Understanding how to master business systems, is key to any entrepreneur success. We look at other people already succeeding and emulate their best strategies. Becoming a master of your niche and a master of business is key to business growth and success. This will help you to spot opportunities and can add unique value to your niche.
Watch this video to learn from Elon Musk’s secrets to business success.
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Video transcript:
Does anyone know who this gentleman is? Does that face look familiar? Yes, he is Elon Musk, one of the founders of PayPal. He also went on to set up quite a few very successful businesses afterwards, like SpaceX, the space exploration company. One of the more well known ones is Tesla, the electric cars that you may have heard of.
Just recently I heard Elon’s ex wife talking about what it takes to become a billionaire. It really resonated with me. I it thought maybe something you might be interested in as well. She said, firstly you need to get intensely focused on what the world wants. What you want is to make a billion dollars. But turn your attention away from that and focus on what your audience wants. Get really clear on what that is.
Then ask yourself, is there a way you can develop some unique potential there to help solve that problem? Try and make it that you’re the only person who can do it and it can’t be replicated. That is the first thing.
Once you figure out what that area of potential is, you need to develop that potential. You really work on it to become a master of that particular area. Once you’ve mastered one area, you identify another area that you become a master of and you move into that space.
So for Elon Musk, he mastered engineering, then he mastered business. It was when he mastered those two areas, those two industries, where the circles overlapped, that is where the opportunity was created for him. He could now speak in two different languages. He could connect with the audience from both groups. That’s where he spotted this opportunity.
For him now he could cherry pick ideas from one industry and then go deploy them in another industry where it was completely new and exciting for them, but it’s been working over in this industry.
I thought that was a really interesting way to think about opportunities and the way you can add some unique value. You want to master a couple of areas and that will create the opportunity.
For me, there was one early area that I wanted to master when I left school. I thought, I want to make as much money as I can. The money is in the stock market. I took out a $5000 loan and went and did one of those weekend share trading courses. That is where they’ll teach you everything you need to know and by Monday morning, you’ll be sitting on your own island. That was the dream I was sold.
I took out that loan and I got intensely interested and curious about trading the stock market. I wanted to understand how to trade profitably and how to design trading systems. A trading system is just a set of rules you follow. You do all the thinking up front. They are predefined criteria which tell you when you should buy and when you should sell.
By having those rules, you are able to take the emotion out that was previously involved in trading. Trading can be quite an emotional game, particularly once your money is in the market. That is when people tend to break the rules and make stupid mistakes. So you would design a trading system, so that when that critical moment happened, you had already done a lot of the thinking.
This whole purpose of designing this system is you would write it in a way you could hand it to someone else. Effectively, you’d want them to be able to follow your rules and processes and be able to replicate your trading methodology. That was important for me.
Early on I realized, to trade effectively, you needed a trading float. It was an amount of capital you were trading. I didn’t have a trading float. I was living at Mum’s in a two bedroom flat in Glen Iris with a $5000 debt. I was shelf stacking at Ritchie’s in Prahran to try to pay back that debt. So I didn’t have a trading float there.
Combine two areas to master one business system.
That is really what sparked me to find another area of mastery. A business partner and I started up our first business together. We created a home study course to teach people how to use a particular charting package we were both really familiar with.
That was the start of the journey for me in business. I love business. It’s such a challenge, it’s constantly changing. You have to be on the cutting edge. That’s what we’re all drawn to, particularly entrepreneurs and start up entrepreneurs.
Over the years, as I’ve developed, I’ve identified where my two circles intersect. It is that understanding of systems and the understanding of business and where that overlap is, that’s where the sweet spot is. That’s what I want to share with you today. I want to share my sweet spot and give you something you can deploy in your business to take it to the next level.
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