I frequently talk about the topic and just about every day, wherever I may be, am asked this question in one form or another, ‘What do I need to do to build a highly successful business?’ For an entrepreneur, success is just about everything. We all spend a great deal of time and energy searching for the ultimate path to the top.
Success on its own is a powerful word with many interpretations. I would like to define ‘success’ in two words: ‘true happiness’. If you think about it, if you are truly happy as a person, then surely that is success. This brings me back to success. Your own success is what brings you to ‘true happiness’. It’s personal, it’s everything and it’s a choice!
If we take the time to analyse success stories and those who have achieved success faster than most, there are a few key factors that, without a doubt, give you that edge.
How do some business owners and mega entrepreneurs achieve success quicker over those who have given up and failed, or taken much longer than ever expected? I want to highlight some of the points that have been the most obvious:
- They give more thought to planning their business before starting out.
- They build something they believe in. They believe in their purpose and in themselves.
- They have chosen something that is in line with their own personal interest and passion.
- They have business knowledge, experience and interest in the business they venture into.
- They are willing to put in never-ending hours of work themselves.
- They dig deep to build something radically different and radically better.
- They never give up control, until they sell. They always remain in the driver’s seat.
- They figure out how to achieve their goals on a tiny budget. Apply the principles of lean to your business from day one. Your goal is to stay alive until you can nail your secret formula for success.
- Even when they have everything to lose, they act like they don’t. Regardless of the amount of money they have or the size of their company or the amount of wealth they have, those people that take action and risk without the fear of failure are the ones that will ultimately take market share.
- They work towards being significant. The key is not to worry about being successful, but instead to work towards being significant. The success will naturally follow. If you do work that you love, and work that fulfils you, the rest will come. The reason why they have been able to be so financially successful is because their focus has never, even for one minute, been money.
- They have more investment capital of their own and have been less reliant on borrowings.
- They have a clear, uncluttered focus and a product or service which appeals to their customer base. Their customers love what they do and are willing to pay for the product or service.
- They learn from the pitfalls of others and get the best advice from the right people.
- They act quickly and change direction when something doesn’t work in their business.
- They demand excellence from themselves and take responsibility irrespective of what happens.
- They don’t throw in the towel – they just keep going. They have that built-in resilience factor, and are able to bounce back positively and keep moving without hesitation.
Most businesses do take time to succeed. Many people give up when there’s no immediate success and the ‘Entrepreneurial Honeymoon’ is over after a few months. They’ve only heard about the success stories and weren’t prepared for the unexpected challenges and the price one needs to pay. Yes, we all hear about these mega-entrepreneurs and the ‘wow’ success stories attached to them. What you don’t hear are the horror stories. Many of these tycoons have been bankrupt more than once and many up to seven times. What does stand out is that they never give up. Failure has never been an option.