The Five Keys to Success Every Entrepreneur Must Know

The Five Keys to Success Every Entrepreneur Must Know

This is a guest post by Arman Sadeghi – a highly regarded Peak Performance Coach, Serial Entrepreneur, Founder of the Titanium Life Podcast and now Author of the book “The Business Bible”.

Many of us grow up with the dream of being entrepreneurs. The thought of owning our own business, carving a new path, having freedom, and potentially having significant financial success is certainly an alluring one. At the same time, it is a difficult road and one which most dreamers never get to fully own.

As an entrepreneur for nearly a quarter of a century and having started 12 different businesses, I would like to share with you five keys to success that I believe every entrepreneur should know about.

Key #1:  You Must Sell.

Regardless of your background, what you are interested in, or how you got into the business that you are in, as an entrepreneur, you must be willing to sell your product and service on a consistent basis. I know you thought you could hire your way out of this one, but you cannot.

The way to grow a new business or an entrepreneurial venture is to make sales.

Without significant effort in the sales process, your incredible product, life-changing service, the dreams you have created, and your hopes of a successful business will most likely be lost. Regardless of your background, sell.

Related: The Real Definition of Entrepreneur and What It Takes to Become One

Key #2:  Operational Systems.

At the time when your entrepreneurial venture is still small, this is the time to create systems in the form of policies, procedures, and other documented systems for obtaining consistent results.

By documenting the steps in various processes, you will be able to build a company that is not centered around you and is instead centered around consistent systems that deliver results on a regular basis. Build standard operating procedures.

Key #3:  Effort Over Talent.

7 Things You're Doing That Will Never Make You Rich

In sports, business, and just about any other aspect of life, when I am building a team, I will take effort over talent any day. That means for you to build a successful company you must be willing to put in significant effort.

If you have been an entrepreneur for some time and have found success within your business, then you know what I am talking about. If you have yet to grow your business to profitability and start a successful company, you may be under the false pretense that you can do it working 40 hours a week or treating it like a job.

It is critical to understand that, as an entrepreneur, you are going to need to put in the effort of a dozen employees and maybe even more. This means you are going to have to be focused, consistent, and you cannot even think about giving up. Rely on your hard work, not just your talent.

Key #4:  Exit Strategy.

From the very early stages of a business, it is critical that you develop an exit strategy. That means having an understanding of what the endgame is for your business, even if your “exit strategy” is not one that involves you exiting the business while you are still alive.

Regardless of what plans you have, it’s important to know how and when you plan on exiting the business, because it will drive many of the decisions you make as a business owner. While some are looking to quickly build a company that they can sell, others are looking to leave a legacy for themselves and their family, while others are interested in a lifestyle business that allows them to work hard to build something but then spend most of their time traveling the world and being with the ones they love, all while generating a sustainable income.

There are many more exit strategies but these are just a few samples. Determine your exit strategy even before you start your business.

Key #5:  Balance is Power.

In every aspect of life, balance brings power and business is no different.

The most important asset your company will ever have is you, so take care of yourself. Make sure you understand that business is just one aspect of life.

While it is an important one that brings together many different facets and can help you provide for yourself and the ones you love, it is still only one aspect of life.

If you ignore your health, your family, skip out on having fun, and forget to grow in the process, you are leaving behind a big part of the puzzle. In the Titanium Wheel of Life, I talk about the fact that there are ten different areas we should all focus on balancing in life. One of those is our career and mission. Another is finances. But that leaves eight more areas to consider on a regular basis to have maximal success.

Being an entrepreneur is not easy but I can tell you firsthand it is one of the most rewarding things you can do in life.

I often tell people that entrepreneurship is like a virus and you should only pursue it if you have truly caught the bug, because it is not easy or rewarding unless you put your all into it.

I do not know where you are at in your business and what sort of success you are experiencing today, but I can tell you that in entrepreneurship, you will see significant failures and significant success. But the key is how you deal with your short-term failures and how quickly you get back up on your feet. Focus on applying these five keys every day and enjoy the success that most entrepreneurs only dream of.

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How This Family Guy Makes $10,000/Month Online Teaching Others How to Make, Save and Invest Money

How This Family Guy Makes $10,000/Month Online Teaching Others How to Make, Save and Invest Money - Interview with R.J. Weiss from TheWaystoWealth.com

This is an interview-style post with R.J. Weiss from The Ways to Wealth.

Hey R.J. What’s your background and what do you do?

I blog about all things personal finance at The Ways to Wealth.

Before I went full-time into blogging, I spent ten years in the financial services industry. Specifically, helping families buy the right type of life insurance.

During my time with a full-time job, I’ve always had different side hustles going on. From freelance writing, Amazon FBA, conversion rate optimization, to website design — there were many projects I pursued outside of work.

How did you start your career in finance?

I got started in finance straight out of college working for my the family insurance business. As I love the financial planning side of things, I choose to specialize in life insurance planning. This led me down the path to obtaining the CFP® Certification.

