SlideShare une entreprise Scribd logo
1  sur  3
5 Suggestions to Building a More Successful Business
Based on the writings of Jim Connolly, a professional blogger that I subscribe to.
How can I make my business more successful? A huge question to cover in limited space,
but consider studying the business development advice along with examples. I have
focused on 5 traits that I see as important to any successful business owner or manager. I
am hopeful you find them useful.
How can I make my business more successful?
…by doing all of the work. One significant difference between the most successful
business owners and everyone else is this:
 The most successful business owners do 100% of what is required for success
 The average business owner does 100% of the things required, as long as they
remain in their comfort zone.
The different results from this mindset can be enormous. The successful business owner
knows when their business needs something and does it. The typical business owner
sees the same needs, than weighs their actions based on how comfortable they are about
meeting them. Ifthe actions take them out of their comfort zone they don’t address
them, even though the business needs action.
True example. A business owner sold his business to a new owner who tripled sales in 6
months. The former owner was frustrated because all of the things that the new owner
did were things that he had considered, but failed to do, because he considered them too
risky. Over the 10 years that the previous owner had the business, he feels his fear of
stepping out of his comfort zone cost him $15,000,000.
Lesson: “Action is the Fundamental Key to all Success”, Pablo Picasso. Leave your
comfort zone and make the right decision rather than the easy decision.
…by connecting with the right people, in advance of when you need something. To
build and maintain a successful business we all need the help and support of our piers. A
successful business is all about people. One of the key differences between successful
business owners and those that struggle is the manner inwhich they connect with people.
Successful business owners think of the people whose help that they may need in
advance. The deliberately and regularly make contact with these key individuals. Than
months or years later when they need advice or help, it’s available to them.
Struggling business people wait until they need help then pester strangers with their
requests for a favor.
Never begin a business relationship by asking for help from a total stranger, even if they
are in the same business. Make the connections first. Get to know your piers. Show
respect and be human.
The most successful business owners go way beyond this. They actively seek out ways to
be of value to their piers, in advance. They remember that giving and receiving begins
with the giving part.
Lesson: make the right connections in advance so that they are there when you need
them.
…by having a wide base of clients and customers. The most successful business
owners already realize the danger of having too few, high volume customers. They make
sure that they have a wide array of business clients that they serve rather than a few
clients that are responsible for a huge portion of their business income.
The typical small business does exactly the opposite. They often have a small number of
clients who are responsible for the bulk of their income. When they loose just one
customer or client, it can have a very serious impact on the overall business. In some
cases it can cost them the business.
To build a successful business, your business needs to be resilient and robust. It needs to
have a wide array of customers, none of whom control too big of a share of your revenue.
If you currently find yourself in this situation of having too few clients controlling too
much of your monthly revenue, make correcting this problem your number one priority.
It is a lot easier to improve your base of business clients now, rather than after you have
lost a major customer or client.
Lesson: don’t put too many eggs in one basket.
…by using proven strategies, not tactics. One of the biggest mistakes people make
when trying to build a successful business is to copy the tactics of their successful piers,
rather than developing and learning from their own strategies.
Example: there are hundreds of new social networking sites that fail every year because
they try to copy what Facebook and Twitter already do (tactics). They create a social
network that has no users. If they focused on the strategies that worked for Facebook
and Twitter, such as developing something unique, viral and valuable, they stand a much
better chance of being successful.
When you copy someone’s tactics, you become a copy of the original. Copies are of little
value.
The challenge is discovering the successful strategy; it is often hidden and requires work
to develop. We can easily see the tactics of successful business owners because they are
visible. Discovering the successful strategy behind those tactics takes a lot more
detective work. Fortunately many of the world’s most successful business owners and
managers have written books on their successes or have been interviewed. This allows
us to gain invaluable insight into the strategies that made their business so successful.
No successful business in made up of a series of tactics; they are all based on strategic
plans.
Lesson: read all you can about successful business owners and managers; use their
expertise to help you “think strategic”.
…by getting the help you need. Few business owners are equally good at every
business discipline. Without exception all of us are stronger in some areas, especially
those areas that we find more important and interesting. At the same time we all find
ourselves weaker in areas that are equally important to the success of the business. If we
do not realize our areas of weakness, they can have a huge negative impact on our overall
success. This leaves us two options.
1) Learn to become stronger in areas where we recognize weakness.
2) Hire appropriate expertise in the areas where we are weak.
Lifelong learning is essential to our business success, however business owners cannot
be expected to learn to be an expert in every area. So we need to hire help wisely.
For example: if you need a new or revised website, one that looks professional and stands
out from the ‘template’ used by millions of other businesses; it pays to hire a talented
designer. You could spend months trying to learn how to design a satisfactory website
only to see that it is no better than any other DYI website out there. You would have
saved nothing by creating a less than an attractive, interactive website and would have
lost hundreds of hours of your time which was needed in other areas of your business.
Every successful business owner has learned that they need to hire the talented help
their company needed. Conversely, many failed businesses have tried to do it all
themselves. Reserve DYI for your home projects, DYI accounting, IT, legal worketc.
make zero sense, especially in today’s super competitive economy.
Lesson: leave DYI for home projects, hire help wisely.
In summary, what traits make some business owners more successful than others?
1) Do 100% of what is required for success, even if it takes you out of your comfort
zone. Don’t miss out on expediential growth because you made the easy decision.
2) Actively seek out talented individuals and network with them on a continual basis,
ahead of when you may need advice or help. Remember that “giving” is an
important starting point in any relationship.
3) The old adage about not having all of our eggs in one basket still rings true today.
If you currently find yourself in this position, make correcting the problem your
#1 priority.
4) Life-long learning and reading are important to successful business owners, learn
all you can from successful people and use this knowledge to think strategic.
5) DYI projects at work have the habit of removing you from your business for
untold hours; lost time can never be reclaimed. Hire talented people and manage
them correctly.

