Successful Business Owners Love What They Do

When I use the term successful business owner I mean the person who is not only financially capable, they are all round content with their lives.

If you looking to start your own business the most important factor is not how much money you will make, it is how much will you love running the business. Whether it is an offline or online business it needs to be something you are passionate about, something you get excited about doing daily.

Doing something purely for financial gain the best way to fail, either due to the business folding or you not having the enthusiasm to give it your best. The amount of passion you have will determine the amount of action you take to make your business successful.

What Makes Successful Business Owners Different?

The real successful business owners of the world love what they do because they had a vision before they started the business. This vision is very important, without it you are just trying something out rather then making a success of it. When your just trying things out you will notice the most important thing on your mind will be how much money you can make.

While these times of trying things out can be beneficial in the sense that you learn what isn’t working for you, they will also set your further back from what you are really passionate about. There is always a learning phase we all go through and if you firstly study a few successful business owners who love what they do it will be more beneficial to you in the long run.

Using this learning phrase rather than your need for money you will certainly be armed with the necessary ammunition to start making profits. I guess what I am saying is to be patient in your learning time and do it right from the start by surrounding yourself with people who have been there and already achieved what you want to achieve.

The initial first stage of success does not have dollars signs on it, it has a lot of hard work and passion that gives you the drive to make the money you desire. Without the passion to drive you it will not last, money will only keep you motivated to succeed for a short time.

If your wanting to be a successful business owner start with a vision of you doing what you love and doing it well. This is the first step in the right direction. Always keep it in mind that successful business owners love what they do.

Wishing you much success.

What Do Leaders of Successful Businesses Do? And 7 Habits of Effective Leaders

What Do Leaders of Successful Businesses Do?

For a business to be successful, it must have a strong leader. Leadership can make or break a company. This is why public companies pay several million dollars for a new chief executive officer. Below are nine characteristics of successful business leaders. It is therefore important to ensure you are equipped to manage the situation in the best way possible.

Guy Kawasaki has given his opinions on how to handle this difficult process in his recently released book; “Reality Check”. We have summarised a few of his key tips below:

1. Have a positive attitude. Believe that your business is the best business in the world. Self-confidence leads to decisiveness and in particular, the ability to back your own judgment and to take risks. Be determined. Be persistent. Be resilient. Overcome setbacks. Do not dwell on past mistakes and learn from your errors.

2. Love what you do. Enjoy your work and the challenge it provides. Work should be fun, not merely something to be tolerated. Enthusiasm generates a hard work ethic and a passion which becomes part of the culture of your business.

3. Seek wealth creation. Aim to maximise your sales by increasing your prices, selling more to your existing customers or obtaining more customers either in your local area, in another state or in another country. Control your costs. Eliminate waste. Sell unproductive assets and discontinue unprofitable products. Know your business. Measure your marketing. Strategic partnerships with suppliers and customers can give your business greater flexibility and enable you to better manage your costs and maintain or increase your margins. Maintain your competitive advantage. Study your competitors’ assets, capabilities, marketing, costs and culture.

4. Delegate. It is impossible to do everything yourself. It is also unwise as it is more productive to get those with the appropriate skills to do appropriate tasks. The ability to get people with different skills to work as a team is a starting point for all successful businesses. Recruit high quality staff with complimentary skills and organise these people in the most efficient way. Motivate your staff and encourage them to think independently. Non-performing staff which don’t fit the culture of your business need to be replaced quickly because they can affect relationships with your customers and other staff members and ultimately the profitability of your business

5. Seek financial, marketing and legal advice. Have a vision and clear goals. These goals should include future income and the achievement of various tasks. A strategy to grow the business and a detailed business plan consisting of marketing and financial plans are important. Manage your growth at a rate that enables your cashflow to remain positive.

6. Concentrate on doing what you do best. Specialise. Focus on single industries rather than diversifying. Maintain your core business. Outsource non-core activities and functions. Dominate a niche market rather than attempt to serve a large number of markets.

7. Have systems in place. You need the business to run efficiently even if you are away from the office for 12 months. The best example of a company with efficient systems is McDonalds. Teenagers can run their outlets profitably and efficiently because appropriate systems are in place.

