2 Essential Skills Every Entrepreneur Ought To Know.
Entrepreneurship is the toughest sport in the world. You’re playing against the world’s best where only the fittest survives. Even if you succeed now, there’s always new entrants waiting to replace you. If you’re one of us, you must be one crazy bastard. At the same time, entrepreneurship can be a very rewarding experience, especially when you see the results of your efforts being reflected in your income and the positive impact you have done to your society.
However, entrepreneurship can often be a confusing and complicated road. With so many challenges to tackle, you may be easily derailed from what really matters if you’re not careful.
Here are two powerful skills every entrepreneur, regardless of what business they’re in, ought to know in order to be massively successful financially.
1. Ability To Market & Sell Effectively.
However, entrepreneurship can often be a confusing and complicated road. With so many challenges to tackle, you may be easily derailed from what really matters if you’re not careful.
Here are two powerful skills every entrepreneur, regardless of what business they’re in, ought to know in order to be massively successful financially.
1. Ability To Market & Sell Effectively.
John Lennon (Songwriter From The Beatles) once said this when he wants to build a swimming pool for his house, “Okay! Today let's write a swimming pool”, this means he can easily write a song to buy himself a swimming pool. He has the ability to make money at will. If you know how to sell well, you can have that ability too. Whenever you need money, just go ahead and close some sales.
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Notice that I say, “regardless of what business you’re in” above? This is because selling is a universally transferrable skill, that means you can apply it in any business in any industry. Once you’re good in selling, you’re promised a life of luxury. 
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The income you make from selling is often quick, massive, and reliable. Not surprisingly, if you can do it well, this is also one of the quickest path to riches. (Example: Selling Insurance). Why? Because your income is not limited. Unlike receiving a fixed pay, you can earn more when you sell more. The longer you use this skill , the better you become. The better you become, the more you’ll earn. The product you’re selling is not in demand anymore? No problem, sell something else. This is the flexibility and confidence of having great sales skill can give you.
You can have the best product in the world, but if you can’t market or sell, no one will be able to benefit from it. If you can’t market your product, nobody can find it, if you can’t close sales, nobody can use your product. In other word, if you’re an entrepreneur and you can’t market or sell, you’re depriving the world from the benefit of your product.
Even if you’re not in business or sales, don’t think that this doesn’t apply to you. Every time you go for a job interview, you’re selling yourself to the company. You’re trading your time for money. Depending on how you market yourself, you will be paid differently doing the same thing.
A quick fact : “About 20% of the Fortune 500 CEOs are from Sales Background (Second Largest Group) ”.
Hope that’s enough reasons for you to sharpen your sales skill.
2. Ability To Invest Profitably
The income you make from selling is often quick, massive, and reliable. Not surprisingly, if you can do it well, this is also one of the quickest path to riches. (Example: Selling Insurance). Why? Because your income is not limited. Unlike receiving a fixed pay, you can earn more when you sell more. The longer you use this skill , the better you become. The better you become, the more you’ll earn. The product you’re selling is not in demand anymore? No problem, sell something else. This is the flexibility and confidence of having great sales skill can give you.
You can have the best product in the world, but if you can’t market or sell, no one will be able to benefit from it. If you can’t market your product, nobody can find it, if you can’t close sales, nobody can use your product. In other word, if you’re an entrepreneur and you can’t market or sell, you’re depriving the world from the benefit of your product.
Even if you’re not in business or sales, don’t think that this doesn’t apply to you. Every time you go for a job interview, you’re selling yourself to the company. You’re trading your time for money. Depending on how you market yourself, you will be paid differently doing the same thing.
A quick fact : “About 20% of the Fortune 500 CEOs are from Sales Background (Second Largest Group) ”.
Hope that’s enough reasons for you to sharpen your sales skill.
