At 8, he had a hen farm selling eggs to senior citizen homes, by 16 he had a team of dozens of programmers working for him across the world and by 19 he had multiple successful businesses and he was on his way to being uber successful.
But by the time he was 21, Canadian entrepreneur Scott Oldford was $726,000 in debt and it was all starting to go downhill
At the mere age of 21, Oldford found himself in a world of "financial hurt" and having 3 back-to-back failures.
It all started when he lost sight of his focus, his character and he found himself working with the wrong customers, for the wrong reasons.
This nearly bankrupted him not only business wise but emotionally.
There were lessons Scott needed to learn and he spent the time learning them.
Now at 25, he has reinvented himself by starting a new company, called INFINITUS, in the short time of its existence, the company is projected to make over $7 millions in revenue in 2017, the companies mission is to help entrepreneurs who have yet to generate 7-figures annually, do that effectively using Online Marketing.
What changed for Scott?
It reminds me of a quote by Victor Frankl that I always share my coaching clients "When you are no longer able to change a situation you are challenged to change yourself."
For Scott, it first came down to changing himself and then learning how to change the world around him and he did this in four effective ways:
1. Lead with Character
By the time Oldford was 19, he admittedly "full of ego and felt invincible". This is a common occurrence when you taste early success (or at least perceived success).
Scott reminded me of a quote by Eric Thomas that says, "Your talent can bring you places your character can't keep you".
He believes that all entrepreneurs have a certain unfair advantage, their skills, knowledge, talent, experience and connections that combined them, give each a certain edge they can use to get ahead.
However, this edge can also be your downfall if you don't also develop your character and remember why you are in business, to serve your people and to work with your team to do so.
2. Lead with Focused Purpose
Entrepreneurs have a hard time focusing, it's part that they see opportunity in everything, however, as Scott says, it's nearly impossible to get momentum and traction in your business and for people to see your big "why" and stand behind it, if it's scattered.
When Scott set in stone that he wanted to help 100,000 entrepreneurs use his method of lead generation to get off the "Six-Figure Hamster Wheel", he found that it was easy to say "no" to opportunities, easy to find team members, customers, clients, partners and alignment occurred inside of his business.
He suggests the same focused purpose is critical to success and momentum.
3. Know Who You Want to Work With
Entrepreneurs are typically born from seeing an opportunity and pursuing it. However, Oldford has discovered that many don't stop to ask themselves one very important question:
"Who do I truly want to serve?"
Oldford says that once you know who you serve, you need to dial in the top 10% that you resonate with, even more so if you are using yourself as the brand.
Scott ended up in a lot of debt and unfulfilled because of this and never fully hit his stride until he knew exactly who he wanted to work with:
Six-figure entrepreneurs who want to scale their businesses to seven-figures (and beyond), so they could get off the "Six-Figure Hamster Wheel" as he describes it.
4. Restlessly Work with the Perfect Customer
Scott says that when your back is against the wall, you're likely willing to say "yes" to those that aren't really your perfect customers, he says that it's not just enough to attempt to attract your perfect customer, you need to stand behind that.
Each and every time you say "no" to the right customer you become more profitable and more defined in your true direction as a business, he says, however, especially at the sub-7 figure range, this is difficult due to the typical cash-flow issues businesses have, for him it was automatic lead generation that solved the issue, which is what he now helps others do.
Scott had a lot to learn and even more to figure out. Success can have it's ups and downs but our most meaningful lessons come from learning who we are on the inside before we can grow and expand on the outside.