Contenu connexe

Tendances

21 great ways to succeed
21 great ways to succeed21 great ways to succeed
21 great ways to succeedQuocdung Hoang
 
Entrepreneurship highs and lows
Entrepreneurship highs and lowsEntrepreneurship highs and lows
Entrepreneurship highs and lowsBernard Charlebois
 
Focusing Your Spark — Tips for Growth From the Inc. 5000
Focusing Your Spark — Tips for Growth From the Inc. 5000Focusing Your Spark — Tips for Growth From the Inc. 5000
Focusing Your Spark — Tips for Growth From the Inc. 5000The Starr Conspiracy
 
Motivational reading is essential for entrepreneurs
Motivational reading is essential for entrepreneursMotivational reading is essential for entrepreneurs
Motivational reading is essential for entrepreneursMarcus Haguley
 
How to Improve Your Business
How to Improve Your BusinessHow to Improve Your Business
How to Improve Your BusinessJuneJRodgers
 
Azione Capital - Singapore Management University (Mensa And SMU Ventures) - M...
Azione Capital - Singapore Management University (Mensa And SMU Ventures) - M...Azione Capital - Singapore Management University (Mensa And SMU Ventures) - M...
Azione Capital - Singapore Management University (Mensa And SMU Ventures) - M...Nicholas Chan
 
Enterpreneurship Development Assignment on making business unique and convert...
Enterpreneurship Development Assignment on making business unique and convert...Enterpreneurship Development Assignment on making business unique and convert...
Enterpreneurship Development Assignment on making business unique and convert...Gunjan Awasthi
 
Failure Is Not An Option City Of Chicago
Failure Is Not An Option  City Of ChicagoFailure Is Not An Option  City Of Chicago
Failure Is Not An Option City Of Chicagoguest3fd04f
 
Top 20 Reasons Why Startups Fail
Top 20 Reasons Why Startups FailTop 20 Reasons Why Startups Fail
Top 20 Reasons Why Startups FailMBA ASAP
 
Building your business empire
Building your business empire Building your business empire
Building your business empire Stephen Akintayo
 
How to kickstart your business
How to kickstart your businessHow to kickstart your business
How to kickstart your businessOtori Emmanuel
 
Art of The Lean Startup
Art of The Lean StartupArt of The Lean Startup
Art of The Lean StartupOm Malik
 
Entrepreneurship - Doing innovation in a company
Entrepreneurship - Doing innovation in a companyEntrepreneurship - Doing innovation in a company
Entrepreneurship - Doing innovation in a companySteven Fahrenholtz
 
