Luis Scott is the Managing Partner at Bader Scott Injury Lawyers, where he represents people who have been injured or disabled in severe accidents. He is also the Owner of 8 Figure Firm, which provides consulting services and insider knowledge to national law firms. As Bader Scott’s managing attorney, he handles over 150 employees and contractors and has led the firm to be recognized by the Atlanta Business Chronicle as one of the fastest-growing businesses in Georgia.
Luis has received numerous awards and accolades, including Super Lawyers’ “Rising Star,” The National Trial Lawyers Association’s “Top 40 Lawyers Under 40,” and the American Institute of Legal Counsel’s “10 Best Attorneys in 2017” for workers’ compensation.
Here’s a glimpse of what you’ll learn:
- Why entrepreneurs struggle to find meaning in their businesses
- The true essence of entrepreneurship
- How to develop an entrepreneurial mindset
- What are the three characteristics of successful business owners?
In this episode…
Some entrepreneurs are disheartened by their businesses, acting as employees rather than building the company to serve their needs. If you’re inundated by the seemingly endless cycle of hardships, consider adjusting your perspective.
As a skilled multi-business entrepreneur, Luis Scott understands the grueling nature of attaining revenue and lifestyle goals. Rather than relying on the myth that you can establish a billion-dollar company in a few years, Luis says you must expand your time frame. Calculated growth requires developing a sound business plan and relinquishing arbitrary revenue deadlines. Luis also encourages entrepreneurs to believe in their abilities to overcome adversity through resilience, resourcefulness, and a solutions-focused mindset.
Tune in to the Guts and Glory Show as Luis Scott talks about the crucial qualities of entrepreneurship. He shares the three characteristics of fortunate entrepreneurs, how to identify meaning in your business, and how to adjust your mindset for the long term.
Resources mentioned in this episode:
Sponsor for this episode…
This episode is brought to you by 8 Figure Firm.
After their own law firm scaled from $3.5 million to $30 million in annual revenue in just two years, Luis and Seth started 8 Figure Firm to share their strategies and help other law firms achieve exponential growth.
Visit www.8figurefirm.com to receive a consult call and start scaling your business today.
Get ready to be amazed. Get ready to be transformed. Get ready to believe it is possible. You’re entering the growth zone, on the Guts and Glory Show with your host, Luis Scott.
Luis Scott 0:22
Welcome everyone to the Guts and Glory Show. I’m your host Luis and I am excited to talk to you about the mindset of an entrepreneur, I, I am just right now finding it so incredibly disheartening, or maybe maybe that’s not the word. It’s just just sad. For people out there for people who are entrepreneurs. You know, as a consultant, I spend a lot of time working with people on how to build their business, how to actually progress, their business or their business meets their needs, you know, one of the things that that I want is for your business to meet your need, versus you meeting the need of the business, meaning you’re not an employee of your business, but rather, the business serves you. Because what’s the point of building a business have you create a job. And as I’ve now consulted hundreds and hundreds of people, and maybe in the 1000s, at this point, because of some of the the academies that we have in the team training, but definitely hundreds of firms. What I’m realizing is this, this sense of overwhelm this sense of disgust for their business, this sense of feeling like, like their business is not serving them, is not giving them what they want and need out of their life and out of their business. And it’s, it’s just a common thing. And it’s happening right now. And, you know, recently I’ve had conversations with some of my clients, who are just facing a very difficult time. And I used to have a mentor of mine, who would tell me that, that building a business wasn’t hard, it was just building a business and managing your life that was difficult. And I believe that for a long time, like, for a really long time, I really believed that that was true. But the older I get, and the more I work in business, building a business is is hard. And there are some things that that make it harder is the complexity of people management, the complexity of, you know, building a business plan, raising your leadership, working with people marketing, and getting enough people to want to be interested in your product. So building a business is hard, but we make it more difficult. Because we don’t have the mindset of the entrepreneur that we should have, we don’t have the mindset of somebody who is is geared for the long haul. And the fact of the matter is that entrepreneurship out, you know, sure, the Amazons of the world and the apples of the world, and Disney and Facebook and all these, these guys became super successful, and they got a lot of venture capital, and were able