How To Think Like An Exponential Entrepreneur And Grow Your Business 10X, Easily!
Highly successful companies and individuals like Elon Musk, Oprah Winfrey, Richard Branson, and Jeff Bezos, to name a few, operate with an exponential mindset, and thus they achieve extraordinary achievements compared to results from linear mindset entrepreneurs. Of course, any business growth is great, even if it takes place in linear and slow increments. However, it always baffles me, why grow linear when you can grow exponentially?
What should I do to start growing exponentially? That is the main question I get from entrepreneurs after they attend my lectures or read my books. In general, my answer is that they need to have clear answers to a couple of fundamental questions. The first one is: who can help to elevate the company’s achievements, goals, and actions? The other key question is: how can you acquire an exponential mindset?
According to a Harvard Business Review article by Mark Bonchek, “ incremental mindset focuses on doing something better, while the exponential mindset does something different. Incremental is satisfied with 10 percent. Exponential is available for 10X." (1)
The ultra-successful person is fascinated by 10X growth with rapid and ever-increasing achievements. Exponential growth, whether you are starting or scaling your enterprise, or simply thinking about your personal growth is the required mindset. An exponential mindset allows you to set Moonshot-like goals, a kind of miracle goal, that could eventually catapult your company to stratospheric levels. As Peter Diamandis, from Singular University, says: “ Having a Moonshot Mindset means applying 10X thinking (or 1,000%) to all of your efforts and challenges. ” (2)
But to obtain that desired exponential growth, it is practically mandatory that you have a Massive Transformative Purpose. (MTP) The MTP needs to be clear, simple, and concise, so you can find the support of people who eventually want to cooperate with the grand purpose. As Salim Ismael mentions in his book Exponential Organizations, an “ MTP is a new paradigm bigger than just a mission statement. It’s a highly aspirational tagline that tries to solve a global issue. ” (3)
Once identified and already committed to your MTP, you need to cultivate and apply essential attributes typical of superstars like Jeff Bezos, Mark Zuckerberg, and thousands of more entrepreneurs who have taken their businesses to unimaginable levels. They grew their businesses exponentially while positively impacting society by solving the most complicated problems facing modern societies. Like them, you and I can also aspire to similar achievements by modeling the mindsets and behaviors typical of these ultra-producers. That exponential mindset is characterized by attributes that you can model. This way, you can initiate the transformation process that eventually will lead you to impact thousands of people while increasing your success and wealth along the way.
There are not many proven ways to understand successful minds, but my research helped and supported by many other exponential minds, led me to the ideal formula to systematically become an exponential entrepreneur: (ExE)
ExE = M T P + P L E A S E D + D I S R U P T
The formula explains how to become an Exponential Entrepreneur. (ExE) All you need to do is to apply your Massive Transformative Purpose (MTP) add the implementation of the attributes that form the acronym P L E A S E D plus D I S R U P T. In the second part of this article, we will analyze the acronym D I S R U P T, but for now, let's see what the P L E A S E D acronym means.
Passionate Visionary
Leverage C&C
Exponentials understanding
Abundance
Simple
Exponential Mindset
Disruptor
PASSIONATE VISIONARY
Often, we are more passionate and visionary than we appear. But unfortunately, we are constantly discrediting our great ideas, visions, and deepest desires as our “internal little voice” continually asks, who are you to have such innovative thoughts? Great entrepreneurs think differently.
They dream big and are passionate about their ideas and purpose. That burning vision is the one that eventually finds a solution to any problem, thus leading passionate visionaries to achieve exponential success. As Grant Cardone mentions in his book, The 10X Rule " You can not get into the next phase of a project without a bigger mindset, more acceleration, and extra power. "
LEVERAGE COMMUNITIES AND CROWDS (C&C)
One of the greatest gifts that modern technology has given to all entrepreneurs is the ability to infiltrate every community and practically the entire world through the internet. A community is a group of people committed to a purpose, therefore, the need to have a clear Massive Transformative Purpose (MTP) relatable to a specific cause. By specific cause, I mean the search for solutions to complicated problems, which the community's members want to help and solve at any cost.
We know of entrepreneurs like Elon Musk who, while trying to solve sustainable energy problems, end up building gigantic companies like Tesla. The same community of followers of Tesla helping to create a more sustainable future has brought solutions, modifications, and improvements to Tesla’s electric cars.
UNDERSTANDING EXPONENTIALS
Understanding the exponential concept is almost mandatory for any entrepreneur who aspires to become an exponential entrepreneur. To simplify this concept, I'll use the 7Ds framework by Peter Diamandis, so entrepreneurs can understand and predict what the future of any industry may look like in a few years. Most entrepreneurs need to understand the implication of the technologies affecting their businesses and industries, so eventually, they can benefit by exponentiating their businesses. Understanding exponentials will give you and your business a huge competitive advantage.
The 7 Ds Growth Progression:
Digitized: Turning every product or service into "1's and 0's."
Deceptive: The doubling of small numbers is deceptive. Start doubling 0.1 to 0.2… 0.4… 0.8… and at this phase, it all looks like "zero."
Disruptive: After reaching “1,” just 30 doublings later, a 1 billion is reached.
Dematerialized: Exponential technology turns tangible “things” into digital apps. We are no longer carrying Digital Cameras or GPS equipment - everything has become an app on our phone.
