Being an entrepreneur is not for the faint of heart. It requires tenacity, stubbornness, and the type of humility that can only come from falling on one’s face a time or two. When it works, it’s a beautiful thing. But there are no guarantees. According to Timothy Carter of Entrepreneur, about half of all businesses fail after five years.
While that statistic is sobering, it should also be motivating. If one wants to eventually thrive as an entrepreneur, they can never give up.
After being expelled from high school, Justin Gilmore got an itch at a young age to be a businessman. Today, he owns ATMMachines.com and sells between 20 and 30 ATMs a month. Along the way, he created a path that others can follow as they strive to become business owners.
Set Personal and Professional Goals
When someone is first starting out, these goals can be rather simple, like earning enough money for a larger apartment (personal) and broadening their customer base (professional). Gradually, as their business grows, they can refine their goals. As a young entrepreneur, Justin Gilmore had the goal of creating income streams to better himself and take care of his family. In founding his ATM business, Justin sought passive income. Now, as his business prospers, he has created yet another goal: helping others to enjoy passive income through ATM ownership.
Be Patient With Yourself
Having the mindset to watch something slowly grow until it reaches the snowball effect requires discipline. The temptation to throw in the towel can be great if there are no measurable signs of positive growth. To maintain a patient and focused mindset, Justin Gilmore reads entrepreneurial books and repeats positive affirmations to himself every morning.
Don’t Be Afraid of a Little Dirty Work
When Justin learned about the potential for passive income in the ATM business, he set out to build an ATM route in Atlanta. This required making cold calls to businesses that Justin thought might need an ATM. Because he had been in business for himself one way or another since he was 16, Justin didn’t mind cold-calling, and it paid off.
Choose a Team To Grow With You
Assembling a team is crucial when it comes to growing in any industry. In building his team for ATMMachines.com, Justin had to find team members who believed in what he was doing and could also be trusted with cash and account information. For him, hiring friends and family means he works with people he knows and trusts.
Do Unto Your Customers As You’d Have Them Do Unto You
Treating customers with respect yields multiple rewards. Customers are more likely to rely on someone’s services when they feel respected, and can be relied on in turn to help a business grow. With the business model that Justin Gilmore created for ATMMachines.com, the only way the company makes money is when the customers make money. That is just one reason why Justin treats his customers as though they were his partners.