7 Figure Secrets #1: 10 Rules on which I build my 7-figure business in 18 months

If you want to build a 7-figure startup business, then listen up! You need to know a couple of rules that will decide over whether you will have success in the startup world or not.

business steemit.jpg

RULE #1: Customer Research & Idea testing
When you generate ideas and want to develop the product be sure that you know whether the market is ready for it. How can you do that? Very simple; Develop a question sheet concerning the product ranging from product functionality to design to the support services associated with your product. Then go out and ask these questions to people. Ask only questions which don't give an apparent yes and no answer.

RULE #2: Financial modeling & investors money
Many entrepreneurs go to seed funds or venture capitalists and ask for help or most of the time: MONEY! At that point, the product that they want to build is in most cases not even in the prototype phase. It is rather an idea than anything else. That's a problem! You will get much better venture capital deals if you already have a functioning prototype or mvp (minimum viable product). Rather invest some time, build a working prototype and then apply for vc.

Additionally, make sure that you get your thoughts concerning financial modeling straight. In most cases, you do not have the necessary experience to know exactly how much the product and business development will cost. So saying it will cost 2,345,993 USD does not make a lot of sense. Rather apply for 3 million, then you don't seem like a douche!

RULE #3: Be less perfect about the product
Perfectionism kills any startup. If you want to have a perfect product become a painter and paint until you are happy with the painting. If you are an entrepreneur, it's mostly about speed. You need to be quick, if not, you will lose.

RULE #4: Realize that there are more social networks than Facebook, Instagram and Twitter + use the first mover advantage
Here are social networks and other platforms my company does marketing on:

Facebook
Twitter
Instagram
Musica.ly
Anchor
WeChat
Sinan Weibo
WhatsApp
QQ
Lime
VK
Billibilli
Youku
Yinyuetai
KaoKao Talk
Snapchat
YouTube
myvideo
Clipfish
steemit

Additionally, move into new markets quickly. If there is a new app that you just heard about which resembles a social network or marketing platform, then move into it ultra quickly and gain momentum by producing obnoxious amounts of content.

RULE #5: The Low Capital Startup
Before I build my 7-figure business called MyClassroom (and multiple 6-figure businesses afterwards), I gained experience in the startup world by building a low capital startup. Build a company first where you cannot lose a lot of money. If the return is not that high either - don't worry! It's all about experience!

RULE #6: Passive Income
Does passive income exist? Yes, of course. But let's differentiate a little bit here. There is no income that COMES IN by not doing anything. There is income that comes in by doing things up front and afterwards getting a return. My best advice to you: Invest time in online teaching. Create many courses on udemy.com. And I mean: create MANY courses! They are extremely cheap to create and have an incredible return.

When you have passive income of at least 3000 USD coming in every month, focus on the big ideas. Go to a place that is cheap to live in (for example Thailand where rent can be as little as 50-100 USD/month) and start generating ideas and executing.

RULE #7: Have a north star!
Where do you want to be at? What is your overall goal? Divide that goal into many smaller goals and achieve each at a time. Life goals (10 years +), long term goals (1-10 years), middle term goals (1 month - 1 year), short term goals (1 day-1 month), ultra short term goal (less than 1 day). Every bigger goal can be divided into smaller goals! Do so and achieve them one after another.

RULE #8: Execute quickly at scale (+ have an idea that is scalable)
If you can make more money by simply growing the number of products or people involved in it, you got a great business idea. You want to make sure that you work extremely quickly. Because let’s be frank, you will fail many times but you need to minimize that risk by a) being an expert and b) by getting quickly up again. Create many products, publish on many platforms and focus on many ways of marketing, don’t put all of your eggs in one basket!

RULE #9: Be innovative
Most companies ever founded where not innovative but they still made money. Nevertheless, the businesses that made the big cash were innovative and created something new!

RULE 10: Stop reading! Start doing!

If you enjoyed reading this article, please leave a comment so I can connect with you!

If you want to know how to date a Chinese girl click here for another Steemit article: https://steemit.com/travel/@leonchaudhari/travel-with-me-2-dating-a-chinese-girl-dos-and-don-ts

All the best,
Leon Chaudhari