MegaTrend 5 – The Entrepreneur Generation
Oh boy how things have moved on. We’re now at the stage where technology based Unicorn start-ups can grow to a market capitalisation of a billion dollars within three years. Where your imagination becomes the biggest limiting factor on your growth. A global audience awaits if you find a way of adding value to people’s busy, stressful, always-on lives.
Before your greed glands explode, let me temper this story with a warning. First, not everyone is cut out to be an entrepreneur. And I draw a distinction between an entrepreneur and a business owner. Every electrician, hairdresser and newsagent is a business owner. Very few are entrepreneurs. Most have simply bought themselves a job where they work longer hours for less money and more hassle.
If I ever get the chance to talk to people they look at me in astonishment when I say I’ve invested over a hundred thousand pounds in improving my business skills in the last decade. Their mindset is – if you want a job done properly, do it yourself. My mindset is, if you want a job done properly, define the systems, processes and key success indicators as well as you can, train people properly and let them get on with it while I look for the next business opportunity. I’m a leader, but I’m a lousy manager. You can hire managers. If you as the business owner spend all your time micro-managing the team, I guarantee you’ll struggle to grow.
My second warning about this brave new world is that global access also means global competition. How many dating apps can one planet sustain? Mind you, I learned recently that there’s an app where you can walk down the street and, if someone else is also a subscriber to this app, you get sent a picture of them in case you decide you fancy them and want to ask them out on a date. Ah, isn’t it romantic – not.
To my mind the biggest challenge that budding entrepreneurs now face is how to get enough of someone’s attention that you can build some rapport and trust with them. You’ve heard the old adage that people buy from those they like and trust. But how do you build trust in a world where even the grown ups suffer attention deficit disorder? I bet you’re doing something else even while you watch this video. PLEASE STOP IT NOW AND GIVE ME YOUR FULL ATTENTION! Thank you.
Building a business in the twenty first century is all about finding or building an audience in a niche where you can become the leader. You could even call it having your own tribe. A group of people who share some values, perhaps a philosophy or world view that they all buy into. And it’s about establishing your authenticity with that group such that they are prepared to give you their most valuable commodity – their time and attention. Trust me, it’s a lot of work.
My own tribe is the Elite Investor Club. What we share is a desire to take personal ownership of our financial future and to build a portfolio of investments throwing off passive income so that we become financially independent. We’re different to about ninety five per cent of the population who frankly couldn’t give a toss about the future. They just want to live for today and pile it all onto the credit card. So what do I do to establish trust with my tribe? I produce an opinion article on the website every Tuesday. I publish these videos on my Youtube channel and Facebook page every Thursday. I give away special reports and books. I produce a physical magazine called Wealth Watch every month and pay for it to be posted to over a thousand people. I run webinars. I run live events. All designed to reinforce what we have in common as a group and to build a relationship of trust.
Ask yourself this question. If my job disappeared tomorrow or my profession was Amazoned out of existence by new technology, how will I make a living? The time to start answering that question is now, before you need to. In my Seven Steps To Financial Freedom report I talk more about building businesses. Join Elite Investor Club and I’ll send you a copy. The Entrepreneur Generation will change the world. Will you be a part of it or a victim of it? It really is a decision. And today is make your mind up time.
Thanks for watching.