Business Strategies
You may know that I recently started on a project to write my father’s biography. As I’ve begun this process I’ve learned quite a lot, not just about him, but about how to win in business.
One of his early business ventures was starting a movie studio, Image Films, that produced advertisements for television. He had no related experience in the film industry, no money, and no backing. What’s more, this was in the 1950’s when Iran was just ending a recessionary period.
What he had was the good sense to ask questions from his friends who happen to be actors and cameramen for a couple of movie studios. He learned that with the help of his friends he didn’t need any knowledge of the business, but he still needed the equivalent of $150k in 1950’s or $1.3M in 2010!
He convinced his parents to give him the deed to their house (paid off) so that he could take out a loan. Suffice it to say he got the money from the bank. What’s more, the business was so lucrative that within six months he was able to pay off the loan!
What’s the lesson here? No matter what the market conditions, you can succeed. You only need a few things:
- Have a healthy dose of bravery: You need to be brave to take risks, especially when it comes time to put your own skin in the game. This is true for your own business or your company’s.
- Be willing to ask questions: Nothing ever comes to the man who remains silent. If you want something, ask for it, be curious and look for opportunities to get it.
- Ask for help: It doesn’t matter if you don’t know how to do something. If you believe in yourself, you just have to figure out what it is you need to know, then ask those who know it for their help. You’ll be surprised how willing people are to help you succeed.
- Give thanks where it’s due: When you get people’s help, be sure to thank them properly. That may mean offering them partnerships, compensation, or public recognition. Just figure out what they want and find a way to give them just that.
- Be resourceful: Even if you find you have nothing but the willingness to do something, find means to get everything else that’s necessary to succeed at your new endeavor. You should have learned about those other factors through all the questions you asked and had answered, and by bringing in the experts that fill in your knowledge gap.
- Put your own skin in the game: To make any venture or adventure meaningful, and to insure you’ll give it all, you have to have your own skin in the game. This may mean money, time, your reputation with friends and family, or all of the above. If you’re seeking something that you truly believe in, something you’re passionate about, this should be an easy step, but nevertheless a necessary one.
No matter what what you want to accomplish, just remember: Seek and you shall find.
What Do You Think?
Please feel free to share your comments below.
Photo Credits: Frankie Roberto
This is very compelling, and I know it to be true. I have sought and been given, granted it was only a little, but I'm sure it would have grown if I'd kept at it. But my endeavor shifted, and I began to do well in that, and THEN my endeavor was taken from me. That crushed my spirit and left me hopeless, not caring, angry, and hurt. I have many ideas, all of which could become great, but there is something about all of this worldly success that seems so empty. I can visualize it in my mind the successful lifestyle where I have achieved but there seems something missing, like its an empty pursuit. Do you know what I mean? Think about it like this: What if it turns out that the endeavor you have chosen hits the right notes within that makes you perform all of the right actions, you know with the bank, finding the information, filling the needs, billing and collecting, etc. A few years go by and you are able to automate the process. Your dreams are fulfilled, and you will never have to worry about money again, something like $60,000 a month rolls in, and it grows, and your personal assistant and accountant take care of all the details, then what do you do? Another endeavor? Ok, so you try underwater basket weaving, and BAM! success. then again, and again. What if you realize that you could be "successful" at almost any endeavor because your good like that. What is left to do?
Robert,
Thank you for reading and your note.
You make a valid argument. I'm sure you'll agree, though this post focuses on business, business pursuits focused purely on profit don't fulfill our intrinsic want to help our fellow man. I believe what you and I are both referring to is spiritual gratification.
It seems that many fulfill this need through giving away all that they worked so hard to earn, and they give it away toward a cause their every whole being, every cell, believes in. This may mean a person decides to pursue a project like One Laptop Per Child or to come up with a radical means of feeding the hungry around the world.
I admit, finding that one thing that makes you feel fulfilled is very difficult, but that shouldn't deter you from searching for it with every endeavor you work on. In fact, every project should get you closer to that self-fulfillment.
Once again, thank you for reading and commenting. I hope you get a chance to read this and respond.