When entrepreneurs get that “Aha!” moment of a good idea, it becomes oxygen that fuels their desire into making it into reality.

However, you may pause and think, “So what’s next?” It’s like walking into a car dealership and seeing all the parts on the floor. 

In this episode, I’d like to talk about the four steps of the development process and how you’ll take your idea into an actual business.

🎬 How to Develop the Idea into a Business (Entrepreneur Development)

What You Will Discover: 

✔️ Articulate the idea into a vision. Your product or service should have something the world needs. It must hit the mark on what you’re trying to solve. The good idea is what excites you to move, and the vision elevates it.

✔️Translate your vision into a strategy. This also means “knowing the big picture about why you can win.” Learn about how big-name brands like Starbucks and Nike sell common products but with unique strategies that brought them to success.

✔️Create a goal-aligned financial plan. It’s the cornerstone of your business. It’s important to identify the resources you’ll need to purchase, the steps you must take to realize your goals, and how many sales you need to hit them.

✔️ Make an operating plan. You have to know how you’ll put in place the structure to bring your ideas to fruition. This involves people with financing and marketing abilities, metrics to measure your progress, and processes to make everything work.

Oftentimes, people in their entrepreneurial journeys are trying to figure out:

“What are the personal traits that we need to turn our passion into success?’

And so, I wanted to lay out the four critical traits to increase those chances as an entrepreneur.

🎬 4 Qualities You Need to Succeed as an Entrepreneur.

What You Will Discover: 

✔️ Have an ego. No, it’s not arrogance nor anything negative. It’s the steadfast belief in your vision no matter what others think. Some may say your idea is the greatest thing ever. Others may say it’s ridiculous. It takes ego to push through!

✔️ Practice humility. You need this to understand that in order to bring your idea to life, you have lots of things to learn. Don’t feel insecure about it. Welcome it, and see every day as an opportunity to get better at it.

✔️ Employ clear, concise, and compelling communication. You’ll be facing investors, future customers, and potential employees. Speed up the fundraising and sales by choosing your words wisely. ✔️ Embrace the idea of planning. A vision only translates when we execute it. To put it simply, you HAVE to do it. Even if it means doing the exciting and not-so-exciting stuff. The latter is important to get you on that path to success.

One of the questions we get all the time is:

“What books should you read as an entrepreneur?”

Aside from my book, The Lonely Entrepreneur, one that stands out the most that isn’t even about entrepreneurship is Sun Tzu’s The Art of War.

The Art of War is a treasure trove of principles for entrepreneurs to achieve their goals – even with fewer resources.

Like Sun Tzu, who has defeated a much bigger army, you too can rise above your field with the proper techniques.

The One Book You Should Read as an Entrepreneur (Art of War) 

What You Will Discover: 

✔️ Don’t attack their strengths. Find their weakness and exploit it. What is something they fail to address? Which of their methods needs improving and that you can do better? Now, you’ve got a great idea and a market to cater to. 

✔️Appear disorganized. When others see you don’t have your act together, they won’t see you as a threat. This allows you to use the element of surprise. You can silently enter the battlefield and suddenly emerge as a victor.

✔️Be deceptive. This doesn’t mean lying to your customers. You don’t have to let everyone know your every step. Move and speak with caution, and let your results speak for themselves.

✔️ Use their strengths against them. You may be more limited in resources, but you have the creativity to strategize your next move. 

Learn more today at https://lonelyentrepreneur.com

Along our entrepreneurial journeys, we might catch ourselves saying:

“If I could just [blank], I’d be great!”

And that blank is different every time.

“If I could just raise money,” or “If I could just get people to understand…”

One of the biggest questions we get at The Lonely Entrepreneur is, “What are the top 5 most important skills entrepreneurs must have?”

Well, you’re in luck. Tune in as we break down what we think and why.

🎬 5 Skills You Need as an Entrepreneur

What You Will Discover: 

✔️ Know the difference between business and craft. Let’s say you’re a formally-trained chef. There’s no argument you’re incredibly talented in your field. But setting up and running a restaurant is a whole other world of skills to learn.

✔️Find your playground. Create something that puts you in a place where it’s only you. On the surface, competition is everywhere. But there will always be that sweet spot where nobody else is playing.

✔️Have a financial plan. Even with scarce resources, you’ll be able to align yourself to success. We don’t want you to work hard without direction. We want every ounce of your effort to count. Don’t let number-crunching hold you back!

✔️ Communicate in the three C’s: clear, concise, and compelling. You’ll be doing a lot of writing and speaking to convince others. The shorter the message, the greater the impact, and the faster customers and investors spend. 