Build Boston 2009 Bd New Econ
Build Boston 2009 Bd New EconBuild Boston 2009 Bd New Econ
Build Boston 2009 Bd New Econjmkoloski
 
Sales Negotiating-for-entrepreneurs
Sales Negotiating-for-entrepreneursSales Negotiating-for-entrepreneurs
Sales Negotiating-for-entrepreneursimdurgesh
 

Tendances (20)

Why 9 out of 10 business fails - Dealerbaba Guide
Why 9 out of 10 business fails - Dealerbaba GuideWhy 9 out of 10 business fails - Dealerbaba Guide
Why 9 out of 10 business fails - Dealerbaba Guide
 
Participant Guide good fit
Participant Guide  good fitParticipant Guide  good fit
Participant Guide good fit
 
21 great ways to succeed
21 great ways to succeed21 great ways to succeed
21 great ways to succeed
 
Entrepreneurship highs and lows
Entrepreneurship highs and lowsEntrepreneurship highs and lows
Entrepreneurship highs and lows
 
Focusing Your Spark — Tips for Growth From the Inc. 5000
Focusing Your Spark — Tips for Growth From the Inc. 5000Focusing Your Spark — Tips for Growth From the Inc. 5000
Focusing Your Spark — Tips for Growth From the Inc. 5000
 
Motivational reading is essential for entrepreneurs
Motivational reading is essential for entrepreneursMotivational reading is essential for entrepreneurs
Motivational reading is essential for entrepreneurs
 
How to Improve Your Business
How to Improve Your BusinessHow to Improve Your Business
How to Improve Your Business
 
Azione Capital - Singapore Management University (Mensa And SMU Ventures) - M...
Azione Capital - Singapore Management University (Mensa And SMU Ventures) - M...Azione Capital - Singapore Management University (Mensa And SMU Ventures) - M...
Azione Capital - Singapore Management University (Mensa And SMU Ventures) - M...
 
Enterpreneurship Development Assignment on making business unique and convert...
Enterpreneurship Development Assignment on making business unique and convert...Enterpreneurship Development Assignment on making business unique and convert...
Enterpreneurship Development Assignment on making business unique and convert...
 
Failure Is Not An Option City Of Chicago
Failure Is Not An Option  City Of ChicagoFailure Is Not An Option  City Of Chicago
Failure Is Not An Option City Of Chicago
 
Top 20 Reasons Why Startups Fail
Top 20 Reasons Why Startups FailTop 20 Reasons Why Startups Fail
Top 20 Reasons Why Startups Fail
 
Building your business empire
Building your business empire Building your business empire
Building your business empire
 
How to kickstart your business
How to kickstart your businessHow to kickstart your business
How to kickstart your business
 
ED Presentation Slides
ED Presentation SlidesED Presentation Slides
ED Presentation Slides
 
Art of The Lean Startup
Art of The Lean StartupArt of The Lean Startup
Art of The Lean Startup
 
Action steps
Action stepsAction steps
Action steps
 
Contribution Factor
Contribution FactorContribution Factor
Contribution Factor
 
Entrepreneurship - Doing innovation in a company
Entrepreneurship - Doing innovation in a companyEntrepreneurship - Doing innovation in a company
Entrepreneurship - Doing innovation in a company
 
Build Boston 2009 Bd New Econ
Build Boston 2009 Bd New EconBuild Boston 2009 Bd New Econ
Build Boston 2009 Bd New Econ
 
Sales Negotiating-for-entrepreneurs
Sales Negotiating-for-entrepreneursSales Negotiating-for-entrepreneurs
Sales Negotiating-for-entrepreneurs
 

En vedette

RHBC 174: Christianity's Impact on The American Experiment
RHBC 174: Christianity's Impact on The American ExperimentRHBC 174: Christianity's Impact on The American Experiment
RHBC 174: Christianity's Impact on The American Experimentrhbc
 
Top 8 consultant dietitian resume samples
Top 8 consultant dietitian resume samplesTop 8 consultant dietitian resume samples
Top 8 consultant dietitian resume samplesLadyGaGa789
 
Redes Sociales
Redes SocialesRedes Sociales
Redes SocialesBraian06
 
presentation iintegra July [492098]
presentation iintegra July [492098]presentation iintegra July [492098]
presentation iintegra July [492098]Brett Marlow
 
