4 Tips From a 26-Year-Old Who Built a $10 Million Company In Just 4 Years

From entrepreneur.com:

Unlike many entrepreneurs, Sam Ovens figured out very early on that the nine-to-five wasn’t his destined path in life. He wanted more, so after just three months working his first post-college job, he quit and moved into his parent’s garage to start his first business.

After nine months of hard work and spending all the money he had, Ovens’ first business – a reverse job board — went live. It quickly failed miserably, as did the next two businesses he started.

Rather than giving up and going back to the mundanity of office life after each failure, Ovens used the experiences as learning opportunities. Why didn’t his great ideas fail to resonate with consumers? What did he do wrong? What did he do right?

This self-evaluation and his willingness to learn and grow, led Sam to try his hand once more at entrepreneurship, starting his fourth company – a business consulting firm.

This time his efforts paid off. By age 26 – just four short years after opening his consulting business — Ovens had made more than $10 million. Needless to say, he has also moved out of his parent’s garage.

I spoke to Sam recently to hear what advice he had to share with other entrepreneurs. What follows are his top four tips -the most valuable lessons he learned through his own process of entrepreneurial trial and error.

This time his efforts paid off. By age 26 – just four short years after opening his consulting business — Ovens had made more than $10 million. Needless to say, he has also moved out of his parent’s garage.

I spoke to Sam recently to hear what advice he had to share with other entrepreneurs. What follows are his top four tips -the most valuable lessons he learned through his own process of entrepreneurial trial and error.

1. Build your personal brand fast.

Building a personal brand has several key benefits for entrepreneurs. First, having a recognized personal brand can help give your new business credibility.

“If people know and trust you and your personal brand, they’re more likely to trust your new business,” Ovens, said.

Second, the wider your personal audience, the more prospective clients you can reach on any given day.

Ovens suggests building your brand by seeking out publicity – both for yourself and for your company — by booking speaking engagements and by developing a robust social media following as quickly as you can.

“Each media hit, speaking opportunity or social media post has the potential to bring you a new customer. Personal branding is an essential tool for business success,” Ovens, said.

2. Monetize your networks.

According to Ovens, most entrepreneurs and wannabe entrepreneurs already have a more valuable network of contacts than they realize when they get started with their first business.

“When you’re first starting out, don’t forget about your personal network of friends and family,” Ovens, said. “You might be surprised how many potential clients already exist within your immediate sphere.”

Friends, family and friends-of-friends are all people with needs, and it will almost always be easier to approach someone you already know about your new business than it will be to approach a total stranger…

Read more @

https://www.entrepreneur.com/article/281150

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s