Notes of reading "secrets of male entrepreneurs" ---- Brad Sugars

1. People need to learn to ask questions. Books are probably my highest recommendation. I believe you should visit a bookstore every week, something will always jump out at you, so read it

2. The major benefits of having your own business
a. It's the only vehicle to create serious cash flow. Comparing share market, real estate, business, provided that you have a strong desire and some street smarts, is possible to create an asset which produces ten to fifteen thousand per month in cash flow, in a year or two.
b. With your own business, you are in the driver's seat. And you are working every day to make yourself rich, rather than to make the boss rich.
c. Business give you the ability to buy back your most valuable asset: time.
d. A little bit of knowledge in business goes a long way.
e. You get all of the tax benefits that business ownership brings.
f. Most importantly, it should be fun to yourself.

3. Understand that business isn't about working hard, it's about employing people who work hard for you.
My definition of a real business is a 'commercial, profitable enterprise that works without me'.

4. Why do you think so many small businesses fail in this country?
a. put plainly and simply, it's lack of knowledge. Just because you're a good hairdresser, accountant or florist doesn't mean that you have any idea about how to run a business that does or sells those things.
b. the other most common mistake that new business owners make is starting a business from scratch doing the work they know how to do. The salary you can pay yourself is important, but ultimately you've got to remember that you're building a business with one purpuse only -- that's, to eventually sell it or leverage yourself out of it while the profit still comes in.

5. The essential characteristics of a successful entrepreneur?
a. They have to have the confidence to take a leap into the world of risk in order to achieve their dreams.
b. The great idea. The great idea doesn't have to be a great product or services, just a great way to deliver it. You could be selling black socks, you just need to do it better and in a different way to everyone else. Differentiation is the key to a successful business because people take notice when things are done in a unique way to what the rest of the market is currently doing.
c. The great people. This is by far the most important ingredient. A great jockey can get an average horse to win, but an average jockey can stop even a great horse from having any chance of success. The people you surround yourself with a reflection of the amount of success you will have.
d. A little bit of money. If you can't run at a profit from day one, then things are going to be tough later on. The only reason you should need extra capital is for fast expansion. So make informed decissions and borrow from people who you trust, if need be.

6. What do you think holds people back from becoming successful entrepreneurs?
a. I think that what holds people back is Fear, Lack of desire and Lack of knowledge.
b. The best time to begin is today. The longer you wait the harder it will get -- not because it's too late but because you're too safe in your old ways and you feel confortable. Only your lack of knowledge holds you back, so start learning.

7. How can aspiring entrepreneurs learn to become better at sales?
a. I became a great marketer through understanding, testing and measuring.
b. Marketing is about buying clients for the cheapest possible price and then working with them to get them buying more from you over a long period of time.
c. You can become better at sales and marketing in the same way that you learn anything--find someone who's better at it than you and copy them. That could be from a book, a seminar, a colleague, or wherever.
d. Always remember that sales is a numbers game, the more numbers you do, the more customers that buy.
e. Remember, business is about making money, not making products or services, and the only way we make money is by selling something.


8. What are your top tips for becoming a great entrepreneur?
a. Your jobs should be an apprenticeship for having your own business
b. Knowledge growth equals profit growth
c. You must have a good business coach
d. Do the work once and get paid for it forever; that's leverage
e. Work harder, faster and longer than anyone else you know, do more, be more and make bigger opportunities for yourself. In other words, bite off more than you can chew and chew like crazy.
f. Test and measure everything. You can't manage what you do not measure. When you measure things, make sure you have certain quality control levers in order to accurately see if you are staying on track.


9. Successful businesses are about more than just the product or service, in fact could almost say that it doesn't matter what you're selling, it's the business model that's important

10. To Brad, business is for cash flow, and property is purely for capital growth. Brad's belief is that you must start off with business to be able to invest in other asset classes.