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 Lillian Cauldwell on -
This is Lillian Cauldwell.
I have one motto that works every time.
"To become successful, one must put themselves in the paths of giants!
Thanks for this opportunity!
Lillian Cauldwell, CEO
Passionate Internet Voices Talk Radio, Inc.
Voices of the People - United We Roar!
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Permalink Reply by Atarah The Magiccashlady on -
Thanks for starting this discussion. I am going to comment on "failing quickly". Unsure of what context that was used in, I am most concerned that people think that failure is a noun. It is clearly a verb. No one is a failure. It is something that just happen just like if you fall you get up or you ask someone for help to get you up. You look back and make sure your more careful when coming through the next time.
For the most I have I encourage people to learn from their failures and use that education to do better. It is better to have tried and failed than not to have tried at all.
As a young successful woman I am eager to motivate those who think that they cannot. I teach people to change their perspective and say I CAN, I WILL, I DID IT and NOW I"m doing it again!
"Failing is just proof that you still need to work on something. Examine your failures and improve. You are bound to get it if you just keep moving forward!"
Atarah The Magiccashlady Spreading magic everywhere!
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Permalink Reply by Nathan Crane on -
Hey Everybody!
Nate Crane here!
I just wanted to let you know that your responses to the "5 Critical Elements Every Successful Business Owner Needs to Know" Have been extraordinary!
I never thought I would get this kind of response and feedback when i posted this discussion, but it looks like it struck a very good nerve with so many people!
This is incredible!
You are all awesome! Thank you for your input and sharing your valuable information!
I am going through all of the responses now, and I will personally decide which ones are the most
mindful, beneficial, original and helpful for somebody in business, and I am going to choose 3 winners!
You 3 winners will have your response, your name, and your website posted on the sequel discussion that I write, and I will be driving traffic to the discussion and your websites for 30 days straight there after. So make sure your websites are up to par, and make sure that they are structured to capture emails and also do some selling for you so that you can receive some new leads and clients from my effort. (Besides, you want your online business as leveraged as possible...right?)
My goal is to bring 10,000 people to the discussion to begin with! And after that, we'll see...(like I said... A successful business owner will get close to achieving their goals, then they will sit down and reset them to a higher standard!)
I am glad that this discussion has helped so many people, and keep an eye out in the following weeks for the sequel... (The Most Important Elements That Every Person in Business Absolutely Needs to Know!) This one is going to be very good! Believe me when I say.....goooood!! (How do I know??? Because some of you are helping me write it!)
Here is one of the posts left by a reader of this discussion....
-Tara Colquitt
"Excellent information Nathan, but just as important I read all the replies and found two people I feel I would like to get to know better based upon their comments. Thank you."
This is one of the many different ways I didnt even think of that could help somebody....Im so glad that it did!
Thank you all, and I look forward to congratulating the winners within the next couple of weeks!!!
Have an extraordinary day!
~Nate Crane
P.S.
Need dynamic web design and/or advertising materials that will help...
Or send me an email to:
nathan@artbyartgraphics.net
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Permalink Reply by Matt Schiller on -
I appreciate your post. Your 5 critical elements are very similar to the company policies we insist on having in order to be successful. I got them from Coach Mike Krzyzewski of Duke University -- (someone who knows how to build a consistently successful program!) He said - "There are five fundamental qualities that make every team great: communication, trust, collective responsibility, caring and pride. I like to think of each as a separate finger on the fist. Any one individually is important. But all of them together are unbeatable." We like to think of our employees as not just a team, but a family. And just as all families do, we lean on each other when times are tough. As an employer, it's my job to ensure everyone is on the same page, working towards the same goal. "The Fist" which is posted in our break-room is a constant reminder of that. Thanks to all for your posts on the essential principles needed for a business to succeed, and for sparking some intriguing discussion. Have fun today!
Matt S.
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Permalink Reply by Paul Gardner on -
Good stuff. Thanks and keep sharing your good stuff.
Regards,
Paul Gardner
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Permalink Reply by Jaimyn Chang on -
Amazing article Nathan. I totally agree with #1. Honesty is the way to make clients and more money. Honesty has also helped me build a network of website buyers which I need in order to run my small business. Thanks for writing this up again!
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Permalink Reply by Paul Gardner on
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Nate,
I think you are right about the 6th element on being happy. I think it could be the 1st element. I think being happy or finding what you enjoy doing would be the 1st element to being successful. I read that 80% of Americans are doing something that they are unhappy doing. I would think that you would need happiness or enjoyment in what you are doing to give it the attention and intention that will make that endeavor successful.