to build their business $2 billion status in a relatively short amount of time, right? If because if you think about Facebook, Facebook went from existence in the early 2000s $2 billion status and like 10 years, so sure those things exist. But most entrepreneurs are not going to have that experience more than most entrepreneurs are, will have a million dollar experience, which is great, they will become very successful, they’re going to have a life that many people envy. And if they’re consistent and persistent enough, they’re going to have some of the luxuries of life, you know, when I think about my own personal life, and yes, I have two homes, and I own two boats. And, and I do have exotic cars. And I do have expensive vacations and we have full time help around the house. I tell people all the time that, that I’m not I have a third business, it’s called the Scott household, you know, we have so many people that work for us. But I don’t have a billion dollar business. And I don’t know if I ever will. And that’s not a limiting belief. It’s just the product that I serve takes an extended amount of time to get to that billion dollar status, you know, I don’t have, I don’t have a text product I’m serving, I’m servicing, consulting and legal services. So it takes more time to generate the reputation to make that a reality. So it’s not that it can’t happen. It’s just, it’s going to take a lot a lot longer time. And I think that what happens many times with entrepreneurs is that they don’t gear up for the battle, they don’t gear up for the long, long haul, they don’t gear up for the time that it’s going to take to be successful. They don’t they want to open their business, they see other people do this, and two or three years, and I have a firm that in three or four years will generate a 10 million in revenue, and independently wealthy now because of their business. But they see that and they just assume that that’s the case for everyone. And that’s not the case for everyone. If you’re going to be an entrepreneur out there, you have to gear up for the battle. You have to be prepared for the long haul. Because this is a marathon. Entrepreneurship is not a sprint, it is a marathon. But the cool thing about the marathon is that there’s no time limit. There’s no time limit, there’s no time restriction. It’s not like if you don’t finish at a certain time, you’re going to be kicked off. You know if you’ve ever run a marathon, they tell you I used to do Spartan Races, and at the beginning of the Spartan Race, they would say Okay, your your start time is 745 You just have to finish before the sun comes down. And so we would have, you know, 12 hours to finish finish the race. There’s no time restriction and entrepreneurship, there’s no deadline, there’s no, if you don’t finish by this time, you have to get off the course, that’s the beauty of entrepreneurship, you have to be willing to go the full day and in the night, and then the next day and in the night, and then the next day and in the night. That’s really what entrepreneurship is all about. But we don’t prepare for the long haul, we don’t prepare for the battle, the mental battle, the imposter syndrome. And so if you want to be extremely successful in life, then you want to have the luxuries of life, and you want to have million air status, and you want to have a million dollar net worth, and you want to have money in the bank, and you want to have peace of mind for a financial stand, because it doesn’t, it doesn’t relieve you from personal problems that may exist in your life. But if you want to have that kind of life, you have to be prepared for the long haul, you have to be prepared for the battle, you have to be prepared for the difficult time, there are ways that you can believe your way into into success. And I do believe that and, and one of my favorite consultants and you know, he talks about that you can have anything you want, if you believe it, and you take the necessary actions to achieve it. And I do believe all those things. But I think that putting arbitrary deadlines on when we should achieve those things really causes us more stress and anxiety for us more stress and anxiety than we should be enduring what could because entrepreneurship is already a difficult endeavor. It’s already very difficult. And so I want to talk about the mindset of the entrepreneur. And just help you better understand if you have a product that you believe in, if you have a service that you believe in, and you’re getting started on your journey, or maybe you’re five years in, or maybe you’re 10 years in on your journey. And you’re wondering, when is this going to ever happen for me, I want to give you a mindset that is that I hope is going to help you better endure this season. Because Because I used to ask myself that question. When is this going to happen for me? When am I going to make more money, that I don’t have to worry about that next paycheck? When am I going to be able to pay my bills on time, every time? When am I going to have the status of somebody who was successful? And I shouldn’t I started asking myself