2. Ability To Invest Profitably
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Think of investment as an amplifier. It can multiply whatever money or income you have. What makes investing so powerful is that it is very scalable. |
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I know this is a huge claim but I believe mastering these 2 skills together is the ultimate combination, the real “Get-Rich Quick” promise. The reason is this, if you’re able to sell well, you can generate a lot of income that you can multiply using investing, forming the ultimate money making cycle.
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Imagine if you can multiply your money by 2 over and over again, year after year, how much money will you be making then?
Let’s say you start with a capital of RM10,000:
Year 1: RM10,000
Year 2: RM20,000
Year 3: RM40,000
Year 4 RM80,000
Year 5: RM160,000
Year 6: RM320,000
Year 7: RM640,000
Year 8: RM1,280,000
Year 9: RM2,560,000
Year 10: RM5,120,000
Growing RM10,000 into RM5.1 Million. It’s that powerful. Why is it so powerful? Because income from investing works based on the capital you invest, as you make more income, you will have more capital and thus more income and the cycle continues.
“What a minute, this sounds too good to be true, isn’t it?”. That’s because it is . The reason is this, it is not realistic to say that you can double your money every year through investing. You need to be good in investing in order to even make 20% out of your money each year. However, I want you to know that it is still very possible for you to grow your money to that massive amount, it only takes longer depending on how good you are in investing. Besides that, you will not invest RM10,000 only, right? If this method is so good, you will invest aggressively and consistently save to invest.
Guess what? “30% of the Fortune 500 CEOs come from finance background. (The largest group)”. The reason for this is very simple. In a small company, having great sales skill can make you successful very fast but once the company gets bigger, you need to know how to scale your company by investing and using your assets to grow more income.
Let’s say you start with a capital of RM10,000:
Year 1: RM10,000
Year 2: RM20,000
Year 3: RM40,000
Year 4 RM80,000
Year 5: RM160,000
Year 6: RM320,000
Year 7: RM640,000
Year 8: RM1,280,000
Year 9: RM2,560,000
Year 10: RM5,120,000
Growing RM10,000 into RM5.1 Million. It’s that powerful. Why is it so powerful? Because income from investing works based on the capital you invest, as you make more income, you will have more capital and thus more income and the cycle continues.
“What a minute, this sounds too good to be true, isn’t it?”. That’s because it is . The reason is this, it is not realistic to say that you can double your money every year through investing. You need to be good in investing in order to even make 20% out of your money each year. However, I want you to know that it is still very possible for you to grow your money to that massive amount, it only takes longer depending on how good you are in investing. Besides that, you will not invest RM10,000 only, right? If this method is so good, you will invest aggressively and consistently save to invest.
Guess what? “30% of the Fortune 500 CEOs come from finance background. (The largest group)”. The reason for this is very simple. In a small company, having great sales skill can make you successful very fast but once the company gets bigger, you need to know how to scale your company by investing and using your assets to grow more income.
Another feature of investing is, the income you make from investing is a passive income ( make money work for you - automatic income without the need of you being present physically), in other word, whereas the income you make from selling, running a business, and working is an active income (work for money - you have to work hard and trade your time and effort for it).
If you think about it, most people who are doing well financially usually has something to do with investing or marketing and selling, isn’t it?
If you think about it, most people who are doing well financially usually has something to do with investing or marketing and selling, isn’t it?
My name is Meng Teck and I am “the investing guy”. I would love to share more on how to multiply your money using investing here but that would be out of scope here. If you would like to learn more about how to systematically grow your money and income through investing, you may like this, I’ve written an eBook, designed for total beginners to learn about the basics of investing. If you’ll like to have a copy, simply go here to get it, its yours absolutely free.
My name is Meng Teck and I am “the investing guy”. I would love to share more on how to multiply your money using investing here but that would be out of scope here. If you would like to learn more about how to systematically grow your money and income through investing, you may like this, I’ve written an eBook, designed for total beginners to learn about the basics of investing. If you’ll like to have a copy, simply go here to get it, its yours absolutely free.