4 important questions and answers, if you want to become a successful entrepreneur
Today, everyone wants to become a successful entrepreneur. Hell, no, everyone wants to be rich and enjoy life.
Oh yes, but between those successful entrepreneurs and wealthy people, lies a very strong link. Clearly, if you’re not a successor of a great wealth, there are only two ways to become rich:
- win a huge amount of money on the lottery
- build a successful business
The chances of winning the lottery are around 100 million to 1, if you buy 50 lottery tickets, your chances will increase to 100 million to 50. You still have to have a hell of a luck to guess. It happens, but only to a few fortunate ones.
Let’s bet on a much safer variant of acquiring wealth, the build-up of a successful business. Here you depend not on the balls from the drum, but on your attitude towards business.
If you are consistent and if you work wisely, I’m sure you’ll reach large amounts of money much more quickly than by winning the lottery.
People are lazy. Excuse the expression, but it is true in 99 percent of the cases. All the people want a shortcut through which they would achieve significant things in a short term. While doing so, they are not aware that other people have invested years of work to create something great, something that will change their lives significantly.
The above thesis is particularly related to business. As a proof, there are various different services that promise a quick profit in a short amount of time. How? Well, these services are packed with naive people who think that they will be able to earn a huge amount of money in one night.
But are the shortcuts to the achievement of success always bad?
Of course not. It is important to recognize what is true, and worth the investment of time and money. The general rule is: any offer that sounds too awesome to be true is unfortunately almost always a scam.
But there are always positive exceptions. I can’t get over this fact without mentioning one truly great entrepreneur, Gallant Dill. This is a person who is ready to transfer enormous amounts of knowledge to his fans. Gallant wants people to succeed, to develop their business empires. In one word, he wants to make the world a better place! He achieves it by buying and giving away books, courses and various other supplies to anonymous strangers. Is this not the man, whose example the world should follow? If there were more such people, the world would be a much better place to live in.
Focusing on the right things, leads people to a more successful and more fun life. It is necessary to find the right way, and not to get involved in the lucrative offers that will only steal your precious time.
Successful entrepreneurs have overcome a long way from the early beginnings to the stage when they can say they are successful. I suppose your goal is to become a successful entrepreneur too. Of course, my mission is to help you with various advice.
Many different questions and answers need to be processed at the beginning of the build-up of a business. Each correct answer, will prevent you from falling into traps and problems. Believe me, you’ll have to make a part of the mistakes by yourself, because, that’s how it goes in business.
Error after error will lead to success after success. If you don’t give up somewhere along the way, the number of mistakes will eventually be smaller, and the number of successes will be bigger day by day. Oh, and after a few years you will be able to tell yourself, that you have finally succeeded.
If a thought ‘I want to be a successful entrepreneur’, is circulating in your head, it is time for you to read the key questions and answers that I have prepared. Don’t forget, every step is a step forward, although sometimes it may not seem so.
Is my idea really that great, that I’ll succeed to build-up a successful business?
One of the most common traps in which entrepreneurs fall at first, is the love for their idea.
You may think that your idea is the best, and that it will conquer the world, but will that really happen? It is very likely that it will not, and there are several reasons why.
As a you are still not mature enough to be able to maintain the distance between your affection and the product (or service). A large part of your love for the idea, is there because this is your first idea, and you have the feeling that you have created something with your own hands.
I’m sure your idea is not the best and it will not achieve significant success, at least as long as the users don’t confirm it.
What I’m trying to say is, the idea itself doesn’t have a great value if it isn’t interesting to users. Your potential customers are the ones who dictate the pace and the ones you have to adapt to.
On the market, you have to offer what people want. Without customers, your business doesn’t have a promising future.
An important segment of this whole story is testing. Nowadays, almost every successful entrepreneur, performs a very detailed testing before letting the product among the users. I’m talking about testing among clients.
The main objective of this test is to feel the pulse of the clients, and find out what they want. Are they satisfied with the product? Do they want some supplements, or are there some parts which bother them?
There is almost no company in the world which doesn’t perform such testing among users. This step is crucial because, the production of products is very expensive nowadays, and therefore requires considerable investments.
Thanks to the modern era, we now have services for crowdfunding. You can easily advertise your prototype there, before you start with the production of the mentioned. If the people’s interest is high, it means that your product is worth of further development and market placement. If the interest is weak, it may be better to turn to some other, better idea.
Another tactic that was a few years ago by Tim Ferriss is, to try to advertise a product that doesn’t physically exist yet. So you set the advertisment in a way that it immediately calls for the purchase. If users are willing to buy such a product, you can immediately start with the production of the mentioned. Otherwise, the idea is not good, and you should continue to dig further until you reach the ‘gold mine’.
What are my weaknesses and where should I improve my business plan?
You’ve built-up an amazing business plan, but things just aren’t working out the way you thought they would.
I’m pretty sure that you’re making a mistake in a certain segment. There are two reasons why your business plan isn’t ideal:
- you don’t want to confess and amend your weaknesses
- you’re not sure in which part of the project are your deficiencies visible
Why aren’t we all entrepreneurs nowadays? Why don’t we all have our own successful business?
The answer is simple: People are afraid of their weaknesses.
You, me, and every person on this planet has his deficiencies. Even those who tailor our society perspective are very often packed with different flaws.
The important thing is to recognize your weaknesses and act based on them.
I’ve recently watched a great lecture, whose main purpose was to let people see how they can learn a new skill. In order to learn something new, you just nedd to invest some of your time in it. The more important step is to overcome the fear of not knowing this new skill.
In our life, we play it safe in most cases, because we feel comfortable by doing that. But if we keep on doing it our whole life, it is very unlikely that we will be able to comprehend different things which the world around us has to offer.
