What Successful Business Owners Know, That You Should Know Too

If you are interested in becoming a successful business owner, the first thing you need to do is throw out all of the beliefs and ideas on what makes a person a successful business owner. There is no blueprint that you can follow, or a particular school that you must attend; what you need to focus on are the things that you have control over now, and how they can help you make a difference in achieving your business goals.

The first thing that you need to realize and accept is that there is no predetermined amount of work hours you need to put in each week. The amount of hours that you put in each week, will help you get out of your business what you put in. If you think that you can accomplish everything you need to in a few hours each day, you are mistaken. To achieve your desired result, which is becoming a successful business owner, you need to work your tail off. There is no shortcut or magic business plan that will help you avoid putting in the work.

The next thing you should focus on is finding out what you truly love to do. If you haven’t found that yet, then the business you are working at may not be successful because you do not believe in it 100%. When you find out what it is that truly motivates you and makes you jump out of bed each morning, you will be on your way to doing something that is important to you. Believing in what you are doing each day will make it easier for you to achieve the success that you have been looking for.

A successful business owner is passionate about their work. They are always looking for a way to improve their business or share their work with others. It is this level of passion that drives them to be the best they can be; it is also beneficial in motivating those around them as well. This type of passion can often be contagious and lead to a productive and fulfilling work atmosphere. If you love what you do and are excited about it, don’t be afraid to share that enthusiasm with everyone around you.

Every successful business owner wasn’t born with the knowledge on how to run a business. They knew that there was a lot to learn and they devoted their lives to learning as much as they could. To become a successful business owner, you need to educate yourself on how the world of business works. Become familiar with all of the different aspect related to your business and never allow someone else to know more about your business than you do.

Recipe for a Successful Business Launch

Imagine staring at a table full of great mouth watering produce, fresh oven baked bread, herbs a plenty, local farm raised beef, chicken or fish, the best cooking equipment possible and perhaps a great bottle of wine or two. Your culinary vision includes creating a lightly spiced, yet full flavored appetizer followed by an entrée basked in flavors and aromas from hours of tedious preparation and then completing this extravaganza with a delectable dessert that leaves one satiated, yet wanting more.

There is one small problem with this vision, you are an extremely successful entrepreneur, but a novice in the kitchen. How then do you create this meal? Where do you start? Do you try the recipes once before making them for friends and loved ones? Who will teach you basic knife skills, how to pick the best ingredients for each dish and how to nurture each ingredient to its fullest potential? These are just a few questions you are faced with in your quest to create the perfect meal.

You decide to venture into the culinary world on a solo journey. After a minor burn, a small cut and a poorly executed recipe, you decide to hire a Chef to train you. The Chef starts you off with basic knife skills, cooking techniques and food pairings that she has honed over countless hours in the kitchen while mastering her craft. You practice the menu with her until it is perfected and then off you go to create a sensational dining experience for your guests. In exchange for her services, the Chef asks you for help in starting her business.

She has seen so many success stories and seeks your advice to prevent the all to often restaurant failure. She has a vision of a restaurant filled with happy patrons who crave her food and desire the great service. They come back again and again, but how does she start this business?

She is staring at a desktop piled high with how to manuals, various business plans and countless business books. She doesn’t have the first idea of where to start. What she needs is a recipe for success.

As the Chef walked you through the various challenges of preparing your glorious meal, you will guide her through the process of opening a business. This task may be daunting for some, yet it illuminates your strengths.

You and the Chef agree to a recipe, that when followed, should lead to a successful launch of her business. Here is your secret recipe:

1. Utilize resources that help get the idea onto paper. Plan, plan, plan. This is the most important, yet most frequently overlooked part of business creation. Can you ever remember hearing a successful business owner say, “I planned too much?” Countless resources are available which include business plan building software, free or paid for business counselors, business consultants, countless how to books and the often times underutilized mentor. It is vital for your success to have a clear and precise understanding of what your business will provide and who the target customer is. Have clearly stated operational objectives that include entrance into the business world and a clear exit strategy.

2. Create the entity. Decide on how to legally set up your business. Some choices included a sole proprietorship, a Limited Liability Company, a corporation, partnership or charity. Make certain to identify the pros and cons of each entity and all of the regulations associated with each including liability protection. Once the entity has been chosen, create the appropriate bank accounts prior to initiating any business transactions. Secure an Employer Identification Number (EIN) from the IRS for proper handling of all tax matters.

3. Determine the legal requirements. Check with local, regional and state entities and request information on the minimum expectations that are required of you to operate your business legally. Requirements may include registering with a department of revenue for tax collection agency, operating permits or licenses, health or fire inspections.