Untitled Presentation
Untitled PresentationUntitled Presentation
Untitled Presentationgean1999
 
RHBC 05/22/16 Announcements
RHBC 05/22/16 AnnouncementsRHBC 05/22/16 Announcements
RHBC 05/22/16 Announcementsrhbc
 
Díptico informativo del DIagnóstico
Díptico informativo del DIagnósticoDíptico informativo del DIagnóstico
Díptico informativo del DIagnósticoIrene Cortiz Sayago
 
Mujeres importantes en mi familia. 6º Primaria
Mujeres importantes en mi familia. 6º PrimariaMujeres importantes en mi familia. 6º Primaria
Mujeres importantes en mi familia. 6º PrimariaIrene Cortiz Sayago
 
Politica y economia de europa occidental
Politica y economia de europa occidentalPolitica y economia de europa occidental
Politica y economia de europa occidentalunrealweb
 
Mujeres importantes en mi familia. Trabajo Digital
Mujeres importantes en mi familia. Trabajo DigitalMujeres importantes en mi familia. Trabajo Digital
Mujeres importantes en mi familia. Trabajo DigitalIrene Cortiz Sayago
 
Propuesta Mediada por TIC
Propuesta Mediada por TICPropuesta Mediada por TIC
Propuesta Mediada por TICerickcg
 
Permendikbud no 111 tahun 2014 tentang bimbingan dan konseling
Permendikbud no 111 tahun 2014 tentang bimbingan dan konselingPermendikbud no 111 tahun 2014 tentang bimbingan dan konseling
Permendikbud no 111 tahun 2014 tentang bimbingan dan konselingNur Arifaizal Basri
 

En vedette (18)

RHBC 174: Christianity's Impact on The American Experiment
RHBC 174: Christianity's Impact on The American ExperimentRHBC 174: Christianity's Impact on The American Experiment
RHBC 174: Christianity's Impact on The American Experiment
 
Meal plan example
Meal plan exampleMeal plan example
Meal plan example
 
Top 8 consultant dietitian resume samples
Top 8 consultant dietitian resume samplesTop 8 consultant dietitian resume samples
Top 8 consultant dietitian resume samples
 
What are the advantages of options trading
What are the advantages of options tradingWhat are the advantages of options trading
What are the advantages of options trading
 
CV-suaib new
CV-suaib newCV-suaib new
CV-suaib new
 
Redes Sociales
Redes SocialesRedes Sociales
Redes Sociales
 
presentation iintegra July [492098]
presentation iintegra July [492098]presentation iintegra July [492098]
presentation iintegra July [492098]
 
Untitled Presentation
Untitled PresentationUntitled Presentation
Untitled Presentation
 
RHBC 05/22/16 Announcements
RHBC 05/22/16 AnnouncementsRHBC 05/22/16 Announcements
RHBC 05/22/16 Announcements
 
Díptico informativo del DIagnóstico
Díptico informativo del DIagnósticoDíptico informativo del DIagnóstico
Díptico informativo del DIagnóstico
 
Mujeres importantes en mi familia. 6º Primaria
Mujeres importantes en mi familia. 6º PrimariaMujeres importantes en mi familia. 6º Primaria
Mujeres importantes en mi familia. 6º Primaria
 
Politica y economia de europa occidental
Politica y economia de europa occidentalPolitica y economia de europa occidental
Politica y economia de europa occidental
 
Supply chain management
Supply chain managementSupply chain management
Supply chain management
 
Mujeres importantes en mi familia. Trabajo Digital
Mujeres importantes en mi familia. Trabajo DigitalMujeres importantes en mi familia. Trabajo Digital
Mujeres importantes en mi familia. Trabajo Digital
 
Fuente de-poder-1
Fuente de-poder-1Fuente de-poder-1
Fuente de-poder-1
 
Propuesta Mediada por TIC
Propuesta Mediada por TICPropuesta Mediada por TIC
Propuesta Mediada por TIC
 
Permendikbud no 111 tahun 2014 tentang bimbingan dan konseling
Permendikbud no 111 tahun 2014 tentang bimbingan dan konselingPermendikbud no 111 tahun 2014 tentang bimbingan dan konseling
Permendikbud no 111 tahun 2014 tentang bimbingan dan konseling
 
