Nearly 30% of the American workforce is self-employed, and when people lost their jobs during the pandemic, more people started working for themselves. But 22.5% of these small businesses fail within the 1st year, and the failure rate increases every year someone is in business.
Learn from the best
Do not take advice from people at networking events or from people who are mediocre at best.
- Instead, listen to the best investors and traders in history such as Warren Buffett, Peter Lynch, Jesse Livermore, Paul Tudor Jones, etc.
Execute your ideas to perfection
Are people already buying this?
- Listen to other entrepreneurs
- Test your idea with a Landing Page
- Launch an imperfect Minimum Viable Product
- The perfect product is created by customer feedback
- You can only have paying customers when your product is out there
Stay focused on your “why”
Creating wealth is all about providing value
- And we can only provide value when we’re giving something useful to help other people
- Keep your why in mind every day
- Without that, no one stays in business for long