Successful entrepreneur isn’t anythng else, but a person who was ready to take a risk, and make a move beyond the social boundries. While the society kept idealizing a certain idea, and a certain way of life, a successful entrepreneur accepted a totally different path and achieved success.
Your business plan isn’t perfect, and I’m sure it never will be. The goal is to achieve the maksimum with minimal investments. That’s the point of a business plan, and a path to follow. Many different problems which will fetter you, are hidden inside the business plan.
If you see that the followed plan isn’t going in the right direction, it is necessary to make a revision of the plan mentioned. Since you’ve already obtained a certain perspective of the market, it will be easier for you to detect the deficiencies which are hidden inside your business plan.
In any case shuoldn’t you hesitate when it comes to perfecting your business plan. Why should we restrict ourselves with something that was valid a few months ago, when the market has a totally different structure today.
The corrections are not a sign of your incompetence, it is exactly the opposite, they are showing your progress through the period in which you were developing something.
Do I need to focus on each detail in order to be successful?
Perfectionism is overrated. In fact, perfectionism doesn’t exist. People who strive to perfectionsim, will hardly ever build-up a successful business.
Now, imagine the following situation. You’re developing an innovative product the world has never seen before, in the comfort of your own home. After six monzhs, you think you’ve made a good prototype, but it’s still far from perfection. You present the prototype to the public, and announce that the final version will be available in about six months. In the mean time some chinese company finds out about your prototype, and launches it on the market in its current shape. While you’re perfecting your prototype, they are making money on your product. Since the probability of their product being deficient is high, the people will understand that they have wasted their money on it. Now comes the key question, is there even a necessity for you to finish that perfect product of yours? Will anyone on the market even want to buy it?
The imperfection of the product is everything but a bad thing. First of all, the market is rarely at the peak of interest for your product, and you should be able to recognize such chances. If you miss it, it is very likely that the enthusiasm and the interest of the buyers will fade away significantly. Another thing is, an imperfect product gives you a possibility to launch a better product in the following period.
The goal of a successful entrepreneur isn’t to focus on the majority of the key trinkets, but to focus on several important actions. The plan of a successful buiness and businessman is to invest time and money in what leads him to the goal, and not to waste it on insignificant things.
Very often, the majority of entrepreneurs tends to focus on the insignificant things, because that’s what everybody does. But is it really necessary for you to be like everyone else, or do you wnat to work wiser and better. I suppose your goal is to build-up a successful business, which you can do only if you’re going to invest your knowledge into important things.
Do I need to be a true competition to my competition?
Successful entrepreneurs are the people who have satisfied their life aspirations a long time ago. Are they really want to knock down the competition and get to he top so badly?
Everybody loves to be on top, that’s why it’s so hard to get there. Successful entrepreneurs were once at the bottom, just like the rest of the workers who are wasting their time on the their job. But, their mindset, has decided that they should change their way of life, so they did.
One of the most important things during the build-up of a successful business is the number of people you know. It is particularly good to connect with successful people, who have a lot of fans.
You’ve written a truly great book, which will be the next best seller. Yea, right.
Without a successful promotion, and some good recensions, no one will want to buy it. Nevertheles, if you tell yor real life or virtual friends to buy the book, some of them will do so. Because,that’s what they’re, your good friends. If the circle of friends is bigger, the chence if selling a book is bigger too. That said, the ideal thing would be to have a million friends, so that at least every fifth friend decides to spend some mone and buy your masterpiece.
The overall conclusion is, it’s important to have many ‘friends’. I’ve deliberately put the word friends in quotation marks, because it is hard to compare the defintion of a friend, with what’s going on in business. The right expression would be many acquaintances. By analysing the market you will quickly understand that your ideal buyers are hidden behind your biggest competition. Instead of starting to talk bad about your competition, you should try choosing another approach – become a partner. By analysing the market, you’ll quickly realise that your ideal buyers are hidden behind your biggest competition.
Microsoft, Apple and Google are leading many battles in courts around the world. Although it seems like they genuinely hate each othert at first glance, the fact is, they wouldn’t be able to go on without one another. In other words, many various agreements, which allow the exchange of ideas and the development of ‘a better world’, have been signed between these companies.
Competition is healthy – especially from the viewpoint of the final user. Although the competition may decrease your price, and hunt you down into a corner, you have to understand that this will be an incentive for you to develop new ideas and to become better. The goal of a successful entrepreneur is to be better, stronger and smarter.
With these four very important questions, we have have ended the story of the successful entrepreneur. These three main facts will accompany you the entire time on your path to success and the achievment of your dreams:
- knowledge is power
- quitting is not an option
- experience is the privilege of the persistent
No matter which path you take, the knowledge will be a key resource without which you’ll find it very hard to start anything. The idea no matter how important it may seem, plays a small role in the whole story. So, the idea itself is worthless if there is no realization.
Step by step and it will seem like you’re getting further from your objective. Well, if you look back, you will understand that there are kilometers of the job done behind you. Maybe you’re doing something wrong, maybe you’re focused on the wrong things, maybe you’re not persistent enough, etc.
If you give up, you’ll never know what would have happened if you had been persistent one more day, one more week. If you think that, an extra day would be too great of a burden, remember that by quitting you are accepting the monotonous life until your late years.
Is there anyone here, whose ideal of life is to work until 70 years of age, and then enjoy the few retirement years left? I believe that there isn’t. If there still are such people, I would like to invite them to contact me on my email, and to present their facts for such way of thinking.
All you others who want to become successful entrepreneurs and want to build your own life, go for it! Contact me through the comments or join my free newsletter, and pick up other great ideas that I’ve prepared especially for you.