5 Critical Elements that Every Successful Business Owner Needs to Know.
Today I am going to discuss a very important topic in the world of business.
If you do not believe you are in the world of business just because you may not own your own business, you may want to re-analyze your thinking. Nearly everything in this world is currently based upon business.
Even if you dont own your own business, you can take these aspects I am going to talk about, and implement them into your daily life, or into your work life. They are all around good principles and ideas that can help us in all areas of our lives.
Furthermore, if one day you are ever interested in becoming an entrepreneur and adventuring into the world of business on your own terms, than this will give you a huge head start.
And if you currently own your own business, and you are just starting, have 1 year under your belt, or are a million dollar giant, these are always good principles to go over from time to time.
"The 5 Critical Elements that Every Successful Business Owner Needs to Know."
1. Be honest.
This is a highly debatable topic for sales people and business owners around the world...(why it is even debatable should be a huge question for people.) But the truth is, many people may intend to be honest and truthful with their clients and customers, but because of the many techniques that they have learned, and the various habits that they have developed, this is actually much harder for most people than it seems. When you are totally and completely honest in all aspects of your transaction and dealings, your results are always going to be tremendously more fulfilling.
2. Create a Plan
I remember when I opened my 1st company with 6 other successful business owners, and the very first thing we did for 4 months straight, was come up with a plan. We sat night after night around a large table, covering every aspect of how we thought the business should be structured from the ground up. Additionally, what I learned from that, is that you dont need to cover every little aspect of how you are going to do business... but yes, you do need a solid outline and game plan to guide you in the right direction, and from there, you can fill in the details as you go along. (Make sure to continuously fill in the details!)
3. Cover Your Needs
If you are depending solely on your new business to cover all of your expenses, you may have a surprise coming for you, (Unless of course you have investors, or you are already generating enough consistent income to not have this worry.) This is so important, but many people forget to absorb the importance of this principle. As long as all of your basic needs are covered, and you can continue to invest additional money that you have into your business, you can always keep going and growing, no matter how little, or how big you are.
4. Keep Advancing Your Goals
When you start your business, you have goals. When you move through your first months, and your first years, and of course into your later years, you will always need to continue analyzing, re-analyzing and resetting your goals, hopefully higher than they were the last time you set them. Set a realistic goal, but out of reach, so when you reach it, you will know that you worked extremely hard to do so, and you will benefit tremendously from the outcome. When you come close to reaching that goal, again, reset your goals and always continue moving forward, and upward.
5. Never Give Up
I have read quite a few different forums lately that have mentioned something I think is pretty outlandish, they say "fail quickly, so you can move onto the next one faster." Personally, I have never found that to be a helpful mindset in becoming personally and professionally successful. Yes, I have failed many times before, and failure can be a very good thing. But if you go into a project, business or life mission to own and create a very successful business, and you have the mindset that you could possibly be failing, so you should do it quickly.... what exactly do you think is going to happen? Of course you are going to fail quickly. You need to have a perseverant mindset, especially if you have a burning desire inside you to make this company happen! Dont plan for failure, plan for success. If you encounter failure, that's no problem... I have decided that failure is just a confirmation that success is possible. And in my experience, that is absolute truth.
I invite you to take these 5 critical elements, and implement them into your business, and into your life.
They have really helped me to not only make things happen in my personal and professional life, but to become more fulfilled within myself.
I guess I should have named this the 6 critical elements, because I just remembered the most important of all.
HAVE FUN! Enjoy what you are doing, this is your life, and your business. It is always going to be challenging, but you can make those challenges become enjoyable by seeing them as missions, tasks and lessons that need to be completed for you to move onto the next level.
And always remember to Smile, it's a great day to be alive!
CONTEST
There is a challenge happening right now for the best posts left below, sharing your knowledge, experience and input about what you believe it takes to be a successful business owner! The winner's will have their names and websites selected and promoted in the next discussion! You will be receiving high quality free traffic to your sites! Plus you will be helping many people in multiple ways!
GUIDELINE
Only One post per person please.
Make it your best.
Add your own content, experience, wisdom or knowledge on any subject, technique or principal(s) that you believe it takes for somebody to be a successful business owner.
Let's see who's got the most unique and dynamic stuff!
"Create a miracle today...
and if you dont believe you can, you better double check the mirror."
~Nate Crane
P.S.
