1. Define Your Passion
It is hard for someone to become successful working on things he isn’t passionate about. Life will be stressful working on something you don’t like.
The key to a successful life is living with passion.
2. Work with Small Companies to Get Experiences
You need experiences to start a business. Imagine you are on an airplane and you hear the announcement from the captain “Welcome ladies and gentlemen… today we are going to have an exciting and safe flight because we have our new pilot, Mr. ABC. Mr. ABC just finished his driving school. Today is his first time to fly the airplane”
What are you and all the passengers going to do after you hearing this ?
Running a business is like that. Before you start a business you need to have some experiences.
Working with a small company gives you the opportunity to learn many aspects of the business. And usually you are engaged in problem solving of the company.
3. Have Some Capital
Starting a business with no money is almost impossible for someone who has little business experiences. Yes, people who have a lot of experiences can start business and making deals without money down. I had $400 as my starting capital.
However, people who are new to the business world I recommend you have some capital to start your business. This can be from your saving. And another sources of capital that I see many successful start-up have done is SELLING. Selling is the best way to raise capital and making profits for the company.
4. Define Market Needs Around Your Passion
Find out what the market needs. You can not sell jackets in the rural areas. You need to find out what people really need. The needs of the market should be around strengths and passion.
5. Choose Your Co-Founder/s Wisely
Based on experiences I have seen that the best co-founders of successful start-up are husband and wife or classmates. For instance, I myself started PM Leadership with my wife Ken Malay. Robert Kiyosaki start Rich Dad company his wife Kim Kiyosaki. At the same time, Mr. Din Somethearith started his business, Frangipani Hotels, with his classmates and they are still together till now.
6. Define and Protect Your Core Competencies
Core competencies of a start-ups normally are the owners / founders / key leaders of the company. That’s why choosing the right partners is so important. Imagine you start a company with two other people. As you know the nature of business always have problems. And because your company faces some mayor problems two of your partners left you. How you feel?
7. Business and personal development plan
Many successful business owners have business and personal development plan. They attend seminars and trainings. They read books. I love business and personal development programs especially Money & You program. I have been to the program for four times in a row. I commit to attend this program for ten times in a row. One of my friends who is the founder of Fabulous Cambodia has joined Money & You for fifteen times in a row. Pretty amazing, right ?
Your business does not grow unless you do.
8. Have mentors
Find people who have been there and done what you are doing to be your mentors.
I have Mr. Bellum Tan as my mentor. Bob Dylan was mentored by Woody Guthrie. Richard Branson had Freddie Laker (founder of Laker Airlines) as his mentor. Amazon founder Jeff Bezos had David Shaw as his mentor. Warren Buffett was mentored by economist Benjamin Graham (author of the investment classic, Security Analysis).
You need to have [Name of your the person] as your mentor.