciting opportunities to increase our value to our customers. - We treat ourselves well and feel that passion and determination are contagious.
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A binary decision is one that can have only two outcomes.
Social influence determines collective outcomes of individuals faced with binary decisions.
binary decisions
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IDEAS and people
‣ choose wisely your company‣ Be observant of traits‣ disassociate as necessary
All the great ideas in the world are meaningless until someone takes them and applies energy to actualize them.
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multiplier
‣ Leverages time, energy and resources,‣ Expands something beyond its original dimensions, ‣ Increases its efficiency over time, and,‣ Projects forward in terms of interactions that define the business.
KARBON PRESENTATION 2 • 24
Outside InDevise your company and cash-flow model from the outside in - starting from a point of view what people want and structuring a business around meeting those demands.
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pricing and value‣ product value‣ service value‣ BRAND value‣ hourly Rate‣ SaaS
Your value is defined as what a person is willing to pay for your idea, product or service.
Creative services: $50 - $150 per hourProgramming/Engineering: $60 - $160 per hourCopywriting: $60 - $100 per hourLegal Services: $125 - $250 per hour
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developing core valuesInitiate - We hire smart, friendly and driven people that are self-starters, detail-oriented and strong communicators. - We honor our commitments and communicate proactively to ensure trust and respect. - We foster collaborative relationships and continually share ideas and knowledge.
Innovate- We are visionaries that exploit technology to transform experiences, processes and lives. - We are creative, open-minded and bold without losing focus on the needs we are serving. - We carefully select resources to that achieve the maximum benefit at the least cost.
Inspire- We are designers that dedicate our collective energy to amaze, engage and motivate action.- We look for new and exciting opportunities to increase our value to our customers. - We treat ourselves well and feel that passion and determination are contagious.
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Determine your hourly rate.
Determine your floor of living.
Personal value
THE SECOND DIGIT: MULTIPLIERS
The CEO must be a great salesperson will call upon any customer or prospect.
Great products and great companies are bought, not sold.
Motivating customers and employees means figuring out what matters most to each person.
chief executive officer
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THE THIRD DIGIT: MONEY
financial healthProfit is why you are in business.
Maximize cash-flow and build accurate forecasts.
Self-funded, equity capital or angel funding.
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• Financial and accounting • Customer relationship management• Web Tracking• Email marketing• backup and restore
measurement and tracking
If you can track it you can change it.
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money is centered in energy
‣ Health and wellness are the foundations for wealth.‣ The more energy you have, the more productive you are. ‣ A lifestyle change often results in financial benefits. ‣ Sleep, water, nutrition and exercise are essential to success.
THE FIRST DIGIT: RECIPROCITY
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warning signs
A cash flow statement can tell you if you’re running out of money while you’re profitable.
A cash flow statement can tell you if the owner is taking too much money out of the business.
You will see the results of building inventory, letting receivables grow or paying suppliers more quickly.
Capital purchases show up as an expense.
You’ll see what your bank loan payments are doing to your cash.
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most important: cash flow
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You are only going to be making 70% of whatever you charge for your value. So, out of that $100 / hour that you intend on charging, 30% of that is not yours. It's sad but true that, in most countries, you will be taxed on the income you produce.
THE THIRD DIGIT: MONEY
salaries and talentPeople are typically your largest expense.
Experienced people will cost more but work faster.
Younger people will work for less but cost more.
Experienced people will work for less if they are motivated and can envision a good outcome.
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surplus and savings
‣ Money is a tool, and it will take on the meaning you give it. ‣ The more money you have saved, the more choices you have.‣ Taxes are good and demonstrate you are successful. ‣ Multiple products sources of income are essential.
THE THIRD DIGIT: MONEY
break time
i do not hear or see my business, i feel it. the breath i draw is from its values.Christopher JUstice
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Emotional Intelligence
THE FIRST DIGIT: RECIPROCITY
The ability to perceive emotion, integrate emotion to facilitate thought, understand emotions and to regulate emotions to promote personal growth.
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Perceiving Emotions: The first step in understanding emotions is to accurately perceive them. In many cases, this might involve understanding nonverbal signals such as body language and facial expressions.
Reasoning With Emotions: The next step involves using emotions to promote thinking and cognitive activity. Emotions help prioritize what we pay attention and react to; we respond emotionally to things that garner our attention.
Understanding Emotions: The emotions that we perceive can carry a wide variety of meanings. If someone is expressing angry emotions, the observer must interpret the cause of their anger and what it might mean. For example, if your boss is acting angry, it might mean that he is dissatisfied with your work; or it could be because he got a speeding ticket on his way to work that morning or that he's been fighting with his wife.
Managing Emotions: The ability to manage emotions effectively is a key part of emotional intelligence. Regulating emotions, responding appropriately and responding to the emotions of others are all important aspect of emotional management.
Results and Cautions
THE FIRST DIGIT: RECIPROCITY
F R I E N D LYC O O P E R A T I V E
G R A T E F U LP O S I T I V E
The emotional burden to repay bothers some more than others, causing some to overcompensate with more than what was given originally.
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CAUTION
break time
Art does not reproduce what we see; rather, it makes us see.PAUL KLEE
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laws of simplicity
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Law #1: Reduce - Thoughtful reduction of all but core activities. Law #2: Organize - Sort, label, integrate and prioritize.Law #3: Time - The faster you accomplish things, the more freedom you will feel. Law #4: Learn - Knowledge makes everything simpler. Law #5: Difference - Simplicity and complexity are interwoven and congruent. Law #6: Context - Comfort and directionless. Law #7: Emotion - Feeling makes ideas human.Law #8: Trust - Letting go is natural, build integrity into the system first. Law #9: Failure - Success is not guaranteed but the result of failure is often simplicity. Law #10: The One - Simplicity is about subtracting the obvious and adding the meaningful.
excercise #2: sell your idea
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