How to become successful in business or anything else

This post is about what you need to understand and know in order to be successful.

What is your endgame?

It is always easy to start but what is your vision in the future for it? Because knowing what you want in the future will decide how things will proceed for you and give you the strength to continue. Not every day will be sunshine, there will be raining day.

I started to involved in numismatic field in youtube and blogging, because I wanted to change how things are run in the numismatic market. There are many people getting scam or cheat which results in the numismatic market dying.

Understand the business field

After you decided final outcome you want, you need to understand who are players in the same field as you and what is going on in the market.

You need to ask yourself how to solve the problem, only by helping people solve the problem you will get pay.

I often see people open a business and assume people will buy their things. People feel to ask themselves why would people buy the item they sell, It is not like some business simulation game where the game will always make sure a certain number of customer appear in your shop.

In-game, if you fail you can restart. In real life, there might not even be a restart for you if you fail.

Supply & Demand

There is one mistake people always make and that is to try and copy other people's business models. Last year a lot of bubble tea pop out in Malaysia due to news about how much money it can make.

This year a lot of the bubble tea closes down due to coivd-19 crisis because nobody takes it to consider that there will be a rainy day. Even without covid-19, the same thing would happen. Who would keep drinking such things that is bad for health and there were too many sellers.

The same can be said about the online numismatic dealers, around 2014 a lot of them popping out at Facebook trying to sell. After the 2018 economic slowdown, a lot of them disappear because nobody buying their collection.

There were too many sellers but nobody wants to do the job of promoting the hobby as it does not really help them earn money. Because nobody want to do that, I decide to do it myself and that is how I ended up here.

Path least took

Choosing the path least took is your best bet of success. It is true that it is going to be difficult but if your path were a success, all the rewards will be yours alone. Just like how Microsoft manages to maintain its monopoly for many years.

Do you think my channel was easy? It takes me 5 years to reach where it is today. It pleases me that when I go to an auction, people say hi to me and talk about how my video affects them. Auction house welcomes me with an open arm because their sales or clients increase thanks to me talking about them.

One stone two birds

My way of doing things is never to do just for one thing. It is important to have a secondary objective whatever you plan to do. This is so that all your hard work is never going to waste. Just like here, even if I don't get more than $100 reward, but it will help promote the hobby and pass down the knowledge.

Make sure you make your plan with a secondary objective.

Reputation

Reputation is your most important asset in business. It is something money can't buy. With a good reputation, you will find yourself able to gain access to some unlikely help that most people often can't get.

Should the time come to choose between money and reputation, always choose reputation.