From Concept to Cash Flow | Michael McFall | 480

Do you think that all you need to be successful is a great idea?

Well, think again.

 

The million-dollar idea is a myth. Even with a great insight in hand, you still have to take it to market and prove it has value.

To discuss what it takes to become a success, we've invited Michael McFall, the co-Founder and co-CEO of BIGGBY Coffee. He is also the author of Grind: A No-Bullshit Approach to Take Your Business from Concept to Cash Flow and has a second book coming soon, entitled: Grow: Take Your Business from Chaos to Calm. Together, these books cover what you'll need to know to go from startup to steady cash flow.

Michael talks about his start as a minimum wage barista working in his partner's coffee shop, and how that relationship grew to a partnership. That partnership launched a company that now has 340 locations with more than 100 more, coming in the next twelve months!

Having spent the last 27 years helping others launch businesses, Michael felt it was time to take that accumulated knowledge and codify it in his first book. He explains how revenue is the guiding principle, and you have to have the right mentality to take a product to the marketplace. In addition, Michael shares how you have to understand your own, personal strengths and weaknesses. When you do, you can find ways to supplement your weaknesses, and leverage your strengths.

This episode is packed with advice for entrepreneurs, new and established, to elevate and help them become stronger leaders.

Three Key Takeaways:

* A business book can be a method of self-selection. If people read it and agree with it then they might be a good fit to work with. If they don't, then it's best they move on.

* Leadership means turning authority over to others, allowing them to grow into leaders, themselves.

* Revenue generation is the guiding principle. You have to sell. If you are not comfortable with that you might not be suited to entrepreneurship.