036: The Power of Responsibility
Listen Here and Now for The Power of Responsibility
Join us as we share about the power of responsibility as entrepreneurs. Brandon shares the #1 piece of advice he received for entrepreneurship and beyond.
Quotable of the Week
“A hero is someone who understands the responsibility that comes with his freedom.” -Bob Dylan
As entrepreneurs, we can have great freedom. For many of us, we became entrepreneurs for that freedom. Yet, we must not forget the responsibility that comes with that freedom.
Highlights from the Episode
As a parent, you definitely have to take 100% responsibility at the beginning. As the child grows and learns, they take on more responsibility for themselves. Yet, we’re still responsible long after they become adults.
In your business, it’s the same thing. You are 100% responsible, especially as a young business. As your business grows, you hire staff and they take on responsibility. Yet, you hired them so you’re still responsible for their actions.
The goal of a business is to grow beyond the newborn phase. The maturing of a business isn’t necessarily about growing big. Maturing is spreading responsibility while still maintaining 100% responsibility as the owner.
The thing that gets me is a victim mentality or assuming others will take responsibility for us. From your staff to your accountant to the Internal Revenue Service to your mayor to Social Security… we pass on responsibility to others all the time.
Two Key Points
- You can’t blame someone else for your failure or hand off your success to someone else. You need to take 100% responsibility for both success and failure.
- This doesn’t mean you don’t get help and seek advice. Stereotypically speaking, the rich hire lots of help – from financial advisers to accountants to attorneys to marketing experts. Stereotypically speaking, often what holds us back is not seeking help or not taking control and responsibility ourselves. We have to do both.
As we’ve been in the financial sector, we see people deferring responsibility and hide from planning. Successful people usually have multiple plans and take responsibility no matter what happens in the external markets. The rich often have multiple financial advisers where the average person or those struggling with poverty don’t have any. Shouldn’t the average person be seeking financial experts to help them make solid financial plans.
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