Yesterday’s capitalists had a lock on success because newbies couldn’t easily break into business or investing. But the web changed everything. Today, anyone can be a successful entrepreneur, stock trader, or real estate investor.
Because of the easy access to opportunities that were once reserved exclusively for the elite, entrepreneurs and investors need to be particularly aggressive if they want to succeed. They need to be scrappy capitalists.
There are six rules that a scrappy capitalist follows to be successful. Here’s the fourth one:
SCRAPPY CAPITALIST RULE #4: ACT FAST; LEARN MORE
Scrappy capitalists spiral upward toward success by doing two things — acting fast and learning more — and scrappy capitalists do these two things over and over again in a never-ending upward cycle.
When scrappy capitalists act fast, they find opportunities and quickly act on them. They move forward toward a critical mass. For example:
- An entrepreneur might learn about an opportunity one afternoon and that evening they might put together a website, invest in some AdWords to test their theories, and create an ebook over a weekend to cash in on the opportunity.
- A capital markets investor might learn about a stock one afternoon and then access a number of trusted, bookmarked sites to do quick, effective research on that stock before making a decision to buy it.
- A real estate investor might meet a seller with a great property and, using a variety of internet tools and a network of people, the investor can decide in just a couple of short hours whether or not the property is worth investing in.
Ultimately, acting fast means watching carefully for opportunities and knowing when to pounce on them.
When scrappy capitalists learn more, they strategically pursue deeper knowledge that can lead to greater success. For example:
- An entrepreneur might study copywriting as a skill to help to make his or her marketing more effective.
- A capital markets investor might study risk with the goal of become a risk-reducing expert.
- A real estate investor might learn more about raising capital so that they aren’t reliant on financial institutions to fund their marketing.
I’ve shown you some high level ways that a scrappy capitalist might act fast or learn more but this is true at a much lower level as well. For example, an entrepreneur might learn about a long-tail keyword that he or she thinks is relevant to his or her audience. So the entrepreneur does some quick research to learn more about that keyword’s potential and then they create content around it. Then they do something similar the next day… and the next… and the next. In short order, the entrepreneur is visible in search engines for several keywords!
Stay tuned. I’ll reveal the next rule of the scrappy capitalist soon.