Returning with the Elixir and Sharing Your Hard-Earned Wisdom
Discover how entrepreneurs can return with the elixir of their journey by sharing wisdom, mentoring the next generation, and building a lasting legacy.
As an entrepreneur, I’ve realized that our journey mirrors Joseph Campbell’s Hero’s Journey. There’s always that moment when everything clicks, and we reach the final stage—Return with the Elixir. This is where all the trials, failures, and hard-earned lessons come together, and we return to our business and community with something precious to share. But here’s the thing: it’s not just about personal success. It’s about taking that wisdom and making a real difference for others.
"True success is not measured by the milestones we reach but by the wisdom we share with those walking the path behind us."
I want to dive into two books that have shaped my thoughts about sharing what I’ve learned: “The Coaching Habit” by Michael Bungay Stanier and “Teach What You Know” by Steve Trautman. These two books offer incredible insights on effectively passing on the lessons of your entrepreneurial journey, leaving a lasting impact on your team, your business, and the wider community.
Step 12 of the Hero’s Journey: What Is “Return with the Elixir”?
So, what exactly is this elixir? The Hero’s Journey is the ultimate treasure—the knowledge, experience, or transformation the Hero gains along the way. In entrepreneurship, that elixir is the insight we’ve picked up through all the ups and downs—market knowledge, leadership skills, and innovation. It’s that “Aha!” moment when we realize what works and what doesn’t.
But here’s the kicker: it’s not just for us. The elixir's actual value comes when we share it. It’s in mentoring the next generation, coaching our teams to think differently, or using our journey to help others grow. That’s when we go from entrepreneurs to leaders who create lasting change.
"A legacy is not what you leave behind; it’s the future you build by empowering others today."
Mike Parsons
Sharing the Elixir: Coaching as a Tool for Legacy-Building
This brings me to “The Coaching Habit.” Michael Bungay Stanier really nailed it when he talks about how the best way to share what we’ve learned is by coaching others, not spoon-feeding them answers. It’s about asking the right questions, getting people to think deeply, and empowering them to grow.
In my own experience, I write new posts daily, record podcasts, and create courses on topics that help me improve myself and my clients. This is my way of building a legacy—assisting thousands to become better entrepreneurs. It’s not just about what I’ve gained; it’s about passing that knowledge on to as many people as possible.
- Facilitating Knowledge Transfer: I don’t need to have all the answers—I need to help my team discover the answers themselves. Coaching isn’t about me being the hero anymore; it’s about assisting others in their journey.
- Building a Legacy: I’m investing in the future when I coach others. It’s about creating a culture where people think independently and make decisions that push the business forward, even when I’m not there. That’s how we build a lasting legacy.
Stanier’s framework gave me the tools to stop micromanaging and start leading by coaching. It’s how I ensure that the wisdom I’ve gained doesn’t stay with me but gets embedded in the DNA of my team.
"The greatest impact comes not from holding onto knowledge but from passing it on to others so they can build something even greater."
Mike Parsons
Mentoring the Next Generation: Teach What You Know
Now, let’s talk about “Teach What You Know” by Steve Trautman. This book really hits home for those of us who are thinking about the long term and how to ensure that our knowledge doesn’t just fade away. It’s all about structured knowledge transfer—making sure that what we’ve learned gets passed on effectively and practically.
- Mentorship and Succession Planning: I always think about who will lead next. How can I ensure the next generation of leaders is ready to take the reins? Trautman’s approach gave me the blueprint for mentoring my team intentionally and scalable. It’s not just about giving advice but equipping them to lead.
- Scaling Entrepreneurial Wisdom: Too many businesses struggle when key leaders leave, taking their knowledge with them. This book gave me the tools to ensure that the elixir of my experience gets shared in a way that scales. As the business grows, so does my team's knowledge base, and that’s what keeps things moving forward.
By teaching what I know in a structured way, I’m making sure the essence of my entrepreneurial journey becomes a foundation for the future leaders of my business.
"The ripple effect of one entrepreneur's journey can reshape industries, inspire generations, and leave the world forever changed."
The Entrepreneur as a Change Agent
The most exciting part is that when we bring back our elixir and share it, we become change agents. We’re not just helping ourselves or our companies—we’re reshaping industries, inspiring others, and creating a ripple effect that can change entire ecosystems.
I hope the content, tools, and lessons I create give entrepreneurs the confidence and hope they need to build great companies. That’s the kind of change I want to be part of.
- Disrupting Industries: The innovations and insights we gain as entrepreneurs can push entire industries forward. I’ve seen firsthand how applying new ideas can force competitors to adapt and elevate the whole market.
- Inspiring Future Entrepreneurs: When we share our journey and mentor others, we encourage the next wave of entrepreneurs. Our stories can be the catalyst for someone else to start their journey, and that’s powerful.
- Fostering Leadership: The most fulfilling part of this whole process is watching others step into leadership roles, empowered by what I’ve shared. It’s a full-circle moment where my journey helps someone else begin theirs.
"The real challenge is not in gathering wisdom, but in having the courage to share it even when the world resists change."
Challenges in Sharing the Elixir
Of course, like any hero returning from their adventure, there are always challenges when trying to integrate that newfound knowledge:
- Resistance to Change: It is not always easy to get others on board with new ideas. Coaching can help ease that transition, encouraging others to think through the changes instead of resisting them.
- Maintaining Momentum: It’s tempting to rest on your laurels after achieving success. But sharing the elixir means keeping that energy alive by continuously coaching, mentoring, and innovating.
"The true measure of your journey is not the distance you’ve traveled, but the lives you’ve touched along the way."
Case Study: Richard Branson - Empowering Future
Entrepreneurs
Background:
Sir Richard Branson, founder of the Virgin Group, is an exemplary figure for "Returning with the Elixir" in the entrepreneurial journey. Known for his charismatic, adventurous spirit and innovative business strategies, Branson has built a global empire and dedicated significant efforts towards mentoring young entrepreneurs and investing in new ventures.
After creating Virgin, Branson didn’t just focus on growing his businesses; he made it his mission to mentor and inspire future entrepreneurs. He shares his experiences and insights in books, interviews, and personal mentoring sessions, helping others overcome the challenges he once faced.
How Branson Shares His Elixir:
Branson actively invests in young entrepreneurs, offering financial support and mentorship through programs like Virgin StartUp. He uses his platform to promote the importance of taking risks and pursuing bold ideas, just as he did throughout his career. His wisdom isn’t confined to the boardroom—Branson is known for empowering entrepreneurs globally, teaching them to innovate, challenge the status quo, and build businesses with purpose.
Branson is creating a ripple effect by sharing his elixir, empowering countless entrepreneurs to build their successful ventures. His impact as a mentor and advocate for entrepreneurship exemplifies what it means to return with the elixir and use it for the greater good.
Conclusion: How Will You Share Your Elixir?
Returning with the elixir is about more than personal success. It’s about taking everything we’ve learned as entrepreneurs and using it to uplift others. Books like “The Coaching Habit” and “Teach What You Know” have helped me see how to lead my team and ensure that my journey becomes a part of their growth story.
So, my question is: How will you share your elixir? Will you be the coach, the mentor, the leader who helps others rise? Because, in the end, our most tremendous success isn’t what we achieve alone but what we help others achieve.