For aspiring young entrepreneurs, it can be challenging to figure out where they should start. It can also be intimidating to catch up with the big names who have already found success in the industry. How can you grow to be like other 6, 7 & 8 figure businesses? And what exactly makes a successful entrepreneur?
In this episode, Dmitriy Kozlov talks about the challenges young entrepreneurs face and how they can overcome it. He also shares his journey in getting into digital marketing and the importance of building the right network of people. He emphasizes the need for a balance between the passion of young entrepreneurs and the wisdom of older entrepreneurs.
Here are three reasons why you should listen to this episode:
- Understanding the differences between businesses that generate 6, 7, and 8 figures in revenue can help you set realistic financial goals for your own business.
- Knowing the characteristics and strategies that successful 6, 7, and 8 figure businesses use can help you identify and implement effective business practices in your own company.
- Being aware of the challenges and opportunities that businesses at different revenue levels face can help you anticipate and navigate the growth of your own business.
- Jim Rohn’s Courses and Programs
- Tony Robbins’ Personal Development Process
- Brian Tracy’s Personal Development Courses
- You can reach him through email
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Dmitriy’s Marketing Journey
- Dmitriy was born in Russia and moved to the United States when he was 7. At a young age, he was already doing entrepreneurial things like shoveling driveways and reselling items from yard sales.
- His first tech startup work when he was 16 did not work out well, and that turned him off of growing business and entrepreneurship for a while.
- He started studying marketing when he got into direct sales and network marketing in college. He learned about organic growth, business model, growth strategy, and marketing strategy.
- Dmitriy built a blog to generate leads for his shoveling business. It resulted in other people asking him to create blogs and lead gen resources for small businesses.
- He started with elementary technical and design skills in WordPress. Before graduating from college, he already started his agency.
Building Networks for Building Networks for 6, 7 & 8 Figure Businesses
- When he built his agency, he worked with internet marketers. This was part of his business growth strategy.
- He went to Yanik Silver’s Underground Online Seminar 8 and met people whom he could contribute his skill sets and resources to.
- The biggest lesson is to put a massive amount of effort and commitment to your work and not let your ego get in the way. Your business growth strategies must come first. They are the foundation of any good business growth plan.
- For him, working with higher-level business and gurus in the industry translated into referrals, and he figured out how to deal with operational and cash flow challenges.
Cornerstones of Marketing Campaigns
- There’s usually a standard launch formula and business strategy that people follow.
- Dmitriy’s team maximizes conversions outside what a company is already doing with its product offers.
- You have to work both from a technology and a design standpoint to make it stand out.
- To maximize conversion means an overlap of marketing expertise, creative design, and technology integration.
Marketing Implementation Bottlenecks
- An effective growth strategy varies a lot from different companies.
- The challenge often is wanting to make things complicated when you’re just starting with your strategic growth.
- Don’t try to replicate what the big gurus in the market development industry are already doing. Focus on what’s working for you in the marketplace right now.
Working with Young Entrepreneurs
- They have a super high level of passion, and they dive into sales strategy fully.
- Older, more experienced entrepreneurs have more hesitation in diving into something fully.
- The balance: The wisdom of successful entrepreneurs and youth, passion, and energy of young entrepreneurs
- It can be dangerous to have an idea of how things should be done in achieving growth. You might be basing your work on how things were done in the past when the world is quickly changing.
Maverick Next Entrepreneurs
- Most of them are ages 25 and under who already got six-figure-plus businesses.
- What they do is they connect with peers to support them and encourage growth along the journey.
- They have high-level mentors that can pass wisdom and growth opportunities to young entrepreneurs.
Challenges for Young Entrepreneurs
- The biggest obstacle is hiring the right people.
- There is a proper hiring system, and making a mistake in hiring can make you think that you’re not meant to have a team.
- The second biggest challenge is pursuing things that don’t work in the marketplace.
- You have to test things and see what works to facilitate growth. If you’re not getting a response based on what you’re doing, it’s probably not a viable business.
The Biggest Lessons in Business
- Be firm while still leading with an open heart, love, and total trust.
- Study and learn sales strategies.
- Commit to the process.
- Set boundaries and create your rules and values.
Advice to Struggling Entrepreneurs
- Be willing to be a beginner again. Take the lessons from your experiences and integrate them into what you’re doing.
- Try to find the positive lessons out of negative experiences to know how you can improve next time.
- Don’t let the feeling of failure or hiccups leave you jaded. Move forward with a positive attitude, and you will be more empowered than you were ever before.
The 8-Figure Business Culture
- Most of them have a better corporate culture and freedom as entrepreneurs.
- It seems that the bigger the business, the more simplicity there is on how they stand in the marketplace.
- Most 8-figure businesses have a well-defined mission statement and core values that they adhere to.
- They don’t complicate things in an individual sense because they have a structure that allows them to simplify.
- Take care of your prospects and customers. Focus and build the funnel that’s working instead of trying to do multiple things at once.
Dmitriy’s Outlook and Main Initiative
- He tries to live his life in a way where he recognizes and appreciates his mortality.
- “I don’t wanna miss being here while I’m here.”
- He takes the gratitude of living his life, and he puts it into his work.
- The work of art that you’re creating is for you; it’s just for other people to appreciate.
- His long-term vision: Combining the passion, talent, and energy of young entrepreneurs with the wisdom and concrete business ideas of successful entrepreneurs.
How Successful Entrepreneurs Live Their Lives
- Successful entrepreneurs are very intentional in how they live their lives and create their businesses.
- They put business first because their business is their mission and purpose in the world.
- They live balanced lives that have all the things they do want, not what they don’t want.
- The biggest advice from his mentors: Follow your heart and do what you love.
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