Bill Prater - How to Grow as an Entrepreneur

In today’s podcast, Kyle Gillette interviews Bill Prater, renowned for providing commendable services to business owners and emerging entrepreneurs that help them break free of inertia and accelerate their journey to accomplishing all their goals and ambitions. He is also the owner of Scaleology and the Business Mastery System, which both equip entrepreneurs with the knowledge needed to grow their business models. Let's hear his inspiring story!

 

Things ARE going to go wrong, but...

 

Key takeaways

 

#1 Seeking inspiration and coming up with a USP

When you start a new business, it's always best to seek inspiration from those at the very top in your niche, but once you reach that level, you don't settle there. Now you need to figure out your USP by putting innovative ideas to work so that you can differentiate yourself from the competitors and increase the market share of your business. 

 

#2 Formulate a growth strategy

Growth is an essential part of any successful business, so make sure to formulate a growth strategy for your venture. Do the needed research, spend resources to the best of your ability, and keep moving forward. Remember it is a competitive advantage that can keep you going even during economic downfall and instability.

 

#3 Perfection is not the end goal

For many perfectionists, this must be a hard pill to swallow, but without it your life as an entrepreneur can become quite challenging. The thing about the business world is that it is dynamic and rapidly changing. Every day something new is coming up, whether it be in terms of technology or the launch of a competitor's business. To keep yourself in the market, therefore, you will need to experiment with different things, let it be altering your goals, strategies, plans, or whatever it takes to keep your business up to date! So, with all of this, perfection is next to impossible, and if you keep striving for that 100%, chances are your business will remain stagnant and experience very little growth. Therefore, be realistic, focus on giving your best, and watch how it improves your business!

 

Time Stamps

 

2:03-5:19

Bill takes us through his journey as an entrepreneur, right from when he began, sharing the process behind converting a business worth $0 to one worth quite a lot today.

 

5:37-12:07

Here Bill talks about an industry conference he attended and how it changed his views on entrepreneurship and developing a USP for his business. Further, he goes on to express the importance of learning from market leaders and introducing things they offer in their products and services in your business. He explains the characteristics of a super successful business with a vision strategy. He also presents this flipside and how emulation works only when done correctly.

 

12:36-13:29

Bill discusses the importance of focusing on growth in your business and on a personal level and how it can help give you a sense of direction and keep you better organized!

 

13:48-15:38

Have a business growth strategy that just isn't working out? This part of the podcast gives valuable advice on dealing with such problems. The two also discuss how to deal with economic uncertainties and dealing with the rapidly changing business environment.

 

15:59-18:49

Here Bill talks about the significance of planning things for your business and how it makes you better prepared to deal with upcoming situations and organize your resources efficiently. He also caters to the side of the company, which some would call ugly, and others would call exciting, the number of uncertainties you have to go through, and how to overcome challenges.

 

18:52-25:30

Establishing proper systems is incredibly important for managing businesses. Bill talks about this in detail and how this is one element many businesses often tend to compromise on. Further, he debunks some myths business owners have about the ‘ideal employee’.

 

26:03-34:14

Here we discuss the importance of having employees with a strong sense of accountability and how it keeps the business together and consistent with its decisions.

 

34:15-38:00

Bill wraps up the podcast with a wholesome story of his college experience, how he dropped out, got back again, and graduated with straight As.

 

"You don't get it right every time, but that doesn't matter because you can adjust and re-strategize as you notice that it is not working out. " - Bill Prater

 

“All the leaders of every nation have a growth strategy.” - Bill Prater

 

“Planning is making decisions about the future NOW.” - Bill Prater

 

About Guest Speaker

https://scaleology.guru/