Have you ever wondered what starting a business would have been like back in the day? We did and since Ricky Richards started trading back in the 80’s, we figured that this question would be perfect for Ronnie.
Ron admits that he has not started a business “today” so may not be the most qualified to answer, however he seems to think there aren’t too many differences between starting a business today vs back then and still provides some great insight that anyone thinking of starting a business can learn from.
“I do have to say, in business, the fundamentals stay the same. Do you have a market? Do you have a product or service? Are you relevant? Are you competitive?... do you bring value to the equation?”
An important thing Ronnie notes is that competitive does not necessarily mean “cheapest”. If you sell a good product or service, then the price does not matter.
One thing Ron finds himself unsure about, is start-ups you see these days that seem to be worth plenty of money, but don’t necessarily make any money until years later.
He also discusses the reality of “overnight success” stories that we read about in the media.
“If you go back to the founder that they are talking about there’s about 5 to 10 years of hard work that went on behind the scenes that went into it first.”
Which makes sense. You don’t just do minimal work and get huge payoff for it. A lot of hard work is needed in order to succeed, whether it be back in the 80’s or today in 2022. As Ron says “You’ve got to put in the hard yards”.
“The fundamentals have to remain the same if you want your business to be a success.”
Watch Episode 10 of Ronnie’s Ramble.