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Running any small business is tough. You don’t have the capital. Your competitors can crush you, especially when you are still building a solid base of customers you can rely on. But I’ve learned a lot about running businesses, particularly when it comes to my penny stock trading lessons.
I appeared on TV with Steve Harvey, where I was interviewed about my penny stock course and the students who have made six and seven-figure sums. But when I look back, I thought about what TV can teach us, and here’s what can be summarized.
1. Keep it simple.
The format of most TV shows is extremely simple. Take your average TV drama as an example. There’s a problem, which may be carried over from a previous episode, a conflict and a resolution (and sometimes an additional problem for the next episode).
This is a simple format that has carried on since the invention of TV. That’s the simplicity you should apply to your small business. Don’t try to reinvent the wheel. Follow what came before.
2. Money won’t make you happy.
It might make you successful, but you’ll quickly burn out. Small businesses are run on fire and passion. Every successful small business owner has wanted to change the world. They want to do something. The motivation was never money alone. And that’s the same with any TV show. Writers and producers are excited about what they’re going to see come to life.
3. Build a community.
I regularly post successes and tips from my students. Why? It’s not about bragging it’s about informing myself and the wider world. Always look to network and you’ll build that community. The most successful TV programs have a huge following. That’s how they keep getting renewed for another season. The networks know they’re going to tune in.
Network and build up that core customer base and see your business shoot into the stratosphere.
4. Patience is a virtue.
Not every TV show or format is going to immediately take off. Most TV shows don’t get popular until the end of season one or the start of season two. The point is that I would never give up on an idea just because it didn’t yield instant success, and you shouldn’t either.
Give your products a chance to thrive.
5. Don’t stop pushing the envelope.
How many times have we seen TV networks fall flat on their faces? And how many times have we seen them succeed hugely because of a crazy idea? That’s because they always push the envelope. Apply that same logic to your business and you’ll eventually hit upon that one idea that blows up. You’ll see.
Last word: TV has a lot to teach
I truly believe that the way TV works is a model for how you should run your small business. Push the envelope, follow your passion, and keep things simple. There are no guarantees in any industry, but if you learn from these tips you’ll increase your chances.