The path to success is not always straight. It consists of winding roads and steep hills, but in the end, those that persist prevail. No one knows this better than Seymour Segnit. As an immigrant entrepreneur, Segnit has started a variety of businesses, leading him down his own entrepreneurial road.
As a CEO many times over, Segnit knows how to build a company from nothing to financial success. Building successful companies has given Segnit insight into the things necessary to be a successful entrepreneur.
Entrepreneurs are known to be different and quirky. That’s because to be an entrepreneur takes a great deal of confidence and self-assurance. The individuals who have built big businesses over the years could just as easily have gotten jobs in finance, engineering, or the like. Instead, they understood that there was more out there for them as innovators and visionaries.
Segnit was always a naturally bright and gifted individual from a young age. But he knew early on that he “had a pattern of a lot of potential, and then things [would] not work out.” After getting into the advertising industry as an account manager, it became apparent to Segnit that he wasn’t cut out for the corporate world as an employee. Instead, he began shifting his focus to building things on his own, leading him down his path as an entrepreneur.
Sacrifice and Dedication
It is one thing to commit to a good itea, but it is another to make a great deal of sacrifices to make that idea a reality. Every entrepreneur, from Steve Jobs to Richard Branson, has had to give up things to build a successful business empire.
Segnit and his team at MAGFAST have shown such dedication to the company’s mission that they have made financial sacrifices that show their commitment to the company. According to Segnit, from “the core team at MAGFAST, no one has left. The people who launched MAGFAST worked for no money to launch the product because they believed in it so much.” Segnit himself has sacrificed his time and energy to dedicate himself to making MAGFAST the next great technology company.
Marketing Is Number One
When it comes to a business, marketing takes the cake. And no one has been a better grassroots marketer than Segnit. Maybe one of the biggest reasons why he has been so successful is that Segnit recognizes the need to impact consumers on a deeper level. “It’s not about being right; it’s all about creating emotional impact,” Segnit says. This applies both to products and customer service. “I used to want to prove that I was right. Now, I’m more concerned about making sure that you feel good about our communication,” he says.
This is because, as Segnit sees it, “feelings are more important than logic. In marketing, you want to make people fall in love, and then you give them some facts.” For this reason, according to Segnit, you have to make it clear to consumers why you are better than the competition; otherwise, you won’t succeed. “It’s not enough to be way better; you have to articulate it clearly,” he says.
For Segnit, at the end of the day, it’s all about the marketing. “Unless people are able to see whatever it is you’ve got, it’s just a hobby,” he says. “You’ve got to be advertising, promoting, all sorts of things.”
This means that entrepreneurs need to focus a significant amount of their energy into their marketing efforts over other areas of their business that will never succeed without a strong marketing plan. “Someone once said that if you’re a business owner and you’re not putting in 80 percent of your time and effort into promoting your business, you’re going to fail. I think that’s about right,” Segnit says.
Reduce the Need for Customer Service
The less customers need you, the better. If you are providing an extraordinary product, customer service should be unnecessary. This means making sure that your customer support employees understand that it isn’t a benefit for them to be dealing with problems all of the time. “There’s no win for the company in ‘well, I see a lot of people complaining to us about that webpage, but that means there’s going to be lots of hours for me this week dealing with the customer support tickets,’” he explains.
This will increase the trust of customers in your business as you provide them with the best service possible. Providing each customer with a superior product and experience will build their trust over time. “There’s a moment when the customer is deciding whether you are okay or not. And if you step into it and do something great for them, it completely transforms the relationship.”
Understand Your Business
One of the biggest problems for entrepreneurs is that they don’t understand what business they are actually in. No matter what is being sold, there are always many more layers to the business that an entrepreneur needs to understand.
Segnit uses this example to illustrate the point: “If you were to, say, open a model train shop, you quickly realize you aren’t in the model train business; you are in the inventory business and the financing business and the customer service business.”
An entrepreneur without a firm understanding of their business will never succeed in providing the best service to their customers and fall short when compared to their competitors.
Being an Entrepreneur Isn’t for Everyone
Those who expect instant success as entrepreneurs are in for a wakeup call. For many, it will take ups and downs, including several failures, until they learn the right way to build a business from scratch. For most people, working a traditional job in the corporate world suffices to build a steady career. However, there are others, like Segnit, who recognize that the world needs innovators and change-makers to push the envelope. For those looking to go down the road of entrepreneurship, these keys to success will play a vital role in their successes and failures along the way.
Read more about Seymour Segnit: https://www.digitaltrends.com/mobile/magfast-family/