By The Leasing Group

What is Your Edge?

Check the Internet any day of the week and you’ll find no shortage of “experts” promoting easy paths to intelligent investing and wealth accumulation.

 

“Follow these seven strategies to achieve investing success.”

 

I’m always surprised by how simple they make it sound, because successful investing is neither simple nor easy.  Becoming a successful entrepreneur isn’t either.  Recently, I found the following list.  Although intended to help navigate the troubled waters of the stock market, this list also serves as a guide for entrepreneurial “wanna-bes.”

 

  1. Find an Edge
  2. Manage Risk
  3. Be Disciplined
  4. Stay Flexible

 

Find an Edge

No company will get far without a solid value proposition, be it price, location, service, experience, quality or whatever else drives its revenue.  Every entrepreneur must discover an edge.  What sets you apart from your competitors?  When you figure it out, go tell the world.

 

Manage Risk

We evaluate options and make decisions everyday, and options carry risk.  The trick is to manage the process.  Before going bankrupt, the Penn Central Railroad bet the company on the future of passenger trains.  That was a big risk.  Penn would have been better off hedging their bet with automobiles and airplanes.

 

Be Disciplined

Someone once told me that a good entrepreneur never does anything between 8:00 and 5:00 that can be done between 5:00 and 8:00.  In other words, working hours are made for selling.  Paperwork comes later.  That takes a lot of discipline.

 

Stay Flexible

Back in 2002, Apple was unprofitable.  Early internet flops tarnished its appeal, its retail stores were viewed as dumb ideas and music-playing iPods were seen, even by some Apple executives, as relatively insignificant.  Worse yet, the Macintosh wasn’t selling.  Thankfully, the company was flexible enough to innovate.  The rest is history.

 

Find a market advantage, manage your risks, be intentional and disciplined, while also flexible.  Maybe you’ll be an Apple too.

 

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