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Secrets to Entrepreneurial Success (For Beginners)

The internet is a powerful learning tool. In the right hands, anyone can learn to be anything in life – like learning how to become rich beyond our wildest dreams! 

Becoming an entrepreneur is one thing we can all do from our laptops that could see us turn our ideas into a global business empire (do you need a mentor? – follow the link for more info). Let’s look at a beginner’s guide to the secrets of entrepreneurial success.

Market research

Know your enemy. Wise words. Some of you may know the three-word catchy piece of advice from the equally catchy Rage Against the Machine song (if you’re into that sort of thing). But the band got the title from The Art of War by Sun Tzu – and he knew a thing or two about winning. 

While the Art of War trains us to scout our enemy’s position and graze our cattle on their land wherever possible, a modern-day interpretation might be market research. What does your competitor have at their disposal that you don’t? How do they go about their operations? What can you learn from the market leaders?

Adaptability (you’re not the WOWS)

Leo Di Caprio’s portrayal of Jordan Belfort in The Wolf of Wall Street was an instant classic performance. Everybody wanted to learn to be more like him. Not the bad bits. But the good bits. The drive, the energy, the cleverness of it all. 

One thing the film left out to a large extent was adaptability. We saw a near-linear progression from the bottom of the ladder to the top, with only the one minor hiccup of Jordan losing his job on his first day of work. 

There will be many hiccups just like that. You need to remain adaptable. Remember, you’re an entrepren-do-er. Unfortunately, many people conflate will power with an inability to adapt. The market is out there waiting for you, but you have to be willing to meet it halfway. 

The Pareto Principle

Many of you will have already heard of the Pareto Principle. For those late to the party, it’s otherwise known as the 20/80 rule. What does that mean? It’s simple, and really rather smart…

The Pareto Principle basically states that 80% of your success will come from 20% of your efforts. The remaining 20% of your success will require the other 80% of your efforts. Take a moment to let that sink in. The imbalance is huge and shouldn’t be ignored in business because what this essentially means is that you have to focus hard, focus fast, and move on. 

It’s why so many business owners buy and sell and don’t remain a lifelong owner/supporter of the brand. They buy to make the most money from 20% of their efforts, and jump ship before the other 80% of their efforts is required for what’s left to be gleaned from the venture. 

The lesson is not to dwell. Make your impact and move on before you hit the quicksand in all things business and entrepreneurial related. Keep that in mind.

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