THE FOUNDATION TO SUCCESSFUL BUSINESS 1

“The way to get started is to stop talking and start doing,” Walt Disney said. I understand that we are living in a time when there is more class segregation and definition, which is clearly executed by wealth and power, the two of which work together and, in most cases, A attracts B.

This has been the motivation for many people in understanding the need to attract wealth, and there is a saying that you cannot be wealthy as a salary earner, a motivation that has led many salary earners to have side businesses that they personally own and run or hire people to run on their behalf.

Today, it is clear that many people, knowing the benefits and understanding the potential of wealth creation, are venturing into starting their own personal businesses, but the biggest mistake made by many is a lack of broad knowledge on business operations. This lack of knowledge has also resulted in many businesses failing before they even begin, and others failing to survive beyond the days of launch and settling (the second phase of Business Management). Having said that, the important thing to remember is that many people have stopped talking and started doing (acting), proving that the reality of life is a real-time motivator.

This article is divided into sections, and I hope you take the time to read them all. Keep in mind that knowledge is power, and readers are leaders; the more you know, the more you apply. Many people dream of starting a business, but scaling and surviving through the stages of business has been a weakness for many. To start a business, you must have certain characteristics that are meant to be your strength;

ATTRIBUTES OF A BUSINESS OWNER OR STARTER (THE FOUNDATION TO SUCCESSFUL BUSINESS 1)

  1. GENERAL BUSINESS GUIDE (BUSINESS KNOWLEDGE): Every business owner or startup person should read about different business stories, particularly the successes and failures of business people. Aside from that, do a lot of research and reading about business management; this will prepare you for both the present and the future of your company. It will also give you strength and assistance in making important business decisions.
  2. RESEARCH SKILLS: Anyone interested in or working in business is expected to be a good researcher. Businesses necessitate numerous studies at various stages and times, which is why some people hire others to conduct studies for them. The difficulty here is that if you are not skilled at this, you may receive very poor research data or results from people hired to do so. However, if you have the skill, even if you have to hire someone to do the job, you can easily verify information obtained, because information is critical to the success of any business.
  3. GRIT: It is critical that you are truly prepared before venturing into business. You must be passionate about what you want to do, mentally and emotionally prepared, and strong enough to face whatever comes your way without quitting. Except I make this work, I would not stop, as Susan Butcher said, “I don’t know the word ‘quit’ either because I never did, or because I have abolished it.” Business is like an ocean where the bigger fish eat the smaller ones; it is extremely competitive, so you will be challenged, you will feel like dropping the guns, and you may make a huge loss at some point, but you must make up your mind that you are not quitting, that you are not backing out. You must be passionate and persistent.
  4. CLEAR BUSINESS PATH (BUSINESS PLAN): Before you start a business, you should have a clear idea of what you want to do, where you want to do it, what you need to start, financial structure and availability, existing competitions and business performance, key skills to hire for your business, mode of operation, plans for each phase of your business transitions, and so on. Every new business must have a clearly defined business path that it will follow and be guided by. This will assist you in knowing where you are and what to do at all times in your business reality.
  5. CUSTOMIZED BUSINESS PITCH: As a business owner, it is critical that you have a standard business pitch. This not only helps you attract or interact with potential investors, but it can also help you attract potential clients as a mini-marketing tool. It is an interesting vocal imagery summary of what your company is all about.
  6. BUSINESS AND PERSONALITY PACKAGE STRATEGY: This includes your knowledge of brand enhancement and personal presentation. This will aid in the authentication of your company and the validation of you as a competent businessperson.

Capital Channel, Patience, and Communication Skills are some others.

Our next article will feature the phases of business and the importance for every business owners or startups. Remember, business is key to unlocking wealth, either by sales of goods or by service provision, everyone can be a successful business owner, but surely depends on the business niche you embrace.

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