What are the strongest habits I can do to become a million-dollar entrepreneur? by @daniel_ndukwu
Answer by Daniel Ndukwu:
There are just two habits. Only two.
If you look around, you’ll see lists of hundreds upon hundreds of habits.
Some people say network. Which is important.
Some people say add value. Also needed.
Some people say learn to hire. Still indispensable.
All these habits are good but miss the mark. None of them are THE most important.
The two most important habits are very simple.
They’re simple but you can’t do without them.
Getting customers and keeping customers happy.
One is nothing without the other.
Getting customers AKA sell like it’s going out of style.
When you start a business, you have nothing. No name, no credentials, and no goodwill. Sure, you may have years of experience in your industry, but that’s different from starting your own.
Maybe some of your clients will come over to your side, but most of them won’t. Really, they won’t.
This is the first thing you need to learn whether you’re into selling pet care or into selling industrial equipment. Sell when you’re chatting, sell when you’re dreaming, hell, sell when you’re pissing.
It’s all about the sale.
If you have no customers you, have no business.
If you have no customers, you have no staff.
If you have no customers, you have nothing.
Keeping your Customers Happy AKA We’re in it for the long haul
Let me give you some statistics here.
On average, it costs 5x more to get a new customer than to retain an old one.
Only 44% of companies focus on customer retention while only 18% focus on retention.
The probability of selling a new product to an old customer is 60-70% while the probability is only 5-10% for a new prospect.
Existing customers are 50% more likely to try a new product
Increasing customer retention by 5% increases profits by 25-95%
As the numbers clearly tell us, it’s much cheaper and much more profitable to keep customers that you’ve already acquired.
Don’t “Just ship it” if it’s not at least adding some value. I’m a fan of iteration, but some startups are just too damn lazy for my liking.
A landing page is not a Minimum Viable product.
Two videos in a $1200 course is not a minimum viable product.
Moral of the story, build something awesome, sell it like you’re going to be homeless tomorrow, and keep your customers happy. No, ecstatic.
PS. Reading is also way up there on the list. You can choose a few books from my Quora reading list to get started
Follow me on Quora to get more of my answers Daniel Ndukwu
Check out my website where I write in depth articles on business, psychology, and being a badass writer The Research Corner
What are the strongest habits I can do to become a million-dollar entrepreneur?
Quoraception 