"MASSIVELY INCREASE the amount of Your Personal SALES, WEALTH And M...
Enjoy
**Many posts and articles nowadays are just copied, edited, and reposted. This article is certified original from it’s author, Mr. Nathan Crane.
If you do not believe you are in the world of business just because you may not own your own business, you may want to re-analyze your thinking. Nearly everything in this world is currently based upon business.
Even if you dont own your own business, you can take these aspects I am going to talk about, and implement them into your daily life, or into your work life. They are all around good principles and ideas that can help us in all areas of our lives.
Furthermore, if one day you are ever interested in becoming an entrepreneur and adventuring into the world of business on your own terms, than this will give you a huge head start.
And if you currently own your own business, and you are just starting, have 1 year under your belt, or are a million dollar giant, these are always good principles to go over from time to time.
"The 5 Critical Elements that Every Successful Business Owner Needs to Know."
1. Be honest.
This is a highly debatable topic for sales people and business owners around the world...(why it is even debatable should be a huge question for people.) But the truth is, many people may intend to be honest and truthful with their clients and customers, but because of the many techniques that they have learned, and the various habits that they have developed, this is actually much harder for most people than it seems. When you are totally and completely honest in all aspects of your transaction and dealings, your results are always going to be tremendously more fulfilling.
2. Create a Plan
I remember when I opened my 1st company with 6 other successful business owners, and the very first thing we did for 4 months straight, was come up with a plan. We sat night after night around a large table, covering every aspect of how we thought the business should be structured from the ground up. Additionally, what I learned from that, is that you dont need to cover every little aspect of how you are going to do business... but yes, you do need a solid outline and game plan to guide you in the right direction, and from there, you can fill in the details as you go along. (Make sure to continuously fill in the details!)
3. Cover Your Needs
If you are depending solely on your new business to cover all of your expenses, you may have a surprise coming for you, (Unless of course you have investors, or you are already generating enough consistent income to not have this worry.) This is so important, but many people forget to absorb the importance of this principle. As long as all of your basic needs are covered, and you can continue to invest additional money that you have into your business, you can always keep going and growing, no matter how little, or how big you are.
4. Keep Advancing Your Goals
When you start your business, you have goals. When you move through your first months, and your first years, and of course into your later years, you will always need to continue analyzing, re-analyzing and resetting your goals, hopefully higher than they were the last time you set them. Set a realistic goal, but out of reach, so when you reach it, you will know that you worked extremely hard to do so, and you will benefit tremendously from the outcome. When you come close to reaching that goal, again, reset your goals and always continue moving forward, and upward.
5. Never Give Up
I have read quite a few different forums lately that have mentioned something I think is pretty outlandish, they say "fail quickly, so you can move onto the next one faster." Personally, I have never found that to be a helpful mindset in becoming personally and professionally successful. Yes, I have failed many times before, and failure can be a very good thing. But if you go into a project, business or life mission to own and create a very successful business, and you have the mindset that you could possibly be failing, so you should do it quickly.... what exactly do you think is going to happen? Of course you are going to fail quickly. You need to have a perseverant mindset, especially if you have a burning desire inside you to make this company happen! Dont plan for failure, plan for success. If you encounter failure, that's no problem... I have decided that failure is just a confirmation that success is possible. And in my experience, that is absolute truth.
I invite you to take these 5 critical elements, and implement them into your business, and into your life.
They have really helped me to not only make things happen in my personal and professional life, but to become more fulfilled within myself.
I guess I should have named this the 6 critical elements, because I just remembered the most important of all.
HAVE FUN! Enjoy what you are doing, this is your life, and your business. It is always going to be challenging, but you can make those challenges become enjoyable by seeing them as missions, tasks and lessons that need to be completed for you to move onto the next level.
And always remember to Smile, it's a great day to be alive!
CONTEST
There is a challenge happening right now for the best posts left below, sharing your knowledge, experience and input about what you believe it takes to be a successful business owner! The winner's will have their names and websites selected and promoted in the next discussion! You will be receiving high quality free traffic to your sites! Plus you will be helping many people in multiple ways!
GUIDELINE
Only One post per person please.
Make it your best.
Add your own content, experience, wisdom or knowledge on any subject, technique or principal(s) that you believe it takes for somebody to be a successful business owner.
Let's see who's got the most unique and dynamic stuff!
