After building a 7-figure income from scratch in the last 24 months, there are 5 components of a successful startup that I believe are critical to being successful in today’s market.

I shared this information on my sister-in-law’s internet radio show called Nothing But the Truth with Anh Vu on Money Mondays, so in case you missed the LIVE show, here are my notes:

#1 – Know exactly why you want to be an entrepreneur

Your reasons for wanting to be successful have to be much more than “making money.”

Now of course making money is great, but you have to know exactly why you want to make big money.

It could be that you want more free time for yourself, or time with your spouse or children.

Or maybe you want a more flexible schedule to do what you want, like exercise every day, travel, or take more vacations.

Or maybe you want to pay your bills or free yourself from debt and reduce the fear, stress or anxiety you feel about financial pressures and obligations.

Or… maybe you have too muchlargervision that includes restoring water to a third world country or perhaps building a chain of gyms around the world, or perhaps even helping find a cure for cancer through extensive monetary contributions to research.

Ultimately, whatever your reasons are for wanting to be a successful entrepreneur, as long as those reasons are greater than the challenges you’ll encounter along the way, you’ll always have the upper hand over your competition when it comes to making your dreams come true.

Now, I don’t like to tell people what they want or what to do; I’ll just share here what I wanted and what I did to get it.

Personally, my goal was to start working for myself part-time, so that eventually I could work full-time.

So my goal was to only work part-time, but earn a full-time income.

Sometimes part time even means “no time”, because there have been times when I don’t work at all, for days, even weeks, if I don’t want to, or even can’t, as was the case when I was in the hospital earlier this summer and needed more recovery time when I returned home to my family.

Because of “no time,” my wife and I can still earn many thousands of dollars daily, whether we work in our business or not.

And yes, this is part of what we wanted to achieve when we started: work less, but earn more, so we can spend more time together and with our two children, Carter and Legend.

As you will read below, this is only possible when you know how to automate and build leverage across different processes within your business, which is exactly what Sophia and I have done for the last 2 years.

But getting back on topic here, Critical Component of Successful Entrepreneurship #1 – Know exactly why you want to be self-employed.

#2 – Find a Great Mentor or Mentors

This Critical Component of Successful Entrepreneurship is often overlooked, most often by new Entrepreneurs, so to stop it right now, you need to pay close attention to this one if you are just getting your feet wet to start your own business. .

First of all, you need to understand that it is not your mentor’s duty to fight for you, but to make sure that your fight is worth it.

And you will struggle at first, unless you are one of those rare people who go into entrepreneurship “without ego”.

The truth is that very few people start out that way, but quickly learn that “ego” is the number 1 culprit that robs most people of the very opportunities their mentor is showing them.

But let’s get back on track when it comes to finding a great mentor.

Here is a short list of what to look for when selecting a mentor:

A) Your mentors should already have achieved what you seek to achieve yourself.

It could be income, lifestyle, or both.

It could be relationships, skills, or maybe even contacts.

Don’t randomly pick an older person to be your mentor just because you like them.

It’s like they say in Hollywood: “Success isn’t about showing friends, that’s why it’s called a show.”Business!”, so treat your business like a business and select a great mentor to help light your way.

B) Make sure your business mentor is still IN business.

Too often, people who have been successful stop building their business to teach others how to be successful. They start training programs and sell information products and this is great, but if they are not building their core business that made them successful, this is called “Management Mode”.

The problem with “Management Mode” is that with the ever-changing landscape of the market, the economy, and people’s wants, needs, and desires, your mentor must be constantly learning or he will fall behind and teach you strategies that don’t work right away. the same way. way today, as they did years, months, even weeks ago.

You don’t want to work with a “One Hit Wonder” who made some money in the ’90s and now claims to know what works today.

I see this too often, where people hire mentors who were never successful.

Be sure to do your research and find out if what your mentor is about to teach you made its fortune in practice, not just theory.

#3 – Choose your product wisely

This is a critical component for several reasons.

First, make sure the business/product you’re marketing is aligned with your own interests and passions.

In other words, you will not only work to “live”, but to love!

And it will show up in every conceivable way.

Because if you don’t like what you’re doing, you’re not having fun doing it, and you’re not having fun, your prospects will find out and find someone else to buy from.

You also want to make sure your product is as close to what’s hot in the market as possible. If you start selling vinyl records, unless you cater to an old school DJ market, you probably won’t make much money.

Find out what’s selling in today’s market, what people are looking for and buying no matter what the economy is doing or not, and see if it’s something they like, enjoy or are passionate about.

That’s how fortunes are made: smart research.

#4 – Choose your vehicle wisely

First, the vehicle you choose should offer you the ability to automate and leverage your systems and processes so you can take off, travel, take a vacation, or do whatever you want and never have to worry about not getting paid.

In other words, the business you choose must be able to make you a lot of money and work for you,even when you don’t want.

Also, you want to choose the right vehicle to market your products or services because without the right vehicle, you are limited to what is called Linear Income.

This means that if you work, you get paid. But if you don’t work, you don’t get paid.

When you can walk away from your business and still make money, you have leveraged income, which in turn creates a lifestyle. This is when you have a lot of income coming in, repeatedly, and all the time in the world to enjoy it, while it continues to grow.

Some business models or vehicles you can choose from include Direct Selling, Multi-Level Marketing, Affiliate Marketing, E-Commerce, Retail Sales and/or Distribution.

Each has its own pros and cons, advantages and disadvantages

And finally, you want to pick a great vehicle when it comes to products and/or services that you market and sell because you may be the best race car driver on the track, which means you’re great at what you do, but you have to be in the car. slower. in the race.

You have to look at market trends and the state of the economy and figure out what people want and are buying right now. Also, with the US dollar falling, make sure you choose a product line or service that pays you now, not in months or years.

It’s called “Get Paid Today” because your dollar is worth more today than it will be in the next 3-5 years while the US dollar devalues.

#5 – Personal growth and development

This is my personal favorite Critical Component and factor when it comes to being successful.

A lot of people think this is a bunch of crap, but the truth is, you’ll never get over your self-image.

And generally, those people who think that personal growth and development is a pile of garbage, usually their lives are a pile of garbage.

It might not be easily spotted on the outside, but like me many years ago, on the inside there’s probably a giant tornado going through them whether they admit it or not.

And your bank account balance… your ego is probably bigger than your bank account.

In other words, your personal income will never outstrip your personal growth.

Remember, your real product is people, so learn more about people and you’ll have learned more about the real product you’re marketing.

Start with yourself.

Read great books.

Listen to CDs and/or DVDs.

Expect LIVE events.

Model great people and surround yourself with those who have what you want.

Be a great observer.

Be honest.

Stay humble.

And develop high levels of Integrity.

As you become a better leader and communicator, your income will increase as well.

Just remember that you’re exactly where you’re supposed to be, so if you don’t like where you’re starting, you may end up very differently.

Your future does not have to be the same as your past.

Personal growth and development is truly the key to your success!

So, there you have my 5 critical components to a successful startup.