Children of successful parents are bound to learn invaluable lessons about life and business. We asked these titans and Advisors from The Oracles what they would teach their kids if they could only give them one piece of business advice. Here’s what they said.
1. Go 10X.
I plan to teach my kids the most important lesson in business: the 10X Rule. In the seven years since I published The 10X Rule: The Only Difference Between Success and Failure, it’s turned into a movement, culminating in the 10X Growth Conference, now one of the largest business conferences in the nation.
The 10X Rule says that you should set targets that are 10X greater than what you believe you can achieve. You should then take actions that are 10X greater than you believe are necessary to achieve those targets. This was the most important thing I ever did for my business — and it is the most important thing you can do for yours. —Grant Cardone, sales expert who has built a $750-million real estate empire, and NYT-bestselling author; follow Grant on Facebook, Instagram or YouTube
2. Invest in relationships.
The No. 1 lesson I teach my children is vital in business and life: Focus on relationships. Take time and have the patience to develop the right relationships, and that investment will help you tenfold in life.
I work with my kids on listening, engaging and retaining the knowledge they gain in all their relationships. I encourage them to ask questions to identify how they can help or add value to others. This helps them become better communicators and human beings so they can grow into thriving adults. —Jessica Mead, co-founder of EpekData and BrandLync, divisions of Mead Holdings Group, Inc. Follow Jessica on Instagram
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3. Don’t live to build a business. Build a business to live.
Like most dads, I ultimately want my daughter to be happy. I believe a big part of happiness comes from being financially and personally self-reliant. I will teach her about entrepreneurship as her vehicle to independence, and that no person or collegiate institution will dictate her self-worth.
However, she will not live to build a business. She will build a business so she can live — on her terms. Business may make you successful, but it will never make you feel fulfilled. True fulfillment only comes when you’re more concerned with your impact than your income. —Billy Gene Shaw III, founder and CEO of Billy Gene Is Marketing, one of the world’s top online marketing influencers, educators and practitioners; follow on Instagram and Facebook
4. Forget your weaknesses; focus on your strengths.
It’s easy to focus on what we aren’t good at. We learned this when we brought home a report card with all A’s and a C in algebra — which prompted our parents to coach us to become a math whiz. We learned it again in a performance review when our manager wrote an improvement plan focused on our weaknesses. But with this approach, you spend your energy on something at which you will likely only become average at best.
I want my daughters to know that you are rewarded in life, relationships and business for the value you bring. Your greatest contribution always comes from focusing on your strengths. When you do that, you get to do meaningful work in your zone of genius, build rockstar teams, and grow a business with a sustainable advantage. To be successful, go all in on your strengths and work around your weaknesses. —Jeanine Blackwell, bestselling author, creator of The Expert Experience Method; trained over 40,000 experts (including Fortune 500 companies) to package their expertise into products; connect with Jeanine on Facebook
5. Think of problems as gold you can mine.
Look at problems as opportunities. The problem solver gets all the rewards, financial or otherwise. The bigger the problem, the bigger the opportunity. With each one comes potential waiting to be realized. This is one of the reasons I’m bullish on emerging economies.
Once you have that perspective, business becomes more exciting. You get a flood of energy from problem-solving, helping people and changing the world. That’s exactly the culture we strive for in our business coaching academy and marketing agency. —Abdul Samad Farooqi, founder & CEO of Lions Marketing and The Millionaire Middleman Agency Coaching Program