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Many entrepreneurs understand the value of money.
We use money to make more money. We buy, spend, and invest in things that will help propel us forward.
Money is tangible. We can feel it in our hands, and we can see the importance other people place on it.
However, there is another form of currency that is often misunderstood and rarely utilized for maximum value.
That currency is our intellectual capital.
How are you maximizing your intellectual capital?
We spoke with serial entrepreneur, business mogul, speaker and mentor Roland Frasier.
He spoke about how he started as an entrepreneur and how he uses his intellectual capital to acquire ownership in successful companies.
You Must Have an Entrepreneurial Mindset
Roland would be the first to tell you that being an entrepreneur is hard work.
Nonetheless, he has a certain philosophical dogma that he carries with him in life and business.
“No matter what happens in your life, I believe the world is conspiring to make us better people.”
It is this entrepreneurial mindset that has helped him through all the challenges that come with being an entrepreneur.
Roland appreciates the renewal, invigoration, and challenge that hard times bring and uses them to become a better person.
To put it more succinctly, he learns from his struggles.
While most entrepreneurs may visualize difficult times as dumping loads of cash out the window, and it certainly can be, the lessons learned from challenging times can also bring future rewards.
After all, what is wisdom but a person who has learned through experience?
You Need to Know When to Walk Away
While reading about the habits of the most powerful entrepreneurs, Roland found one characteristic that all great entrepreneurs share. They know when to walk away.
As entrepreneurs, it’s easy to be consumed with solving the problem. We keep thinking, more money or time will make the business more successful. Most of the time, that only leads to losing two great assets: time and money.
The most powerful entrepreneurs understand when it’s time to move on and do so quickly.
Roland advises having a goal in mind when starting your business. Create a timeframe and a monetary threshold, and don’t go past it.
Doing this will give you the power to walk away and try another venture with more potential.
Roland puts it this way: The business is here to serve us, not the other way around. If your business isn’t serving you, it’s time to walk away.
The Power of the Three “M’s”
While hard times can teach us many things, it’s not the only way to learn. That’s why Roland has always believed in the three M’s.
The three M’s are:
He always believed that if he could find great businesses to model, acquire mentors in that industry, and engage in a mastermind group around that industry, he could learn much faster.
The three M’s have served him well in business, but they have also brought other assets such as contacts, business partnerships, and opportunities to earn more.
Using Your Intellectual Capital to Own Businesses
Roland has always strived to learn and grow, whether from challenging times or opportunities.
Now, he uses one of the most valuable assets in his toolbox to acquire successful businesses with no money down!
Rather than using his own money to buy equity in successful businesses, he applies another strategy. He partners with businesses by sharing his intellectual capital for equity.
Using this strategy, he has partnered with many successful companies, like Traffic & Conversions, the War Room Mastermind, and others.
If you’d like to learn how to leverage this skill from Roland, check out the Epic Challenge today.
If you’re looking for free material, check out Roland’s podcast Business Lunch.