Libro de comprension de la lectura 1
Libro de comprension de la lectura 1Libro de comprension de la lectura 1
Libro de comprension de la lectura 1
 

Similaire à 5 Suggestions to Building a More Successful Business

5 OBSTACLES ENTREPRENEURS MUST OVERCOME
5 OBSTACLES ENTREPRENEURS MUST OVERCOME5 OBSTACLES ENTREPRENEURS MUST OVERCOME
5 OBSTACLES ENTREPRENEURS MUST OVERCOMESteven Rhyner
 
10 point orientation programme for future entrepreneurs
10 point orientation programme for future entrepreneurs10 point orientation programme for future entrepreneurs
10 point orientation programme for future entrepreneursDr. Trilok Kumar Jain
 
5 important skills that successful entrepreneurs share
5 important skills that successful entrepreneurs share5 important skills that successful entrepreneurs share
5 important skills that successful entrepreneurs shareSameerShaik43
 
Entrepreneurial Ideas
Entrepreneurial IdeasEntrepreneurial Ideas
Entrepreneurial Ideasviditgrover3
 
Is Small Business Ownership a Good Fit Participant Guide
Is Small Business Ownership a Good Fit Participant GuideIs Small Business Ownership a Good Fit Participant Guide
Is Small Business Ownership a Good Fit Participant GuideUrban League of Greater Atlanta
 
How to be a small business consultant
How to be a small business consultantHow to be a small business consultant
How to be a small business consultantzubeditufail
 
Entrepreneurship
EntrepreneurshipEntrepreneurship
Entrepreneurshipguna nm
 
How to Retire in Two Years with Network Marketing
How to Retire in Two Years with Network MarketingHow to Retire in Two Years with Network Marketing
How to Retire in Two Years with Network MarketingErik Christian Johnson
 
Entrepreneurship development.
Entrepreneurship development.Entrepreneurship development.
Entrepreneurship development.Lara Sahu
 
Seven steps-to-marketing-success
Seven steps-to-marketing-successSeven steps-to-marketing-success
Seven steps-to-marketing-successzubeditufail
 
Seven steps-to-marketing-success
Seven steps-to-marketing-successSeven steps-to-marketing-success
Seven steps-to-marketing-successzubeditufail
 
Introduction to ENTREPRENEURSHIP
Introduction to ENTREPRENEURSHIPIntroduction to ENTREPRENEURSHIP
Introduction to ENTREPRENEURSHIPAbdul Basit
 
WEEK-2 - INTRO TO ENTREPRENEURSHIP .pptx
WEEK-2 - INTRO TO ENTREPRENEURSHIP .pptxWEEK-2 - INTRO TO ENTREPRENEURSHIP .pptx
WEEK-2 - INTRO TO ENTREPRENEURSHIP .pptxPatrisiaPadilla
 
basic startups challenges faces by new syartups
basic startups challenges faces by new syartups basic startups challenges faces by new syartups
basic startups challenges faces by new syartups sourav mathur
 
Want to Be Your Own Boss
Want to Be Your Own BossWant to Be Your Own Boss
Want to Be Your Own BossJarle Thorsen
 
Canny Bites Book 4 - successfully scale up or exit your business - A BLUEPR...
Canny Bites Book 4 - successfully scale up or exit your business  -  A BLUEPR...Canny Bites Book 4 - successfully scale up or exit your business  -  A BLUEPR...
Canny Bites Book 4 - successfully scale up or exit your business - A BLUEPR...The Pathway Group
 

Similaire à 5 Suggestions to Building a More Successful Business (20)

5 OBSTACLES ENTREPRENEURS MUST OVERCOME
5 OBSTACLES ENTREPRENEURS MUST OVERCOME5 OBSTACLES ENTREPRENEURS MUST OVERCOME
5 OBSTACLES ENTREPRENEURS MUST OVERCOME
 
Why most entrepreneurs fail
Why most entrepreneurs failWhy most entrepreneurs fail
Why most entrepreneurs fail
 
10 point orientation programme for future entrepreneurs
10 point orientation programme for future entrepreneurs10 point orientation programme for future entrepreneurs
10 point orientation programme for future entrepreneurs
 
