California-based entrepreneur and philanthropist Rahim Hassanally offers a trio of tips to aspiring entrepreneurs in today’s business landscape.
A successful entrepreneur born and raised in Texas and now based in California, Rahim Hassanally considers his experiences following more than 20 years in business to provide three tips for aspiring entrepreneurs in a brand new decade.
“In today’s modern business landscape, I’d stress the importance of starting by finding the correct niche,” suggests Hassanally. The correct niche, he says of his first tip, should be neither too broad nor too specific. “Also consider,” adds the expert, “whether it’ll be possible to remarket to existing customers in the future, and avoid any potential short-term niches from the outset.”
Next, says Hassanally, focus on profit, not on revenue. “Many aspiring entrepreneurs are obsessed with revenue,” he suggests, “but, broadly speaking, profit is much more important.”
Profit, Rahim Hassanally says, often demonstrates sustainability. “Simple revenue,” he adds, “not so much.”
Where an aspiring entrepreneur is unsure, Hassanally advises turning to a profit margin calculator in order to help determine the viability of a potential business in earning a suitable level of profit.
Third among Rahim Hassanally’s tips is to be—and to remain—highly driven. “Focus on something you’re passionate about, and you’ll remain driven,” says Hassanally. A real level of passion and drive, the expert believes, puts an aspiring entrepreneur in the best possible position to run their business, and to run it better than anyone else. “Match your business to your exact skills, personality, and own experiences, too,” he suggests, “and you’ll be off to a truly great start.”
Rahim Hassanally has previously spoken at length about what it takes to succeed as an entrepreneur. “My family has a strong background in the hospitality industry,” said the entrepreneur and philanthropist last year, “but I knew at a very young age that this simply wasn’t for me.”
Instead, at the age of 16, Hassanally quickly made a name for himself in the sales field, subsequently turning down an invitation to attend a prestigious law school, and establishing and building up his own highly successful automotive sales business in his 20s.
Briefly revisiting the last of his three tips for aspiring entrepreneurs, Rahim Hassanally credits passion and drive for much of his own success. “I’ve always been extremely driven,” adds the entrepreneur and philanthropist, wrapping up, “and, even today, I won’t give up until I’ve achieved my goal once I’ve set my mind to something.”