Most people believe entrepreneurs are ordinary people with extraordinary goals, opportunities, and work values. While that may be true of some, most successful businessmen believe the following five secrets contribute to their success as an entrepreneur.
1. Keep Learning, Don’t Get Left Behind
One trait most successful entrepreneurs claim as the keys to their accomplishments is that they never stop learning. While many may watch a popular movie or read a spy novel, most find the same pleasure in tech manuals, articles about the latest inventions, and blog posts from their field of interest. Not only do they learn from their own experiences, but they also watch the world around them and absorb new ideas, business disasters, and reasons for failures. In doing so, they can keep from making the same mistakes or come up with a novel idea to solve a unique problem.
2. Work Hard; It Is All About the Passion
As people age, their passion and drive can sometimes change. Aubrey Ferrao is an example of how changing passions can help evolve into many different companies. As a young man from India, he came to the United States to begin a career in real estate. As Aubrey’s passions in life changed, he created new exciting ventures, including companies focusing on children, education, and property. Aubrey built 123 companies over 36 years of entrepreneurship, and to his credit, 70 of those businesses are active and thriving and earning him revenues that exceed $100 million a year.
3. To Reach a Goal, You Must Know What You Want
If you asked 50 people on the street, chances are they would each define success as something very differentfrom one another. That is why it is important for you to understand what success means to you. If you do not have a goal or standard of accomplishment for your company, how will you know when you have achieved your goal? By defining your business’ vision, you can create a company that can reach that objective.
4. Understand the Consumer, It Will Surprise You
You may have the best idea in the world, but if using your product requires the consumer to leave their comfort zone, your product or service will probably fail. Why? People want life to be easy. Most individuals are impatient, laid back, or sometimes even lazy. If your product requires learning a new skill, has a large learning curve, or is not intuitive, most consumers will shy away from the item. The only exception is the techy crowd that wants the newest technology the world can provide. However, remember that the world population is growing older, with one-third of the global inhabitants currently being at age 50 or over. If you want your product to succeed, change business practices as you begin to understand the consumer you are marketing to.
5. Expect the Unexpected, and Then Expect More
You may believe you have planned for every unexpected possibility you can think of, and perhaps you have. Businessman Aubrey Ferrao learned the key is to expect something you haven’t thought of – especially in real estate. The world is filled with the unpredictable, and some people thrive on the chaos, while others fear the unintended events. No matter which type of person you are, the possibility of actions happening outside of your control is real, and how you handle the event as a leader will often determine the future of your company. Whether it is a sudden tornado, a partnership dissolution, or the loss of a key employee, the unexpected is bound to come your way – expect it.
If you have an idea to make a better world, give these secrets a chance to help your business become successful. The ideas listed above may be simple, but they are the key to becoming a winning entrepreneur. Why not give them a try and see for yourself?
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