9 Life Lessons Undercover Billionaire Teaches Us. In the discovery TV show “Undercover Billionaire”, a billionaire named Glen Stern is making a million dollars’ worth business in just 90 days. He starts with only 100$ and a truck. He does it without using any of his contacts using his fake name in an unknown city. In this show, he faces many difficulties and troubles. In season he sleeps in his car and cleans washrooms. He does everything needed to build a business worth $1 million. He gives lessons for each step he takes and handles. Here are some of the life lessons Glen sterns explains needed for successful businesses and startups.
Recognize your Strengths and Weaknesses
If you are starting a business you need to recognize your strengths and weakness first. You need to be well aware of yourself and your team. This is one of the most important lessons Glen Stern gives. If you are not good at one thing, don’t go for it to create a business. Find what you are good at individually and as a team and then go for a business.
Find your Buyer First
Glen Sterns emphasizes finding your customers and buyers first and work backward. He says that most people develop a product first and then go for finding customers which is a wrong approach. Before developing a product, you should be aware of your market, buyers, and customers and then develop the product whether it is trash or commodities.
Identify a Need and Fulfill it
Identifying needs and fulfilling them is the basis of business and startup. Fulfilling a need and solving the problems always leads to a successful business. Look around you what people need or what difficulties they are facing. Needs change concerning people, places, environments, seasons, and much more. Some businesses are too good in one place for a specific period but not so good in many areas.
Buy Low, Sell High
If you are running short of money in any business. It is always a good idea to flip things, buy low, and sell high to make money you can use for many great things. There’s always a great opportunity to flip things, whether its real state, cars, or something else. In this TV show Glen Sterns flip some cars and a house which helps him to invest money in great things.
Lose the Battle to Win the War
One of the reasons in 9 Life Lessons Undercover Billionaire Teaches Us that Sometimes it is better to lose a small thing and focus on a big thing. Lose the battle to win the war. It simply is that you focus on long-term results rather than the short term. Business and startups are always long-term things. You lose small things for better results in the long term.
Less is More
Less is more is always a good strategy to apply. If you are presenting an idea to an investor, a collaborator, or a customer, don’t go in unnecessary details. Unnecessary details make confusion and nothing else. Be specific about how your idea works, what you want, and what you want to deliver. Less is more is a great way to a social win.
No Job is Beneath You
Glen Sterns gives an important life lesson to do everything it needs. No job is beneath you. Glen Sterns says it and does it. He goes for cleaning washrooms, selling balloons, selling balls, and much more. At the start of any business you have to do everything yourself. Give yourself a tough time and doing the things you never wanted to do.
No is just the start of the Conversation
Most of the successful businesses have heard “No” instead of “yes”. “No” is just the start of a conversation. If you are said “No” means you are rejected so don’t be so miserable. If you are an entrepreneur or a businessman who is about to start, Ready for the “No” from most of the people. People will never trust you easily with their money or products. You have to work too hard to turn that “No” into “Yes”.
Don’t Confuse Effort with Results
One of the most important things all entrepreneurs and businessmen need to know is the difference between efforts and results. It gives the idea to work smart rather than hard. In the results matter and efforts don’t. So be aware of each and everything, work smart and make progress through smart work avoiding unnecessary hard work. Measure results and not the efforts.