40 business lessons by 40 years old

by Jonathan Mills Patrick jonathanmillspatrick.com

Run up hill

The best time to start sprinting is when everyone else is slowing down

Build your brand earlyDon't worry about getting it all "figured" out, but do find a

niche that fits you

Experience>theoryAdvanced education is critical, but real world experience

beats the study of theory all day, every day

Eat your frog second - Brian Tracy wrote a great book about "eating your frog" or doing the least

desirable item first. I believe you should eat your ice cream first (a positive item) to get your momentum going, then your frog

Rise and shine at your own time

I don't buy into the early risers are more productive theory. You know your sleep cycle and productive times better than anyone, so stick to them

Be activeSome of my best business ideas and problem solving

have come during exercise

Do it for the moneyI know this won't be popular. But if you are going to pursue a profession that you aren't passionate about then you might as well chase the money

Follow the painAnytime you experience a pain point with something there is opportunity

ahead. Find ways to solve problems and there is the potential for a business

No partners allowedDo all the joint ventures you want, but avoid partners in

business. Particularly family

Find your nicheFocus on a specific area in your industry. If you are in Marketing

then become an expert in one area, but know the others

MentorsFind mentors that are where you want to be that are willing to take the time to teach you how to get there. That includes through reading their books

Who are your five?You are only as strong as the five people you spend the most time with. Make sure they share your vision, values, and drive

Find a passion This one isn't for business. Find something outside of business

that you are passionate about. This keeps you grounded

Have a Plan BStart your own business. It's a great learning experience, as well

as allowing something for you to supplement your income with

Stay ahead of trendsDon't be a follower. Find trends that excite you and stay

ahead of them

Know your strengthsWhat things make you who you are and come naturally

to you. Focus on those...

Outsource your weaknesses

...and ignore everything else. I spent months one time trying to be good at something I had no aptitude toward nor patience for

Play nice, until they don't

Being nice in business will take you a long way. But know when not to be nice as well

Say noDon't try to be all things to all people. Know when to say no to people that demand your energy, money, and time

Pareto's PrincipleBetter known as the 80/20 rule. Spend your energy, money, and time on the 20% of activities that yield 80% of the results

Be scrappyFight for your rights when it's appropriate. I once had someone try to claim my business idea as his own at a conference. I almost got my team thrown out of

the event, until the truth came out. Then my imitator all but got thrown out

Play both offense and defense

How do you improve the bottom line? You can increase your revenue or control your expenses. I recommend both.

Rediscover yourselfIn "Quitter" John Acuff says that "finding" your passion is more about

rediscovering something you were already passionate about but had forgotten

Simplicity is bestKeep it simple, whatever it is

Be razor focusedAvoid trying to do too many things at once. Focus on

one or two things that match your interests and skill set

Be a people personLife is about relationships, like it or not. Learning how to read,

get along with, and impact others is an enormously powerful skill

The ladder or the laptop

Decide early if you want to climb the corporate ladder or would you rather make a comfortable living with some flexibility

Be a studentAlways be learning. Whether through books, podcasts,

or conversations with others

Know your "why"Probably one of the best books of all time, Simon Sinek's

"Start With Why" is a must read

Release early and often

Paralysis by analysis will cripple anything. Sometimes knowing too much is a bad thing. Don't be afraid to move ahead with a project that is mostly done

Be willing to failThe best baseball batters get a hit about every third at

bat. And they get paid millions.

Every 3 questionsWhat topics do others tend to ask your advice on? Anytime you are asked the same question 3 times you have a business opportunity

Products are easier than services

I've sold products and I've sold services. There is something inherently easier about selling a tangible thing. Services can be turned into products, such as

knowledge into ebooks

Trust, but verifyWhat takes the longest to earn, but can be the quickest

to lose? Someone's trust

Protect your repOne of my mantras is to do the right thing. It's not always easy and it has cost me on many occasions. But doing so has kept my reputation in tact

Which package works for you

You are not a non-profit organization. There has been a cost for you to obtain your level of expertise. Charge a fair price for that access

Pen and iPadI've spent years trying to decide if I was a pen/paper or technology kind of guy. The answer is what works best for you, which sometimes is both

Give and be willing to receive

Having a servant's heart is all well and good. But there is no reason to feel guilty for receiving your fair share

Who do you know?Learning the art of networking and connecting with complimentary,

not competitive, professionals has made my career

How can I help you?Being willing to help others first with nothing expected in

return has earned me plenty of return favors

So...how can I help?Feel free to reach out to me if I can help you launch or

grow your business in any way. Click here

About the authorJonathan is passionate about helping business owners accomplish their dreams by providing the best information and resources available regarding business finances, management, and marketing.

He has worked in the financial industry for nearly fifteen years. First as a top ten insurance salesman for a national company, a financial advisor, and finally in the banking industry for the past ten years. Over that time he has been involved in over $500,000,000 in transactions involving lending, angel investing, and venture capital facilities. As a senior executive at a financial institution Jonathan has been part of a team that has averaged double digit growth over the past few years. He has also lead that same company to be named SBA Lender of the Year for 2012 and 2013.

Jonathan is an entrepreneur himself, including launching a business to business networking site in 2011 that reached membership in 45 countries.

He has been named to Knoxville’s prestigious “40 under 40″ group and serves on the Boards of both the Fairview Technology Center and Community Health Alliance.

Jonathan is first and foremost a husband and father. In his personal time he enjoys helping people accomplish their health and fitness goals, including teaching others the benefits of exercise through mixed martial arts training. Jonathan has worked with a variety of people to reach their weight goals, including multiple 50+ pound “losers”. He enjoys running, reading, and time with his family.