5 Ways to Achieve Your Dream Business w/ Jim Palmer [Episode 129]

Jim Palmer, also known as The Dream Business Coach, discuss when to join a mastermind group.

What is a Dream Business?

There are several parts to a dream business. A dream business continues to grow in a bad economy. It has multiple streams of revenue. It becomes an asset for worry-free retirement. A dream business is always firing on all cylinders and fun to operate. It provides the lifestyle you want to have and allows you to give back and make a difference in the lives of others.

What is the biggest barrier entrepreneurs are creating for themselves?

They are really held back by a scary monster called “When I”. “When I” will never happen. If you have that kind of mindset you tend to keep moving the goal post. You have to invest in yourself.

Why are people setting that precondition?

People are always looking for the perfect moment to do something. If you have that mindset then you should not be an entrepreneur, because the true nature of entrepreneurship is one of risk. In one of Jim’s books, Decide: The Ultimate Success Trigger, he talks about three kinds of entrepreneurs. Savings Account (No Risk No Reward), Stock Market (Little Risk, Higher Reward), and Casino Entrepreneurs (Believe in yourself and go all in). Reward is a byproduct of risk.

What is a mastermind group?

This is a group of like-minded individuals who come together with a collective idea and strategy to support each other. Entrepreneurs find it lonely sometimes and often can’t see the forest through the trees. This is because you are close to your business. When you are part of a mastermind group, you will receive tough love, you will bring challenges, receive answers to questions, and you are held accountable.

Who should join a mastermind group?

If you are at a point where you finally decide that slow to no growth is no longer an acceptable option and you are ready to play a bigger game, then you should apply to be in a mastermind group.

How do you know which is the right mastermind group to join?

There needs to be skin in the game or there will be no follow through. An accountability partner and being a supportive friend are two different things. The best mastermind groups are led by people that have a real proven track record. Unfortunately, there are some mastermind groups that are led by people that have read books and attended seminars; they are leading from regurgitated information. When the rubber meets the road, so to speak, you want someone who has actually done what you are asking others to do. You also want to make sure you don’t join a group that is only made up of people in your profession. You want to have a diverse group of individuals.

Learn More About Jim Palmer:

What’s the most powerful sales tool in your arsenal?

Videos

Name the one tool or app you use for sales or sales management that you can’t live without.

Highrise: CRM Software for small business

Who’s your sales role model?

Dan Kennedy: Internet Marketing Expert

What’s the one book that every sales person should read? 

ME, INC.: Build an Army of One, Unleash Your Inner Rock God, Win in Life and Business by Gene Simmons (Bass Player from Kiss)

What’s your favorite music to get you pumped up?

Classic Rock, Jimmy Buffett, Slack-key Hawaiian guitar.

What’s the one question you get asked most frequently by entrepreneurs?

What’s the one thing I can do to earn more profit in my business?