Do you know how to create predictable and massive success?
For most entrepreneurs, sadly, the answer is a resounding “no.” The host of The Deep Wealth Podcast and post-exit entrepreneur Jeffrey Feldberg speaks with a fellow post-exit entrepreneur Scott Ritzheimer to reveal strategies that get results.
In today's fast-paced world, business owners face many challenges. From starting a company to seeing it grow, the journey is filled with ups and downs. Scott Ritzheimer knows this journey well.
Scott Ritzheimer is no ordinary business leader. Imagine starting over 20,000 businesses and nonprofits! Scott led his company through years of growth, multiplying success before turning 35. Now, he shares his knowledge with founders and CEOs to guide them on finding the one strategy they need for success.
Scott shared, "I was a founder had grown what was beyond my dreams of success at the time." His journey wasn't always easy, but he learned to adapt and tackle challenges head-on. The key to Scott's success was understanding the stage his business was in and acting accordingly. He learned that different stages need different strategies.
Scott started his multi-million dollar business while still very young. Before turning 35, he had achieved over 10 years of double-digit growth with his business partner. Today, Scott helps founders and CEOs find the one essential strategy they need for predictable success.
One important lesson Scott shares is about knowing what stage your business is in. He says, "You've got to know what stage you're in. What you have to focus on is highly predictable." This means understanding where your business stands and what steps to take next. Focusing on the right things at the right times helps avoid getting stuck.
The Secret to Predictable Success
Scott discovered a book called "Predictable Success" that changed how he saw his business. It explained different stages of business growth and how to navigate them. The book helped him feel like he was finally on the right path, with a clear map to follow. He shared, "It was the very first time, as an entrepreneur, that I actually felt like I was on a map."
Scott talks about his own book, "The Founders Evolution," where he describes a hero’s journey with different stages. He explains how knowing what stage you're in can help you focus on the right things. He says, "Knowing what stage you're in, and then knowing what the highest return activity is for that stage, is what did it."
As your business grows, you might feel like nothing works anymore. Scott warns against doing the same things once your business enters a new stage. Each stage needs something different. Sometimes what used to work stops being effective. You might ask, "What's wrong with these people?" when your team isn’t performing like you. Scott advises asking instead, "What does my team need to succeed?"
Scott dives into what he calls "stage four," describing it as the hardest but most rewarding stage. You may feel deep frustration here, questioning, "Is this it? Is this as good as it gets?" But pushing through this stage brings you to stage five and beyond, which offers ease, peace, and growth. He assures us, "Stage four is not the end of the journey."
Understanding Business Stages
Scott's insights are based on the seven stages of a business, which he outlines in his book, "The Founders Evolution." Each stage requires different strategies and presents unique challenges. Jeffrey Feldberg, host of the Deep Wealth Podcast, explored these stages with Scott.
One key lesson from Scott is about moving from being the key player to a true leader. As your business grows, it's not just about you anymore. Your role becomes about leading others, not doing everything yourself. Scott explains, "At every stage, it is less about you. You want to continue success in business, I believe you have to wrestle down the that it's not about you anymore."
Stage Challenges
At the start, you are often in what's called the "dissatisfied employee" stage. This is when you realize you can start your own business. From there, you move through various phases, like being a "startup entrepreneur" or a "disillusioned leader." Each stage has its struggles, and many entrepreneurs feel stuck because they use old strategies for new problems.
For example, Scott says, "If you look back, there are patterns that play out of success. If we can understand those patterns, we can know what the highest return activity is for that stage." This means as your business grows, you cannot rely on what worked before. New stages need new actions.
Recognizing When Things Must Change
A common theme Scott addresses is the need for change. As businesses grow, what worked in the past often stops working. Founders may feel frustrated when they run into the same issues repeatedly, even if they tried different solutions.
Scott shares his personal story about feeling like a failure when his business profits dipped. "I felt so alone...just out of ideas, I'm out of options," he recalls. But discovering new methodologies and strategies for different business stages transformed his approach and led to massive success.
The Hero's Journey in Business
The journey through these stages resembles the classic "hero's journey." You start as the dissatisfied employee, move through challenges, and finally aim to become a "visionary founder." This is where you step back, let your team lead, and watch your business thrive without you at the center of it all.
Feldberg comments, "When you cross that finish line for one goal, there's always another investment needed. That bank account of profits you had? Well, it's going back into the business." It's about reinvesting for future success and letting others help carry the load.