Thanks for sharing all of these elements. They are essential to life and business. Keep up your good work.
Regards,
Paul Gardner
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Permalink Reply by Barb Sibbing ~ Add Me as a Friend! on -
Great article. Thanks for sharing.
Barb Sibbing
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Permalink Reply by Gopal-theVFusionGroup on -
All very good points. We all know that 97% of entrepreneurs fail. It's not that people aren't smart but many who sign up to various business opportunities do so on an emotional high and don't really think things through. These are questions I suggest everyone ask themselves before jumping into anything blindly, and I am positive statistics will change.
Why do you want to be in business for yourself?
What will you need to do to be successful?
How much time and energy can you consacrate to building your company?
How much sacrifice are you prepared to make (personally, financially)?
How much risk can you afford to take (personally, financially)?
If everyone approached business realistically and was willing to do everything it takes, even if results don't come quickly (which is almost always the case) we would have many more success stories. Avoid ''get rich quick scams'' and hype at all cost!!!!! Keep your eye on the prize, work hard, work consistently, work smart. You can be successful. Just be realistic and know how deep the water is before jumping in. Success to all level-headed leaders!
Gopal (The Musical Mad Scientist and Entrepreneur)
http://www.boom.thevfusiongroup.biz
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Permalink Reply by Merry Conner on -
Great elements Nate and thank you. I think if you are in MLM or doing business primarily here on the Internet one could expand on these elements. Under the heading of 'Be Honest' it is crucial to know your potential customer or associate. Put their needs ahead of your own when you are doing your prospecting. We cannot be successful unless our team is successful. Always be available to your team if you say you will! This is crucial. So many are left on their own once they sign the dotted line (and we wonder why there are so many failures)
Make a daily list of things you need to do that day. If you do not complete your chore list for the day, add on the next days. One of the most difficult things when in a home based business is staying focused and the daily list really is an asset. One more little thing.....in order to feel and sound professional, on the phone and even in writing your blogs etc., you need to be sure your office 'area' is tidy and professional and lose the P.J.'s and sweats! You will be so surprised at how different you feel and how it can come across to others. Thanks for the opportunity for me to share my thoughts here too Nate.
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Permalink Reply by Nicole Thomas on -
This is wonderful advice and such that I have lived by the past few months. Another thing that should be added it to offer not just good customer service, but great customer service. Let them know that they are important to you as more than just a paying customer. Follow up with them and see what they have to say about your products or services.
I have done this and have already had quite a few return customers. I even know some by name, that is how close we have gotten. As companies grow larger, they tend to become faceless. Do not let this happen! Do not turn your back on new friendships if you can help it. I love making new relationships and would hate to get so large that I cannot personally deal with my customers.
Know your limits . . . where do you want to be down the road? How far do you want to take this? For me, I want to be able to support my family, to get by. I do not wish to grow so large that I need others working under me. I do not wish to mass produce my items. I want to offer the same care and attention to detail years down the road as I do now.
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Permalink Reply by Yvonne Benjamin on -
Hi Nathan,
What a wonderful article. You are absolutely correct. I have 2 home based businesses and I work full time. I believe in both businesses, and the products and services they offer are the absolute reason why I started with each company (I also believe in multiple streams of income).
I think that first and foremost when a person is researching a home based business to join or is thinging about starting a business of any kind, the person needs to make sure that it is something they love. This is critical because no matter how bad things may get or look, the person won't give up and let others talk them into giving up on their dream.
I remember when I started college, I knew it was going to take some time to finish going part time. Therefore, I started with my Associates degree first, and when that was done, I went on to finish up with my Bachelors. What helped me was the fact that I had a plan and a goal to get there, and even though it took me 7 years, I completed my goal. But let me tell you it was not easy. During the last year I wanted to give up, because I was totally drained. Fortunately I knew the end results ... a college degree would get me a better job paying more money.
I have been working in the IT field as a SW Configuration Manager for the past nine years. I make a good six figure income, drive a nice luxuary car, and live in a nice home. This is not to impress people, but to IMPRESS upon anyone who reads this that "it's not enough for me". What I realized Nathan is I don't have Time Freedom. I am still working for someone else who has control over how much money I make, when I can take off, what time to be at work, etc.
That is the reason why I am working my home based businesses part time so that in the next 3-5 years I can "Fire my Boss" and be in control of my own destiny.
Sorry this was kind of long. I hope that my little testimoney will inspire and encourage others who read it to never, ever give up on their dreams. Just keep pushing and eventually you will break through.
Have a Great Day and I wish you and your family a Happy Thanksgiving.
God Bless!
Yvonne : )
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