Most business owners and entrepreneurs intend to be as successful, profitable, and impactful as can be.
Modern-day business is ever-changing, yet there are timeless fundamentals and truths that, if followed correctly, generate success time and time again, no matter the time or industry.
As the founder of Leave Normal Behind, I always have the fortunate opportunity to connect with individuals who are Above Normal and purpose-driven.
The mission of LNB is to make a positive influence on humanity by inspiring others to become the best version of themselves, give back, create things that matter, love, and encourage others to do the same.
In this article, I am going to highlight 3 determining factors of success shared by Ryan Moran, founder of www.Captalism.com, which he used to build multiple 7-figure businesses, attract over 10 million podcast downloads, and turn a $600 investment into $16 million after selling his sports nutrition company.
Every year, Ryan hosts an event in Texas called Capitalism Conference, which has been keynoted by some of the world’s top business people and thought leaders like Peter Diamandis, Robert Hirshovic, Gary Vaynerchuck, Grant Cardone, Daymond John, Tom Bilyeu, Stephanie McMann, Susie Batiz, Alicia Silverstone, and others.
The event is one of the leading events for capitalists around the world, and attendance is capped at only 600 people.
Ryan built a lot of his wealth by selling products online and he is widely known for being a pioneer on Amazon marketplace.
He started his first business in his parents living room on dial-up and quickly learned SEO (search engine optimization), which gave him an introduction into the world of internet marketing.
In 2013, he discovered that he could incorporate all the internet marketing skills he had acquired into scaling ‘real’ businesses.
A ‘real’ business, as Ryan describes, is one that solves a problem to a specific person.
The core purpose of the business is to solve a problem for a specific group of people and provide new solutions for them.
For example, he believes affiliate marketing is a tactic, not a business, and info products are a tactic, not a business.
He spends most of his time now investing and advising. He is an Investor in ONIt, Outstanding Foods, and others.
On the captalism.com podcast, he teaches entrepreneurs to build businesses and invest their profits. The podcast has been downloaded 10 million times over 6 years.
His job is to look for and inspire entrepreneurs who are building real businesses and use the tools, exposure, and knowledge he learned from internet marketing to scale and sell them.
His first book, being published in May of 2020, is titled 12 months to $1 million: A guide for new entrepreneurs to make a million in 12 months.
Ryan has helped many capitalists build 7-figure businesses that can be scaled, sold, and exited.
In his opinion, “If you build a business for scalability and salability then you get all the lifestyle benefits in the process.”
He can tell if any business will be profitable by these 3 determining factors in a successful business
– Take ownership of problem
– Identify niche audience around that problem
– Provide new solution
Below, I unpack each factor.
1. Ownership – Does the business take ownership in solving a problem and/or does an entrepreneur take ownership of their result?
Is there ownership in business and ownership in the entrepreneur? The opposite of this is the entitlement mentality of, “I’m going to do anything that makes me money.”
If there is no ownership, it is very hard to be profitable and provide value to the masses. To be a capitalist takes ownership for problems, even problems that they did not create, while a hustler or “cash flow entrepreneur” seeks for the system to give them what they want. Because they do not have ownership, they cannot create their own system
2. Service – Is there a defined group of people that you can serve / Is there a defined group of people with this problem?
Very simply, “Is there a very specific group of people for the problem that you are solving?.
Most people, especially internet entrepreneurs, are selling to whoever will listen or whoever shows up.
Because they are product-focused, they do not realize that the product needs to be a solution to what people need. They create ads that are about them and not about their customers.
If you know exactly who you are serving then your ads convert better, your ads are cheaper, and you have an easier time gathering influencers and audiences because you just need to target influencers who represent the target for whom you’re solving a problem.
The opposite of service is significance. Significance is making myself or my business look cool. It is amplifying myself and my product so that I look cool. Service is that I know exactly who my customer is and I know exactly where my product or service falls directly in their life.
3. Impact – Is the business/entrepreneur creating something for others?
Are they working with others to create a new solution? Or are they trying to win by themselves and extract as much as possible?
These 3 determining factors give great insight into forecasting the success of a business and entrepreneur.
Firstly, you are able to identify if the business and entrepreneur will be able to weather hard times by taking ownership needed to adapt to mistakes and continue building and learning.
Secondly, once a niche is defined you can target this specific audience and speak to them directly through your messaging and content. This information is vital to your success.
Lastly, you determine the overall impact that the entrepreneur and business are making. If the business is both profitable and positively impactful then you have a real winner.
These are just 3 factors of many that attract success and by following Ryan and others you will continue to leave normal behind and make a positive influence in the world while making a profit at the same time.