The Founders Evolution And The 7 Stages You Need To Know
Let’s dive into the seven stages of business growth, a guide laid out by Scott Ritzheimer in his book, "The Founders Evolution." Whether you're just starting out or navigating complex growth challenges, understanding these stages can help you find success on your entrepreneurial journey.
Stage 1: The Dissatisfied Employee
In the beginning, many founders start as dissatisfied employees. You might feel like there's more out there for you than just a nine-to-five job. This stage is about the courage to take the leap and start something of your own. It's full of dreams and ideas—a time when the possibilities seem endless.
Stage 2: The Startup Entrepreneur
Here, you've left the comfort of a steady job to start your own business. It's an exciting but challenging phase. At this stage, you're playing the game and learning the rules as you go. The focus is on getting your business up and running and finding those first customers. It's about proving your business idea can work.
Stage 3: The Team Builder
Once you've found some success, you move to the next stage: building a team. Scott explains that you need to hire people who can help grow the business, but this also comes with its own challenges. You might find yourself asking, "What's wrong with these people?" as your team doesn't always operate as you do. The key here is learning to lead and manage others effectively.
Stage 4: The Disillusioned Leader
Stage four can be tough. Scott describes it as a time when everything seems to go wrong. What used to work for you might not work anymore. Profits might stall or decline, and you could feel stuck. It's a stage full of questions like, "Is this it?" But this stage is also where breakthroughs happen. It's about learning and adapting so you can move forward.
Stage 5: The Chief Executive
Breaking through stage four's challenges leads you to stage five, where you become the chief executive. Here, you're leading an executive team and scaling your business. It's a time of growth and expansion. You have more freedom as your team can handle more of the daily operations without you.
Stage 6: The True Owner
In stage six, you learn to let go even more. You become a true owner. The business runs almost entirely without your input, allowing you to focus on high-level strategy or new projects. This stage is crucial if you're thinking about exiting your business or if you simply want more personal freedom.
Stage 7: The Visionary Founder
Stage seven is the ultimate achievement—a visionary founder. You've built a business that thrives without your constant involvement. Now, you can focus on innovation and new ventures. It's about revisiting why you started your business in the first place and finding joy in creating something new. This stage allows you to contribute to the world in a meaningful way.
The Journey to Success
Understanding these seven stages helps you navigate the ups and downs of business growth. As Scott Ritzheimer shares, "Recognize what stage you're in and be a student of what works in that stage." By doing so, you prepare your business for each new phase and continue moving forward.
The path to becoming a visionary founder is challenging, but with focus and strategy, you can thrive and lead your company to new heights. Embrace each stage, learn from the challenges, and celebrate the successes along the way. Your business journey is not just about making it to the top; it's about the valuable lessons learned along the way.
Embracing the True Owner Stage
One critical stage is becoming the "true owner." This is when you build a team capable of running the business without your constant presence. Many entrepreneurs struggle with this, feeling they must always be involved in every aspect.
Scott emphasizes that letting go can be harder than it seems. "The secret to succession is to enable your successor to bring a new vision for the company," he says. This requires trust and the willingness to step back for the good of the company.
Jeffrey Feldberg asks Scott about personal and business development, to which Scott replies: "Life is a lot harder and a lot more rewarding than you think ... Meaningful things tend to cost us the most but give us the highest return." This speaks to the effort required for transformation but also the immense rewards.
In the final stages, like being a visionary founder, you achieve freedom. Your business runs successfully without you, and you focus on long-term vision and continued growth.
A Call to Action for Business Owners
The journey from startup to success is complex. It involves personal growth, strategic focus, and often, significant change. Scott Ritzheimer teaches that understanding your business stage and adapting to its needs are crucial. He believes that by focusing on the right strategies at the right time, businesses can achieve sustainable success.
Scott remains a resource for those looking to reach new heights in their business. To explore his insights further, check out his book, "The Founders Evolution," and his appearances on the Deep Wealth Podcast.
Scott's insights remind us that understanding the stage of your business is crucial to picking the right strategy. As Scott wisely puts it, "Recognize what stage you're in, and be a student of what works in that stage." Use his roadmap to transform your business and ensure you're on the right path, step by step.
By focusing on what matters most at each stage, you can achieve growth and move closer to being a visionary founder. Remember, the journey of an entrepreneur is full of twists and turns, but with direction and determination, you can find your way to lasting success.
For entrepreneurs striving to grow, remember this as you move forward: it's not just about surviving the race but mastering the journey. With the right tools and mindset, you can turn challenges into stepping stones for success.
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