✔️ Ensure your organization has the resources to meet your plan. You may also need advisors, employees who can do social media and production, and other equipment to move the ball to ultimately realize your vision

https://lonelyentrepreneur.com/

The definition of an “entrepreneur” has evolved over the years.

Back then, it meant rejecting corporate and creating your own path – once considered a risky choice.

But now, 50% of full-time workers have a side hustle. As more people come in and glorify the rewards of entrepreneurship, its true essence has been watered down to a good idea and a passion.

In this episode, Michael Dermer breaks down what it really takes to be a successful entrepreneur in the current market.

🎬 What Does it Mean to be an Entrepreneur?

What You Will Discover: 

✔️ Entrepreneurship means skill-building. It’s a lifelong journey of taking in new ideas and knowledge - and getting better at them. It’s never easy the first time.

✔️Commit to the journey like it’s a craft. Are you willing to go through the legal work? Figuring out a market strategy? Dealing with people and resources? To get to where you want to be, embrace the ups and downs. Be open to the things you must do – from the exciting to the not-so-exciting.

✔️Success lies in execution. For every 10 ideas you have, one is the best. One will never work. And the other eight lie in how you do it. As entrepreneurs, we may lack capital and resources but not the ability to think differently.

✔️ Balance ego and humility. You need ego to pitch something that has never been done before and humility to recognize that there’s still so much more to learn.

✔️ You don’t have to do everything. You know your craft inside and out. But it’s so much different when you’re turning it into a business. Don’t be afraid to ask for help and advice. Stay open and curious to know what you need to know.

https://lonelyentrepreneur.com/

For ten years, Scott Eddy was a stock broker in NYC. In today’s interview with The Lonely Entrepreneur, Scott shares how he quit the corporate bubble to travel the world and set up his own global digital marketing agency. Describing himself as an “an optimist on steroids”, his energy keeps him on his toes and constantly traveling. He now uses his personal brand as his business where he travels as a speaker and consultant.

In 1999 Scott went to visit a friend in Thailand for a two week holiday after the brokerage firm he worked for was sold and he resigned – he needed a holiday. He didn’t return to the US for 17 years. He spotted how social media was growing in Thailand, so he set up a digital marketing agency, which grew rapidly in Asia. He describes the experience like throwing a dice; it was a big gamble. He had no background in marketing, but he knew it was an opening market for Asia, and he had the drive to make it happen. The secret was that he doesn’t view it as an agency, “it’s humans talking to humans. The whole core is developing relationships”.

As a stockbroker - 99% of sales are from calls and you get 100% commission. You have to make things happen - and the best way to get a sale is to get the other person at the end of the phone to like you within the first 15 seconds. This experience from the financial world has been instrumental in his entrepreneurial mindset.

“You’re building your company not for tomorrow, you’re building your company for long-term value”

After the untimely and tragic death of his Dad when he was a teenager, Scott is a shining example of success in the face of adversity. He values the importance of human interaction and relationship building for a business to grow - to not focus on short-term ROI. We learn how Scott made the tough decision to return to the US for an opportunity, and how he has focused more on using his personal brand as his business.

Hear in this episode Scott discuss:

• Long-term value vs short-terms gains
• Building a personal brand, and why you need to be active on social media
• How he became the most Twitter followed foreigner in Thailand
• How his best and worst moment happened in one day
• How many countries he’s lived in

Useful Links:

www.mrscotteddy.com

Twitter: @MrScottEddy

Facebook: @MrScottEddy

In this episode, Michael Dermer speaks to Michael Grant, President of Antico Noè, the Italian panini business. Originally a 200 square foot hole-in-wall panini shop in Florence, Italy, it’s grown a cult following since 1945. Michael Grant took on the challenge to expand the business over in New York. With a background in financial restructuring and helping turn around low-performing businesses, Michael’s focus on costings and brand-scaling has turned Antico Noè’s growth into a success. 1.5 years in, we learn how Michael deals with the pressures of living up to the Florentine expectations and why you need to be thrown into the deep end.

