How can I become a business tycoon from a nobody?

Grab a pen and a paper, and write down the following questions:

• Can you slog yourself for days ’n’ nights?
• Can you quit your life to start something different and big?
• Can you tell yourself everyday that “You can do it?”
• Can you have the never giving up attitude?
• Can you sleep on the floor when you have no bed to aid you?
• Can you stay alone while the entire world is Partying ’n’ chilling?
• Are you ready to make mistakes and learn from those mistakes?
• Are you ready to wipe out your tears when you are crying when the whole world is laughing at your decision?
• Are you ready to spend the spend the most deadliest (and beautiful journey) next few years of your life?
• Are you ready to not to listen to what your relatives are asking you to do?
• Are you ready to fail?
• Are you ready to stand up if you keep falling down?
• Are you ready to work even with a broken back?
• Are you ready to slam/shut people’s mouth with your work?
• Are you ready to keep learning until you are alive?
• Are you ready to keep work as your top priority?

Write Down!

Write Down each of the above questions on a piece of paper, and think of the answer..

..if the answer to all the above question is a YES then congrats my friend, you are ready to challenge yourself to take one of the most hardest path of your life:

The Path…the Life of an Entrepreneur...

All the above questions that I have mentioned are the basic requirements to qualify.

..before I give you an extremely specific answer to your question about what skills you need to develop, let me tell you some of the basics.above meaning was not taken from Wikipedia or somewhere else.  that’s my summarization of Business in one line.

Unlike most of the mentioned answers or suggestions, I would keep my suggestions (SHITS) real purely based on my study experience…

1 ) Patience: The Mother of all suggestions

You know why most people fail in life or in business? Because they lack patience. They want everything TODAY…

…but sadly that’s not how it works in a business.

You need to have serious patience before you could collect your first pay check from your own company.

Patience to me is the mother of all skills required in business because it’s tied up with every single skill that you will require in your life to be close to becoming successful.

2) Make Mistakes, and more mistakes..

..and now you might be wondering…

“Udit, are you freaking out of your mind? Why would I commit mistakes?”

..my friend, if you don’t make mistakes, you will never learn in your life. In business you earn from your mistakes.

But but but..

Make sure that you learn from your mistakes, do not repeat them. Combine this with patience, you are the next big thing :)

3) Spend time learning the meaning of Opportunity Cost because their is no such thing is THE PERFECT PRODUCT

One of the biggest mistake people make and they never realize?

They don’t understand the importance of Opportunity Cost.

If you have the basic version of your product or idea, launch them. Scope the upgrades, and addition features for the future releases.

4) Understand the problem of the consumer

Before working on your THE BIG IDEA..

..try and evaluate the market and to see if your idea has enough customers where you can scale up in the long run?

A lot of entrepreneur always over evaluate their ideas. Without really studying the market, one goes and builds the products later realizing it cannot be scaled up either due to financial problem or lack of consumers.

To help you better understand this point, I will give you some examples:

Don’t work on seasonal products, work on products that will last all seasons.

Still not clear?

Let me explain:

As someone new stepping into the market, one of the major issue will always remain funds.

So, let’s evaluate:

A new movie is out, and it will make money once, but what after that? Unless you make another movie, you might not make more money out of it. (I’m not talking about the post ad opportunity and new collaborations, I am simply talking about “A PROJECT”).

..but if you are instead working on a seasons product like Education Courses, Wedding costumes, softwares..you will always make money..

Why?

..because people will not stop taking education.

..because people will not marrying

..because people will not stop using softwares

There, you have some consistent revenue going on for you, and you can look into scaling up by targeting the masses with the same product.

5) Don’t build a business to raise funds.

One of the biggest issue I have seen with majority of the start ups who has made it big?

None of them are profitable.

..be it Flipkart, Snapdeal, PayTM, Mobiwik, Jabong, OlaCabs, or any other billion dollar evaluated companies (The most recent start ups).

None of them are profitable.

Why? Because their motive was not to build profits, but the owners wanted to mint money for themselves.

You might say, it’s none of my business, and yes you are right. But at least I have the mindset to make a profitable company instead of building the next billion dollar company.

That for me is a completely wrong mindset.

If you are aiming to build a profitable company then you are on the right path of business a business.

6) Never Give Up!

Finally:

Keeping this answer very short, never give up in life. No matter how tough life gets on you.

You might have heard, if life gives you lemon, make a lemonade out of it.

The above is true, nothing comes easy in life and nothing will be ever easy in life.

Their will be times when you would want to QUIT and just CALL IT OFF..

..but don’t give up :)

One more bonus point I would like to add to the sixth point.

Save your capital, don’t spend on something that’s not required, the saved up capital will help you massive in the long run! :)

I hope with my above answer, you would be able to take a better decision.

..anyone can become a business tycoon from nobody, only if they believe in themselves.

So, if you believe in yourself then looking forward to seeing you as the next big tycoon..

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