6 Tips to Become a Successful Entrepreneur ??

Welcome to the Jack Dawhra Show. Tell me what's happening in your life. I've had an interesting day today. I woke up with my bank account scam, right? And then I had my builder turn up. There was some work that was done. We needed to check that. That took a bit of time. We also have an investor. Actually, the brother of an investor who's already on board with us.

He's coming to meet me for a tea coffee. And so that's what's been happening. I went to the gym, I had a really good workout, and now I'm here creating some amazing content. Behind the scene, here is what happens behind the scene that's interesting that most people don't get to see. At any given time, there's 200 plus active finance cases going on that I'm always dealing with, either by WhatsApp or by email.

That's always buzzing. And I'll obviously leave my phone for some time, pick it up back again, and then I reply to those. But that's always happening. That's always the case. And there's always, Something we are buying or something selling. We are also always refinancing. We are at the moment refinancing one of our hotels and in the middle of legals of buying 14 self contained flats, that's something I've been managing behind the scene, but I wanted to share with you six tips to becoming a really, really successful entrepreneur.

Something that most people won't tell you is that making the first hundred grand. Is the toughest bit. So what you need is really patience, but understand compounding at the back of that. Compounding applies to pretty much everything. A lot of people think compounding applies to just money. It applies to everything.

It applies to your health and wellbeing. It applies to your habits. It applies to literally your intellectual health, your social, emotional health, your spiritual health. It literally applies to everything. But one of the major things about money is when you apply compounding to money and your business, when you look back at it five years later.

It literally grows really, really fast. Okay. So initially the first hundred grand is really, really tough. So it's a game of patience and compounding. That's really, really important, which a lot of people underestimate. In fact, interesting bit is a lot of people overestimate what they can achieve in a year, but underestimate what they can achieve in 10 years.

So put some patience and compounding into your business and the habitual patterns of getting work done within your business like, you know, making larger deals happen. That's one. Second one is it's something that I learned about 19 years ago. Okay. And that was learning an hour a day. The only reason I've been able to get to this point, one of the major reason I've been able to get to this point in my life is when I'm just sitting like an investor is I started learning an hour a day.

There were, there were days I would put like five, six hours a day learning. If you look at the habitual patterns of one of the most successful investors in the world, Warren Buffett's You know, Bill Gates, all of those people, they literally spend at least an hour a day into learning and improving their skills.

That's very, very important. Imagine you only have 23 hours a day and not 24. And that one hour goes to your intellectual well being, your intellectual health. So you're actually reading or listening to audio books an hour a day. That's your second. Third one is shadowing the beasts in your space. Okay, it's something that's really well known, right?

You, you shadow, you know, you surround yourself with five people and guess who's the sixth one, right? But if you put this in a different words where you're shadowing five different beasts. Okay, maybe two or three from your own industry and two and three from a different industry. Not just that you become the sixth beast in your business in your space, but it opens up your mind towards using a different strategy, a different tactic from a different business into your business.

Okay. So it's really, really important. You surround yourself with really beasts in your space. It doesn't really matter what it takes. Even if you have to go and work for these guys for free, even if it means you take them for lunch, dinner, you find out what their challenges are. You go and help them out with their challenges.

It doesn't really matter. You've got to surround yourself with beasts because the next one is going to become one is going to be you. Wait, wait, before I continue and give you the rest of the tips. Make sure you like comment. Tell us how you feel about these tips and also subscribe and share Understanding three layers to becoming an investor.

That's very very important. Okay, because when you look at a ceo of a company, right? That's an operator. Okay, it could be a medium sized company. It could be a large company. It could be even a small company, right? That's being an operator. There's three layers to becoming an, becoming a really successful entrepreneur.

But the third layer is what you call becoming an investor. The first one being the technician. Let's say you're starting, let's say you're an engineer. Okay. And you start, you have a prototype of a product that you want to launch. That's your technician level. The second one is the management level. And the third one is the investor level.

Even if you are a technician, you want to learn and get very quickly to the management position and eventually to becoming an investor. Okay. Yes. You can still look after the engineering part and, you know. Shadow that you sort of oversee the team engineering department, but you do need to get to the investors level because that's where you're going to be able to scale your business.

Okay. It's a scale. It's a skill to be able to learn to become like a technician first and then becoming a manager and then eventually becoming an investor because only when you become an investor that you're, you'd be able to really, really scale your business. Okay. But these three layers, you do have to skill up.

And then be able to get to that point. Positioning, I mean, the number of people that make this mistake, it's unbelievable. Like, literally, if I, when I look back, literally, my observation is, if I have 10 people pitching an idea to me, nine of them literally do not get their positioning right. I'll give you a metaphorical example of that.

Okay. Think of it like, think of it like a pizza. You're in the market. Let's say you found a space. Let's say you're in health space or you're in property space. It doesn't really matter. You've got to find your own very, very narrow niche. Okay. Even when you look at PEN I'll tell you a story about PEN, right?

