For the longest time, I have been a fan of Elon Musk. Years ago, I watched a documentary outlining the formation of Tesla. Consequently, at that time I developed a goal to own one someday. Well, two weeks ago my car was totaled and my husband and I purchased our very first Tesla. As you could imagine, lately we have been watching a lot of Tesla and Elon Musk videos. My senses peaked as I began to realize his approach to serial entrepreneurship with high-profit margins.
The realization that Elon did a two-hour video while running multiple large companies brings me joy. Can you imagine a world like his? Elon is a serial entrepreneur who works on his businesses and not in his businesses. The video went on to outline how he starts these companies and has a high-profit margin. At this point, Elon is very wealthy, and most of us can not relate to him. However, there are so many gold nuggets in the interview that all entrepreneurs should implement.
Becoming a Serial Entrepreneur
So, you have one business and so far it is doing well. But, you can not eliminate yourself from day to day business activities. Unfortunately, this is where most of us are. Without a doubt, my plan has been to be the visionary of our company, it just hasn’t manifested. The truth is if you are an entrepreneur you should be developing systems and eliminating your role. Therefore, you can move on to future business ideas and become a serial entrepreneur.
Steps to take moving forward:
- For those of us in the service industry, that means hire to intentionally replace yourself.
- Follow the systems you create
- Plan to step away from business operations entirely.
- Meanwhile, begin immediately to develop small business ideas with low investment and high profit.
Finding High-Profit Small business Ideas.
In addition to gaining insight from Elon, I gathered gold nuggets from a podcast. Jaime Masters from Eventual Millionaire interviews Dan Vega and brought real clarity to finding a high-profit margin business. Dan’s approach to a high-profit margin businesses stems from a math equation. For Dan, the best probability rate is between 12-17%. This rate is based on the top 15% of the industry of choice. He explains that getting over the hurdle of 85% is due diligence and mentorship.
In short, Dan Vega’s probability rate is based on:
- How much money do you want to make?
- What is your time frame?
- And, what is your industry?
In wrapping up, he says the fast road to success is passion. So, in essence, your risk threshold is low if you facilitate your vision.
When you Know Better you do Better
So, I’ve given you some strategies to follow when executing your business now and in the future. With the help of gurus such as Elon and Dan Vega, you can develop systems to serial entrepreneurship with high-profit margins. It is very important to have a deliberate start! I would love to help you learn strategies and techniques to execute your business. Please subscribe to receive weekly blog posts. So Remember, you’ve got to get your gold coins somewhere. Why not here?
