Here’s The Entrepreneur Roller Coaster summary. Realize that most business failures are due to internal factors. Also learn the best business strategies that successful people use.
The Entrepreneur Roller Coaster author Darren Hardy explains how business people can become successful through the use of timeless principles. He discusses how entrepreneurs can become successful with the 4 essential skills: Sales, Recruiting, Leadership, and Productivity.
He also gives lessons to aspiring entrepreneurs on how to get rid of the fear of the unknown. 66 percent of all new businesses fail. He shows how entrepreneurs can avoid being a member of that statistic.
About the Author
Darren Hardy became the publisher and founding editor of the SUCCESS Magazine. He has also produced over a thousand TV shows featuring influential thought leaders.
He has interviewed wildly successful people such as Richard Branson, Elon Musk, Jezz Bezos, and Jack Welch. He is also the bestselling author of The Compound Effect.
Main takeaways: The Entrepreneur Roller Coaster Summary
Let’s discuss the key takeaways from his book:
- Most activities that successful people do are not that great at all.
- The ultimate success of a product or service depends on sales.
- Business failure is mostly about the internal factors.
Most activities that successful people do are not that great at all
Think of successful people such as Richard Branson and Oprah. You think that they always do cool stuff. They travel a lot, meet equally awesome people and celebrities, live in a nice place, and pursue their passion.
But what we don’t see is what’s happening in the background. We don’t see the meetings they attend, the paperwork, and the required travel for meetings. We also don’t hear about the lawsuits, negotiations, and contract reviews they have to face regularly.
We read and watch only the beautiful stuff. We feel inspired as a result. Oh how nice it is to be rich. But there’s always a price to pay. It’s not all cool. 95 percent of the rich people’s time don’t have anything to do with enjoying their wealth.
It’s going to be hard. If you’re starting a business, expect the worst. Expect to do the not so glamorous stuff. Expect endless labor and little reward. Also expect that most people aren’t willing to pay that price.
That’s why you have an opportunity here. You have less competition. But it will get lonely. You’ll have to deal with the background tasks you need to accomplish.
The ultimate success of a product or service depends on sales
This is true no matter what business you’re in. No matter how brilliant your product or how efficient your operations, the success of your business ultimately depends on sales.
Many people forget that. They instead focus on getting more funding, finding a nicer office, buying office accessories, spending countless hours in meetings, and more. But none of those directly increase the sales.
Sales is the lifeblood of any business. Without it, the company will soon die. It doesn’t matter how much funding it gets or how many meetings you attend. If none of those increase your sales, forget them.
If you’re starting a business, focus on getting that first sale. Because as long as you don’t have a sale, it’s not a business. Nothing matters unless you sell something. It’s the start of a business.
You don’t have to be a sleazy salesperson. You just have to understand your customers’ needs. You just have to start being genuinely helpful. Keep in mind that you have to earn the customers’ trust first before they buy from you. If you genuinely help them, you’ll gain their trust.
Also discover what are the main concerns of your customers. Then address them appropriately. Whenever customers buy something, there are always objections at the back of their minds. Answer their questions and address their concerns if you want to be truly helpful.
Business failure is mostly about the internal factors
Many people think that business failures resulted from a bad economy, lack of funding, and other unforeseen occurrences. However, the truth is that business failures are due to internal factors.
It could be the lack of drive from the founder. Maybe she got busy and distracted. She might have lost the original drive she had when she was just starting the business.
If you’re strong and you have the can-do attitude, you’ll succeed. Yes you’ll face some setbacks. But you’ll rise again. You’ll do what it takes to succeed.
Those unforeseen occurrences do happen no matter how good our plans are. But successful people don’t let those stop them. They find other ways to reach their goals. Or they change strategies based on what happened. Whatever the case, they don’t give up.
We don’t have control over the external factors. But we do have control on how we respond. We can still control our effort and activities. We can still choose what to do next.