When I was launching PEN back in 2017, I did lots and lots of research. I spoke with lots of investors, developers, and I was asking them questions about their challenges, right? The big major challenges. And they came back with two major challenges, right? One was Funding, right? They wanted equity funding.

Debt funding was a problem as well, but they really were looking for more equity investors, which is what we brought into the picture. The second one was finding healthy deals, which we started bringing into the picture as well. Okay. And that's what kind of pushed PENs positioning in the market. And that's where it really started to scale.

But it's understanding the challenges of the market and then positioning yourself accordingly. Most people just start a business because they want to make money. You're not going to succeed. You really are not going to succeed. The only way you're going to succeed is when you understand your positioning, understand the challenges in the market, and take a narrow position in the market, more like a one single slice of the pizza, rather than trying to take the whole slice, take the whole pizza, right?

Because you won't be able to, if you try and take the whole pizza, You literally are heading towards a disaster. You're really not going to succeed. So it's understanding positioning that like I said, most people really really get it wrong. In fact, even when I started I was really getting all of this wrong, but I think it was only if I can remember maybe 2019 No, 2008 2009 that I remember that I understood positioning and I started to position myself Very very narrow in space.

I remember when I was running the chauffeur company back in the days, right? 2008 2009 We were actually one of the first ones To be able to get online bookings being able to book your car like a luxury car Bentley rolls royce s e classes s classes. You could actually book them online and pay for pay for them online This was really really early days.

You didn't have uber. You didn't have all of these, you know online companies No, this existed. I was very much literally the first one because I understood positioning and we were really focused on a really kind of a narrow geographical location. But since then I've been applying this positioning in every idea that we work on, even when we are working on property deals.

My first question is, what is the exit? When you ask that question, right? What it does is it [00:09:00] allows you to find the exit. In a very niche narrow market, you'd go and find who's actually going to buy your product or the development that you're building or who's going to maybe lose it, right? And that would be your positioning will be the end user of that product.

That's key. Most people don't ask that question. That's your first question you need to be asking. Your positioning, who's going to be the end user of your product or your service.

Now, let me give you the sixth tip. In fact, let me ask you a question. If you took a business, right? Let's, let's say you took a small business and you gave it to two different people, and then you leave that business to, to these two different people for, let's say 15 to 20 years. And you look back, do you think those two businesses will look the same after 15 to 20 years?

The answer is no. They will look completely different. In fact, when you, if you go and [00:10:00] do some research on two companies, which is General Electric's GE and Sony, right back in the seventies and the eighties and the nineties, when these two companies are growing, right? Jack Welch actually wrote in his, in his biography book, right?

That I was looking at GE. He was the CEO of GE when he was growing GE and Sony was actually, they were actually coming up with better products. Even then Sony was suffering due to external reasons and there was lots of other reasons, right? And he's written in a lot of detail, but leadership is what makes the difference, right?

GE was led by Jack Welch and he he's he's probably one of the most well known CEOs in the world. Literally leadership makes such a big difference. In fact, let me tell you a very quick anecdote on this, right? Yes. I had someone who was following me and, and, and we ended up buying a couple of properties

She ended up buying one behind me and I was lucky, maybe a little lucky. And there's lots of hard work behind that as well. There was lots of strategic work that was going on behind the scene. I made those hotels work and they're still profitable. While the women. Who I can't name, but she bought and she struggled with it.

That was a very, very clear, uh, sign of lack of leadership skills. Okay. It's literally about being able to lead a human being. How do you, how do you, how do you lead a human being when you can empathize with them, when you're able to understand their challenges, when you help them achieve their potential that they can't even see in themselves.

That they can't even see in themselves. Okay. And that's what most people don't skill up to. Because when you want to become, like I said, I share that you've got to go through three layers, which is one is technician, manager, and then the third one is becoming an investor. Or a successful entrepreneur, you got to become the leader, you got to become the investor.

So you got to scale up to your leadership skills. That's very, very important. Coming up with the right products, which is there's, there's a market validation coming up with a product that actually the market needs for your positioning, being able to recruit and lead an effective team, team, as well as helping them, you know, achieve their potential.

Like I said, the potential that they can't see. These are really the six things most people massively get wrong these six tips I have been applying for the past 20 plus years in my life And they have helped me to get to a position where I'm just an investor at the moment. I'm relaxed. I wake up I spend my time with my family in the morning, in the evening.

I take meetings when I want to, rather than when I have to. I work with people that I want to, rather than I have to. And these are the steps that are applied in my life. And if you feel you apply these steps into your life, then you're doing the right thing. I believe they will massively help you grow as an entrepreneur as an investor in your life and help you scale your business.

I also feel that a lot of people, you know, they hear these steps, they, they watch these videos, but they don't apply. The main thing is to go and apply because the learning and really becoming that investor, the character that you need to become is an applying and not just learning. Have a really, really hard day in your business.

Because that's blessing in disguise. Take care.