that question over and over again, because I was there. But I remember something my dad told me and he said, You’re in the desert period. He was referring back to, to Moses in the desert period wouldn’t when when Moses was in the desert period. And he was walking towards the promised land, he had the entire group behind him. And people were depending on him. And I can’t imagine the amount of stress that he meant must have felt with 2 million people following behind him walking to the Promised Land, everybody asking where and when are we going to get there? Right? I think my family of of six is a lot to bear. By the way, for those of you guys who don’t know, I just had, my baby was just born. And so now I have four kids, four kids, two boys, two girls, so really excited about that. But this family of six pens on me had a he had a family of 2 million that were depending on him to get to the promised land. And he was probably wondering, When am I going to get there? How am I going to get there? How am I going to endure this desert period, this period of dry land this period of have no water, this period of of no shade, this period of relentless heat. And we probably feel all these things as entrepreneurs, we feel that relentless heat, the heat, the pressure, we feel that there’s no shade, we feel sometimes so thirsty for an answer, we feel so thirsty for a solution. We feel like we need more help. And I’ve been there. I’ve been there before, many, many times. And so what’s the mindset that you have to have? Well, the first thing is, you have to gear up for the battle. And what I mean by that is you have to plan. You know, recently I was in my private Facebook group with my consulting clients. I put something out there because I think it’s so true. And it’s you wouldn’t bake a cake without a recipe. But yet you build your business without a plan. The business plan, the business portfolio, that’s what we call the business portfolio, which is the five points of the plan and that I’ll do another another talk on that. But the business plan is the recipe for your business, the recipe for your cake. So if you don’t take the time to write the recipe and follow it your cake, or what we call the business is likely going to taste like Shi T.
This show has been brought to you by 8 Figure Firm Consulting at 8 Figure Firm we help law firms turn into law businesses. Stop wasting your time with gurus who’ve never built a successful business at 8 Figure Firm will show you how to unleash the power of your law firm for personal and financial freedom. For more information go to 8figurefirm.com. Welcome back to The Guts and Glory Show with your host Luis Scott.
Luis Scott 9:46
So stop saying that you don’t have time to plan and start saying I can’t afford to build a cake without a recipe. And so the first part of gearing up for the battle is preparing the plan when I started building 8 Figure Firm I had already learned a lot of these principles. Rules of entrepreneurship, which is one of the reasons why 8 Figure Firm grew from zero to 5 million in three years was because I had learned so many principles of entrepreneurship already. And one of the principles is that you plan before before it happens. And so I sat down, and I wrote down, you know, my vision, my vision, my core values, my service standards, I wrote down my company goals, I wrote down my marketing plan, which was basically no money, it was a referral based business, my hiring plan, I wrote down all these things, that, that I thought, were going to help me make me successful, and then I started executing on it. And believe it or not, the plan failed, I did not achieve what I wanted to achieve in the business in the first year, but I achieved a lot, I achieved a lot. And so if you want to have the mindset of an entrepreneur, you have to have the mindset that I can’t afford to say that I don’t have time, you just can’t do that. You can’t afford to say that you don’t have time, you can’t afford to say that you don’t have time for making a plan. You can’t afford to say that you don’t have time to grow yourself, you can’t afford to say that you don’t have time to improve yourself, you just you don’t have that luxury, you don’t have that luxury. The second thing is that the mindset of an entrepreneur has to be someone who has an extended horizon, meaning I don’t have a a an arbitrary deadline on when I should be successful. There is no date that tells me when I should be successful. There is no moment that tells me when I should be successful. There is no moment when I’m going to say I’m going to quit on this dream, I’m going to quit on my product, I’m going to quit on my service, I’m going to quit on my restaurant, there’s no moment where that becomes a reality, you will continue to fight for your dream. That’s the mindset you have to have, no matter what, no matter what happens. And I’ve been fighting for my dream for 20 years. My dream, believe it or not, was not to build multiple successful companies. My dream was to be a publicly well known or nationally renowned author and speaker, I’m still fighting for that. I’m still