What does it take to create a multi-million dollar empire, is it luck, is it finding the right market? Lawrence Ng built a $200 million business empire before he turned the age of 30. When Ng was 21 years old, he decided to take his knowledge of digital marketing and strike out on his own, sinking $10,000 into Oversee.net. If you were to ask Ng, he would say that luck had nothing to do with it, it was about applying some key components and having the right mindset.
1. Business opportunities are everywhere.
Growing up, I learned at a very young age that business opportunities are everywhere. Often times we need to talk less and listen more to help identify problems, with every problem there's a solution to possibly convert into a business.
Ng has also used a similar approach in starting different businesses such as, bridal wear, real estate, and child safety and these opportunities began through casual conversations about interesting topics. He says, paying attention during conversations often reveals common pain points, things that everyone agrees is a problem, and yet no ready solution exists. If other entrepreneurs grasp this concept, think about the different types of businesses that could evolve as a result of this.
2. Don't be afraid of undiscovered territory.
The beauty of becoming an entrepreneur is knowing there are endless possibilities to develop businesses in various types of fields. The best feeling is discovering an untapped market and turning it into a multi million dollar empire.
Ng built a $200 million business when he decided to take his knowledge of digital marketing and strike out on his own, sinking $10,000 into Oversee.net. When you lose the fear of starting a business in undiscovered territory and doing what others may not be doing, the result can be very rewarding.
3. Step away from your desk and network.
Ideas start with conversation. Many of us are guilty for being workaholics and only networking a little or none at all, can be more damaging than helpful to your business. That's when it's time to step away from your desk and network with other professionals in your field, some of your biggest breakthroughs can start from a conversation.
Inspired by discussion with friends, Ng decided wedding dresses were a huge market to tap into and at the time, David's Bridal was dominating the affordable bridal industry. It was through networking with other business professional that allowed him to launch Simply Bridal which offers higher quality gowns at deeply discounted prices, raising the bar high for online and offline shopping.
4. Give back to your community.
There are not enough words to describe the benefit of giving back. Some options when it comes to giving are, help promote local businesses, sponsor a charity, participate in holiday food drives or start your own non-profit organization.
In 2009 Ng established The Lawrence C Ng Family Foundation, an organization dedicated to supporting non-profits engaged in education, mentorship and career guidance for underprivileged children. Giving back to your community is beneficial in so many ways, it makes your community a better place to live, and builds respect and a good reputation within the society.
5. Always exercise caution.
It's important when you have a business you desire to startup that you don't rush without doing your research first. Researching is the key to providing clarity you're making the right decision in opening a business, some of the best things happen when the time is right.
Ng advises to use caution, "Entrepreneurs should never invest without careful market research, I generally try not to be too early in technology categories, there's too much capital chasing the next hottest thing when it's early."
6. Look for exciting new markets.
It's no surprise that cannabis industry has identified several emerging trends as it becomes legalized across the U.S., offering new business opportunities and huge profits. Colorado for example has crossed the $1 billion mark for annual marijuana sales in 2016. Confirming why Ng thinks the market holds a huge potential for growth, the industry presents a rare opportunity for ground-floor investment with no dominant competitors.
Ng also sees plenty of room for investment possibilities in virtual reality, "Virtual reality is already growing by leaps and bounds, and I see it changing how we experience entertainment on every level."
7. You can't do it alone.
If you're an entrepreneur then own your title and position, don't allow negative thoughts and actions to prevent you from being successful. A few key tips: remember the power of connections, focus, know that you will fail at times and successful entrepreneurs have mentors or coaches.
Ng's best piece of advice for new entrepreneurs is, "Hire the best people you can find. You can't do this alone."