To be successful in business, you need to understand why a business becomes successful. When you read the US small business administration findings on why businesses fail, instantly you’ll be discouraged to begin a business.
The Bureau of Labor Statistics report on survival rates of establishments is startling. It reveals that 50% of businesses will fail after five years.
Imagine you know the mistakes that business owners make that caused them to fail. What would that mean to you?
It means a transformation in knowledge and behavior. A relief that you know what to do to be successful in business.
Starting and growing a business is no mean fit. It requires time, hard work, patience, and willpower. It can be crippling if you lack guidance.
Not to worry, I have put together 15 life-changing secrets. These secrets are what cause business success. The key to business success is to follow this guide.
These 15 secrets are backed by my experience as a losing forex trader. I lost money for 15 years before I was able to turn the wheels of failure around. It’s a definitive guide from my business success story.
To be successful in business, you need to define the route to your dreams. It begins with you, the individual. It has been proven to work. Warren Buffett knows and applies some of the principles of success I’m about to reveal to you.
I have put together this detailed guide so you can achieve business success easily. They are principles you must know and apply for you to be successful in business.
Let’s dig in.
To be successful in business you must know these 15 principles of success
1. The key to Business Success is to know yourself
To be successful in business you need to know yourself. In the race of success, there is no cheating. You reap what you sow.
Success in business begins with taking stock of your strengths and weaknesses. Your strengths are your assets. Your weaknesses are your liabilities.
If you’ll succeed in business and in life’s endeavor you’ll need to cut down on your liabilities and build up your assets.
Do you lack self-control in following a plan? Are you in the habit of procrastination? Do you lack open-mindedness?
These things have the potential to slow you down in the journey to success in business. If you are passionate about success in that business begin by taking stock of your strengths and weaknesses.
Assess yourself in honesty. If you find out you have insufficient assets, do this. Build new habits (assets) that support your goal of finding success. You need to build enough assets if you’ll succeed in that business.
In essence, to be successful in business, you need to know yourself. This means you know your strengths and weaknesses.
2. Know what your Business is about
It is not enough to dream to start a business. Certain questions need answers. Do you love this business? If the monetary consideration is removed are you still willing to go ahead with it?
Is it a well thought out business? Does it have the potential to bring you a lifetime of happiness? How can business success be measured in your business? Does your business encroach into other people’s rights and happiness?
To be successful, you must know what business is about. Answers to these questions should help you make a good judgment if it’s something worth going into.
3. To be Successful in Business you need to have Character
Character is your identity. It is who you are. This is not what people think or know about you.
Without character, a person is worthless. A person who lies to himself has murdered his conscience. He lacks character.
You need to be honest to be able to succeed in business. Enduring power comes from character. So, do not strangle your conscience.
4. You need a Healthy Body to be Successful in Business
Without a healthy body, it is impossible to be successful in business. The health of your body will determine if you’ll succeed in that business. If you desire to have a healthy body then, you must watch what you eat.
What you eat affects your digestive system. If you eat food that is not in agreement with your digestive system then your body will respond.
It’ll respond in the form of disorderliness. Disorderliness gives birth to chaos. When you harbor chaos, you cannot be successful in that business.
What this means is this. Instead of focusing all your energy on activities and habits that breed success, you’ll be focusing on how to get well.
5. You need a Sound Mind
The mind is the focal point of imagination. It is the steering that controls the activities and actions of man.
To be successful in business you need to streamline ideas and imagination to achieve your goal. As soon as the mind loses focus, how to achieve business success becomes a nightmare.
There are certain things that can make the mind lose focus. They include but are not limited to:
- Financial difficulty,
- Unreturned love and,
- Poor eating habits.
So, to be successful in business, you need to guard your mind against anything that can make it lose focus.
Take control of your mind because it is the only asset that will bring you happiness.
6. To be Successful in Business, you need to have an Open Mind
To be successful in business you need to be open-minded. You must learn to believe there is another way to achieve your goal. When you let open-mindedness dominate your being, it’s incredible how much you can achieve in business.
When I teach forex classes, this is one lesson I keep emphasizing. You must learn to switch positions if the weight of evidence proves so. You do not hold onto a losing position and hope it will turn into a winner.
When the weight of evidence signifies you are wrong, you must close that position. This is what successful business people do.
7. Learn to Create Opportunity
Someone told me that no one gives him the opportunity to prove he has what it takes. My question is, why do you wait for someone to give you an opportunity? You can create an opportunity for yourself.
In business, sometimes success depends on you creating opportunity for yourself. Offering your product and services for free is a way of creating an opportunity for yourself.
