FIVE TIPS TO CREATING A SUCCESSFUL BUSINESS



"Starting a business is risky. One study found that 25 percent of new businesses fail within their first year, and 50 percent fail by their fourth year."


If you plan on defying the odds and creating a successful business, you need all the help you can get.

Don't be a startup failure. Defy the odds and create a successful business by using these 5 tips:

1. Pick the Right Industry

There's a great book called ‘Delivering Happiness’ by Tony Hsieh, the CEO of Zappos.

The book describes how before Zappos, Hsieh created a company called LinkExchange that he sold to Microsoft for $265 million.

Afterwards, he didn't know what to do with his time, so he became a professional poker player.

What he learned in Vegas was that his job was not to be the best poker player in the world. His job was to pick the right table.

If he sat down against eight other professional poker players, he would get up and find another table with weaker players.

In order for your business to succeed, you need to have a strategy similar to picking the right table.

It's crucial to choose an industry that is large and growing so that there will be a demand for your services. But always remember not to try using your baby fangs to fight against the giants in the industry.

Just pick a growing industry and built your business around the growth.

The time to create the next Facebook in America had long gone by now. The next Amazon can still be created but not in America or Europe. Think about Alibaba, DHgate and Rakuten, going the Amazon way in Asia before Jeff Bezos could be awake in their continent.


 2. Find a Scalable Platform to Market Your Business

When i started SpeakersBay network, I contacted religious organizations, motivational speakers, Marriage Counselors and consulting companies and convinced them to monetize there online audience on SpeakersBay.

It was a very scalable method to market because at no cost, or for a small commission fee, I was able to build a network of people that pulled traction to my network.

You must find your own method to acquire customers at a reasonable cost. If you can't do that, your business will struggle.





Highly Recommended Business Development Book that can help you build the successful business of your dream: BEFORE YOU START YOUR BUSINESS (12 proven secrets for business success as shared by business gurus)
Read it on Amazon Kindle Now


                                         3.     Build Credibility

When you start up, you have no brand awareness. Consciously build your brand credibility, but don't just depend on your client relationships.

Reach out to partners or earn industry certifications, which will grant you further legitimacy.

 Excerpt from the 5 star rated Business Book




BEFORE YOU START YOUR BUSINESS (12 proven secrets for business success as shared by business gurus)
 

 

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