Useful Tips 2 : The success factors of business

As I continue reading Secrets of building multi-million $ Business by Adam Khoo, research has shown that about 40% of all business fold up with the first year of starting the business and 80% fold up within the first 5 years. To avoid being in one of the 40% that wind up, here are some of the critical success factors to keep your business kicking and alive. Success is not to do with age, the level of your academic education, the amount of money you have.  The 3 key ingredients are :

The Entrepreneurial Mindset

• Every disappointment is an oppurtunity to find a solution to resolve that challenge. The ability to succeed is 70% psychology and 30% strategy. The successful entrepreneur takes responsibility and ownership of whatever the situation may be.  It is not the economy, or the competition or difficult customers, or incompetent staff that affects the state of the business. It is not the victim mindset but a “Victor Mindset ” that gives the entrepreneurs the power and the ability to control their fate.  It is their thought pattern that enables them to take actions to change their circumstances and thus their results.

• Take a stop check and examine areas in your business to  turn the problem area into a list of actions to take.  Draw a table of  3 columns, with header title – challenge areas and action steps – what I need to do as a business owner to resolve this challenge”  and when I should complete this action steps.

Failure Leads To Success

• Success never take a straight line.  Life throws curve balls and it is how you manoeuvre the ball and the ability to stay calm, optimistic and reject failure and deal with setbacks, before you can achieve your dreams. There are no failures.  There are only Learning Experiences. Entrepreneurs believe that if they do not achieve their desired outcome, they change their strategy until they succeed. The only possible failure is if they give up.

• It is often important to have faith and the belief that things will work out when you are determined to find a way.  Your faith and belief give you the inner strength to overcome life’s challenges.

Constant and Never Ending Innovation

• Successful Entrepreneurs are always on the lookout for ways to improve their business operations, marketing, services and their products. Ask your customers how you can improve your service.  They will support you if you are adding value to your products and services.

Look out for Useful Tips 3.

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