Australian Tom McPherson may only be 22 years old, but his entrepreneurial successes are remarkable. After all, this is the young man who created Motor Culture Australia, the incredibly successful automobile membership platform that regularly gives away supercars and motorbikes. Not one to rest on his laurels, McPherson is currently expanding his talents into a variety of different directions, diversifying his investments, and building a second online brand.
McPherson began his working life as a manager at McDonalds. When it comes to business acumen, he is completely self-taught. So what helped him to succeed, when 90% of startups are supposedly destined for failure?
Here, according to McPherson, are the 10 key factors to success:
- Be Passionate
You have to love what you do, says McPherson. Otherwise you won’t have the motivation to put in the long hours and make the required sacrifices. Find something you’re passionate about to work with, and it will be a lot easier.
- Challenge Yourself
Always be looking for the next big challenge and don’t be afraid to take risks and step out of your comfort zone. There may be a dangerous side to the risk you choose to take, but the opportunities often outweigh the dangers. Have faith in your own judgment, and don’t allow yourself to be held back by fear.
- Know your Customer
One of the most common reasons a business goes under is because nobody’s interested in the product or service being offered. Do the research and find out if you have a target market...then find out who they are and what they want. And make a point of listening to your customers, especially to their complaints.
- Plan your Finances
Here’s another common reason for failure. If you’re starting up, you will need money and a budget.
- Keep Learning
Never stop reading, watching, and talking to people about what’s happening in your industry. Read case studies, biographies of successful entrepreneurs and industry articles; stay away from social media and TV. To be creative, you need to be taking in new information.
Never stop networking – you never know when you’ll bump into someone who might have the resources and connections you need.
- Stay Focused
Don’t let the nay-sayers distract you with their negativity. Stay surrounded by well-wishers and people who encourage you. Multi-tasking is time wasted. Stay away from your emails, phone and social media, and learn to focus on one task at a time.
- Be Resilient
Social media allows people to post all kinds of negative comments and put-downs; you’ll become aware of this the more successful you become. Tune them out, surround yourself with friends and family who believe in you, and stay focused on your goals.
- Learn from your Mistakes
Accept the fact that you will experience failure, but this is all part of the learning process. If your first business fails, figure out why and try again.
- Help Others
Helping others in whatever capacity you can makes you feel good, and it’s the right thing to do. It’s also a great way to build a loyal, supportive network around you.
Success doesn’t come overnight. It takes time, hard work, creativity and patience. But with the right mindset, the right tools, and the willingness to accept failure, entrepreneurial success can become a reality.