8 Entrepreneurs Share Their Secret Recipe for Business Success
Success is subjective; it is measured by the benefits deemed important by the person seeking it. That may include personal wealth, societal prestige, fame and a host of many other measures. Understanding this, we asked eight entrepreneurs how they became successful in the business world, and what their driving force is.
The answers are as varied as the individual, though collectively they paint a picture that provides invaluable guidance. Some feel that hard work and persistence is key, while others suggest that life experience, certain skill sets or intuition are at play.
Identifying and Solving Problems
There are many factors that work together towards an entrepreneur’s success. Some of the secrets to my success are identifying problems in society and attempting to solve them in the most efficient and effective manner, SMART work, continuous life-long learning, positive mental attitude (PMA) that helps think out of the box, adhering to the 3D principle of Desire, Dedication and Discipline on a daily basis, perseverance, patience, staying healthy through recreation and meditation, some friends, and my supportive family that has sacrificed a lot and stood by me through all the ups and downs of my entrepreneurial journey. Jameel Shariff, CEO and Council Member of P2PS.
Adopting New Challenges
Success means to be in tune with reality and quickly adopting new challenges we face every day. I believe in taking action immediately, too many people spend too much time talking about doing. Out Of my Passion I made this company to help crypto community . What I do isn't work, I love doing it and when I see what needs to be done, I do it. Sridhar Panasa, CEO at Utrum.
Ingenuity, Persistence & Patience
Ingenuity, persistence, and patience. Throughout my career, I’ve held these tenants as the keys to developing successful business strategies. To start, you need to be intuitive, to approach a problem from an ingenious angle that no one else has thought of before. But a good idea isn’t enough; you have to be persistent, and you have to be willing to fail--and to learn from those failures, to succeed. After this, you need patience to finalize your goals. Rome was not built in a day, so why should you expect this from your business? Ingenuity, persistence, and patience, in my opinion, are paramount to success. Alex Isaeiev, CEO at OSA DC.
Linking Pain & Pleasure Appropriately
My secret to success is linking pain and pleasure appropriately. We all make every decision based off of our desire to gain pleasure and our need to avoid pain. When I missed the birth of my twin sons after going back to prison, the pain became too much to continue that lifestyle. I use pain and pleasure inducing questions obsessively now when I coach starting and aspiring entrepreneurs--the reminders they get for working hard for what they truly desire is priceless. Zachary Babcock, founder of Underdog Empowerment.
Quality Lead Generation
Too often, businesses want to generate leads as cheaply as possible. And while this may seem like a good strategy on the surface, we've found it ten times more effective to spend more so that we only get highly qualified leads. By the time these leads are nurtured through our marketing funnels, they're extremely receptive to our message and eager to buy. This strategy is totally data driven. After spending millions on marketing, and thoroughly analyzing the data, we know that the hottest leads cost more but that expense is more than offset by the conversion rate. Dustin Briley, Founder of Yoobly.
Finding the Right Combination
I approach business as being iterative vs. inventive. I focus on combining ideas from different sources and presenting and packaging them in a new and creative way. Each of the individual ingredients already exists, but finding the right combination to solve my prospects most significant pain excites me. Brad Slavin, CEO at DuoCircle.
Decisive Actions at the Right Time
I believe real success comes from taking decisive action and seizing the day ahead of us. Our ICO marketing company helps countless crypto-startups from across the globe meet their goals each day. What’s more, the rich experience I get from working with people from every continent contributes to my personal growth: something I truly value. But overall nothing beats doing what you love, and my work is my hobby. It’s especially rewarding when I’m surrounded by such an amazing team. Coffee is an absolute must though. I like to balance my work with sports; it helps to clear my head and to get a fresh perspective on things. This is a must for me to maintain creativity and productivity throughout the days and weeks. Radu Balas, ICO Advisor and Founder, ICO Battle.
Surrounding Yourself with Like-minded and Smart People
It’s important to work with people who are smarter than you, watch what they do, and ask questions. We tend to be drawn to like-minded people, but it’s important to recognize where you may be lacking in terms of experience or knowledge and surround yourself with those who can fill these gaps. They'll hold you to high standards and you’ll learn a lot along the way. Dan Kuebrich, Director of Engineering, AppOptics.