"Create a miracle today...
and if you dont believe you can, you better double check the mirror."
~Nate Crane
P.S.
"MASSIVELY INCREASE the amount of Your Personal SALES, WEALTH And M...
Enjoy
**Many posts and articles nowadays are just copied, edited, and reposted. This article is certified original from it’s author, Mr. Nathan Crane.
Replies to This Discussion
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Permalink Reply by Dac Colden on -
Thanks for the great words. The concept is so simple, yet so easy to forget.
The one mantra that we have adopted is "Lead with Revenue."
Unfortunately this wasn't always our approach. As a result, we didn't know when to throw in the towel. If you lead with revenue, it becomes very clear when the time has come to re-focus your efforts in your current business or move on to other endeavors.
Have a great day Nate.
Dac Colden
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Permalink Reply by Dominique Goh on -
Great information Nate,
I would add to stick to your principles and be determined to see your plan through and you will succeed.
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Permalink Reply by Paris E. Tompkins on -
I am happy that you included No. 5 in your elements, because I am still working on getting my dolls and children's books to the market after 16 years. My father always told me "you either do something, or you don't. Anything else is an excuse." I have been told to "find something else to do, or hand the project over to your adult children, or just go and enjoy your retirement." What all the nay-sayers don't understand, is that I like what I'm doing. Why start something else when I haven't finished this? And what is retirement other than an opportunity to enjoy having all your time to do what you want to do? I have no doubt that I am successful in my endeavor, because I am still at it for all these years. Despite all the distractions, disturbances and detours, I still look forward to my grand launching and the continuance of my dream. Thank you for your wisdom and information. Paris.
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Permalink Reply by Goldie on -
Hello Nate,
I think you covered things pretty well here.
I can tell you that it takes a lot of patience, persistence and yes never give up.
Enjoying what you do does make a big difference for sure.
Getting organized is another thing you need.
A willingness to help others duplicate what you do or training is another one.
When I started out I failed a bunch of times and lost money until I found
the right place for me. I even lost money when a payment processor folded so now I receive checks in the mail and do not mess with payment processors any more.
Feeding people a bunch of hype and lies is another thing that does not work.
Most people want a business where they don't have to invest any money, have it run by itself and make tons of money by the end of the day. That would be nice but is not likely. Let me know if there is such a thing. If someone claims this to be true it is more then likely a scam or doesn't last too long.
I also found that hopping from one thing to another and winding up with 3, 4 or 5 businesses did not work. Once I focused on building one business everything came together. Then once you have one established you can move on to another. You have to give a business a fair shake before you rule it out.
Well, that is my 2 cents worth here.
Make It A Blessed Day!
Marion (Goldie)
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Permalink Reply by Bill Pierce on -
I believe your five critical elements may be too limited a number. I can think of a sixth element I would classify as a critical success factor: partner with your clients for your mutual success. Too often people view the business process as an "I Win/You Lose" or "You Win/I Lose" proposition. In reality, if either party to a transaction "loses", both parties lose. So either you both win, or you both lose.
The best sales force any company has is their satisfied customers, and you don't get those by holding a win/lose consciousness. Understand your prospective client's needs, and set realistic expectations regarding what you can do for them. Maybe that should have been #7. #8 might be to always under-promise and over-deliver.
All the things you mentioned are right on the money. Developing a compelling mission statement is another important element. We could go on and on, but I know you wanted to keep it a "short list". I think you've nailed it quite well.
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Permalink Reply by diana cirigliano on -
Nathan,
Very good reading and practices. When I think of the 6 essentials I wonder why we need to be reminded of such things. I do believe that we all have certain strengths and weaknesses and whichever area you are weak you must identify it and work to make you and your business grow stronger and more successful.
1. Be Honest. This is so sad to say that we must be reminded of this. Ask yourself a simple question. Is this the way I would want to be treated? Then of course you would do the same to your fellow man, woman, employee, recruit and customer. Remember what goes around comes around!!! If this is one of your weak spots then make a concious decision to be truthful, it will never hurt you.
2. Create a Plan - I believe people jump into business and never have a plan. Make a plan before you start and if you have already started take the time and ask yourself, what is working, what isn't working, what have I done in the past that was correct and what needs correcting. Make a daily plan, a weekly plan, a monthly plan and a yearly plan. When it is broken up you can see how you can make it. This is one of my weaknesses, not the plan, just putting the plan down on paper. I am an action person, so I must make myself, like I am right now to you, to sit down and write it.
