How to turn $1,000 into a $3 million business

[jrineakter]

Levi King is the founder and CEO of Nav, a financial services company that aims to help small businesses take control of their finances. This entrepreneur's career has been full of success since he was 23 years old, when he created his first business with an investment of only $1,000 . Three years later, he sold his small business when it had an average revenue of $3 million.

These are the 5 principles that he learned over those years and that have allowed him to achieve success in his career.

5 tips for a successful start-up
1. Go ahead and take action, but look before you leap
It takes courage to leave the security of a salaried job and throw yourself into the uncertainty of creating a new business . If you believe in your idea, you know you are good japan number data at it, and, most importantly, you firmly know that you have an audience waiting for you, the decision will come sooner or later. You just have to make up your mind and take the step.

But before we jump into the pool we must learn to swim. It is essential that we have our finances in order. If our financial history is good on a personal level, it will be much easier to convince investors, so we will be many steps ahead when it comes to obtaining financing .

2. Build step by step
The entrepreneur's path is not free of problems. Many are external, against which we can do little (economic crises, for example), but many others are in our hands. Therefore, it is essential that we build our business step by step. We must secure the foundations to continue growing. And move forward only when the previous step is completely firm.

Mastering each stage of your business as it grows and transforms will allow you to have every detail under control . This way, you will be much stronger than your competition who only have a general view of what is happening inside their company.

3. Create good relationships with suppliers
For a business, it is essential to choose the right suppliers who will guarantee the supply of products and services. Doing so poorly can compromise the company's production and sales capacity.

Not only is it important to choose your suppliers well, but you must also build relationships of trust with them. It is not easy, but once established, they become favorable terms when it comes to making payments. If you are a good payer, they will be there when you need them.

4. Differentiate yourself from the competition
Contracts and clients will not come to you by themselves, you have to go out and find them. You will need to be tenacious, loyal and patient as sales techniques do not always work in the short term. They may start to bear fruit weeks or even months later.

It is essential that you have carried out an in-depth analysis of the market, that you go out and get acquainted with the needs of your potential clients. Once you have all the information, you will be able to offer a differential value . And although perhaps your strong point at the beginning is price, do not fall into the temptation of lowering the quality of your products or services.