Why is it that the majority of businesses fail? Ultimately it comes down to not executing on the things that are vital for you to be successful as a Founder and CEO.
Today I talk with my friend Dr. Tim Linnet. He is the CEO of Linnet Pharmaceuticals. What is special about Tim is that he runs this successful pharmaceutical company and he is only 29 years old.
To give you some background on Tim, he went into the pharmaceutical space because he wanted to make a difference. He didn’t just want to be some big company out to make profit, he wanted to be able to make drugs that could be distributed around the world and truly effect change.
By the time he was in pharmaceutical school, his entrepreneurial fire had been ignited. He had an idea for a drug and quickly partnered with his dad and before he knew it, his professors were working for him!
He is someone I admired and wanted to form a relationship with, and I am so grateful he is in my life.
Here are the vital things you need to do to succeed in business and in life:
Spend your time doing things that ignite your passion and internal fire. Life will throw many challenges at your. When they come, do you face them with an unwavering desire to succeed? If not, you will not be successful.
Leverage your strengths, then surround yourself with people whose strengths are your weaknesses. Together you form a powerful and cohesive team.
Your marriage comes before your business. So many people today brag about the number of hours they put in at work, but their life at home is falling apart. A healthy jockey and a healthy team make for a more profitable company.
Raise more money than you think you need. Make no mistake, the #1 reason businesses fail is because they run out of money. Whatever you think you need, double it. Then make sure you recruit investors who fit your qualifications, and if they are willing to invest at a fair valuation, pull the trigger. It is easy to play mind games and wonder if there is a bigger better deal out there. If you have bird in hand and it matches what you’re looking for, do it!
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