1. You are the entrepreneur of your life; you and only you are in charge of it.
2. If it works for you, it works.
With these two principles in mind, you can steer your way through good times and
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bad to get to your destination.
There are natural laws which we can't break without unfavorable consequences. But we also place a lot of "rules" on ourselves. These rules come from many influencers – family, friends, co-workers, Hollywood, advertisers, society at large, and tradition to name a few.
Sometimes we need to follow these rules. Sometimes it pays to break them. Here’s an example:
Fred DeLuca had just graduated from high school. He wanted to go to college and then medical school, but he had a problem. The only jobs that he could get only paid minimum wage. He couldn't make enough to pay for his education.
So he approached a family friend and asked him for the money to start a restaurant. He got the money and opened the restaurant. It lost money – Fred would have been better off working for minimum wage!
But the young man was not dismayed. He did something that we wouldn't do; maybe you wouldn't either.
He opened a second store nearby!
There was just one problem – it lost money too.
What Fred did next was downright crazy – he opened a third restaurant!
Before long, all three locations were profitable because he could advertise all three with the same budget as just one.
This is the story of how Fred DeLuca started Subway. His tactic – opening more stores in spite of losses – may not work for anyone else. It doesn't matter to Fred; it worked for him.
With the two key principles in mind, here are the action steps to duplicate the success of bigg winners like Fred DeLuca. We’ve put them into an acronym to make them easier to remember: I STEER.
Investigation: Match your talent with a specific market opportunity.
Strategy: Formulate a plan to get started.
Tactics: Break your strategy down into specific actions to be done by a specific time.
Execution: Act upon your tactics.
Evaluation: Review your progress and make any and all necessary adjustments.
Reprise: Repeat these steps in harmony with the knowledge you've gained.
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(Image in today's post by longnshort)
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