Having a business is, in my opinion, the best way to make money; But it is also the most difficult one.
An entrepreneur must have extraordinary marketing skills, finance skills, commercial skills, communication skills, leadership skills and people management skills.
They must be a leader, they must have courage and moral strength not to succumb to the difficulties. They must be able to set goals and meet them.
Does it sound complex?
Well that’s because it is. In fact 80% of business fail within 5 years. Creating a business is undoubtedly difficult and knowing the methods that work is invaluable. Maybe if you learn the methods well you might have a chance.
But in exchange for all this trouble, what can you get from having a successful business?
In exchange for all this, business offers an amazing leverage.
In the sense that you can start with an idea, 1 or 2 people and a few thousand euros and quickly reach millions of euro and tens or hundreds of people just because your business idea hit the mark.
Nice. But, how do you do hit the market?
An entrepreneur is basically a problem-solver
A business hits the market when it solves a big problem that many have (large market) in the best way possible. It can even be an issue that people do not know they had, before the new product or service came out, but when it came out they realized that this new service was the perfect answer to their problem.
Download this e-book: I explain the 29 mistakes to avoid when you set up a company whether they are related to your partners or other areas of your business.
Would you like some examples? People did not realize that they had the problem of not listening to music when they were traveling, walking on the street or while jogging.
Then came the Sony Walkman and instantly around the world everyone began to go around listening to music with headphones. Twenty years later, Steve Jobs thought that people wanted to listen to MP3 music with a small and precious object, and so he invented the iPod and it was a new boom.
People did not know they wanted to drink a beverage with a slightly medicinal taste, but which gave the her the perception of being recharged – then came Red Bull, who made her creator the richest man in Austria.
So if your business idea solves a major problem for many people in the best way or if it solves a latent problem in a new and better way, then you have a business idea. Otherwise you will just throw away time, money and hopes.
Often, in fact, there are business ideas that are born from a passion or from a intuition of the potential entrepreneur, but not affecting the market, or affecting a market too small or difficult to reach. In these cases, passion guides the potential entrepreneur into a catastrophe.
In summary, as I explained at the beginning of my seminar at my School of Business: the first element of a successful business is the creation of a solution to a problem – known or latent.
In future articles I will discuss other elements that make up the puzzle of a successful business: the best way, but also more complex, to create your financial freedom (or wealth beyond your wildest imagination!).
To your financial freedom,