I am often asked for advice on business, having built a number of successful national brands, and then retiring young (relatively!)
I sold my companies for a very comfortable amount to concentrate on thinkmiracle.
It hasn’t all been plain sailing though, I have had my fair share of failure and pain. Many would argue, me included, that failure is an important part of success, for it is the pain of failure that helps us to avoid the mistakes of the past. I, like many others, was able to apply the experience and the hard lessons to build a business much bigger than the one I lost.
I used to lecture about being an entrepreneur, and as I recently repeated advice to help a young business, I thought it might be useful to spell it out here. Here are my oft repeated and hard learned rules for building a successful company:
The product or service is not the be all or end all of success. Indeed, many hugely successful companies have extremely mediocre products, so don’t get bogged down with it. Do research it and understand realistically where you sit in the market and what you should be charging. Produce your cash flows and business plans—all these things will help.
What’s far more important and I would say vital for success are:
If you apply these to your product and focus laser-like on your goals, keep going even when everyone tells you it won’t work, then you have every chance of building a business and building your dreams.
I would add in a practice of gratitude and meditation, as well as healthy eating and exercise to keep your body in good shape for the long hours of work.
So whatever it is you want to build, be it a product or a service, make sure you have a real passion for it, a belief in yourself and the product/service. Ask yourself if you are ready to commit 100% to making it work, to lost weekends, long days, and overcoming self doubt.
Whatever the product or service is, deliver it consistently on time, with agreed quality, and genuinely aim to do the best for your customers.
If you are doing it just for money, because you feel you need it, or your motivation is to please/ impress someone else…then don’t even start.
Money is just a tool, genuinely it will come, maybe not easily at times! But it will come if the other ingredients are right.
You can do it, you know you can!
Do it, do it, do it!