Open yourself up to ideas, problems, and people; soak up wisdom to manage your business the successful way
The abundance of views from entrepreneurs or serial investors in this summary is a real boost for individuals that are on the verge of starting their businesses or those that have already got one or two running. The first strategy that might work for you is starting small. Revel in the micro and experiment all you can before emerging into the spotlight.
A micro business can cater to a certain niche and nurture its first wave of customers effectively. This strategy is what Timothy Ferris calls the 1000 fans to approach. At this stage, the company is familiar with the preferences of its customer base, and its services will have more impact. Ironically, effectively capitalizing on the benefits of starting small will naturally lead to growth.
⚡️Iris up to you to ensure that growch does not dilute the potency of your business values.
On managing the pressure that comes with growth, Derek Sivers, founder of CD baby, suggests that you learn how to say no to the less important stuff. This principle will help you create ample time for the essentials. Likewise, Tony Robbins believes that successful individuals are those people who try as much as possible not to lose money. They take risks quite alright, but they do not jump at opportunities blindly. In most cases, these individuals will diversify their investment to spread risks.
While lending his voice to the topic, Reid Hoffman stated that successful companies and people solve the simplest and easiest tasks first. In contrast, organizations that focus on big problems might find it difficult to sustain success.
⚡️It is important to learn how and when to say No, as saying Yes to every opportunity and idea will sink your business.
Timothy Ferris corroborated this assertion by explaining that great companies realize that it is futile to compete for a market that a bigger corporation dominates. Instead, these companies create new categories that will help them nurture a new market. And rather than market their products directly, they promote their categories.