Here are 5 tips from billionaires to be able to collect money coffers
Ben Simkin almost did not continue his studies as a student. He was kicked out of high school for hacking into a university computer system.
But that does not hold him. At the age of 20, this self-taught programmer launched a software company which was later sold four million years later at a price of millions of US dollars.
Two decades later, the Australian billionaire became the founder of BusinessNET, an online marketing business with a sales value of USD 2 billion. In addition he also developed a business leadership program, Mastermind.
Here are five lessons he revealed about how to produce coffers as quoted from CNBC, Saturday (03/07/2020):
1. Create Assets
According to Simkin, the best route to collecting money is to create your own intellectual property, which is then sold to generate a steady stream of income. Even when you are not at work.
“The time and effort you put into work, use to create some assets that you can sell repeatedly,” he said.
For Simkin, the process involved applying software skills to building digital marketing tools for businesses and creating online workshops for business leaders.
However, he noted that the same strategy could be applied to various scientific disciplines and professional skills.
2. Hone Specialization
With technology profileration, it becomes easier than ever to sell your services on a more specific scale.
That is due to intense and heated competition. Therefore it is more important than ever to find business defects and master it, Simkin said.
When Simkin started in the IT industry in teenagers, “Everybody focused on Microsoft,” he noted. So, in contrast, he specializes in other specifications.
3. Focus on customers
After you have honed your specialty, it’s time to master the “number one skill” – the ability to hook customers.
The entrepreneur learns it the hard way when he starts moving the business.
“At the age of 20, I’m good at computers, but I can’t attract customers. I wouldn’t succeed in business without that ability,” Simkin said.
“It’s all about understanding the value of your expertise and learning to communicate effectively,” Simkin said.
4. Beyond the Limits
After securing your customer network, you need to prove yourself to them by exceeding their expectations, Simkin said.
“How you do a few things can make a big impact on how customers value you,” Simkin said, “and you never know who is watching your progress.”
“I will stay late and people realize that,” he said. “I was then monitored and given a bigger contract because they trusted me.”
5. Face a Downturn
As with something new, you might find yourself faced with unexpected challenges on your business trip.
But it’s important to learn to put the situation into perspective and see problems as part of your business journey, Simkin said.
“It’s very easy to delay a setback. But when you look further ahead, this is a small part that you have to go through,” Simkin said.
“There will be ups and downs. This is about how you respond to a period of business setback, with your ability to deal with the situation,” he added.