Today, everyone wants to start a business because the potential profits entice them. However, people often fail to estimate the commitments that come with starting a new venture. This is one of the leading reasons why only 10% of startups succeed, and the rest 90% fail miserably.
"There are two kinds of people in this world," states Savo Vukcevic. "One - who complain about nearly everything and are fully loaded with grievances. They dislike practically everything, including their employment and pay. They acknowledge the misery and decide to continue living in it. People in the second group are go-getters. They're committed to putting in a lot of effort and transforming their life. Successful business owners belong to the second group," adds Savo, the youngest hedge fund manager in the world.
Before taking the plunge, one must always determine whether starting a new business is an appropriate decision or not. Today, everybody wants to build a venture, but only a handful have what it takes to succeed.
"Being an entrepreneur is not a cakewalk. If it were so easy, everyone would have done it today," shares Savo Vukcevic. He further points out a few profound considerations one should delve into before starting a new business.
Be a problem solver
According to Savo, "establishing a new business is all about finding a solution to a problem." If you're a person who wants to do business to buy a big penthouse, entrepreneurship isn't for you. There must be a desire to help others by solving their problems. If your idea can solve others' problems, it can be hugely successful.
Drop your idea if you lack enthusiasm
"Your intended course of action must inspire enthusiasm in you," believes Savo Vukcevic. Remember, you can never succeed if your idea doesn't make you enthusiastic, restless, and apprehensive.
Consider everything as an opportunity
Savo Vukcevic states, "a successful entrepreneur looks for opportunities in every hole and is driven to fill them with a potentially profitable business." This entrepreneurial approach is a must to be successful as an entrepreneur.
Balancing the love-hate relationship with money
The desire to make money frequently develops early in the lives of people in business. “Focus on building an empire, not a startup, because for most startups the end goal is the exit, to get bought by a larger company. My goal isn’t to get bought by a target company. My goal, among other things, is to buy all the larger companies. That’s that shark mentality that allows me to thrive in business.” adds Savo Vukcevic.
Offer Something of Value
When running a business, you cannot demand regular pay without offering something of value in return. Your customers don’t owe you loyalty. “If you’re not actively helping them out by providing innovative solutions at competitive prices, they will leave sooner rather than later,” says Savo Vukcevic.
Of course, customer service, pricing, availability, etc, are factors that go into determining your score on the likability scale. But these are all useless if you’re not giving your customers something of real value.
Remember That Stagnation is Not an Option
Resting on your laurels is not an option when you are an entrepreneur. You will likely be dropped or replaced by fresh new faces in the industry if you are busy focusing on past achievements.
Savo Vukcevic’s words on this are simple yet effective – “The world moves fast. And it will continue moving fast, with or without you.”
Have a Finger on the Pulse of Your Customers
You have made this amazing product that no one’s ever made before. You are extremely proud of your innovation, and you cannot wait to put it on the market. You expect people to go crazy over this never-before-seen offering. You finally show it off to the people and gather hundreds of potential customers. Then you show your product off to the people but everybody leaves without buying.
This is a classic case of not being in touch with your customers.
“Make what they want. Not what you want,”, says Savo Vukcevic on creating a product based on people’s needs and requirements.
Never Lose Sight of Who You Are
When it comes to business success, it is easy to lose yourself in the millions you’ll likely start making. Most entrepreneurs lose sight of what mattered to them and who they were before money taught them differently.
That’s where most problems begin.
“No matter what, always remember to be true to yourself. More money doesn’t always mean lesser problems. It just means different, often much bigger problems. Don’t chase money at the cost of losing yourself”, reflects Savo Vukcevic.
And lastly, establishing and selling a business is not the only thing a businessperson accomplishes. You can also be a part of multiple businesses in various capacities -- as mentors, advisors, or investors -- as long as you have the desire and energy to take on more commitments.
This article was written in cooperation with Digital Nod