5 important skills that successful entrepreneurs share
5 important skills that successful entrepreneurs share5 important skills that successful entrepreneurs share
5 important skills that successful entrepreneurs share
 
Entrepreneurial Ideas
Entrepreneurial IdeasEntrepreneurial Ideas
Entrepreneurial Ideas
 
Is Small Business Ownership a Good Fit Participant Guide
Is Small Business Ownership a Good Fit Participant GuideIs Small Business Ownership a Good Fit Participant Guide
Is Small Business Ownership a Good Fit Participant Guide
 
How to be a small business consultant
How to be a small business consultantHow to be a small business consultant
How to be a small business consultant
 
Entrepreneurship
EntrepreneurshipEntrepreneurship
Entrepreneurship
 
How to Retire in Two Years with Network Marketing
How to Retire in Two Years with Network MarketingHow to Retire in Two Years with Network Marketing
How to Retire in Two Years with Network Marketing
 
Entrepreneurship development.
Entrepreneurship development.Entrepreneurship development.
Entrepreneurship development.
 
Seven steps-to-marketing-success
Seven steps-to-marketing-successSeven steps-to-marketing-success
Seven steps-to-marketing-success
 
Seven steps-to-marketing-success
Seven steps-to-marketing-successSeven steps-to-marketing-success
Seven steps-to-marketing-success
 
Introduction to ENTREPRENEURSHIP
Introduction to ENTREPRENEURSHIPIntroduction to ENTREPRENEURSHIP
Introduction to ENTREPRENEURSHIP
 
WEEK-2 - INTRO TO ENTREPRENEURSHIP .pptx
WEEK-2 - INTRO TO ENTREPRENEURSHIP .pptxWEEK-2 - INTRO TO ENTREPRENEURSHIP .pptx
WEEK-2 - INTRO TO ENTREPRENEURSHIP .pptx
 
Wrong way warrior
Wrong way warriorWrong way warrior
Wrong way warrior
 
ENTREPRENEURSHIP.pdf
ENTREPRENEURSHIP.pdfENTREPRENEURSHIP.pdf
ENTREPRENEURSHIP.pdf
 
basic startups challenges faces by new syartups
basic startups challenges faces by new syartups basic startups challenges faces by new syartups
basic startups challenges faces by new syartups
 
ENTREPRENURS IDEAS
ENTREPRENURS IDEASENTREPRENURS IDEAS
ENTREPRENURS IDEAS
 
Want to Be Your Own Boss
Want to Be Your Own BossWant to Be Your Own Boss
Want to Be Your Own Boss
 
Canny Bites Book 4 - successfully scale up or exit your business - A BLUEPR...
Canny Bites Book 4 - successfully scale up or exit your business  -  A BLUEPR...Canny Bites Book 4 - successfully scale up or exit your business  -  A BLUEPR...
Canny Bites Book 4 - successfully scale up or exit your business - A BLUEPR...
 