Demonetized: The cost of duplicating and sending an app is essentially zero.
Democratized: Once products and services are digital, they can go global and be found anywhere.
Delocalized: No longer is needed to be in a specific city or office to create or run a worldwide business empire.
ABUNDANCE
Exponential Entrepreneurs (ExEs) generally start risky and ambitious businesses. From the beginning, ExE identifies different types of abundance in the market to create business opportunities and capitalize on them. Once connected to that abundance, these types of entrepreneurs leverage advanced technologies to manage and eventually share that abundance. Exponential-minded entrepreneurs from the outset aspire to serve thousands of clients that go beyond the local market. They seek to place their offerings regionally, but most of the entrepreneurs, with an abundant mindset, want to serve the global market.
An exponential entrepreneur, regardless of whether he starts, even if is in the garage of his parent's house, aspires to change the world by finding solutions to important society's problems. They believe and see abundance everywhere. Therefore, new entrepreneurs, aspiring to achieve exponential growth, need to identify what type of abundance they can leverage in their ventures. Abundance is one of the most identifiable attributes of an exponential entrepreneur.
SIMPLE
They say a genius takes something complicated and makes it easy. On the contrary, people lacking intelligence, generally complicate things even more.
Most exponential entrepreneurs are identified by their peers and corporate bosses as geniuses. Exponential minds manage to simplify complicated processes. Generally, these "geniuses" use their unique abilities, but also focus on leveraging converging technologies, such as Artificial Intelligence, Robotics, 3D Printing, and VR, etc. to find disruptive solutions. Using innovation and uncomplicated solutions exponential entrepreneurs invent new business models and transform entire industries.
EXPONENTIAL MINDSET
There is no doubt that an exponential mind is an indispensable requirement for anyone to be able to do extraordinary things. Exponential thinking is the most critical attribute to develop so that an entrepreneur dares to dream of changing the world and is encouraged to use modern growth tools.
Without an exponential mind, it is almost impossible to experiment and leverage your businesses with exponential technologies. Today, using these technologies, you may be able to accomplish some objectives in just a couple of months and not in a couple of years or even decades. Throughout time, the exponential mind is the most defined attribute among the great entrepreneurs and business people, and thinkers in history.
Think about it, without the proper exponential mindset you may not be encouraged to even ask about cost or pricing for robots or 3D printers, which could easily increase 10X the production of your business. If you do not even have an idea of the cost and benefit of disruptive technology, do you believe that you will be encouraged to use them? You may be thinking that your answer is not important, but be careful. Probably your competition is already using some of these resources.
DISRUPTOR
Have you ever wondered if you could become a disruptor in your industry? Or is it that maybe you don't even know what the word disruptor means? A disruptive entrepreneur can cause a radical change in a market or industry, generally innovating with technology or a new business model.
Being a disruptor is present in the minds of all the great exponential entrepreneurs from Edison or Tesla to Richard Branson. To become an exponential entrepreneur is needed to adopt this way of thinking. Being a disruptor is not exactly being an inventor. It is looking for a better, daring, and different way so that your business can grow twice, five times, or even up to a hundred times more.
All you need is to undertake a process of mental actualization where you are constantly looking at your business and your industry from a different point of view. In your business, how could you radically innovate processes, products, services, etc., to make them radically different, better, faster, cheaper, bigger, etc.? Only you and your competition know the answer. Will you be the disruptor, or will you be the victim of disruptive competition?
An exponential mindset is obtained as you start to change with innovation, rather than just getting better. Improvement comes with commitment. However, when you adopt an exponential Mindset, the initial returns may seem modest compared to your commitments and efforts. Still, over time the exponential growth will exceed the wildest dreams.
Remember that a few people with crazy ideas have always shaped our world. Are you ready to start growing exponentially?
If you have any advice on how to create exponential success or suggestions on how to raise the standard of living in needy regions, please leave me a comment or say hello on Linkedin!
References
1) Boncheck, M. (n.d.). “How to Create an Exponential Mindset.” Harvard Business Review.
2) Diamandis, P. (n.d.). WHY A MOONSHOT MINDSET? https://www.diamandis.com/blog/moonshot-mindset.
3) Ismael, S. (n.d.). Exponential Organizations.
About Mynor Schult
Mynor Schult is a best seller author, futurist, and an ExO Consultant and Ambassador. His latest book: “Exponential Entrepreneur” reflects his clear purpose to help people accelerate and grow their businesses exponentially to generate better living conditions in needed regions of the world.
Mynor Schult is a graduate of Embry Riddle Aeronautical University in Florida, USA. and an Aircraft Pilot and Mechanic certified by the Federal Aviation Administration. (FAA) He has built several startups and owned businesses in Aviation, Telecom, Travel, and Tech industries. Additionally, he has worked or served as a consultant for some of the largest companies in the world like Boeing Aircraft, DHL Worldwide Express, Viking River Cruises, Celebrity Cruises, Global Crossings, MCI, Quest Communications, and a few others. Currently, Mynor is President and founder of Academia Vida Fabulosa, President of Amazon River Experts, and serves on several executive boards.
He is a worldwide traveler who joyfully shares his living experiences from more than 80 countries which he has captured in his international bestsellers books. His driving force is helping others by allowing them to see their full potential and connecting them with exponential tools to convert life and business projects into a beautiful and fulfilling reality. To learn more visit: www.VidaFabulosa.com