Joshua B. Lee, co-founder of Stand Out Authority, is a life coach, business coach, speaker, entrepreneur and seeker of jollification. Follow him @joshualee1978.

Who is your hero? 

I was blessed to grow up in an upper middle class family. As long as I maintained high performance in school, my father told me I didn’t have to work. My parents would provide me a car to drive. But this life turned out to be a facade; a false sense of security.

When I was 15 years old, my dad lost his job. He had been high in a corporate company, so it was a big financial dip. My dad’s strength shined through. He wasn’t worried about the future. He focused on that day. He put his ego aside. He sold siding for Sears, worked at Circuit City and sold 18-wheelers. He kept earning an income until he got that “right fit” job. His example taught me about work ethic and not letting my pride get in the way of supporting my family.

No job is too low to support your family. Do whatever it takes.

What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?

Find mentors and peer groups you can stand shoulder-to-shoulder with. These aren’t namby-pamby types. Nor are they friends who’d be reluctant to give you hard truths or “tough love.” Friends sometimes get envious the higher you climb if they are not also on the same path. Mentors are 10 years ahead of you. Peer groups are on your same level. Both hold you accountable.

I have a mentor to help me level up each area of my life: business, health and family relationships. True mentors and peers push you to your limits daily so you make progress toward your business goals. The market doesn’t care about excuses, whiners, or rationalizers. Results come in, whether they’re good or bad.

What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?

I leapt before I looked. The saying goes, “A real entrepreneur leaps off the cliff and builds a parachute on the way down.” This is dangerous thinking. Without the right tools it’s damn near impossible. You must act. But do so in a strategic, well-researched way.

My mistake happened when I was flush with cash to invest. I was confident I could catapult myself to the front of the industry. It turned out to be a $1.3 million mistake. I didn’t do my due diligence. I was in the process of building this piece internally. It would have been completed within six months. I took the shortcut to purchase the piece somebody else built and got burned. Before acquiring any company, I’ve learned to make sure the other company and culture aligns with my own.

What do you do during the first hour of your business day and why?

First, I don’t compartmentalize. I look at my day as pieces of a whole, where the whole is greater than the sum of its parts. Upon waking, I stretch, do a quick yoga session, then I journal. I take care of myself first so I can perform at my highest level the rest of the day. I fuel my body with nutrient dense foods and liquids. I fuel my mind by reading or listening to audio books.

The library is the most underused tool I see. Where else can you access thousands of audio books for only about $50 per year? I recommend this resource to each of my mentees. I set five goals for my workday, which I record in my smart phone. Then I take the advice of Brian Tracy, author of “Eat That Frog!” — I do the most arduous task first while I’m at maximum energy. I finish my five goals. Then I feel accomplished and fantastic at the end of my workday.

What’s your best financial or cash-flow related tip for entrepreneurs just getting started?

Figure out your passive income as quickly as possible. You’ll have lots of active income projects eating your time. This does pay the bills, but you won’t feel like you’re getting ahead. Passive income is so gratifying. Even if it’s only five dollars per day, you’ll feel wealthier.

This mindset and knowledge is critical to bolster your confidence. It helps you persevere when the economy craters or business dips or plummets. Contracts and your book of business can be one form of “semi-passive” income. You can budget and forecast knowing money is coming into your business.

Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?

The Chinese have a five-year plan. They’re surging. Figure out where you want to be in the next five years. Then design a plan to get there. And know that things won’t go exactly according to plan. Dwight D. Eisenhower put it best, “In preparing for battle I have always found that plans are useless but planning is indispensable.” The clear vision you get from planning is critical to business progress. It’s essential to designing the personal and business harmony that makes life so magical.

Most entrepreneurs fly by the seat of their pants on a daily basis. This is a recipe for disaster. Even those who make it lament ending up at an unsatisfying destination. They often ask me in hollow tone, “Is this all there is?”

A little bit of design and planning upfront goes a long way.

What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?

I swing for the fences daily. I have my long-term plan. But I define success by accomplishing my five daily goals. The next day I do it again. If I ate well, had important interactions and experiences with my family, and accomplished my five business goals for that day, then I’m a success.

I journal before I go to bed to release any issues. Then I sleep like a baby. It’s all part of that homogenous, integrated life. The Amish have led the way on this front. I like to follow their happiness model — this is how I define success. If you go to bed at night feeling accomplished, you should feel successful.