Dmitry Lyubimov is no stranger to setbacks and adversity. After his businesses failed back in the late 2000s he was saddled with huge expenses and forced to come up with new ways of making money. Utilizing his one yacht which he had bought for personal use – a ’31 Sea Ray Sundancer, he established UNIQ – a yacht renting company that has since mushroomed and eclipsed its competitors. It is now the most successful yacht rental company in California.
So how was Dmitry able to find steady success from such a challenging setback, and then grow to surpass the competition who had much greater resources? Well, that’s what we intend to answer in this Dmitry Lyubimov profile.
Leverage Your Past Experiences
Dmitry attributes a key pillar of his success to a strong entrepreneurial spirit, and the vast experiences he acquired from the many sectors he worked in as a businessman from years past.
In his younger days, he started out selling cars from auctions, then transitioned to selling electronics, then moved to set up his own advertising firm (which is still operational today) to a stint in the hotel business, to finally owning and managing a luxury rental company.
“It’s not possible to envision the business projects that will succeed and those that will fail. So it’s wise to dabble in a variety of projects and adapt accordingly along the way.”
Business is volatile and unforeseen events can happen at the drop of a hat. As such, he advises that to be successful as an entrepreneur, it’s important not to allow yourself to get intimidated by any sudden change of events.
He states that it is important to keep in mind, that here are always ways to work around an issue and make amends. In short, staying adaptive and flexible is key to succeeding as an entrepreneur.
Leverage Your Relationships
But Dmitry Lyubimov didn’t succeed purely on his own efforts. Early on he was keen to establish solid relationships with like-minded business people in the industry. Starting out, he successfully rallied other boat owners in the harbor where he lived at the time and got them listed on his website to increase their exposure. This also boosted his credibility as a serious businessman.
Dmitry also cultivated great relationships with high-end clients who frequently rented luxury yachts and private planes in LA and provided them with consistent customer satisfaction. And these clients kept coming back over and over again.
The positive recommendations he received from these relationships, have since netted him countless streams of new business. He has since worked with a variety of celebrities and famous brands and his clientele keeps increasing. It’s no wonder his business grew at a phenomenal rate with profits doubling every year.
Dmitry’s growth has been so strong, his company now has plans of establishing a UNIQ Miami branch as part of the company’s expansion plan.
Be Confidence & Believe in Yourself
Dmitry’s advice to those who just have an idea and are starting out is to have confidence and believe they’re capable of bringing their idea to life.
“Having faith in yourself that you can nourish an idea to life is at the core of a successful entrepreneur.” – Dmitry LyubimovTweet Quote
Of course, believing in yourself needs to go hand-in-hand with a business niche that you’re passionate about and have a strong desire to succeed in. This is absolutely crucial as it will ensure your motivation remains high in the early days when the business is just getting off the ground.
Which leads us to his next piece of advice.
Related: Self-Confidence Formula
Do Your Homework
To find the best niche to establish yourself start by writing down several business niches you’d love to venture into that are consistent with your passion. Narrow down the list to a category that has the greatest potential and a clear path to success. Not all businesses do.
Some businesses such as an online store or a salon, lack a clear path and can take a long time before they start being fruitful and the profits can vary greatly. Also bear in mind it takes time for any business to take root, usually around 1-3 years, but can be shorter or longer depending on the niche.
That’s why it’s important to choose a great niche and avoid wasting a great deal of time and effort in a sector that’s less straightforward and lacks growth potential.
Also, don’t shy away from industries that you have no experience or background in. There are numerous resources available online to help you, as well as experts you can consult.
Never Give Up
The final pillar of Lyubimov wisdom is to persist, and never give up.
We live in an information age where it’s so much easier to start a business. However, once you get going you may discover the path is not as rosy as you thought it was at the beginning. So, keep in mind, that there will be challenging times ahead.
So, it is crucial to make up your mind that regardless of the challenges you may face, that you will commit to push through and work even harder, until you realize your ultimate goal.
He states, that if you’re struggling with a problem, try assessing the situation from a third party perspective i.e. from the outside looking in. By doing this, you will be able to analyze your problem with more clarity and make better decisions as a results; decisions that might keep you from giving up too soon.
Till next time,
PS – If you enjoy this success story and it’s valuable success insights, then you’ll love these other inspirational stories of success.