The Secrets to Successful Businesses

People may find starting a business scary, but it is due to lack of knowing and experience. The important step is to get start it. Case studies show that men need to know 20% of what needs to be done before launching a business, whereas women need to know 80% of it. How to leverage our passions for wealth?

The point is valid whether or not the data are accurate. In general, women are less risk-averse than men. However, most women and men already have the majority of the knowledge necessary to launch a company. Once we are aware of this, we are courageous enough to make the move.

Pursuing our interests

We should look at our hobbies and then figure out how to make money doing what we love.

We have probably heard conflicting advise on this subject if we have considered starting a business. Do we need to pursue our passion? Or should we choose a more sensible foundation for our company?

Living a happy life requires engaging in activities that we find meaningful. Everyone should, in our opinion, have a passions for things in their lives. And it's amazing when we can make a good living doing what we love. Unfortunately, it doesn't always work out like that. How do we determine whether we should start a business out of our passion?

Asking ourself the following questions can help us decide whether or not to pursue our passion as a business:

• Can I use what I'm passionate about to help other people?

• How much will people be willing to pay for the value I'm offering?

• Are the margins (revenue minus costs = profit margin) substantial enough to deliver the monetary gains I want?

• Who is the company truly serving? Do I really want to do what I love, or am I ready to put the needs of the consumer first?

If we honestly respond, "It's really about me," to that last question—and we must be honest with ourselves—that is acceptable. Sometimes when we combine our passion with money, the passion is ruined. We may still pursue our passion if it's our top priority; just do it as a pastime or a job that pays consistently, not as a company. Then, develop a company around something else that interests us and where we feel comfortable putting consumers first. Every successful business is build to solve a problem. We have to have the mindset of serving more people not just ourselves. That is why generosity is crucial when we build wealth. We have to train our minds to solve problems. As entrepreneurs and inside investors we have to lead solutions into the world that helps humanity. 

Be creative

Corey O'Loughlin and Nina Vitalino founded Prep Obsessed in 2013. According to their website, Prep Obsessed sells "preppy items for the home as well as customized accessories and on-trend jewelry."

The two women launched their company in a very unconventional manner by simply sharing products they loved on Facebook and Instagram. They had 1,000 Facebook fans before they had even made a sale.

“We never ask [our clients] what they want us to offer them”, as O'Loughlin stated to Entrepreneur. Instead, “they are sure that we understand their desires because the clients are sure that we share their preferences.” We must understand our clients wants by first understanding our business mission.

Nowadays, we all have access to the internet and tools that will help us build our wealth much faster than ever before. Having innovation is key, because it is how we stay ahead of our competitors and retain our existing customers for a lifetime. Once we put our customers first we can definitely succeed in our business. Take a look at companies like amazon, and apple, their customer service is phenomenal and that is why they are thriving companies.

Understand our client

Knowing our customers well is another essential component of success. What are the particulars of their population? What specifically are they seeking, and how does our offering meet their needs?

For instance, Prep Obsessed initially sought out a rather specific user profile: American women between the ages of 20 and 50 who had shown an interest in particular brands (Tory Burch, Lilly Pulitzer), as well as topics like fashion and home and garden. The business also targets the friends of those users.

For business partners, specializing in a specific market or niche is more crucial, than attempting to appeal to everyone. When we talk to everyone, we talk to no one.

• Who is our perfect client? Answer this question to find our niche.

The entrepreneurial partners believe that concentrating on a specific niche is more crucial than attempting to appeal to everyone. This concentration has paid off. Prep Obsessed was named the Inc 5000 list of fastest-growing companies in 2018 and twice named Florida's Best Boutique.

Even better, the founders were eventually able to resign from their employment and devote all of their time to growing their company.

We must keep in mind that we build a business to solve a problem, and to give us total freedom through excess of positive cash-flow.

Have the proper perspective

In addition to everything else, we will share with us a straightforward recipe for success. It offers a genuine "big picture" view on two essential elements for fulfilling our life goals. This equation is:

Action + Attitude = Success

Many self-help books (and gurus) go into great detail about the importance of positive thinking, or having a good attitude. People frequently dismiss this positive thinking idea as being overly sentimental. They favor more overt strategies, or simply taking action.

But in actuality, both attitude and action are necessary for success. If we waste time trying things (and then giving up when we fail) without first forming the proper mental attitude, having the wealthy mindset, it's doubtful that we will get the outcomes we want. Furthermore, no amount of optimism or positive thinking can enable us to make an investment purchase or secure the prize we seek.

Having the wealthy mindset is a must in order to create abundance in our lives. That is why investing is our financial education is our responsibility to do daily for us to create true wealth.  

Getting going

These are the most important pieces of advise we can provide to all to help everyone succeed if we are serious about starting a business. Along the road, keep in mind not to lose sight of our objectives. Don't give up if we make a mistake or get lost; instead, readjust ourselves, pivot, innovate and start over. Let our interests and optimistic outlook serve as our compass and anchor.

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