Make a Business Plan - Marcus tells that he has known business owners with great ideas but thanks to the lack of planning they fail in the execution. For Marcus, it is critical to write the thoughts and share them with others to get feedback; this will help you to correct and improve your work.
The importance of a business plan lies in defining critical issues such as:
- Products or services that I will offer.
- Where and how will I attack the market?
- How will I defeat the competition?
- How will I learn from my competitors?
- This way I will get clients.
- What kind of people do I need around?
If you do not have these questions resolved, it will be tough for you to achieve your goal.
Have Sufficient Working Capital - Marcus emphasizes the importance of having sufficient working capital. If you do not know what it is, let me explain briefly.
Capital Work is the cash that your business owns to keep its operations running (payroll employees, public services, raw materials, individual services).
Having enough cash to keep your operations afloat is critical. It is common to make exaggerated estimates of the cash flow that will enter some money,
but if that does not come to pass, a backup plan is necessary. For this type of scenario, there is working capital, the mattress that helps you withstand hard times. Most businesses close early, not because there are incompetent people or because the company itself was a bad idea. In most cases, it is due to insufficient working capital.
Try To Find A Balance Between Your Family Life And Work.
Take care of your employees - the reality in business is that employees should take first place in your concerns. Because when employees are happy, customers will also be satisfied.
If the employees are happy they will take care of the assets of the business, they will have the sense of belonging, and they will be fought shoulder to shoulder with you every day.
More important than having a passion for business is having enough fundamental knowledge about what is being done. That is, if you and two friends think of setting up a restaurant, it's better if one of the three can cook.
Making better decisions starts at the moment you know in depth the details of the sector to which you intend to dedicate time to your venture.
Reinvent yourself Constantly - continually reinventing yourself in the course of your life is of the utmost importance. Think about the direction your life takes at critical moments when you are 12, 18 and 25 years old. You have to be continually working on reinventing yourself.
To reinvent myself consists of determining how much value I am contributing to people and how attractive is the knowledge I acquire. It happens with people and happens with companies, when they do not reinvent themselves tend to disappear, it was the case of Blockbuster, Kodak, Sears and other brands that are no longer with us.
Always Be a Step Forward - If you want to be one step ahead of the competition, it is not enough to develop a new product.
Because you just throw it to the market, it is very likely that the game will copy it. Therefore, if you want to be one step ahead of the competition you need to comply with the following characteristics:
It is very likely that customers look for other alternatives if they do not find these features in your product. Another way to stay one step ahead of the competition is reinventing your business every so often.
- That your product is better than the others.
- Make it more intelligent.
- Less expensive
It is very likely that customers look for other alternatives if they do not find these features in your product.
Another way to stay one step ahead of the competition is reinventing your business every so often. This is achieved by studying the game, modifying and adapting to new needs.
Kill the Feet on Earth - Marcus makes a good definition of what it means to be an entrepreneur. Entrepreneurship means either you own the business or you are a member of the team.
Becoming an entrepreneur may be one of the hardest things you have planned to do. It is about taking your own money or the money that someone lent you and investing it in your idea, in essence, you are spending on yourself.
Do not Be Afraid to Fail - all people and even entrepreneurs, all deep down we are afraid of what people may say or think. Therefore, Marcus highlights the difficult challenge of trying to ignore all those voices. Marcus recommends striving to overcome the fear of failure and work as many times as necessary to achieve what you have proposed.