How To Become A Billionaire, with Jeff Hoffman

Dream big, work hard, create value ~ Jeff Hoffman

That’s what is written on a card in Jeff Hoffman’s office. He’s convinced that there’s no real reason why you can’t accomplish anything you want if you are willing to put in the effort required and create value for other people. He’s proved it in his own life through the 8 companies he’s created and sold and the ventures he’s involved in to make the world a better place. And he’s discovered that the businesses were the tools to move him toward the accomplishment of those dreams. You can hear Jeff’s amazing story and inspiring challenge to you on this episode.

If somebody, somewhere accomplishes it, why can’t it be you?

When Jeff Hoffman was a kid he bought a poster of a Ferrari to hang on his wall. His mom would come in and see him staring at the poster. Her words still echo in his mind. “Jeff, that’s a million dollar car. You or nobody you know is ever going to drive one of those cars.” She thought she was saving her son from investing in unrealistic expectations. He thought, “But if somebody in the world drives one of those cars, why can’t that somebody be me?” It’s that attitude that has provided Jeff the opportunity to create world-changing businesses. And now he drives that Ferrari. Hear his story and his advice for you, on this episode.

Why do we allow others to tell us what we can and can’t do?

For much of our lives, we have people telling us what we can and can’t do. They’re trying to be realistic, but what’s realistic is that they are not you. They don’t know what’s inside you, what you want to accomplish, or what level of drive and passion you have that will enable you to do it. But somewhere along the line, we begin allowing others’ opinions of what we can accomplish to matter. We start listening to them instead of listening to the dream that would otherwise drive us. When are YOU going to stop listening to others and start to accomplish what only you can do? This episode can help you do that.

Entrepreneurism is the tool that can make your dreams come true.

Most people who get into the entrepreneurial space buy the line that you have to follow your passion. Whether that’s good advice to listen to at the start of your journey depends on what your passion is. Most people need the success under their belt that proves to them and the world that they have what it takes to make their passion a reality. That’s why many people don’t need to build companies built around their passion, they need to build companies that add value to other people. That success will enable the founder to be in a position to do what is on their heart from that point forward. You can hear more insights like this from Jeff Hoffman, Serial Entrepreneur (Priceline.com, uBid.com, ColorJar) on this episode.

The way you get to your dreams is by creating value for others.

Nobody is motivated to help you accomplish your dreams. They are interested in their own dreams, their own goals, their own desires. That’s why Jeff Hoffman advises startup founders and entrepreneurs to put their focus on creating valuable things for other people to help them get to their dreams. By doing so you’ll create a niche for yourself that makes you valuable to others who will, in turn, see that you get your dreams. It’s a concept that can be pretty confusing if it’s not explained the right way, so be sure you listen to Jeff’s crystal clear explanation on this episode.

Outline of this episode

[0:04] Ryan’s introduction to this episode and it’s speaker, Jeff Hoffman.
[6:07] Jeff’s outline for the episode: Building a world class company & scaling it.
[6:30] Jeff’s background and story.
[8:00] The day that Jeff realized he was done doing business as usual.
[11:00] Jeff’s world tour to discover entrepreneurs and what they were doing.
[13:06] Jeff’s experience with startups.
[15:16] Why entrepreneurship is not just about making money.
[19:20] How most people give up instead of growing up.
[21:10] The role dreams play in your entrepreneurial journey.
[27:38] Entrepreneurship was the tool that enabled Jeff to fulfill his dreams.
[34:11] The #1 problem with the efforts of most entrepreneurs.
[38:00] Why you should focus on excellence instead of money.
[41:58] How to build world-changing companies.
[50:00] Focusing on your gold medal niche and expanding from there.
[53:11] How to discover your best brand asset.
[55:22] Finding world class people to be on your team.
[58:59] Make sure everything you do aligns with your primary goals.
[1:05:04] How to understand what your customers are really thinking about.

Action Steps From This Episode

FOR GREATER SUCCESS:Realize that if you want something bad enough, there’s always a way to get it done. When you dream big, work hard, and add value to the lives of real people, you’ll be able to accomplish your dreams.

FOR GETTING STARTED:Stop listening to other people’s opinions about what you can and can’t do. Only you know what you want to do and whether you have the drive and desire to do it.