I recently had the pleasure of spending nearly an hour on the phone with Pejman Ghadimi, whom I featured as a guest on my Chatting With Champions Podcast. Pejman is the Founder & CEO of one of the web’s most popular motivation and entrepreneurship sites: Secret Entourage. During this interview I had the opportunity to ask him about his journey as an entrepreneur and have him reveal some of the most valuable lessons he has learned from his experiences – from being a Vice President of a major bank in his earlier twenties, to becoming financially independent at age 25, to building a 7 figure per year consulting business, just to name a few.
Pejman’s wisdom was evident, and although he shared an enormous amount of valuable advice in our interview together, I have decided to share 3 of the key principles he discussed in this article. Those 3 principles are listed below:
1. Leadership is more about people than it is about results
The most effective leaders understand that in order to improve an organization’s results, they need to focus on their people. By shifting the focus from achieving results to serving, coaching, and empowering their people, those people will become better at performing their roles within the organization. When people are given the support and the tools to be more effective in their roles, they naturally achieve better results. Leaders should therefore be aware that the process of achieving better results is highly dependent on the performance of their people, and that in the long run, the best strategy for improving organizational results is by investing in the people that make up that organization.
2. Become a change manager; learn how to adapt to changes
Whether you’re an entrepreneur or you’re an employee within an organization, the one thing you can do to ensure your organization thrives is to learn how to anticipate changes in the market, and prepare and adapt accordingly. Don’t waste time complaining about the way things “are supposed to be” or the way they’ve “always been done”.
When changes occur (and they always do), your organization will be positioned to thrive by getting in front of the change, versus trying to catch up to it. Pay attention to what’s happening in your market. Watch for signs of trends. Instead of resisting change, recognize it and adapt accordingly. Identify what your organization’s priorities will need to be, and position yourself to take advantage of those changes.
3. Residual income is the key to freedom
There is a big difference between working for money and having money work for you. When you trade your time for money, regardless of how well you are paid, the only way to make more money is to trade more time. This method of building wealth has very little leverage, because your income potential is limited by the amount of time you can trade for it.
In order to enjoy freedom as an entrepreneur, you must find ways to automate the revenue of either your company or your investments. By creating systems that enable residual income streams, you no longer have to trade more time to make more money. This allows you to spend your time on other projects or setting up more residual income streams, which exponentially increases your wealth while still affording you the freedom that comes from not having to constantly trade your time for money.