trying to figure out how to become that. And I see other people who are younger than me who go out on the stage, and who are already that that has nothing to do with me, I’m still fighting for that. And so if you want to be able to overcome some of the challenges, you have to develop a mindset that overcomes the barriers, because these barriers are going to come in and they’re going to they’re going to drown you out. You know one of the things that I’ve told somebody recently that have you ever woken up in the middle of the night, with a song in your mind, like maybe you were playing a song over and over, so I do that I get, I get locked in on a song My wife hates I do that sometimes, because I’ll play the piano. And so I find a song that I like. And I’ll just play the song over and over and over and over and over and over and over. And like literally non stop. And so sometimes I do that with with songs, I listen to a song over and over again. And in the middle of the night I wake up or in the morning, I wake up with the song ringing in my head. And if you want to be able to overcome all of your obstacles and all of your burdens and all of your trials, and all the issues that come with entrepreneurship, you have to have the song of confidence, a song of belief, you have to be engaged in believing that you can overcome the challenges that come your way, because challenges are going to come your way it’s not going to be easy. But who said this should be easy, who said that entrepreneurship should be easy. That’s the funny part. I hate when you know, people come to me and they go, this is not fun, who said it was gonna be fun. This is not easy, who said it was gonna be easy. This is so hard, who said it was going to be easy. Like that is just a blows my mind away, you want to make $1,000,000.02 million dollars $10 million, you want to make this income that far surpasses what people make around the country and in the world. But you think it’s going to be easy, it’s not going to be easy. And so you have to plan for the battle, you have to plan for the long haul, you have to develop this mindset in this, that you can overcome any issue. And recently in the same private Facebook group that I have, because I tried to put some inspirational things in there just to keep people you know, on track with their mindset. But when I when I talk about this sense of resiliency in the sense of like, you have to be committed to the process. You know, one of the things that I try to tell people is that if you make the problem seem big, you you’re going to become smaller than the problem in the moment. But if you make your problem seem small, you will become big in the moment. And I have found this to be true that when when owners and entrepreneurs are overwhelmed by the size of their problems, they generally feel powerless. But when they see their problems is just part of the process, they always feel empowered. And so ask yourself the question, do I do I shrink in fear in the face of an obstacle? Or do I rise and face and the thing is if you rise in faith that’ll tell you something about your business. And if you shrink in fear, that’ll tell you something about your business. And so the mindset of an entrepreneur, someone who is Battle Ready, understands the long haul, is willing to overcome all things has a belief for all things as a belief that they can overcome all things. But I’m gonna give you three additional words. And I want to expand upon them too much because because they’re self evident, but I just gonna give you three words number one is resilient. They have to be resilient, you will be tested, you will be tested. You have to be resilient. Number two, you have to be resourceful, resourceful, you need to make sure that you find the resources that you need to overcome your issue. Every issue is a overcome mobile, so you need to be resourceful. And the last one is you need to be solution oriented. Don’t spend so much time on the problem, then spend more time thinking about the solution. And so if you do these things, if you become battle tested, if you understand this for the long haul, if you have the mindset of belief that you can overcome these things, if you’re resilient, resourceful, and solutions oriented, there’s no reason that with consistency and time and effort, that you can’t build the business of your dreams, that you can’t accomplish something great in your life, that you can’t provide the legacy that you want to provide for your life. It’s just a matter of time and effort, put in the time, put in the effort, and it will happen that’s a universal law, it will happen. If you plant the seeds, you will grow harvest. No doubt about it. Just keep planting those seeds each and every day. Thanks for joining me on the guts and really show.
You’ve been listening to the Guts and Glory Show for more. And to learn more about Luis hit the website at LuisScottjr.com. For consulting opportunities, hit 8figurefirm.com That’s the number 8figurefirm.com We hope you’ve enjoyed this show. Make sure to like rate and review and we’ll see you next time on the Guts and Glory Show.