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In this "Lessons" episode, Liz Elting, CEO of the Elizabeth Elting Foundation, discusses her journey in building a billion-dollar company from the ground up, sharing her approach to bootstrapping and achieving sustainable growth. She emphasizes the value of focusing on revenue and profit over seeking early-stage funding.
Profit Over Funding: Liz highlights why relying on revenue generation, rather than external funding, is crucial for long-term success. She discusses the pitfalls of taking on investors too early, which can dilute ownership and limit control over business decisions.
Empowering a Self-Sufficient Team: Liz explains her innovative approach to building a high-performing team, using a model that rewards employees for achieving milestones, fostering an entrepreneurial spirit within the company. She shares how this structure empowered employees to act like owners and contributed to the company's success.
The Power of Sacrifice and Strategic Growth: Liz reflects on the importance of intense focus and hard work, especially in the early years, to build a business with a solid foundation. She shares her motto, "Work today like no one else will, so you can live and give tomorrow like no one else can," underscoring her belief in sustained effort for lasting success.
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