4. Build Business Infrastructure. Review your business plan and decide what type of support systems and materials you will need to build the business. Are you starting your business out of the garage, the back of your truck or with bricks and mortar? You should have a budget created from your business plan for support materials such as office supplies, computer equipment and software, internet access, credit card processing, membership fees and other support services you deem as an important part of running your business.

5. Create vital assets. Website design, trademarks, logos, intellectual capitol, copyrights and provisional patents are just a few things to consider. Often times employment contracts and confidentiality agreements are part of this process. Once created, ensure that you have policies and practices in place to protect and retain these assets.

6. Acquire financing. The financial overview and objectives should have been clearly defined as part of the business plan. It is now time to get the financing into place. It could be your savings, partnership cash or outsider investment dollars. If possible, seek counsel to review any and all financial agreements you may enter into. Each party involved must be absolutely clear as to the financial expectations of each other.

7. Establish operational logistics. Many start up companies have limited resources for accountants, lawyers and insurance needs. Additional considerations include Information Technology staff, banking, E-Commerce and website design personal. Training and Human Resources are two more areas that are often overlooked. There are countless tasks for any business owner to contend with and creating a support team is vital for their success.

8. Hire people. Acquire the very best human capitol and retain them. Outside of sole proprietors, businesses live and die by the quality of the operations team. Hiring and training are two very large investments of money and time. Establish consistent hiring and training methods that yield loyal and long- term employees who will aid in the growth of your organization. Forward thinking employers find ways to tie in employee compensation to company performance.

9. Get the message out. Market your business! There are a myriad of ways to accomplish this task and remember to stay focused on your plan. Make sure your brand’s message is memorable, clear, precise and it differentiates you from your competition. Consider your web site design, mobile connectivity to supplemental sites and the numerous avenues to open communication channels with your potential customer.

10. Open the doors, execute and Sell! Market research has been completed and a research strategy has been implemented. You have identified your potential customer and their purchasing habits. Your goal now is to under promise and over deliver to ensure optimal customer satisfaction. Embrace feedback and create powerful recoveries as needed. Fabricate long lasting customer relationships through outstanding products and services; repeat.

Give five chefs the same ingredients and ask them to execute the same recipe. You will end up with five similar, yet very different dishes. The same would be true with five different entrepreneurs and these ten steps. There is not one sure-fire way to accomplish the arduous task of creating a business. However, just like a finely tuned gastronomic creation, plenty of planning, attention to detail, a lot of hard work, the right timing and a little luck go a long way towards the successful launch of a new venture.

Bon Appetite.

How to Be a Successful Business Person

How do successful entrepreneurs develop? Are they born, or made? That’s a question we’re unlikely to find a single answer for. There are arguments on both sides. Some people point to successes like Rockefeller, or Bill Gates, or Steve Jobs, as proof that entrepreneurs are born with a special combination of traits like ambition, independence, and keen business acumen. They are just somehow different than the rest of us and it is obvious from the outset.

The other take on entrepreneurship is that it isn’t always obvious from the beginning. Sure, there are the Bill Gateses of the world, but alongside these entrepreneurial giants there are also many successful business people who had other careers in the corporate world at one time.

All people who are entrepreneurs, regardless of how they started out, share certain qualities. These qualities seem to be required for someone to have success in this field.

A strong sense of independence is the first requirement. Many entrepreneurs leave jobs at which they are already successful, or set aside promising careers, to start their own businesses. Because they have a fierce sense of independence, and want to control their own workday, they find the risk worth it. Without this drive, an entrepreneur won’t be successful.

The ability to maintain focus is also crucial. To start a new business, it is important to be able to focus on the goal of turning your business into a success. There are many little tasks involved that you have to keep track of. Everything from finances to inventory to marketing and employee issues fall to the person in charge – you.

Being focused on the goal means keeping your business and its success at the forefront of your concerns. If you don’t do this, you end up with your attentions wandering and your profits falling off. It requires sustained, disciplined, focused effort to succeed in business. This is something that is required for any entrepreneur.

A strong drive to succeed is key. You have to be very motivated about your business. If you are not, you can end up astray and lose your heart. If you do this it is all too easy to decide that it just isn’t worth it.

It’s hard to run a startup. In the early stages, it can be very difficult to find clients and to generate business. Plus, then there’s the added burden of having to focus on all of the many tasks involved in the practical running of things.

There are other qualities that are of course helpful in an entrepreneur. Creativity, for instance, is quite useful, as is business acumen. Even luck is helpful. But the three I have outlined above are what really make the difference between a successful entrepreneur and one that fails.

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