Do you dream of owning your own business or starting a company with some partners?
If so, listen up! I am going to share the recipe to become a successful entrepreneur.
This recipe comes from my years of experience as a successful entrepreneur as well many other highly successful entrepreneurs who I have paid close attention to.
Ready? This is big stuff. Write it down. Share it. Memorize it. Live it!
- Spend a crazy amount of time figuring out what business you want to be in. Develop an idea you’ll enjoy, not just one that can make you money. Also, pick one that you understand or can learn to understand thru hard work.
Tip: Some sort of tech/internet play is a good choice as they are low-cost, high growth, and often present good exit opportunities.
- Don’t raise money or worry about an exit strategy. Use credit cards if you have, but always look for free ways to get your business going. Spend barely enough to survive and make your investment thru sweat, learning, effort, borrowing expertise, reading and just duct taping things together to see if you can gain any traction at all.
Tip: Take a look into a small line of credit or an SBA loan.
- Get customers early. Why? Two reasons: The first reason is to generate some revenue. The second is so that they can help you build your product or service into something they’d buy more of or pay more for later. Customers build great products for you if you engage them and listen to them.
- Work your ass off! It’s the only way to do it. It doesn’t mean you can can’t have fun, or that you should forsake your family, or anything else. It means be SuperMan and just do it all. It’s been done by others time and again, and now it’s your turn.
- Commit. Stick with what you are doing and go all in. Don’t get scared and back out at the first sign of difficulty. Fail fast if you are going to fail, otherwise, stick with it thru good times and bad. There will be both on your way to success.
- Get some great partners and people smarter than you are on board. Do it quick. Do it early. Check your ego at the door and realize that a smaller piece of something big is much more valuable than a large piece of something small.
Repeat these steps, sometimes in a different order, again and again until the following happens:
- You have enough customers, revenue and traction to legitimately pitch for an investment. Don’t make an idiot of yourself and pitch too soon. Unless you have a lot of previous success in a related area, ideas do not get funded 99% of the time. Ideas that have shown some execution and traction have a higher likelihood of getting funded.
- Keep betting. Double down. Don’t find a little success and rat hole it. Put it on the table, let it ride! Entrepreneurs are, after all, risk takers. Calculated risk takers, but risk takers nonetheless. Now is not the time to take the cheap way out. Go all in!
- Get a big bank loan, sign some big customers, and funnel all of this cash into growth. Again, double down! It’s not time to even think about selling yet.
Successful entrepreneur stories happen all the time. How do they do it? Do they have certain entrepreneurial characteristics? Yes, but the biggest key is that they follow a recipe that works!
This entrepreneur recipe is tried and true. It’s worked for me and others many times.
Do you have anything to add? Let’s hear about it…