Kobi Shafrir, CMO of binary options trading company anyoption.com, has a background in management, finance and law from numerous global investing firms that has taught him a little bit about risk. The life of an entrepreneur is like the life of a binary options trader in many respects, he observes. Entrepreneurs are in the business of taking calculated risks as they try to predict the future based on the evidence they can find. Many people dive in to binary options trading in the same way many dive into entrepreneurship without doing the proper things to prepare in advance. The business seems like an idea that just can’t miss, or like it’s the only option, or it is a way to fulfill a dream of becoming your own boss. Unfortunately, the majority don’t make it.
According to Kobi, entrepreneurs could make much better choices, ironically, by using the same decision making principles an options trader employs. Here are the six strategies he employs that other entrepreneurs should consider adopting as well:
Do your research
To be successful, you’ve got to do your research, according to contributor Shawn O’ Connor. How is the economy doing in your area and what is the specific market for your product or service currently like? What are the newest trends in your field? If you can capitalize on a trend before others, you’ll quickly find yourself a leader in your particular segment. If you know how a certain market reacts to a certain thing, you can capitalize on that knowledge as well. Have a specific strategy laid out and stick to it. There’s never been a time when doing your homework doesn’t pay off. Know your field, and dedicate your efforts to perpetually learn more.
Have a good mentor
Having a good mentor can make a great deal of difference. You can read all the books you want, but having someone near at hand who’s done it before can be the most invaluable resource. With someone to help you, you’re much more likely to make smart decisions. Are you torn about whether or not you should do something? Ask someone that’s been there. Learn from their mistakes before you make those missteps yourself.
Learn to exercise patience
Traders who get too caught up in expending their resources too quickly in a frenzy of “now or never” thinking will fairly well universally fail. In a similar way, entrepreneurs need to understand that success takes time. For example, Qamar Zaman, the CEO of SubmitPressRelease123, of Richmond, Texas says, “If you start trying to make decisions that will bring you overnight success, you’ll eventually fall flat. Don’t be afraid to gamble, but don’t gamble everything away in the very beginning. Don’t expect (or try) to get rich quick. Patience is key.” Zaman founded his company in 2004 as a SaaS-enabled online press release portal that uses PR Newswire’s base as its backbone and now serves more than 15,000 clients worldwide. His “overnight success” has taken more than a decade to build, but has ultimately paid off very well.
Stay within your budget
If you start spending more than your budget allows, problems arise quickly. Not everything you do will produce revenue as quickly as you’re expecting, and you’ll need a cash flow cushion to help you weather the ride. The old adage about not having all of your eggs in one basket rings true here. Have multiple lines of revenue, or a reliable line of credit, or continue to work part or full time in your day job as you get your entrepreneurial launch under way.
Always be moving
Patience is key, but having patience doesn’t mean you slow down. If a binary options trader isn’t making trades, he or she is not making money. When participants stop working, they stop succeeding. As an entrepreneur, you’ve got to hustle constantly. Always be on the go, looking for newer and better ways to improve what you’re doing. Work fast, but be sure to work wisely, as contributor Amy Morin advises.
Make sure you enjoy what you do
As an entrepreneur, you’ve got to enjoy what you’re doing. If you don’t, you’ll eventually lose your hunger to succeed. If you’re becoming complacent in what you do, it’s a sign you’re no longer paying attention. You won’t be concerned with honing your edge and you’ll stop making optimal choices (or potentially even lose sight of your success). Love what you do and be passionate about it, and your vigor will help to ensure success will come through.
Ultimately, as an entrepreneur, you are doing a bit of speculation from every point of view. There are very few guarantees. In the case of AnyOption.com, Wikipedia credits the company founded in 2008 with becoming one of the largest websites of its kind for binary options trading today. Similarly, by gambling wisely in the launch of your own business, you can greatly increase your own chances for fulfillment and financial success.