It has been said many times that the fastest way to make money and become wealthy is to own a business.
It is one of the sure ways to financial freedom.
However, setting up and running a successful business is not quite as easy as it sounds.
Most of the times, the intending entrepreneur is the one standing in the way of his own money making business.
Are you wondering how this could be true, that someone who desires to own a business and become a successful entrepreneur could be standing in the way of his own wealth? It is simply because they procrastinate about all the wrong things.
Most would be entrepreneurs are looking for the perfect product.
If you are really serious about being successful, you need to adopt the aim, fire approach.
I am simply saying that your product does not need to be perfect before you hit the market with it.
Agreed, it is essential that you offer quality product.
But then the product does not have to be perfect to start with, good is enough.
A lot of people who would have been millionaires many times over, and thus attained their financial freedom, are still languishing in poverty.
Why? They are still waiting for their products to be 'perfect' before they start making money with them! The pity is, a lot of them die without ever getting the product perfect.
I believe you should take Mark Victor Hansen's statement as your watch word: "Babies do not walk the first time they try, but eventually they do!" Remember this and you will hit the market with your good enough product.
I know that quality products will bring you success much quicker than a bad one, but you do not have to be so obsessed about the product being perfect before getting it out there.
Remember you still need to test it in order to ascertain that there is a market for the product.
Why then do you want to spend a whole life time perfecting a product that might not have a ready market? Your time will be better spent marketing and possibly selling the product.
In actual fact, you need to spend a higher percentage of your time marketing and selling your product than you spend fine-tuning it.
I am talking about spending 75% to 80% of your time on marketing and selling your product.
As you make money, you can now spend part of the money and a little bit more time on your product in order to improve it.
At least, you now have the money and can thus afford to more time.
See how easy it gets? I personally believe that product improvement is an on-going process.
Another mistake people make is to spend the little capital they have on things that are not of primary importance.
Many people waste that very important initial capital on office accommodation, expensive furniture, office equipment, stationery - business cards etc.
They employ staff when the work load should still be handled by the owner alone.
For example, I know people who have refused to start their internet business until they can afford a top-of-the-range laptop complete with all extra gadgets like portable printer and scanner.
You can actually start your business with that personal computer sitting idle on your reading table! The primary assignment of a new business should be to sell, sell and sell again.
All you should be thinking of at the beginning is how your business will make money and the best way, if not the only way, to achieve this is to keep selling your product.
More importantly, you need to sell at a comfortable profit.
The worst scenario for a new business should be to break even at the beginning; and you should aim to start making profit as soon as possible - probably within three months.
For digital products, profit usually comes earlier except there is no market for the particular product.