Again, remember things can change and that's ok, it's your life and your business your the BOSS! If you don't like something change it!
3. Cover your needs, unfortunity, for a lot of people I believe that this one gets over looked all to often. I see a lot of people that try to start business' after they have lost a job or they are already strapped for finances. It makes it so difficult to make good business decisions this way. The cover your needs should be a part of #2 the plan! You can make it work. You just have to remember that it may take a little longer and you may not see the results you had hoped for, as quickly as you wanted, when that happens people get very discouraged and think about moving on. This is sad.
4. Keep advancing your goals. When you reach a goal and are pleased with your results keep up the momentuem. When you stop making goals you look around and see that something happened...it's that you went on an extended vacation, not good!
5. NEVER EVER EVER - GIVE UP!! WE ARE MADE TO BE MOOORRRREEEE THAN CONCURERS'!!!! Each and everyone of us. Find solutions, change your course if necessary. I think often of the many many great people who have made changes or advances in our lives...I will use Milton Hershey (because I love Chocolate)... I suprised you with that one didn't I... he went out of business so many times, he filed for bancruptcy, his family would not give him any more money to help him they had lost so much, but he never gave up!!! NOW WE HAVE HERSHEY'S KISSES!!!! Where would we be today without them? How many kisses have you eaten or given to someone you love. Now he brings a smile to everyones face, every time we get one. I know there are many other people I could have spoken about, but he is one of my aspirations. You never know when things will turn around for you, be positive, smile, and #6
HAVE FUN!!!!!!! I believe that children have to laugh somewhere around 300 or more times a day and that we are suppose to afford them that opportunity in order to grow up healthy and happy humans, are we suppose to stop laughing as adults, I don't think so. Don't take life so serious that you don't enjoy everything and everyone around you. YOU ARE YOUR OWN BOSS!! Don't be the mean grouchy boss that no one likes. Life is too short and things are getting more and more hectic and people are getting scared and sometimes hateful.
One person can always make a difference let it be you!!! AND ME!!!
Have a great night!!
Diana Cirigliano
Smile and the World smiles with you!! God bless you ALL!!!
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Permalink Reply by Masud Selim on -
Thanks for sharing your expertize to me .
Good wishes ...
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Permalink Reply by Bruce Symons on -
Hey Nathan and everyone else that replied
These 5 steps are very important in any business. They are critical Honesty os probably one of the most important now days. Having a plan also goes into covering needs. Make plans by how much time and money you have to invest Make sure you research first and find the demand. No matter how much you plan or spend on your product or service if no one wants or needs it you will not succeed. On advancing your goals be realistic dont think just because you have a killer in demand product or service that it is going to be an instant hit. Keep learning Put atlease half of your earnings back in to the business for expenses If you do all 5 steps with the little extras there is no reason not to be successful
Bruce Symons
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Permalink Reply by Parakrama Samaraweera on -
My observation over 30 years of working experience (not business) is that "comittment" plays a vital role in success. You may have meant the same under "never give up" caption.
I should say "honest committment" will pay back.
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Permalink Reply by DIANA KEREKES on -
I believe in order to be in business you must be a good mentor.So what is a good mentor ? What does it take ?
A true mentor is someone who will guide you not carry you. . A mentor is a friend and will advise you with 100 % of the correct information. A true mentor will listen to what you have to say .
In business it is important to be a leader. Expand your leadership skills. Be prepared. Be organized. Ask questions. Seek guidance. No one knows eveything.
Work with your team.
Care about your team members. Truly care. Get to know them. Support each other during difficult times. Celebrate in triumph. Be a true friend.
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Permalink Reply by Michael Mosby on -
Get the respect of others by respecting them.
This is the only one big way to show the public you not only know your business but the most important thing to that business is the people that support it. Do simple things like pick up after yourself thats shows people you have respect not only for them but for your business if work looks good so do you. Give people free things like advice granted if you keep all your trade secrets to yourself you might feel you are the only one that has them but your wrong so share and advise people appreciate this and it costs nothing.
This is a couple ideas to show respect to others most are just common sense and simple with no cost but the rewards for your business are ever lasting. Michael Mosby owner Investment property Builders
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Permalink Reply by dean shears on -
this was very nice and all of is is very true dean
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