The majority of people want a comfortable success, the lazy mans way, according to master marker Ted Nicholas.
The average entrepreneur will not be a millionaire, more likely they will only just make enough to get by. The really successful ones are those that are willing to go the extra mile, to face rejection and keep going. You have to decide if you are willing to be an outstanding person. In most cases your products will fail, your adverts will flop and your business may fold, that’s ok if you are willing to put yourself on the line. Find something you are passionate for, build a business around it and keep swinging – you will be successful.
Here are Ted Nicholas’ 5 essential tips for young entrepreneurs
1. Be willing to Pay the Price: People are looking for the Lazy Man’s way to riches, but that is a myth. Work hard and study to become a master. This can involve 500 – 1000 hours or even more. This is why you must do what you love to do and then build a business around it.
2. Learn to market and sell: Accept that sales and marketing are positive, essential and valuable skills, and then learn how to do it. Direct sales are a terrific learning ground. Gain experience from part time work mowing lawns or babysitting. Better than competing with 9 others for a minimum wage job.
3. Fail forwards: Realise that when you fail, nothing really bad happens as long as you learn from it. In a survey of young millionaires, the average number of attempts was 17 before they experienced their current level of success.
4. Reject rejection: Be willing to hear the word NO – One of my mentorship students was turned down by over 200 different banks at home and abroad, but now is a millionaire. How many give up after the first rejection or the third or fourth?
5. Never stop learning: The importance of continuing education – I’ve spent $50,000 to $100,000 a year on books, audios and seminars. I’d rather have a good home study program than a new car. Let others make their 3 or 4 hundred dollar payments on the new BMW, invest your money in yourself.
Read the full interview with Ted Nicholas in the August edition of Money Smart Magazine
