Episode 121 – The Thief Phase
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Over the last few weeks I have been talking about the phases of entrepreneurship:
The Founder Phase, Farmer Phase, Tinker Phase and now the Thief Phase. Today, we will be discussing this final phase and what do you do when your idea has reached the pinnacle of success.
In late 2016, my business was doing great and generating more money than I would ever need. I began to ask myself, “Why am I pushing myself so hard?” We all know, however, that the second you stop marching forward, you start sliding backward. I found myself a new mentor and made a very bold goal for 2017 (which I achieved.)
The “Thief” phase of entrepreneurship is when you take your idea to a new niche; partner with someone with a complementary service; or simply retire. The Thief moves assets from an area of high concentration to low concentration and, like Robin Hood, begins to build a legacy of service to his community.
To reach the Thief phase after the Tinker phase, an entrepreneur must have:
- Cash flow assets that generate income with virtually zero time spent on delivery or management;
- Three to five “Meta Roles” (or reports) who run her business(es)
- Solid physical fitness, cognitive fitness and mindset training and habits
- A personal mentor who has reached the “Thief” phase already.
When you enter into the Thief phase, you reach the “retirement point” and the focus now should be on your contribution and relationships. The goal of this phase is finding who you can partner with to bring your idea to a new audience, or combining your ideas to creating even bigger ones. It’s also to create a legacy of service within your community through volunteerism, philanthropy, endowment or mentorship.
Building something bigger than just your business so that you can leave a legacy and an impact on your community is extremely important. The ability to leverage your money or your expertise within fitness to those that need it is an extremely admirable and has the ability to make a lasting impact on people’s lives.
For example, one way in which I am using the Thief Phase to leave an impact is to continue to expand Two-Brain Business into other industries. Many other industries are lacking in the basic principles of Two-Brain, such as “Help First”. By bringing these strategies to other businesses such as dentist offices, I can help improve the businesses in my community and leave a lasting impact.
If the Thief Phase sounds kind of broad or too far away, that is fine! I just want you to be aware of what is possible and what you have to look forward to when you have a solid cash flow asset.
0:29 – Last chance to sign up for the 2018 Two Brain Summit!
10:34 – What is the Thief Phase?
13:40 – The story of Robin Hood and how it applies to the Thief Phase
16:42 – The importance of building a legacy after building your business
20:25 – Different ways to deliver on your legacy
22:56 – Combining projects to create an even bigger impact
25:29 – Other components of the Thief Phase
Then: TwoBrain Story: Shely Propst