Michael Grant shares his views on:

• What it takes to leave corporate America for your dream
• His big break with Jennifer Lopez
• Living up to the reputation of a well-known and loved brand
• The need for challenges early on in the business process
• Experiential marketing
• Serving a cult following

“I’m a big believer that you’re never going to be ready to do something - as long as you’re calculated and flexible you can do it”

Quotes of note:

On being entrepreneurial: “You need to be open, flexible and listen to people - things are constantly changing”

On competition: “We can bring our set-up to anywhere, it’s mobile, so we need to ‘wow’ people”

The loneliest moment: “The day I had to tell my MD’s and partners that I was leaving - they were the best to work for”

The craziest moment: “having a cult-following and marketing-build for the summer - but you have no idea how you’re launch day will go”

The happiest moment: “finding out that this venture was successful”

In this episode, Michael Dermer speaks to Liz Gaspari, former owner and vice president of Gaspari Nutrition. Known as the “Supplement Queen,” Liz built an international fitness empire selling nutritional supplements. Born to immigrant parents in a rural Pennsylvania town, Liz’s entrepreneurial spirit was apparent from an early age. Liz spent her childhood coming up with new business ideas, ranging from a pretzel pop-up on a New Jersey boardwalk to selling video games in front of her family’s chicken restaurant. If anyone understands the entrepreneurial struggle, it’s Liz. Building a multi-million dollar company while paving the way for women in the nutritional supplement industry is just a small portion of Liz’s story.

Liz shares her views on:

• Women in business
• The entrepreneurial perspective
• How she built a multi-million dollar business from the ground up

Liz turned her struggle into success by working hard and thinking differently. In this episode, you will hear Liz explain how changing her entrepreneurial perspective helped her achieve success, even when all odds were against her.

Quotes of Note:

• Liz on philanthropy: “I work and I run my business during the week and then on the weekends, I feed the homeless.”
• Liz on perseverance: “I’ve heard no since I was little. I wasn’t affected by the word no. I worked so hard to get what I had.”
• Liz on cultural differences: “I understand how to treat a customer but with their culture. I took it to another level.”
• Liz on entrepreneurial perspective: “I had to be different.”
• Liz on women in business: “I remember my distributors and Vitamin shop saying, “It must feel good to be one of the most powerful women in this industry.”
• Liz on humility: “Remember where you came from. You’ve got to keep your head straight.”
• Liz on being a role model for Afghani women: “I’m proud to pave the way for women from countries like mine.”

In this episode, Michael Dermer speaks to Garnett Strother, an elite personal trainer born and raised in the Lower East Side. Featured by Steve Madden in the #SelfMadeMan campaign, Strother embodies everything it means to be an entrepreneur. Faced with tremendous struggles growing up, he overcame a number of obstacles: health problems, addict parents, and dropping out of school at 17 to have his daughter. Strother is now considered one of the top personal trainers in NYC, but he didn’t get there by accident. He is one of the most driven, passionate, and sincere entrepreneurs we have ever met and we were honored to hear his story.

Garnett shares his views on:

• Overcoming the struggle
• Perfecting his craft
• What it takes to succeed

Garnett turned his struggle into success by working hard and thinking differently. In this episode, you will hear Garnett explain how his entrepreneurial spirit helped him achieve success, even when all odds were against him.

Quotes of Note: 

• On basketball- “Basketball was everything growing up. I’m a fan of how they were able to influence the game and the culture themselves”
• On differentiating himself- “I wanted my training to be so well rounded that you couldn’t deny me that opportunity to train you or facilitate that change in your life, because you see what I can produce in all aspects”
• On commitment- “I would sit in Barnes and Noble for 8 hours a day and read everything and then I would practice everything I learned at the boys and girls club.”
• On the loneliness of entrepreneurship- “You start to feel that loneliness because everyone loves karate, but not everyone wants to do karate every day like you do.”
• On motivation- “All of my alarm systems were going off at once”

In this episode, Michael Dermer interviews Pejman Ghadimi - Founder of Secret Entourage, a branding and digital marketing firm that specializes in branding, marketing, entrepreneurial coaching and corporate leadership/service training. Since its launch, Secret Entourage has expanded its reach to over 1,200,000 new individuals each month and has grown as an accepted brand in the business and lifestyle community. Secret Entourage has also helped unify accredited Entrepreneurs with the mission of bringing back the true meaning of entrepreneurship. In 2012, Pejman authored Third Circle Theory, Gen Y's blueprint to Entrepreneurship which had sold over 50,000 copies by mid 2013. Pejman is also the owner and founder of VIPMotoring.net, a unique luxury lifestyle concierge service which currently was said to be "one of the best sources of education for today's modern millionaires" by Forbes in 2012. Pejman shares his views on:

• watching his mother become a successful entrepreneur in Iran only to leave it all behind to come to the United States
• how he overcame a lack of educational background and financial resources growing up to launch several successful businesses
• how he started a career at the age of 18 at a financial institution only to quickly rise to the level of VP
• how his entrepreneurial spirit compelled him to leave that success to pursue his entrepreneurial dreams
• how he founded three successful businesses with a combined annual revenues over $40M
• how his mission drives his daily fulfillment

For this episode's show notes, visit www.lonelyentrepreneur.com/category/podcasts