Jeff Hoffman is a person who founded many start-ups, has been chief executive officer (CEO) of private as well as public companies, and has served as a senior executive in many capacities. He also has been part of many well-known startups such as Priceline.com, Booking.com, uBid.com, and many more.
Currently, Jeff Hoffman is chairman of the Global Entrepreneurship Network, which works with entrepreneurs in 190 countries. In this organization, Jeff focuses on providing strategic input and communicating GEN’s vision while serving as the organization’s chief evangelist. This man is also a motivational speaker, author, film producer, Emy award-winning television show, etc.
There are many more achievements he has covered, which are not purposely explained in this article. This article will show how this person built a $140 billion empire from scratch. How can you take inspiration and lessons from this sad story to build the next $140 billion empire?
Table of Contents
Story Begins Here.
Jeff Hoffman grew up in the Arizona desert in the United States. He had just one mom with four kids three jobs and no money. He even didn’t know the word entrepreneurship from the very beginning. As sports change according to the weather or season, sometimes Football and sometimes Basketball, in the same way, equipment also changes.
Jeff Hoffman said, “I couldn’t ask my mom to buy these types of equipment because of lack of money. So, I remember knocking at a door and saying, “Your garage is embarrassing. They said what? I said your garage is embarrassing to be clean. They said, “You knocked on the door to say this to us? Soon wife came and said, “Yes garage should be cleaned. But the husband said, “There is hot outside. Then I said I would clean in exchange for $12.
In this way, Jeff Hoffman started supporting himself financially by taking action with his unique mind and actionable steps.
Childlike Learning Mindset
Jeff Hoffman is not great in only one field, but performed well in many areas such as being a good entrepreneur, CEO, motivational speaker, author, film producer, and even a sports person. How this is possible?
It’s because of his childlike learning mindset, that a child is very curious regarding any kind of object and has millions of questions related to that. In the same way, Jeff gets bored with one work, he is very curious and tries different types of ventures. Even in his entrepreneur mentorship programs, he finds the person more successful and more interested.
He says, “People ask, why some people are highly successful? Obviously, there is something that stands them out of the competition. That secret is a curious mindset, discipline, and consistency. I learn for 10 minutes every day which is out of my industry. These 10 minutes of consistent learning after someday make a pattern. This pattern indicates a unique trend that no one knows in the market.
Worst And Best Advice In Jeff Hoffman’s Life.
Jeff says, “The worst advice I got ever in my life was the advice from my surroundings whose qualification was near me, they say this is a good idea go for it and that was the worst. The best advice was from one mentor, who said it’s not for you. Even though you are the master of your Idea and built an empire but can’t succeed until you don’t surround yourself with more intelligent than you, You will have to build a smart people team.
Importance Of Metors.
Jeff Hoffman said in a podcast, “Mentors are highly important in entrepreneurs’ lives. They give advice that can be very valuable in your ventures. The mentor should be the person if you see that person then your inner voice talks to you you will become like this man.
Mentors should have humility, they shouldn’t have thoughts that I know everything. It doesn’t matter that the mentor should know everything, only the matters of his kindness. Another quality, it should have empathy, which means he is a good listener, because if he is a good listener then he will provide a good solution. In a simple word, a Mentor inspires you to be like him, ” explains Jeff Hoffman.
Networking.
According to Jeff, Networking is the most crucial and highly recommended, because good networking can help you when you are stuck in any critical problem and thus that problem will be solved in minutes. Silicon Valley is the hub of many startups and global technology companies, Apple, Facebook, and Google are among the most prominent.
It’s not because it is a good location, it’s because it surrounds the most like-minded people. Where a critical problem can be solved in minutes and new ideas can be brought practical instantly. That’s why networking can solve critical problems and can be worked on ideas instantly, “says Jeff.
Impact And Ambition Matters.
To build a billion-dollar empire impact and ambition are required. Every time or step is taken to change the individual’s lives or to ease their lives; this is the biggest ambition an entrepreneur thinks about. Jeff says, “People of my generation were proud if they held an important position in an organization but this young generation only thinks about the impact and the lives.
Mistakes Which Entrepreneurs Do Most Often.
Jeff says, “The first mistake is understanding your idea brilliance, entrepreneurs get in love with their idea that they start to visualize it as successful which is the rookie mistake. The second mistake is wearing 7 hats, beginner entrepreneurs try to manage every post in their organization, marketing, brand building, product designing, sales, and so on.
It is not a good job, It’s a blunder. A good entrepreneur should just focus on the field in which he is the best and the rest of the fields should be divided among the individuals who are great in that field.
Spreading Brand Globally.
Jeff Hoffman says, “Building a brand globally needs quality over quantity. People say I need 10,000 clients but I say no, you don’t. You just need 1000 clients because a 9.8 rating out of 10 is more beneficial than a 5.4 rating out of 10. For first clients, you need to do something special to gain reference clients.
Clients will not become your clients by just watching your ad, they ask their friends for better organizations and if you have satisfied their friend then you will be referenced by his friend. That’s why to spread globally, focus on quality rather than quantity.
In the end, business is not a job, it’s a mindset, a skillset, a tool. it’s done to bring impact in the world and individuals’ lives and success is not a destination it’s a platform, if you work hard you have a successful business then you have a business that can go out and impact millions of lives.
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Thank you