How to Succeed in Business by Really Trying

This transcript is automatically generated

-- green right now an entrepreneur and author but someone who started successfully fifteen businesses that you sold to successfully that's -- to see you definitely prove that.

That marker wrong in many senses of things Victor for coming on and -- the author of how to succeed in business -- -- really trying really trying so let's talk about that real try it.

-- -- top three rookie mistakes that people make out that what would -- But the but does the state than most people make is insufficient recent they come dropping them on an idea that business and -- in this thing to better check it out -- -- Or that's -- on the Internet get some statistics which -- involvement.

Or the worst thing they do speak to family and friends -- goodness they have agreed to send my fantasy outcomes -- the other capital patent out of business -- -- -- -- and then.

They don't -- -- up actually set -- whether this guy.

Then the next and that seems to be a big -- -- -- it doesn't clearly identifiable audience and who might actually going to try and sell this product to.

Lot of people say oh everybody in the world who bought it but of course that's not true it may -- twenty years down the -- and.

But you have to define who is the best go audience the people most likely to buy duplicate the service.

And and the next thing is that people all -- driven by -- statements that they tend to get about the important part of business making a profit.

So these of the daily and -- -- big big profit and driving accident that some.

It now seems obvious.

But it's not it's likely -- common sense of common sense was so common.

Would have liked but reportedly -- cents so it's not about a different is like five are meant to seventy people.

And it's amazing how many people doesn't do the basic things they should when they -- -- when that money you know and this.

Give us an example of one of your businesses that you well researched and found the market for and it took off.

When I high he went about -- -- it take off yellow -- I could take my first one that was my baby that was to us by our crated up and by ice or marketplace I was in.

Publishing work for publishing company.

And I -- -- debt.

In particular market sector which I felt was very -- the unusual thing about this -- sector.

Was that the audience went -- the actual behind the post who spent the money.

They would be in from the -- who specify the recommended products which is some unusual.

The media you know you want the -- ads but I realize these people were very influential.

So I did my resell it and realized they were started my business and it was a tremendous success and that was the banks who rebuilding.

-- -- the business not that was founded yes that was found that patients are finding your need space that's right yes -- I knew how to market because.

What you have to remember with a product or service you have.

You as a business -- -- that necessarily have to like it.

The people who have the audio and native not necessarily profitable okay because what's important thing is it's what customers have to market.

And that the ones who -- to borrow -- and I think if there's going to be a successful idea.

It's going to help them in their business and hopefully make them more money right that's the ultimate.

In terms of competition.

You know I'm just gonna you've heard of pink -- right -- supply test well there's every.

Street you lock on there's a new version of think very positive about the frozen yogurt -- in all -- that.

So if -- -- start -- frozen yogurt business today.

Should I do that -- is that market saturated.

No markets have a saturated if you the best because in every business key figure out how to compete against pink Berry and red mango and everything else up.

First -- -- -- demographics across the site if you're going into a particular area.

Has that put an audience which is towards that's important to find out is the age group might all the times that they that people coming it got to shop.

Correct you have to do you reset -- sends a franchise the franchisees breakup -- isn't just put down.

Pins and a -- people take it.

Well the people who are buying the franchises should do.

When I started saying that I don't Lisa they have the site is that a good location my business that's important thing because it has -- household night.

It doesn't mean to size -- to succeed in that particular doesn't take things -- -- is perfect sense yes.

One of the reasons my business is now.

While some of the reasons and other -- really the lack of identifying an audience having -- product which -- some hate them.

-- if you've got those two things is a thing which is the ego of a businessman.

I -- -- bit awkward vanity.

Vs seventy.

Behind vanity is the ego boasting that I've got an increase in -- -- a 1000%.

-- -- -- -- -- -- -- Sanity is are you making a net profit from that business.

You don't have and he gets -- Not a no -- wanted to worry about the sentence by anyone about the ball out of line because.

If you wanna business you any no money from the Baltimore them before you get it -- a long line of people that want to get paid out have to get right.

So if you want to -- just concerned with the south that.

And that's -- vanity.

And if you -- of the Boston sanity we need rare sense insanity that's like that the two things in my bottom line -- -- -- I thought I hope overdoses and a little bit but that's the exact -- -- -- He just made it seems so easy and obvious and I -- -- a good idea I could talk to any any reflected relative cost of service problem is that on a good idea -- -- -- when you're ready for what's -- -- obviously I'll help you what is frustrations that people -- size.

Stadium what one of the big frustrations they seem to have -- the misconception.

They seem to think that if they can borrow money that was open appointment.

OPEC which of course that's not the case -- you borrow money.

Not if you can help.

You could find ways what I called -- of negotiation.

They'll ways of getting goods and there's ways of getting premises without tying him.

Just every month open to see more relevant but that that's what it's about is -- -- negotiation yet money what you have to remember is this and this is what.

Every business person has to remember.

No amount of money will make a bad idea -- But what it will do is you can get the rest of your life if you found highlight that I have to be so very -- careful.

-- in the in this business in the countries it is we have.

Somebody this decision are the backbone of this country and most countries in the world all these small to medium businesses.

By all the real real economy.

And that the people who need some help.

You know you've just got to find help them because that different to the major corporations who got broken some of them about the amount by these guys on the -- found out.

Make it's all Smart.

Men usually.

Who go to the good colleges that don't really graduate.

And then they start small businesses that become huge corporations on FaceBook there is -- formal education required a lot of people say.

I hear from from young people especially all the time I'll have to go to college someone -- graduate so and I always say well he did get into Harvard.

And he -- graduated he didn't invent they look look.

What I am he would have been to -- anyway.

I -- went to college on a school of fifteen so perhaps you know have a different -- dispute that but I'll tell you what I think it is fiscal fifteen yes I would never know -- when you thought.

If the -- -- for the call to education there's a misconception.

In my view.

That people think that if you go to get a college and get a deeply you automatically give -- to all.

What now let me remind people of a few things the.

That the education date is not a -- credit call it it is now what are coming out with is that debt which is going to take them ten.

2030 years or more to pile them.

40% to more -- working well below that academic achievements.

That what is the point in educating people.

-- -- have qualification at this -- So shorting government's gonna reverse this just -- making the small medium people giving them incentives they -- employable people.

Good points fifty dream.

Entrepreneur and author of how to succeed in business by really trying your website is up on the screen now that I think good picture thank you for coming -- thanks for joining us everybody.

Watch Live

How to Succeed in Business by Really Trying

Details

Clips

Latest Video

Does America Need Energy Independence?

A Real Way to Save on Gas

What Does America Get From a Barrel of Oil?

Markets Not Taking Bernanke Comments Seriously?

Rudy Giuliani on Obama’s Handling of War on Terror

Time for U.S. to Get Tough on China Over Hacking?

Scandals Raising Concerns of Obama’s Leadership?

Economy’s Impact on Sex and Relationships in America

Eric Holder at Center of White House Scandals?

Obama’s War on Terror Plan Working Against U.S.?

Where are the Cheap Destinations for Summer Travel?

Digital Records Putting Your Health Information at Risk?

Transcript

Recommended