Service business is your highest probability of success. The business failure rate is 90%, the right information will help you beat the odds. The wrong information cost me half a decade of failure. All the effort, courage and work ethic won’t save you when you’re in the wrong business.
It takes courage to start a business. Courage to keep going in spite of obstacles. Courage to call 100 people a day and get the phone slammed down in your ear. Courage to close. Courage to handle angry clients. Courage to have uncomfortable conversations every day of the week.
Every single successful person I know is aggressive, they aggressively pursue revenue. They wake up and fall asleep thinking about their monthly revenue target. Every guy I know who failed wasn’t aggressive enough, without exception. You’re taught not to push, not to be aggressive, not to openly pursue money because it’s ugly and it’s crass and it’s commercial, yet it’s exactly what you need to do to get ahead.
4. Work Ethic
10 hours a day for 5 years.And not bullsh*t business research, actual painful work that makes you money. Getting your designation. Building your site and your sales page. Making 100 outbound calls a day until you can afford to pay for the inbound marketing or build your inbound marketing machine (RLD is an organic inbound marketing machine).
5. Pain Tolerance
The ability to do the above for as long as it takes to win 10 hours a day 7 days a week. Entrepreneurship in the beginning is very painful when you’re going 100%.
6. Sales Skills
If you can’t close you can’t make money. Sales is your ticket to making 250k a year. Being able to be an excellent salesman makes up for a lot of other weaknesses. I worked with guys in sales making 250k a year who couldn’t send an email without a typo and had never read a book in their lives.You need to live and breathe sales. I recommend my book How To Sell.
7. Marketing Skills
The biggest mistake I made in the last five years was not mastering marketing. Marketing is what allows you to get attention and to scale. It’s also your ticket to getting out of having to do aggressive outbound. Once you’ve got enough cash from outbound you can pay 10k a month for ads and be able to convert your business into an inbound selling machine.
Having a daily disciplined structure that you follow every day so that you can handle the complexity of running your business and life without distraction. I recommend my book How To Get Organized.
IQ is important, it’s very difficult to succeed with a below average IQ unless you have an exceptional talent like singing or being able to play sports at a high level. But it’s also the least important skill on the list. There are barely literate sales guys making 250K a year and guys with PHDs in medieval history working at Starbucks. The most common thing in the world is high IQ unsuccessful guys because they don’t have the right information and they don’t aggressively go after getting money.