5 Suggestions to Building a More Successful Business

  • 1. 5 Suggestions to Building a More Successful Business Based on the writings of Jim Connolly, a professional blogger that I subscribe to. How can I make my business more successful? A huge question to cover in limited space, but consider studying the business development advice along with examples. I have focused on 5 traits that I see as important to any successful business owner or manager. I am hopeful you find them useful. How can I make my business more successful? …by doing all of the work. One significant difference between the most successful business owners and everyone else is this:  The most successful business owners do 100% of what is required for success  The average business owner does 100% of the things required, as long as they remain in their comfort zone. The different results from this mindset can be enormous. The successful business owner knows when their business needs something and does it. The typical business owner sees the same needs, than weighs their actions based on how comfortable they are about meeting them. Ifthe actions take them out of their comfort zone they don’t address them, even though the business needs action. True example. A business owner sold his business to a new owner who tripled sales in 6 months. The former owner was frustrated because all of the things that the new owner did were things that he had considered, but failed to do, because he considered them too risky. Over the 10 years that the previous owner had the business, he feels his fear of stepping out of his comfort zone cost him $15,000,000. Lesson: “Action is the Fundamental Key to all Success”, Pablo Picasso. Leave your comfort zone and make the right decision rather than the easy decision. …by connecting with the right people, in advance of when you need something. To build and maintain a successful business we all need the help and support of our piers. A successful business is all about people. One of the key differences between successful business owners and those that struggle is the manner inwhich they connect with people. Successful business owners think of the people whose help that they may need in advance. The deliberately and regularly make contact with these key individuals. Than months or years later when they need advice or help, it’s available to them. Struggling business people wait until they need help then pester strangers with their requests for a favor. Never begin a business relationship by asking for help from a total stranger, even if they are in the same business. Make the connections first. Get to know your piers. Show respect and be human.
  • 2. The most successful business owners go way beyond this. They actively seek out ways to be of value to their piers, in advance. They remember that giving and receiving begins with the giving part. Lesson: make the right connections in advance so that they are there when you need them. …by having a wide base of clients and customers. The most successful business owners already realize the danger of having too few, high volume customers. They make sure that they have a wide array of business clients that they serve rather than a few clients that are responsible for a huge portion of their business income. The typical small business does exactly the opposite. They often have a small number of clients who are responsible for the bulk of their income. When they loose just one customer or client, it can have a very serious impact on the overall business. In some cases it can cost them the business. To build a successful business, your business needs to be resilient and robust. It needs to have a wide array of customers, none of whom control too big of a share of your revenue. If you currently find yourself in this situation of having too few clients controlling too much of your monthly revenue, make correcting this problem your number one priority. It is a lot easier to improve your base of business clients now, rather than after you have lost a major customer or client. Lesson: don’t put too many eggs in one basket. …by using proven strategies, not tactics. One of the biggest mistakes people make when trying to build a successful business is to copy the tactics of their successful piers, rather than developing and learning from their own strategies. Example: there are hundreds of new social networking sites that fail every year because they try to copy what Facebook and Twitter already do (tactics). They create a social network that has no users. If they focused on the strategies that worked for Facebook and Twitter, such as developing something unique, viral and valuable, they stand a much better chance of being successful. When you copy someone’s tactics, you become a copy of the original. Copies are of little value. The challenge is discovering the successful strategy; it is often hidden and requires work to develop. We can easily see the tactics of successful business owners because they are visible. Discovering the successful strategy behind those tactics takes a lot more detective work. Fortunately many of the world’s most successful business owners and managers have written books on their successes or have been interviewed. This allows us to gain invaluable insight into the strategies that made their business so successful. No successful business in made up of a series of tactics; they are all based on strategic plans.
  • 3. Lesson: read all you can about successful business owners and managers; use their expertise to help you “think strategic”. …by getting the help you need. Few business owners are equally good at every business discipline. Without exception all of us are stronger in some areas, especially those areas that we find more important and interesting. At the same time we all find ourselves weaker in areas that are equally important to the success of the business. If we do not realize our areas of weakness, they can have a huge negative impact on our overall success. This leaves us two options. 1) Learn to become stronger in areas where we recognize weakness. 2) Hire appropriate expertise in the areas where we are weak. Lifelong learning is essential to our business success, however business owners cannot be expected to learn to be an expert in every area. So we need to hire help wisely. For example: if you need a new or revised website, one that looks professional and stands out from the ‘template’ used by millions of other businesses; it pays to hire a talented designer. You could spend months trying to learn how to design a satisfactory website only to see that it is no better than any other DYI website out there. You would have saved nothing by creating a less than an attractive, interactive website and would have lost hundreds of hours of your time which was needed in other areas of your business. Every successful business owner has learned that they need to hire the talented help their company needed. Conversely, many failed businesses have tried to do it all themselves. Reserve DYI for your home projects, DYI accounting, IT, legal worketc. make zero sense, especially in today’s super competitive economy. Lesson: leave DYI for home projects, hire help wisely. In summary, what traits make some business owners more successful than others? 1) Do 100% of what is required for success, even if it takes you out of your comfort zone. Don’t miss out on expediential growth because you made the easy decision. 2) Actively seek out talented individuals and network with them on a continual basis, ahead of when you may need advice or help. Remember that “giving” is an important starting point in any relationship. 3) The old adage about not having all of our eggs in one basket still rings true today. If you currently find yourself in this position, make correcting the problem your #1 priority. 4) Life-long learning and reading are important to successful business owners, learn all you can from successful people and use this knowledge to think strategic. 5) DYI projects at work have the habit of removing you from your business for untold hours; lost time can never be reclaimed. Hire talented people and manage them correctly.