Entrepreneurship is not for those who follow a set of rules. Instead, it is for those who bend the molds and aren’t afraid to experiment, to thrive. Former Marine turned entrepreneur Jay Monopoly shares a few tips for budding entrepreneurs who want to make it big in their chosen field. Let’s delve:
1. Money makes Money
‘Wealth is a result of production. You expand into wealth, you do not contract into wealth,’ says Jay. You should never buy the old-school advice of cutting back on your expenses to cover a loan, or planning a trip. Jay shares that when he has to make money for something, he doesn’t cut back on expenses; instead he would amplify his marketing efforts to get more leads, and close higher revenue, profits!
2. Learn from others
You can learn either by hit and trial or from people who’ve been there and have achieved. Jay states that the know-how of your industry is the recipe for success. He quotes an example of owning a franchise restaurant and running your own. When you take a franchise, you buy the processes, the systems, the know-how, and the experience of how to hit the ground running. Similarly, seeking guidance from mentors makes a big difference in any business.
3. Put systems in place
Jay advocates having systems in place, so ‘you don’t rely on eating what you kill.’ Entrepreneurs must make efforts to have systems in place that put the team and processes in the autopilot mode. Your sales funnel should be automated as a result of an established process in your company.
4. Invest in business
Entrepreneurship is all about growing your business. Investing in your business is what puts it on a steadfast route. Jay states that when you start reaping the profits for your hard work, you must not pause. Instead, you should continue investing in your business to make it big, bigger!
5. People & Passion
Jay advises surrounding yourself with good people and doing what you love. Having the right set of people on your team, and enjoying what you do, blur the lines between work and life, and help you strike the work-life balance, effortlessly.