

I found this illustrated well in a new book I just finished, "A Paperboy's Fable," by a young entrepreneur and writer Deep Patel. It doesn't take a superior intellect or big credentials to succeed in business.

Although just seventeen years old, Patel has some great insights that I can extrapolate for every aspiring entrepreneur to answer the most common question I get as an advisor and mentor--"Where do I start?"


1. Search for big opportunities.



2. Invest in your own future success.



3. Harness ingenuity and innovation.


4. Don't forget the marketing.

"If we build it, they will come" is not a winning business strategy. You need to find the customers, rather than waiting for them to find you. With social media and conventional selling, the people with the best message get the order.

5. Add value and reduce cost for universal appeal.

Addressing a worthy cause, such as helping the environment, has a good secondary appeal, but near-term value delivery is usually necessary for business sustainability. Goodness alone doesn't make a business.

6. Create customer advocates.


7. Choose a business that you can scale.

Services businesses are hard to grow, as you need to clone people to expand. Product businesses are easier to scale, through manufacturing and automation. Don't be too slow to expand your territory and partners.

8. Utilize the power of diversification.


9. Hire more expertise and delegate authority.


10. Don't box yourself in with your brand.

Brand for the future. It's hard to expand "Ty's Newspaper Business" into landscaping and home products. It's always expensive to change and rebuild a brand image. Give yourself the maximum flexibility in brand building and naming.


Success to you probably includes financial gain, but don't forget that money doesn't buy lasting satisfaction and happiness. The happiest business people don't work for money, and don't even think of what they do as work.

Published on: Sep 22, 2016