Jon Taffer is a bar consultant, television personality, and author, best known as the host of the reality series Bar Rescue on Spike TV.
Taffer is one of only six inductees into the Nightclub Hall of Fame, and also holds such distinctions as “Pub Master” in the United Kingdom with multiple honors as “Operator of the Year” and winner of “Property of the Year”. He was also recognized as “a major leaguer” in Inc. Magazine’s feature, “Angels of the Night”.
Taffer is a coveted keynote speaker at major industry conventions and events.
Favorite Success Quote
“I don’t accept excuses, only solutions.” – Jon Taffer
1. You Need to Have the Money to Pay for Your Mistakes
The harsh reality of entrepreneurship is that it takes money.
Even in the world of digital entrepreneurship where companies can be started for under $1,000, you need to build up reserves of cash so that you can cover mistakes and challenges as they arise.
Business partners screw you over, the IRS comes knocking, deals fall through, and customers demand refunds.
All of these problems require money and if you are not starting with a sufficient amount of capital to rectify your mistakes, then you are setting yourself up for a world of hurt.
This doesn’t mean that you need six figures in reserve, but it does mean that you need to start saving money today so that you can pay for your mistakes (literally) when they inevitably happen.
2. Risk Taking Comes from Challenges
Becoming a successful entrepreneur means that you are going to need to overcome an increasingly difficult series of challenges and problems.
And doing so effectively requires a propensity for risk-taking.
If you are someone who is risk-averse, then you need to start developing your threshold for pain and failure today.
Start with small risks.
Find little things that you can do that scare you and increase your ability to handle and mitigate risks.
Because as you grow as a business person and entrepreneur, there are going to be situations that require you to take risks.
You might have a fantastic business opportunity that requires you to risk $50,000 or a new position that will risk your security and stability, and if you do not have the necessary tolerance for risks and failure, then you will never be able to take advantage of these opportunities when they present themselves.
Get in the habit of taking increasingly larger risks today.
Go find something that scares you and do that.
3. Create the Best Reactions
No matter what industry you are in, you are always in the business of creating reactions.
If you are a coach or consultant then you are in the business of providing information and insight that creates a reaction in your clients and gets them to take action to achieve a result.
If you own a restaurant, then you are in the business of providing such exceptional levels of food and service that your clients react with awe and wonder.
If you run an e-commerce business, then you are in the business of creating products with such a high level of quality that they elicit a reaction of amazement from your customers.
You need to shift your thinking to focus on the reactions that you are creating instead of the products or services you are providing.
Analyze your offers to the marketplace by asking “What reaction do I want to create?”.
Once you know the reaction that you want from your customers, you have the power and the knowledge to create the products and services necessary to elicit the desired response.
4. Find a Way to Erode Your Bad Thinking
We all have patterns of thought and action that do not serve us.
Whether we suffer from a lack of self-confidence, a propensity for procrastination, or a negative way of thinking about money and success, we all have thought patterns that are sabotaging our success.
And as a strong grounded man, it is your duty to erode and eradicate these negative patterns of thinking wherever you find them.
Complete an honest assessment of your life and business and figure out what thought patterns are pervading your mind and crippling your success.
Then, once you have identified these patterns, figure out ways that you can remove them from your mind forever.
5. It’s Ok to Be Indecisive When You Are Young
If you are a young man reading this, then you are probably filled with a wide variety of different passions and dreams.
Maybe you love music and entrepreneurship.
Or you are a committed artist but also love the art of sales and deal-making.
Whatever your passions are, follow them.
Don’t make a deicision and go down one path too young.
Give yourself room to grow and pursue your different dreams and outlets.
Find ways that you can have your cake and eat it too.
If you are a passionate guitarist but it isn’t paying the bills, don’t give up on it.
Go get a job in sales, work your tail off, and then play as many gigs as you can in your free time.
If you love writing but can’t make a career out of it yet, don’t give up on it. Go to work doing something part-time and moonlight a career with your passion.
Follow your bliss and do what you love.
Most of us have more time than we think, and oftentimes, making a decision too young in life will be one of the biggest mistakes that you ever make.
The One Minute Manager by Kenneth Blanchard
E-Myth by Michael Gerber
Howard Hughes: His Life and Madness by Donald Barlett