What made you start blogging?

The Ways to Wealth, which I started in 2016, has been my 5th blog.

The others mostly fizzled out most due to a lack of interest. But, in 2009 I started a personal finance blog called GenYWealth.com (no longer around) that had some success.

The idea GenYwealth.com was to write about what I was learning about studying to take the CFP®. The blog was, by all means, a success. I was able to gain valuable knowledge, pass the CFP® exam, earn some extra money and build up a good community.

I then took this knowledge and started a business blog, which allowed the insurance agency I was working for to generate leads.

I started The Ways to Wealth because my passion is personal finance–from investing to travel hacking, I love the challenge of optimizing my finances.

How was The Ways to Wealth born?

I didn’t have much of a plan for starting The Ways to Wealth when I purchased the domain name.

I was actually thinking it would be a niche site, which was inspired by Pat Flynn’s niche site duel. Then, I came across the income reports of Michelle Schroeder-Gardner and wisely changed direction to a more traditional blog.

This change came about 6-months after starting to blog.  I did a timeline of the site in one of my income reports.

What worked best when trying to grow the site?

I had a decent knowledge of SEO. So at first, I started growing the site with email outreach. One of the first posts I had about best investing books of all time, had about 15 links to it.

This was nice to start with but was quite slow to build up, as it can take a while to earn Google’s trust.

The big turning point came when I started to understand Pinterest. I spent a few frustrating weeks on the platform, then it finally started paying dividends.

I went from about 100 sessions a day to 1,000, which was huge for me at the time.

How did you get to 3 million monthly viewers on Pinterest?

the ways to wealth pinterest 3 million monthly views

I lay out my Pinterest strategy here. But at the core the idea is to:

1) Write high-quality content that Pinners want to click through, read, and share.

2) Pin to my own and high-quality group boards, with a keyword-rich description.

3) Continue to Pin my best pins across my own boards/group boards, ruthlessly eliminating Pins that don’t perform well.

One thing to keep in mind is impressions don’t mean much on Pinterest. What counts are clicks to your website. So, you want to design not for impressions but clicks.

What aspects of the online business are you outsourcing or automating and how?

The first thing I outsourced was Pinterest design. I’ll design about 30-40 pins a month, so this was big time saver for me.

Of course, it took some work to get going. At first, I hired 5 or so people on Fiverr. I found one decent designer but the work quality deteriorated over time.

I then went to Upwork and posted a job for a  graphic designer. I found a great team down in Argentina, who I’m very happy with.

I’m currently experimenting with working with a ghostwriter. A few of my latest posts have been transcribed from my recording, with the ghostwriter making sense of it all.

I can compile about 3 posts in 90 minutes, then take another 90 or so minutes to prepare them. Saving me around 3-4 hours per post this way.

What’s your main income stream and why do you think it works for you?

My main source of income for the blog is affiliate revenue. It works because the partners I do have are high-quality businesses, who deliver value and solve real problems. This makes it easy to naturally link to such a partner.

When did you start making more than $10K/month and what was the turning point?

My first month over $10K was in January of 2018. In December of 2017, income was around $3,000 and in July of 2017 around $500. So, it was definitely a jump.

What happened then in January?

First, personal finance is at its peak interest in January.

Second, I had multiple Pins go viral.

Third, in November I started driving traffic via Facebook to the site. So, in January I could take campaigns I’d been fine-tuning for a few weeks and scale them.

How do you balance work and family life?

I have a routine I stick to Monday through Friday.

When inside of my designated working hours, I work. When outside of these hours, I’m not.

This is a lot easier said than done. But the thing important for me is not to take work everywhere I go. This means I don’t have any apps on my phone that are work-related (email, analytics, etc..)

What are you 3 best finance tips for newbies?

  • Focus on your savings rate. How much you save is the most important decision you’ll make.
  • Small incremental improvements add up over time. My favorite example is increasing your savings rate 1% every quarter, means you’ll be saving 20% of your income in just 5 years.
  • Study happiness. Become a student on how to increase your level of happiness. The natural result is you’ll want less overtime, making the game of personal finance a lot easier to win.

What books, blogs or podcasts help you stay motivated along the way of growing an online business?

I read a fair amount to keep fresh ideas in my head.

My favorite podcast is The Tim Ferriss Show.

Two blogs I enjoy reading are:

Farnam Street
Barking up the Wrong Tree

And as far as books. I try to read one a week. A few books I would recommend to online entrepreneurs would be:

Deep Work by Cal Newport
The Compound Effect by Darren Hardy
The Four Hour Work Week by Tim Ferriss

Pin this post if you enjoyed the interview.

Check out my interview with R.J. from TheWaystoWealth to see how he entered the finance niche, started making money blogging, began bringing traffic from Pinterest and monetizing it with affiliate marketing, and is now making $10,000/month from his online business. #blogger #interview #blogtraffic #incomeideas #income