Any time an entrepreneur is working on a startup, the common expectation is that the business will pick up and begin making profits as soon as possible. However, the majority of all startups do not make it past their first five years in business. So, when Moran Pober decided to become an entrepreneur, he chose to buy an already set up company instead of starting his own. That way, he managed to save time that would have instead been spent on building a foundation and in turn used it to correct the mistakes that the previous owner made. Pober bought his first-ever business and scaled it to seven figures. From that point on, Pober has been using his entrepreneurial prowess to grow businesses from stagnation to million-dollar enterprises. In this article, the serial entrepreneur shares how he has been able to do so.
It All Stems from Self Love
According to Pober, if you cannot grow yourself first, you cannot develop a business. To him, success begins from within. He says, “Growing internally as a person is the most important thing and prerequisite of being able to lead other people.” To scale the first business to the level of being valued at more than a million dollars, Pober had first to position himself as a leader. From a leadership position, he can make all the crucial decisions and have his team follow through with them.
Not many people understand why successful people seem to be the most well dressed, disciplined, or seasoned in knowledge. Pober believes it all stems from self-love, and the desire to always improve. It is, therefore, no surprise that 94 percent of millennials make self-improvement commitments and are willing to pay to get better. You won’t believe how many people hire life coaches just because they want to improve on one or more areas of their private or business life.
Finding a Problem, Its Solution, and Then Selling It to the Right People
If there is one thing in common among all notable companies with a global reach, it is the fact that they are strategically placed to solve massive problems. Just pick any company you know. Netflix, for instance, solved the on-demand streaming media problem. Well, the need for an on-demand streaming service was not a problem, but the catch is that the company figured out what most people in search of on-demand entertainment want. This little but very vital secret was what Pober realized when he started buying and building non-performing businesses. He does not just buy companies because they are on sale, or the price is conveniently low. Pober buys a business if he knows for sure that he can turn it into a solution to a problem or need among a specific population. This principle applies to entrepreneurs who want to start up a business but don’t have an idea what product or service to provide. According to Pober, once you have identified a specific problem (one that people would pay to have it solved), look for a solution, and then sell it to the right people. That way, you can grow a business from the ground to multiple figures in an unbelievably short time.
Only Copying People Who Have Been There, Done It, and Succeeded
“If you want to turn any business into a seven-figure establishment, find someone who has done it, know what they do, copy all of it, and apply it into the business,” Pober asserts. While not everything you will copy from successful people is beneficial, most of the business practices are. It could be smart investment techniques, specific routines, marketing strategies, and so forth. As an entrepreneur, Pober is always learning new things and looking up to people who have done better than him. He surely is an authority by himself, but he never lacks something to borrow from mentors. Pober believes that looking up to someone either for advice or insights from observation does not mean you are any less than they are. In essence, you are acknowledging another person’s success and most importantly, seeing yourself as being in a position to do better.