Try not to become a man of success, but rather try to become a man of value.
~ Albert Einstein
Is it possible to run a successful business if you don’t have any experience?
Of course it is. There are many super successful first-time entrepreneurs like Facebook’s Mark Zuckerberg. e had zero work experience before launching.
But if you don’t have relevant experience, here are some tips to boost your odds of success:
- Find a partner with experience and/or complementary skills
- Find consultants and/or industry experts that can help
- Build an Advisory Board
- Read a lot of and don’t be afraid to ask lots of questions
Even if you do have relevant experience, I still recommend doing these 4 things. I did all 4 when launching Growthink many years ago.
Forget Old School!
The “old-school” way of raising venture capital is DEAD!
And that’s why I created this page for you… to show you how to do it right.
There’s a common mistake almost every entrepreneur makes… and if you approach venture capitalists like most entrepreneurs, you’ll NEVER get funded.
Today’s Question: What well-known brand was initially marketed as the Health Kup?
Previous Question: In an effort to show the commercial potential of the soybean, which famous American inventor and businessman attended a 1939 convention in a suit and tie made with soy “silk” fibers?
Answer: Henry Ford.
You might not think an automobile manufacturer would be interested in farming, but Henry Ford was actually a leader in the soy industry.
Ford invested millions into soy research, and used soy products extensively in his automobiles. By 1935, every car Ford produced contained soy — as much as 2 bushels per vehicle. Soybean oil was used in the paint and the fluid for shock absorbers. Soy fibers were used in the upholstery, and soy-based plastics were also used.
The lesson here is one of focus and opportunity. Many entrepreneurs have tons of different ideas. But, they fail to narrow it down to just one, and to successfully execute on that one idea.
Henry Ford focused solely on his automobile idea first, and created a highly successful automobile company. Then, and only then, did he leverage his success by venturing into charcoal manufacturing and the soy industry among others.
Join our Tip of the Day
To get Growthink’s Tip of the Day delivered to your email inbox, enter your information below: