The Five Keys to Success Every Entrepreneur Must Know 45

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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Should You Buy an Ecommerce Business? 10

Should You Buy an Ecommerce Business?

If you have the funds to make an investment, but you are not sure which is the best option, a good idea would be investing in an ecommerce business. They represent the businesses of the future, and it is already a known fact that they are very profitable.

With an online business you can choose to build it yourself, but that is not what we are recommending. In our opinion, buying an ecommerce business comes with more advantages and in this article we will talk about some of them.

You won’t have to deal with the tough work.

The first days are the hardest when you decide to start a business by yourself.

First of all, you have to decide exactly what kind of products you want to sell and then find the suppliers for them. You need to create a quality customer service, come up with marketing strategies, develop the site, SEO, and many other things.

But when you buy an online business you won’t have to deal with any of these. A business that has been around for a while already has all these things and this means that you won’t have to deal with them. However, you should make sure that you do a little bit the research before you buy the site. You need to make sure that everything matches your requirements.

Successful business model.

Quitting While You're Ahead! Understanding the Limits of Natural Business Growth

When you are just getting started it is hard to tell whether your business will make it or not.

In some cases, it might even be complicated to come up with a strategy that will sell your products. Nevertheless, this problem does not occur when you are buying an online business.

In this situation, you already know that the business existed for a few years, which means that it generates enough revenue. It also means that the traffic and customers are established already so there is almost no risk.

However, before you buy a website you will need to make sure that the financials are accurate.

You can choose to buy a business from an online marketplace such as Exchange by Shopify. This way, data such as traffic and financial reports will be delivered by the platform, not the seller, so you will know for sure that they are 100% real.

Cross-sell potential.

If you already own an ecommerce business it might be a good move to buy another one. By getting another one you will gain access to additional customers, email addresses and traffic, which could be really helpful for you.

If you analyze the metrics of the business a bit you will be able to tell how to cross-sell existing products. Tools like shopping cart data and Google Analytics should help you determine customer behavior, including the returning rate and how many items per order are there.

Cross promotion between email lists could be a great marketing tool if it is used correctly, and even using “competitive” discount could be a way to make customers move between the two businesses.