Frederick Cary: What does it take to be a successful business owner?

When it comes to running a successful business, the key is to put your audience first. This is something that Frederick Cary, a powerhouse entrepreneur who has founded more than 10 companies and amassed billions in value, knows all too well. As he explains in the Powerful Marketing Tips podcast, the leading cause of failure for new businesses is that they have created something that there is no demand for, that nobody wants. To avoid this, business owners must focus on understanding what their customers want and need and try to pivot their business accordingly.

Frederick Cary also emphasizes the importance of focusing on cash flow rather than profits. He explains that when a big order comes in, it looks great on paper but can be terrible for cash flow. Business owners must be aware of the money coming in and out of their businesses so that they can anticipate any issues that may arise.

Overall, Frederick Cary's advice is to put your audience first and stop thinking about your profits. He believes that if you focus on what your customers want and need and keep an eye on your cash flow, you can be successful. This advice is invaluable for any business owner, as it will ensure that you are providing the best service and products for your customers and that you are not overspending or running out of money.

Cary also emphasizes the importance of being prepared for the long-term. He uses the example of Google and Airbnb to prove this point. Both of these companies started out as small businesses with little money and no customers. However, through hard work and dedication, they eventually became some of the most successful companies in the world. The key to success is to never give up. It takes hard work and dedication to achieve success, but it is possible. By focusing on the choices for success and staying motivated, you can ensure that you are successful in the long run. So, no matter what the economic conditions are, never give up and keep pushing forward.

It is easy to become discouraged when things don’t go your way, but it is important to remember that failure is only a temporary obstacle. By learning from your mistakes and using them to your advantage, you can continue to move forward and achieve your goals.

Quotes:

“So whatever you're selling as a business owner, focus on the things that people really need, regardless of the outward economic conditions.” (11:02)
“If you're talking about a long game, be prepared to have that extra cash available for you when you're having slow months in your business.” (13:45)
“The difference between successful people and non-successful people is you embrace that failure because that failure becomes a learning opportunity and you can learn how to do things better in a different way.” (19:36)
“Culture happens because it starts at the top, but also it starts in the opposite fashion from the bottom. And when we try to build our culture and our own organization, we don't not only talk about what we stand for, but we go to the rank and file employees and ask them what they want to do in their lives, what they want to be. We know a lot of people like that are working at the lower levels of an organization probably don't want to be there forever.” (28:56)
“So assume that your employees have lives that they want to have. And if you can empower those lives, then you can build that corporate culture that you need.” (30:31)
“We all want extraordinary results, but we don't want to do the extraordinary things that we need to do to get those results. So if you can wake up in the morning and figure out how am I going to be legendary today, what one extraordinary thing am I going to do today, then you can be on that path to have that extraordinary life you want to have.” (35:54)