In a YouTube video, Tim Stoddart dives into the principles that set successful entrepreneurs apart from the rest. These insights are drawn from several business books and lessons he’s learned over the years.
Below, I’ve summarized the key ideas from his talk, crediting Tim for these valuable concepts.
1. Do What Is Essential
One of the key takeaways from Stoddart’s talk is the importance of focusing on what is essential, a concept borrowed from the book Essentialism. Successful companies don’t try to do everything—they focus on doing less, but doing it better. Streamlining operations and continuously auditing what is truly necessary allows entrepreneurs to maximize their impact. By embracing simplicity and minimizing distractions, businesses can remain agile and efficient.
2. 10x Is Easier Than 2x
Tim shares an intriguing idea from the book 10x—the notion that growing a business by 10x is actually easier than growing it by just 2x. The common misconception is that scaling a business is all about working harder, but the reality is that it’s about making the right decisions that create scale. While everyone works hard, those who scale exponentially focus their energy on strategic decisions rather than getting bogged down by day-to-day tasks. This principle emphasizes the importance of removing yourself from the daily grind and focusing on growth opportunities that provide the most leverage.
3. Who Not How
In another lesson derived from the book Who Not How by Benjamin Hardy and Dan Sullivan, Stoddart discusses how entrepreneurs should quickly transition from doing everything themselves to finding the right people to help. Early on, you have to learn all aspects of the business. However, as you grow, building a strong network and finding people with the skills you need is crucial. The faster you embrace delegation, the faster you can scale.
4. Shoot Golden BBs, Not Silver Bullets
In $100M Leads, the idea of shooting “Golden BBs” is introduced, which stresses the importance of consistent, incremental improvements. It’s easy to get caught up in chasing big wins or looking for the “magic bullet” that will solve everything. But success often comes from small, steady improvements that build momentum over time. Growing your lifestyle in alignment with your income is a healthier approach as well, as it ensures that you’re not caught off guard by rapid success that might be unsustainable.
5. All I Do Is WIN: Focus on What’s Important Now
Tim emphasizes the importance of focusing on the task at hand and ruthlessly prioritizing what’s truly important. Entrepreneurs face constant distractions, but by staying focused on what needs to be done next—what’s important now—you ensure that you are always moving forward. In sports and chess, it’s often the competitor who makes fewer mistakes who wins, and the same principle applies in business.
6. Avoid Being Stupid
Drawing from the wisdom of Charlie Munger, Stoddart underscores that success doesn’t always come from being extremely smart but rather from avoiding foolish decisions. As a business grows, the decisions you make carry more weight, and avoiding mistakes becomes just as important as making good choices. This mindset can help safeguard against costly errors.
7. Audience First
One of the most significant takeaways from Stoddart’s discussion is the importance of focusing on the audience first. Inspired by Brian Clark, the founder of Copyblogger, Tim talks about how Brian built his business by prioritizing the audience over direct monetization. By providing consistent value to the audience, business owners can build trust and loyalty. The majority of the work should be about nurturing that relationship, not constantly trying to sell.
8. What’s Always Going to Be Cool?
Tim concludes with a valuable lesson from Jeff Bezos, who built Amazon based on the question: What’s always going to be valuable? Bezos didn’t chase fleeting trends during the dotcom bubble—he focused on fundamentals that would always remain in demand, such as good pricing and reliable shipping. This long-term vision allowed Amazon to grow into the powerhouse it is today. By focusing on timeless needs, entrepreneurs can build businesses that have lasting value, even if their products or services seem mundane.
In summary, these insights from Tim Stoddart offer a blueprint for entrepreneurs who want to scale their businesses sustainably. From simplifying operations to focusing on what truly matters, successful entrepreneurs make intentional, strategic decisions that set them apart. By learning from these principles, any business owner can start applying these ideas today to see more significant, lasting success.
Here are the actual notes I took during the webinar:
Tim Stoddart – What Separates Successful Entrepreneurs from the Rest?
Do what is essential (from the book Essentialism). Less but better. Simplicity is at the core of successful companies. Continuously audit what is essential. Streamlined, minimalist.
10x is easier than 2x. There’s a book by this name. There’s no difference in how hard you have to work to build a small company vs building a big company. It doesn’t have to do with how hard you’re working – everyone works hard, that’s the default. Getting to a 10x rather than a 2x business is about the decisions you make. But growing by 10x is easier because you remove yourself from the day to day labor and focus your effort on making the right decisions that will create scale and exponential growth. A lot of business owners work harder in order to avoid difficult decisions.
Who Not How – another book by Benjamin Hardy and Dan Sullivan (10x authors). When you first start off in business, you have to learn how to do everything yourself. But quickly, the way to get things done is not to do things yourself but to find people to do them for you. The best thing to do is build your network and find people who have the skills you need to make your company better.
Shoot Golden BBs and no Silver Bullets. From the book $100M Leads. It takes a series of small, incremental improvements to be successful. This is challenging because it’s not natural – we never feel like we’re getting momentum. We tend to look for the big win, but that’s not the way to do it. Scaling up your lifestyle in relation to your income is healthier – people don’t know how to handle big wins.
All I do is WIN. What’s Important Now? During the day, there’s lots of fires to put out. It can be stressful. Lots of things fighting for your attention. But if at every moment you’re ruthlessly focused on the task at hand, you have no choice but to win. If all you do it the next most important thing to do, you’ll be successful. A lot of us get in our own way by doing things that are not important. In chess and sports, the winner is usually the one who made fewer mistakes.
Avoid Being Stupid. From Charlie Munger. You increase your chances of success a lot more by avoiding being stupid than proactively being smart. There are a lot of decisions to be made, and they have more weight when your business gets bigger.
Audience First. Brian Clark was the founder of Copyblogger. Tim read him every day. When he bought in, he was stressed out because Copyblogger didn’t have a monetization method. Tim was worried, but Brian said Audience First – that’s what’s important. If you’re providing value to your audience, good stuff is going to happen. 90% of the work he does is providing value to his audience, not always trying to sell. You establish proof and trust with the audience.
What’s Always Going to Be Cool? From Jeff Bezos. During the dotcom bubble, he saw a lot of businesses being started, and they ended up failing. Instead of chasing trends, he asked what’s always going to be valuable? What will people always need? Good pricing and good shipping will always be in demand, so he built Amazon on that – something that will never go out of style. That’s why he decided to go all in on boring but profitable services like lead generation. His most successful products in his portfolio most people don’t know about because they’re boring.