8. Worksmart. Success does not mean working 100 hours a week. Today, it is more likely to mean working 35 hours a week and spending time with our family and pursuing your leisure interests. Working smart is much more important than working hard. Spend time working ‘on’ your business and not ‘in’ your business. Seek continual improvement. This may mean more efficient procedures, better systems, better marketing or better cashflow.

9. Have a good support base. Hire staff you can rely on for advice. However, use discretion when listening to advice from others. Encourage training. Foster an attitude of continuous learning both for yourself and your staff. Have a mentor. Be a mentor to your senior staff. Read and attend seminars. Notice what others are doing.

7 Habits of Effective Leaders

EFFECTIVE LEADERSHIP IS something we need to focus on daily. It’s something that takes practice, questioning how well you’re doing, reassessing and best of all continuing to try!

Like any learning, watching others who are good at leading and following their example (otherwise known as R & D – rip off and duplicate) is a successful strategy to follow. So here are the habits of effective leaders:

Clarity of Vision (and ability to share that vision).
Healthy discontent for the present.
High standards of excellence.
A sense of urgency (operating at pace).
Strong commitment to implement.
Ability to eliminate likely distractions.
Build a strong team.

Successful Business Career Building Flows from Building a Successful Business

Successful business career building goes hand in hand with successful business building. Research and analysis demonstrate that four key elements underpin highly successful businesses. Top performing business people know how critical it is for them to pay careful attention to these four fundamental elements from inception through the lifetime of their business.

Regardless of whether the business is a multi-national corporation or a sole proprietorship, these four key elements must be present and properly formulated to ensure their business success. Just as when building a house, whether it is a luxury home or a small cottage, we pay careful attention to the picture in our mind’s eye of the end result that we want, so it is with creating a business. The key undamentals apply.

The four key elements that underpin highly successful businesses and business careers are:

Element One – Clearly Articulated Mission, Vision & Values

Successful businesses have well thought through and clearly articulated Mission, Vision and Values statements. These statements are the visible expression of the “heart and soul” of the business. They point to the business’s aspirations in all of its activities and the way its people are expected to conduct their affairs in relation to each other and to customers. This vital element aligns strategy with leadership and customers.

The words in these statements are not mere platitudes that hang on an office wall for decorative purposes. Successful businesses use these shared understandings to capture the purpose, direction and expectations of how their business is to be conducted. When implemented correctly, they create value-based, dynamic, customer-focused cultures that deliver excellence across the board.

People in high performing, successful companies live their Mission, Vision and Values and drive them into the very fabric of everything that their organization says and does.

Element Two – Strategy Formulation & Business Planning

Strategy formulation is the framework of choices that successful businesses implement to achieve their Mission and Vision. Strategic thinking ensures leaders understand the nature of the business that they are in and precisely where they are headed.

Once they have decided the critical issues that need to be addressed through this process, they create the Strategic Business Plan. This plan ensures that the business is built and operates in the manner that was envisaged and intended.

Element Three – Leadership Development

Successful businesses develop their leaders in a particular way. They ensure that their personal business career building and development is aligned to the Mission, Vision and Values of the organization, that it is part of the strategic agenda and that it focuses on customer need.

As a result of this type of leadership development, leaders in successful businesses are highly self-aware. They are conscious of the impact that they are having on others, and they get results. Such leaders continually build the business and the people around them for the future.

Element Four – Common Tools for Problem Resolution & Decision-Making

Successful businesses adopt common and systematic thinking processes and tools that can be used across the three streams of thinking in organizational life, namely strategy, operations and continuous improvement.

Having a common set of thinking tools that are used by everyone in an organization builds speed in the flow of information and ensures that problems, issues of concern and decisions are visible, rational, collaborative, traceable and conscious. Because they have these tool sets and processes in place, successful businesses think quickly, adapt and innovate.

So, in summary, all successful business career building begins with building a successful business. The four fundamental elements that must be in place for a successful business are:

– Mission, Vision and Values – a shared view of the purpose of the business.

– Strategy Formulation – understanding the nature and direction of the business.

– Leadership Development – building for the future of the business.

– Problem Resolution and Decision-Making Capabilities – building effectiveness and speed into the thinking and decision-making of the business.

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