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 Jayapradha Bennett on -
Nathan, I would like to add to your 5 critical elements....you need a belief system.
Thank you for sharing.
Jay Bennett
www.jbennettinteriors.com
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Permalink Reply by Tara Colquitt on -
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.
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Permalink Reply by Tom Tomoser on -
Dear Nathan,
Well done and I concur. Glad you added #6. There are 2 things most people never have too much of, and they are, fun and money. Business can provide both.
Another facet of business that should always be on our minds, is seeking better methods,systems, procedures and instruments to deliver everyday products. Improvements that make present systems antiquated are indeed viable products that can be marketed and save people money. With the money crunch on us now and for who knows how long, delivering the same product through a new and better channel will open many avenues to successful business.
Creative thinking music people have come up with many avenues around the Major Record Labels and deliver great music that would not have made it to market through the "Old" channels.
Desk Top Publishing is making progress in competing with Major Publishing houses, but there is lots of room for growth, and that growth could come thru making products available in a different form at a significantly lower price. Example. I wanted to buy the new book about Warren Buffet, but i have a hard time convincing myself to drop a 50 dollar bill for a book. I know there is a better way to disseminate information than through the major publishing route, and that is one of the current challenges on my plate.
Thanks again Nate and best regards,
Tom Tomoser Lone Eagle Records LLC
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Permalink Reply by Terri Lorah on -
Nathan,
This is a great blog! I made a list of the 6 elements and hung on my computer desk so it will remind me daily.
Terri
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Permalink Reply by Lisa Miller on -
Hey Nate!
Great post and thanks for reminding me about all the elements of creating a successful business.
Lisa
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Permalink Reply by Linda on -
Great post! I concur with these 6. I am having fun but no joy in the money making aspect. So I am running as fast as I can to see if I can get there.
Thanks for sharing.
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Permalink Reply by AndyT on -
Nate Thank You So Much Fpor Sharing This Information..
It Is Very Powerful & I Agree That These Are Critcal Steps
To Be Taken In Life As Well As Business..
I Would Like To Add A Quick Thought To Those Who May Not Realize
That Follow Up Is Everythng..
It Is Not Enough To Simple Inform Someone Of What You Have
To Offer Them, But To Do So On A Reuglar Basis...
The Average Person Will Literally Have To See Something Or Hear
About It 5-7 Times Before Actaully Taking Any Action..
So Remember To Always FOLLOW UP & You Will Reach Your Goals !
Here's To Your Online Success
& May God Bless All That You Do
AndyT
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Permalink Reply by Arthur Rego on -
Hi Nathan,
I believe these critical elements that you have shared as stated can be used
both in business and your personal life. The two that got my attention were
Be Honest and Never Give Up
Today people are looking for people who they can trust and as a consequence
start a long-term business relationship.
One of the keys of most successful people is that they never give up
and with determination always achieve their goals
Thanks for your contribution
Arthur
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Permalink Reply by Karen McGreevey on -
I was just minding my own business this afternoon when I received an email notice that you/Nate had posted your "The 5 Critical Elements that Every Successful Business Owner Needs to Know."
Well, not being one to not want to know what’s going on on the other side of the Internet, I clicked on the link to read what you had to say. And read, I did!
Thank you for the link. Great, thought-provoking, simple stuff!
Now, not one to just say a few words when something touches me, I've commented on each of your 5 + 1 points.
First, I like that you’ve divided your post into 5 (+1) points. For while “being honest, create a plan, cover your needs, keep advancing your goals and never give up” are all admirably collectively a major part of the “business owner’s” manual, taken singularly they are easier to understand and may perhaps be easier to understand and to implement.
It’s also interesting to note that in actuality, if one were really looking, all or some of these points would help to balance the corresponding elements of one’s life – meaning those parts outside of the business.
We learn, or in most cases we do, when we are little that “honesty is the best policy”. Unfortunately, somehow, somewhere along the way life happening to us makes any little bit of information get lost on the climb to wherever it is we think we have to get. As a result, George Washington’s “I cannot tell a lie”, statement sometimes does not easily translate to business dealings or other life’s situations.
Your “create a plan” plan for a successful business owner is definitely a must have. Yet, as you indicate, it’s not one that has to be completely finished and so rigid that there’s no room for change. For instance, recipes for cakes, pies and casseroles are all forms of “plans” that must be followed. As are “patterns’ for dresses, suits, and trousers! Yet many of us have eaten cakes and desserts or worn clothes where the creator deviated from the recipe, the pattern or, in the case of business, and the result ended up being way more than expected.
So, if we completely adhere to the plan we create, without any thought to veering from our lane, perhaps in the process we end up losing something; ourselves. Or, more appropriately, we can’t see the forest for the trees! And we get lost in the process.
Covering your needs – This is that “don’t put all your eggs in one basket” thing. As you’ve indicated, it’s important to have something to fall back on in the event our plans don’t go quite fast or produce as much as initially expected.
Keep advancing your goals – This is akin to keeping our eye on the prize or reaching for the brass ring, as we continue to move forward. It’s a way to ward off becoming stagnant. It’s also a means to grow in mind and spirit. There’s even a great satisfaction or reward in knowing you’ve so diligently put your heart and soul into something you want so bad that’s so near your grasp.
Never give up – Hear, hear! Sticktuitiveness is definitely the gum on our shoe; in fact, it’s really the only option if we are to really and truly succeed in business. Or anything, for that matter!
What if the pioneers or others that came before us had given up when things initially didn’t go as they planned? Although history tells us some of them may have just stopped and given up, for the most part the majority forged ahead. And those covered wagons were a far cry from our plush cars and vans! Those that did stop, though, still kept “moving” in some way to achieve their goals, but they just did their moving in place.
Have fun – All work and no play, makes Jack a dull boy, or so that rhyme goes. And so, if you’ve invested all your time and energy into your business to make it the best it can be, it’s also extremely important that you have fun along the way.
I had more to say here, but apparently my tome is longer than the space allowed!
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Permalink Reply by Dr.Luther Brotherton, Pharm.D. on -
Great job Mr. Crane
Keep reaching for the TOP...
Luther Brotherton
A mentor with a servants heart...
http://Luther.MentoringForFree.com
281-416-9722 anytime CST
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Permalink Reply by Karen Ross on -
Thank you!
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Permalink Reply by Dr. Stephen Jones on -
I think point number 5 is critical. Never give up. Sometimes an individual is just about to obtain their goal when they decide to give up and retreat. Persist in all that you do and you will be rewarded. Each challenge will cause a person to become stronger.
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