What every entrepreneur ought to know about business.
Hire yourself today, focus on the important, and build your dream business. Don’t settle for a job. Create a business!
What are the 3 essential keys to creating a self-sustainable business?
A successful business operation needs three essential things. This is an absolute. Without them you will not last, unless you have a lot of money to throw away.
There are 3 areas of focus, study, and activity that you must maintain to get these three essentials. They require established or learned skills.
Leads and Conversions … need Marketing (practical marketing)
which will produce Customers.
Transaction multiples and sales averages … need Selling (sensible selling)
which will produce Revenues.
Controlled Margins … need Management (effective managing)
which will produce Profits.
The purpose of owning a business is to create and build an Asset, not a Job.
After you have achieved mastery of these skills and maintained these three essentials, the ultimate secret that enables you to grow your business is managing your CAC (Customer Acquisition Cost). Any new CA activity that costs less than your net profit produces an unlimited marketing budget.
The first 3 questions you should ask yourself are:
- What do you enjoy doing that nobody else wants to do or will pay you to do it for them?
- How will you product-ize your services and systematize your operations to monetize it?
- How will you measure and Manage your Marketing and Sales activity?
You will need education to execute these activities and build a self-sustaining business. You can get the knowledge you need by seeking out training from experienced teachers, mentors, and schools. It will cost you money and time to do this. Then you can put your new skills to work and practice the art of entrepreneur-ship.
Or, you can ignore the wisdom of the experts, and jump into business (That’s what we call ignorance) and learn through real-world trial and error, It’s sometimes called on-the-job training.
Education vs. Ignorance. Which way do you think costs more?
Ignorance costs far more than education in the opinion of this seasoned entrepreneur.