I have been a member of this forum for a short while and in that time I have learnt a tremendous amount from warriors that just keep on giving. So i thought id share something.
One of my friends is related to a multi-millionaire. This guy has a string of offline businesses that make him a substantial amount of money. He has the lifestyle to back up his revenue and profit claims
I was invited over to my friends house for dinner and this millionaire was there...albiet glued to his blackberry...but he was still there.
I did manage to get his attention for two minutes and used this to my advantage. I asked him straight up without any hesitation what is the biggest piece of advice he can give me for business success. He laughed for a few seconds and then said.
I know you have probably heard all the stuff about perseverance, working hard and taking lots of action, he said that is all well. And then he went on to say that that all means little or less if your idea is not clearly SCALABLE. And that was the key word he kept using. He went on to explain that the real money is made when you strike success with an idea or concept and thats great. But whats greater and where the real money lies is if you can replicate that idea and grow it.
He said that he knew someone who owned a corner shop about 10 years a go. His family were in big business and laughed at him and his lack of ambition and success. However little did he know that he had a bigger picture in mind. Within 5 years he had scaled up and owned 22 corner shops all across the UK. All under his name.
Lets say for arguments sake one corner shop makes him $1,000 profit a month, which may seem measly to most for a real shop....however multiply that by 22....and you get a much different picture.
The millionaire I was having this conversation with also went on to say that another key important skill is TASK AND PROJECT MANAGEMENT. He mentioned how this is not stressed enough but how it is absolutely crucial if the scaling up is going to be successful. If you can manage all the businesses and don't have a clear plan on how they are going to be maintained and managed then before long you will be burnt out and will end up failing.
So the key things I took from the conversation were.
1. find a concept that really works and more importantly that you are sure you can scale up and roll out
2. roll the concept out however make sure you manage the project ie. the business, effectively.
I think this very directly correlates to online business success. If you find a great concept thats great. However if you can scale it up and replicate it to different areas and markets then you are making the big money.
I hope this post helps someone, feel free to thank me if you got something from it ....