If your product or service is what people need or it helps them solve a pain then you have won your place at the customer’s table.
This is one way to be successful in business.
8. What is Business Success without Willpower?
To be successful in business, you need willpower. Willpower is developed out of use. You need willpower to be successful in business and in life’s endeavor.
Willpower is the indomitable persistence in the same activity. Another way to picture it is, someone who remains undaunted in setback.
Those with willpower succeed sooner than later. The man who has developed willpower does not quit. He is a living example of the power of belief in action.
If you want proof for the man determined to succeed then look no further. You’ll find it in the man who has developed willpower.
9. Study your Business
You cannot succeed in business if you do not know the business well. How does the business operate? How do you intend to differentiate yourself from the crowd?
Who are your customers? How do you intend to reach them? Who are you competing against?
Have deep knowledge about the business and you can be successful in it.
10. You need Initiative to be Successful in Business
To be successful in business, you need initiative in executing your well thought out plan. Now that you know WHAT you want and you have written a well thought out definite plan on HOW to fulfill that goal.
You need initiative to put it into action. Without initiative, you cannot make your definite plan a reality by taking action when it needs to be taken.
11. One Business Success tip: Use Imagination
Your imagination is vital for conceiving ideas that need to come alive. Without imagination on HOW you want to succeed in that business, you cannot make progress.
To be able to design a home for you, the architect puts his imagination to use. This he does by asking you certain questions. He might want to know about the size of your family. He also might want to find out how many cars you own.
These questions will help him draw a building plan that meets your goal of an ideal home.
If you’ll succeed in drawing up a definite plan to be successful in business, you need imagination.
12. One of the Business Success laws is Self-Confidence
This is one attribute that strengthens leadership. It is the pathway to the pinnacle of business success. An antidote for fear.
Self-confidence has its root in knowledge and know-how. The lack of self-confidence is one obstacle that has kept many from succeeding in business. Most people do not believe they can actually succeed in business.
They allow fear overpower them. Develop self-confidence through knowledge and know-how.
This way you’ll find inspiration to achieve business success.
13. To be Successful in Business you need a High Grade of Zeal
What is business success without zeal? Business success is largely dependent on zeal. If you have a high grade of zeal then, you’ll be able to form habits that lead to success in business.
A low grade of zeal will make it difficult for you to succeed in that business.
The grade of a person’s zeal is a determinant of how easy or challenging it will be for that person to find success. How do you develop a high grade of zeal?
First, take a pen and a piece of paper. List all the possible benefits that’ll come to you if you succeed in that business. If the possible benefits are” worth it’, this will generate enough zeal in you to succeed in that business.
14. Learn the Habit of Frugality
You cannot earn and spend and expect to be successful in business. Business success lessons cannot be complete without learning the habit of saving. There is one path to financial independence. It is to earn, SAVE, before spending.
Remember, to be successful in business, you need a sound mind. Financial difficulty will make the mind lose focus. A mind that is not focused cannot be successful in business.
The art of frugal living is attained by forming a new habit of saving. Form the habit of saving money and you’ll be successful in business.
Poverty is a weapon that kills ambition. The habit of excessive spending instead of saving has caused many to fail in business.
To be successful in business then, learn to save money. Do not indulge in excessive spending.
15. Little-known secrets of Successful People: Self-Control
Success in business and in life requires you to gain control of yourself. The man who can bring his body to be subservient to his mind is a man of great power. This man has taken his destiny in his hands.
Self-control is one of the hardest principles of success to implement. But, nothing good comes easy after all.
To purify gold you need fire, not water. If a knife is to be sharpened, you need hard stone, not wood. To succeed in that business, you need to submit yourself to be sharpened by self-control.
Adjust your thinking to this reality. It is a choice only you can make. So chose and act right and you’ll be successful in your business.
Finally, if you intend to start a business or you have failed in your business. Even if you have used up the entire established plan you have mapped out for success in your business. There is still hope.
Carefully re-evaluate yourself in line with this post. See if you have followed the principles of success I have mentioned in this post. After you check yourself and you find the fault is with you.
Turn the light back on yourself since you now understand the principles of success. Put it to use. The reward will bring you happiness.
To be successful in business and sparkle, shine, influence others, you need to learn and apply the rules of success. Success is not accidental. There is a reason why people succeed.
Now you know the rules, go and do likewise.
If you found this post useful and aspire to be successful in business then, I urge you to get my eBook: Purpose and Habits for FREE. It has a plan that’ll help the seed of greatness inside you germinate.