New Edition has literally been around for more than 35 years and they have been able to sustain a legacy that most groups never could. They have taken breaks, come back together, split up in different directions and even had success without each other but they always knew the value of what they started in Boston as kids. I was thinking, there are a lot of things that this group has done that would be a great lesson to black entrepreneurs when it comes to success and sustaining. Here it is. Hit “Next” below each post for the next segment.
Start with your passion
Any good business starts with passion. It is when you’re most hungry are you going to put your best foot forward. It is also when you often least understood. But the benefits will pay off. Click NEXT to see the next NEW EDITION business Tip
Run the course
As you become more successful, Always keep in mind why you started. There’s a good chance you may not be prepared for all the things that come with success. The discipline, self-motivation, the bad business deals, and surrounding yourself with the wrong people don’t have to be completely disastrous. Especially, if you learn the lessons behind it.
When you see that there’re problems the worst thing that you can do is ignore them. Eventually, they will destroy the self-esteem of the business and infect all people involved with the negativity. It’s better to cut your losses and move in another direction than to lose your entire business. You must make the necessary changes in order to continue to grow.
When it’s no longer fun stop doing it
When it gets to a point that it’s no longer fun, use your options to either change course, and do something else, or take a break. But keep in mind the reason you started. If the passion is gone and you no longer enjoy doing it. It’s going to show in your work.
Take Advantage of Your Leverage
After being in business for a while, and satisfying your target, there is no reason why you can’t use your leverage to reinvent yourself. The benefit of having a target is that you will know right away if it’s not working or if it is. Chances are, once your target gets to know you and believe in you, they’ll also take chances with you and let you know how they feel about what you are doing.
Always Remember the Target
Contrary to popular belief, there are three sides to most businesses. The owner, the client, AND the target. Situations are not win-win, They are win-win-win. In order for this to occur all three sides must benefit equally in order for dedication and success to remain steadfast. Nobody should feel cheated. As a business owner, you are the leader and have the option to just say no to whatever doesn’t work for you and your target. And you must understand, that all money is not good money or equal money. There are certain things that you can do to satisfy your own need that can destroy your brand altogether so beware.
Create New Value
What else can you do with what you have created? Are there any ancillary products that you can sell? Books, seminars, conferences, new services? Success creates leverage, and leverage creates value. One thing is for sure, you will get bored, the market will change and trends can change in an instant, so what are your options? Be prepared to exercise them.
Increase Your Value
To prevent boredom, change it up a bit. You can always bring things back together the long run but test out of the concepts. This can open the door to grow your business can your brand don’t be afraid to take chances, but always keep your target of mind.
Make SURE you have a life outside of work, you must know how and when to stop. Work hard but make sure you ask for help where needed and put the right people in place, otherwise, you will never stop working but you WILL stop growing. Taking time away allows for a fresh perspective and new ideas. Running a business can be a hardcore addition so make sure you make a list of what you want to accomplish each day and (as I do) set the timer on your phone for 4 to 8 hours and when it goes off STOP working! (unless you get a sales call, there are exceptions)
Accolades and Awards May Come Late, Who Cares?
As an black entrepreneur, You’ll come to realize that most people are most comfortable being associated with a major brand or corporation. Not everyone is qualified to be an black entrepreneur or understand the concept of business. The wonderful thing about being an black entrepreneur is that most of us would never have it any other way. You will see other people who are attached to major corporations with large job titles get the accolades and awards because the organizations honoring them make money off of the honoree’s affiliation to the corporation. That’s business in itself. But the beauty of it is, when you get an award for YOUR business, it is permanently attached to you. It’s your work, your name, and your company. It’s because they are affiliated with the respected brand. Aim to grow your business and also have a respected brand and in the process reward yourself. Take vacations, Take breaks, and invest in yourself. there is no greater reward.
Enjoy the ride
As long as it’s fun, keep doing it. Keep in mind when it stops being fun change, take a break, take a vacation, or reinvent yourself. Success will allow you to do all of the above. But I will say, once again, when it is no longer fun, it is time to look for something else to do. If it’s something completely different than what you have been doing, you have a great advantage, You know how to run a business. At that 90% of the battle, at that point has been won. Thanks to the legacy of New Edition