5 critical components of a successful startup in today’s market

After building a 7-figure income from scratch in the last 24 months, there are 5 components of a successful startup that I believe are critical to truly being successful in today’s marketplace.

I shared this information on my sister-in-law’s internet radio show Nothing But the Truth with Anh Vu on Money Mondays, so in case you missed the show LIVE, here are my notes:

# 1 – Know exactly why you want to be an entrepreneur

Your reasons for wanting to be successful have to be much more than just “making money.”

Now of course making money is great, but you have to know exactly why you want to make a lot of money.

It could be that you want more free time for yourself, or with your spouse or children.

Or maybe you want a more flexible schedule to do whatever you want, like exercising every day or traveling, or taking more vacations.

Or maybe you want to pay your bills or get out of debt and reduce the fear, stress, or anxiety you feel about financial pressures and obligations.

Or … maybe you have a lot larger vision that includes restoring water for a third world country or perhaps building a chain of gyms around the world, or perhaps even helping to find a cure for cancer through extensive monetary contributions to research.

Ultimately, whatever your reasons for wanting to be a successful entrepreneur, as long as those reasons outweigh the challenges you’ll encounter along the way, you’ll always have an edge over the competition when it comes to making your dreams come true.

Now I don’t like to tell people what they want or what to do; I will only share here what I wanted and what I did to get it.

Personally, my goal was to start working on my own part time, so that eventually I could go full time.

So my goal was to work only part time, but to generate income full time.

Sometimes part-time even means “no time”, because there have been times when I don’t work at all, for days, even weeks, if I don’t want to, or even can’t, as was the case when I was in the hospital. earlier this summer and needed more recovery time when I returned home to my family.

Due to “lack of time,” my wife and I can still earn many thousands of dollars every day, whether we work in our business or not.

And yes, this is part of what we wanted to achieve when we started: work less, but earn more, so we can spend more time together and with our 2 children, Carter and Legend.

As you will read below, this is only possible when you know how to automate and create leverage through different processes within your business, which is exactly what Sophia and I have done for the last 2 years.

But let’s get back on track here, Critical Component of Successful Entrepreneurship No. # 1: Know exactly why you want to be self-employed.

# 2 – Find a great mentor or mentors

This critical component of successful entrepreneurship is often overlooked, most of the time by new entrepreneurs, so to stop it right now, you need to pay close attention to this one if you’re just getting your feet wet when starting your own. deal.

First of all, you need to understand that it is not your mentor’s duty to fight for you, but to make sure that the fight is absolutely worthwhile.

And you will fight at first, unless you are one of those rare people who go into “egoless” entrepreneurship.

Truth be told, very few people start out that way, but quickly learn that the “ego” is the main culprit that robs most people of the same opportunities their mentor is showing them.

But let’s get back on track when it comes to finding a great mentor.

Here is a short list of what to look for when selecting a mentor:

A) Your mentors should have already accomplished what you seek to accomplish yourself.

It could be income, lifestyle, or both.

They can be relationships, skills, or even contacts.

Don’t randomly choose an older person to be your mentor because you like them.

It’s like they say in Hollywood: “Success is not about showing friends, that’s why it’s called a show. Deal! “So treat your business like a business and select a great mentor to help light your way.

B) Make sure your mentor in business is still IN business.

Too often, successful people stop building their business to teach others how to be successful. They start coaching programs and sell information products and this is great, but if they are not also building their core business that made them successful, this is called “Management Mode”.

The problem with “Management Mode” is that with the ever-changing landscape of the market, the economy, and people’s wants, needs, and desires, your mentor must be constantly learning or he will fall behind and teach you strategies that don’t work the same. . today, as they did years, months, even weeks ago.

You don’t want to work with a “One Hit Wonder” who made some money in the 90’s and now claims to know what is working today.

I see this all too often, where people hire mentors who were never successful.

Be sure to do your research and find out if what your mentor is going to teach you made his fortune by putting it into practice, not just theory.

# 3 – Choose your product wisely

This is a critical component for several reasons.

First, make sure the Business / Product you are marketing is aligned with your own interests and passions.

In other words, you will not only work to “live”, but to love!

And it will show itself in every way imaginable.

Because if you don’t love what you’re doing, you don’t have fun doing it, and you don’t have fun, your prospects will pick up on that and find someone else to buy from.

You also want to make sure your product is as close to what’s hot on the market as possible. If you start selling vinyl records, unless you’re catering to an old-school DJ market, you’re probably not going to make a lot of money.

Find out what is selling in today’s market, what people are looking for and buying no matter what the economy is doing or not, and see if it is something you like, enjoy or can be passionate about.

This is how fortunes are made, by doing smart research.

# 4 – choose your vehicle wisely

First, the vehicle you choose should give you the ability to automate and leverage its systems and processes so that you can take off, travel, take a vacation, or do whatever you want and never have to worry about missing a payment.

In other words, the business you choose should be able to make you a lot of money and work for you, even when you don’t want.

Also, you want to choose the right vehicle to market your products or services because without the right vehicle, you are limited to what is called Linear Income.

This means that if you work, you get paid. But if you don’t work, you don’t get paid.

When you can walk away from your business and still make money, you have leveraged income, which in turn creates a lifestyle! This is when you have a lot of income coming in, repeatedly, and all the time in the world to enjoy it, while continuing to grow.

Some business models or vehicles you can choose from include direct selling, multi-level marketing, affiliate marketing, e-commerce, retail, and / or distribution.

Each has its pros and cons, its pros and cons.

And finally, you want to choose a great vehicle when it comes to the products and / or services that you market and sell because you can be the best racing driver on the track, which means you are great at what you do, but you have to be in the right place. slower car. in the race.

You have to observe the market trends and the state of the economy and find out what people want and what people buy right now. Also, with the US dollar falling, be sure to choose a product or service line that pays you right now, not months or years.

It’s called “Get Paid Today” because your dollar is worth more today than it will be in the next 3-5 years as the US dollar devalues.

# 5 – Personal growth and development

This is my favorite Critical Component and a factor in my success.

Many people think that this is a lot of crap, but the truth is that you will never get over your own image.

And generally, those people who think that personal growth and development is a pile of garbage, usually their lives are a pile of garbage.

It might not be easily detected on the outside, but like I was many years ago, on the inside there is probably a giant tornado going through them, whether they admit it or not.

And your bank account balance … your ego is probably bigger than your bank account.

In other words, your personal income will never exceed your personal growth.

Remember, your real product is people, so learn more about people and you will have learned more about the real product that you market.

Start with yourself.

Read good books.

Listen to CDs and / or DVDs.

Wait for LIVE events.

Model great people and surround yourself with those who have what you want.

Be a great observer.

Be honest.

Stay humble.

And develop high levels of integrity.

As you become a better leader and communicator, your income will grow, too.

Just remember that you are exactly where you are supposed to be, so if you don’t like where you are starting, you can end very differently.

Your future doesn’t have to be the same as your past.

Personal growth and development is truly the key to your success!

So, here are my 5 critical components for a successful startup.