Tyler Jefcoat is the Founder & CEO of Seller Accountant where he exercises his passion for helping sellers maximize their businesses. Tyler provides financial coaching for sellers totalling more than $100 million per year in e-commerce sales. Tyler also leads the Sellers Roundtable, an exclusive mastermind group for seven- and eight-figure sellers.
Entrepreneurial Role Models:
When business started difficulties overcame:
“the one I see over and over again is I don’t have enough cash to get started. They just want to say that I was fortunate in both of these concepts to build a concept and then find a seed investor from day one. And so, the initial cash, just enough capital to bootstrap the business, I was fortunate to not have to borrow that money. I was able to raise it from investors, two different investors. But even with the seed survival cash starting both of these companies was really lonely. There is that first year of just incredible grind where you are working unbelievable hours and getting no, no, no and just dialling for dollars every day”…[Listen for More]
Favourite Books:
- Making Money Is Killing Your Business, How to Build a Business You’ll Love and Have a Life, Too Book by Chuck Blakeman
- The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change Book by Stephen R. Covey
Favourite Quote:
“there are riches in niches”
Recommended Online Resources:
- Facebook, Inc. is an American online social media and social networking service company based in Menlo Park, California. Its website was launched on February 4, 2004, by Mark Zuckerberg, along with fellow Harvard College students and roommates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz and Chris Hughes.
- LinkedIn is a business and employment-oriented service that operates via websites and mobile apps. Founded on December 28, 2002, and launched on May 5, 2003, it is mainly used for professional networking, including employers posting jobs and job seekers posting their CVs.
- Twitter. It’s what’s happening. From breaking news and entertainment to sports and politics, get the full story with all the live commentary.
- Clubhouse is a new type of social network based on voice—where people around the world come together to talk, listen and learn from each other in real-time.
- Stratechery by Ben Thompson – On the business, strategy, and impact of technology.
Best Advice to Other Entrepreneurs:
“Four C’s: Character, confidence, communication and cash. If I am going to start a business in five years if I make my right now about cultivating experiences that build character. Like I was talking about selling, having to lead, having to charge up a hill even if I might fail. Cultivate that character of grit, that want to and that drive… And confidence as you try things and you have various levels of success it’s going to make you more confident”…[Listen for More]
More About Tyler Jefcoat:
Neil’s Quote at the Beginning:
“I never lose. Either I win or learn.” Nelson Mandela
Other Quotes From the Chat with Tyler Jefcoat:
- “Do you think it’s riskier to have one pay cheque from a single large corporation or to cultivate fifty pay checks from fifty happy clients? And it just change the trajectory of my life”
- “scalability is everything”
- “getting out of my own way and taking the time to slow down and build processes”
- “your network is your net worth. How can I be the kind of person who cultivates deep impactful relationships from day one? with no strings attached. How can I be the kind of person that send thank you letters? And goes into a networking room really wanting to serve the other people? Because if I cultivate that kind of network where they can lean on me and trust me then good things tend to happen in terms of recruiting good talent, in terms of building your business and maybe eventually in terms of exiting. I would say if I could do to things as a young entrepreneur process and people are those two things”
- “I think we overcomplicate it. I think if you spend as much of your energy as possible worrying about what you can control. For me that’s me. I can be an obsessive cultivator of myself. How can I be as productive and is focused and as genuinely interested in my contacts as I can possibly be. And then that’s what I can worry about. And then my second focus is on the people that are around me. How can I be as obsessively focused on the success of the people around me and make my mission to make them… wildly successful”
- “even if you hate accounting or even if you hate finance make yourself take a few minutes every week and just know where your cash is, know where your money is. If you hate money and you hate managing it pay someone to do it for you. Because understanding how to rub the mud off your windshield where I can clearly see where I am headed is the key to not make mistakes that are catastrophic. You are going to make mistakes; you are going to fail but I want to make sure that I can see things clearly and quickly enough that they are not catastrophic mistakes”
- “your job as a CEO is to pivot. Your mindset first and then your activities towards a more scalable model. And the end result has to be that your business gives you three things time, money and significance ”
- “there are riches in niches… How can I say no to bad money? If people want to pay me money but it’s not the right money how can I have the courage to say no? Let me help you find someone else who can solve that problem for you. What we do is X, Y and Z and we do it the best in the world and we charge a premium because we do it the best in the world. I think to the extent that I can continue to focus on their riches in the niches I will continue to be successful”
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