You have probably heard the statistic than nine out of every ten businesses fail within the first year of operation. Reading that is somewhat discouraging, isn’t it? It begs the question, what are the successful ten percent doing right? Are the owners of successful businesses born with more intelligence than the owners of the ninety percent that fail? Or do successful business owners choose to educate themselves more and work harder than the unsuccessful ones?
I believe that with persistence and determination, a person can acquire the attitude necessary to build a successful business. So how do you adopt the mindset of a successful business owner?
Well, one way would be to associate yourself with those who are already successful. Through networking, you could find a successful entrepreneur and meet them for an informational interview. You could also read books like “E-Myth” and “From Good to Great” which discuss the reasons behind why some businesses prosper while others don’t.
From all the research I have done, I would list the top three characteristics of a successful business owner as:
- Passion: You have got to love what you do
- Persistence: When you run into rejection and failure, you have got to try again
- Self-Control: Are you watching TV? Shouldn’t you be calling clients?
If you want to adopt traits of successful business owners you should read a copy of “Think & Grow Rich” by Napoleon Hill. He spent twenty-five years of his life studying prosperous men.
I would venture to guess that many businesses fail based on the motives of the individuals who create them. So before getting into business, I think it’s important to ask yourself the question: “Why do I want to start a business”?
I recently watched some videos on YouTube that provided tips for new entrepreneurs. One of these videos was of a man at a university in California discussing the top five mistakes people make when starting a business (see below). Two of these mistakes are:
1. Starting a business to prove that you’re smart
2. Starting a business because you want to be rich
The concept behind any business that has long-term success is to provide a product or service that is valuable to the customer.
Getting rich and earning a solid reputation are the side effects of creating an honest business that contributes to society. I truly believe in Karma – You only get what you give. People will help you succeed if you treat them with kindness and respect. Once you start to provide value to others, you will eventually see that value return to you.
So before starting your business, ask yourself first what your true motives are. It is important to realize that your success will only be long-term if your main objective is to help others.
For tips on how to start your own business, check out this article.
Related Posts
Tags: Business, entrepreneur
Leave a Reply
