I have been running my own on-line business now for more than 6 months and I am in love! Eight months ago, I left my employment (not willingly, mind you) and W-2 life with NO prospects of another job and hardly any money. I knew 2 things:
1. I could never go back to working for another person
2. I was tired of never realizing my own dreams, risks, rewards, creativity.
So, here I am doing well, and enjoying better success each successive month.
But there's been a problem.
I have have been lying.
You see, people have been asking me how I did it when 95%+ of all start up businesses fail within 6 months. They ask things like, "how come you're doing so well and I can't get my business off the ground?"
I just say, "I dunno."
LIAR!
I do know. It's not an easy question to answer businesses are as complex and diverse as individual people. I don't believe that there is a 100% cookie-cutter method to achieving entrepreneurial success, but I do think that successful start-up businesses have a few things in common which I will list here instead of simply being lazy, selfish and saying, "dunno".
Here goes:
1. You must love what you do. Wether it's e-books, comics, gift baskets, candle sticks or whatever, you MUST love it and have a passion for it.
2. Work. Smart and hard. Get up early and work at least a 12-hour day to get your business up and running. Most people try to sell you a "get rich quick" remedy, but any solid business needs a foundation of passion and obsessive hard work. Put in the time, hours, attention for at least 6 months. The less time per day you have to devote to your new business, the more time you should allow for your business to really take off. Just like a heavy airplane takes it's engine to full- throttle to give it lift off the ground, you must do the same.
3. Risk. No risk, no goodies. Success is a measure of your backbone, not your wishbone. Take careful, well-thought out risks, but do take them. Learn risk taking by starting with small chances and work your way up learning from your mistakes. Have faith! What's really the worst that can happen?
4. Think and imagine. Sitting still with a blank notebook and writing down all the ideas that come to you as you open your mind to where you want to take your business, what creative ideas you can apply, new product and income streams, etc.. . We are a busy culture, but not a thoughtful culture. Take at least 30 minutes a day to sit and ponder your business without interruption. Read and research everything you can about your products, competition and industry. If you think about it all the time, you will be amazed at what ideas come to you.
5. Keep a good attitude, take care of your body, eat right, laugh out loud and tell everybody about your business. Learn to give a great 30 second elevator presentation. You never know where your next employee, sale, opportunity, or vendor may come.
6. Save money, never spend your capital but invest. Take your time when spending money on anything and demand that your investments in anything bring at least a 3 to 1 return on investment wether it's a printer or a new computer. Wait as long as you can before spending and be lightning quick to get rid of things that are not returning what they promised. Take companies up on their money-back guarantees by demanding that their products deliver.
Ok, that's enough for now. I may add to this list or update it, but I would love to hear your ideas as well. Talk to me.
Cheers,
-Rob
