Don’t Be Greedy- Keys To Success
As a young entrepreneur if you want to go far in business there are a couple lessons you need to learn about enduring success. The marketing that is sold to us daily portrays an image of successful business people as those who live lavish lifestyles who are just big money grabbers. Sure such business people exist and we see them more often than not because they grab headlines. Usually they also grab headlines when they go burst in a blaze. Their seeming runaway success often runs away with them and they are left often with less than they started with.
Take Time To Build Wealth:
One of the top keys to being really successful in business is to not be greedy. Do not want everything to happen at once, do not try to get more from your customers than what is reasonable. It is not called wealth building for nothing, it really is about building brick by brick until you reach your goal.
Lay Your Foundation On Trust:
Every strong building relies on a strong foundation and for business that foundation is trust. You need to establish trust with your client/customer base until they are completely bought into you and your offering. Your customers need to know that they can trust you and that you are not just about getting their money. Your business first and foremost exists to offer a service or a product and as a result generate income and profit for you. That’s the order provide a good service/product then you gain profit if you do it right.
Price Your Service/Product Fairly:
If you are priced fairly and you can defend your pricing based on the value you provide then you will have no problems becoming profitable. When we start to see the money coming in some of us start thinking about that fancy sports car and international holidays and as a result we want to get all the money now and often we expect the customer to pay.
We’ve all heard the fable of the goose that laid a golden egg daily. The owner of the goose was getting rich from the daily golden eggs but he became greedy and wanted all the golden eggs at once. So he cut up the goose hoping to get rich quickly what he got was a dead goose and no means of further income.
Remember your customer is your golden goose! Don’t kill your golden goose but rather look after it and it will look after you for a long time in the future.
Instead Of Greed Choose Investment:
Your antidote to greed is careful planning and investment. It’s good to have financial goals because it gives you something to work towards. So instead of trying to get your money all at once rather plan and invest monthly towards the goal. You can start small just making sure that you are consistent and invest a portion of what you get as business income in a safe investment.
There are a lot of good advisers that can guide you through this process. Just make sure that your money is not tied into a long term investment as that will make it hard to access funds when you have a crisis. Look for a flexible investment plan, with instant or 24-48 hr access to your funds.
This has saved my business more than 3 times as the money that was invested came in handy when unexpected crises came my way.
Last words “Don’t Be Greedy, Build Your Wealth Over Time and Look After Your Golden Goose-Your Customer”
The often cited reason for failure by young entrepreneurs the world over is: lack of startup capital. Many never even attempt going on their own business because they are paralyzed by the thought of the money they might need. But this doesn’t have to be the case for you. It’s important that you get clear about how much money you’ll need to get started so that you can weigh up your options. Today there are so many tools that can help you work out how much you need to start (I’ll share one with you at the end of the article).
The much awaited new gadget from Apple was announced last week. If you are like many young entrepreneurs out there you would have already downloaded the videos about how it works and so on. I must say that it sounds and looks absolutely amazing and fun but also a great potential business tool. Here’s why?
Many of us have too many books that tell us what makes some of us entrepreneurs and others not and some of us count ourselves out as a result. I think that entrepreneurship is not about trying to fit into some mold that has been predetermined by some business guru somewhere. It is quite the opposite; it’s about changing everything you’ve been told.
I am sure that you are tired of the fake business opportunity that are being paraded on the internet day in and day out. You want to know where the real business opportunities are in South Africa and how much it will cost you to get started in them.
The best reason for being in business is being in charge of your financial future. Working for someone else no matter whether it’s a big corporation or government means that you are absolutely not in control of where you can end up financially. It’s true you can make big 6 figures if you ever smell the executive level which is not likely for millions of us out there. However, if you start or continue to work hard on your business you can reach the level of financial success you can be proud of.
More and more I am discovering that one of the top reasons people fail in business is lack of motivation. As an existing or aspiring entrepreneur you need ongoing motivation in the face of all the challenges (perceived and real) that you come across in business. Often it is your mental toughness that will win the battle at the end of the day.