Running a Successful Business

TEN TIPS TO START OFF AND FLY

What are the business success secrets of most successful business people? How did they become millionaires or even billionaires and the richest people in the world? Well it’s not rocket science. Let’s check on some of the secrets that propelled these individuals to those amazing heights in the business world.

It’s often said “if you want to be rich and successful, observe what the rich are doing and do the same.” So if learning and understudying the rich can give us insights into their business success secrets and if building a business from scratch is your utmost priority, he are some ten tips.

1. Manufacture; don’t just trade

One has to start a business as a trader of commodities; gathering business confidence and experience as he/ she grows. There is money in manufacturing even though it is capital intensive. To achieve a big breakthrough, one has to start manufacturing the same product is trading on. This has advantages as manufacturing does not only improve one’s business status; it also helps him or her to give back to the community and country; with respect to job creation and economic development.

2. Build a brand, and don’t destroy it

This is the second small business success secrets of most successful business men and women. Most of them are firm believers of the “Brand Power”. To succeed in business, one must build a brand and never destroy it. One competitive advantage one has when venturing into manufacturing is their own brand which one diligently builds in the course of his/her trading commodities. Sometime ago, Coca Cola’s assets were estimated to be worth $3billion but the brand name alone “Coca Cola” was valued at over $80billion. That’s the power of a brand. A brand could be ones saving grace in hard times; it could also turn out to be a very strong competitive advantage for even small business.

3. Sell cheap, give quality and don’t kill the competition

To build a successful business, one should emphasize the importance of selling quality products at affordable price. Selling quality products at an affordable price helps in increasing customer’s loyalty. With respect to competition, don’t kill the competition. Competition is healthy for businesses. It keeps you the entrepreneur on your toes. There is one rule for the industrialist and that is: “make the best quality goods possible at the lowest price possible, paying the highest wage possible.” – Henry Ford

4. Start small but dream big

If you see someone with an empire of successful business and maybe emerge among the richest people in the world, know that it did not happen overnight. It takes some even over thirty years to get to where you see them today. Youths of today aspire to be like them but they want to achieve it overnight. It’s not going to work. To build a successful business, one must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme.

5. Have connections and pray for a big break

The next small business success secret is business connections. Most successful business personalities are respected for their strong network of business and political connections. You can build your connections and strengthen your network in the business world by increasing your corporate social responsibility, signing joint ventures and partnership deals, forming strategic alliances, attending business events and parties, making political donations and paying courtesy visits to those at the helm of affairs. To survive in business, one must strengthen his/her business connections and network. And most importantly, pray for a big break. Big breaks are very vital to entrepreneurial survival. In fact, one can hardly point to any successful entrepreneur that wasn’t thrust upwards by a big breakthrough. Bill Gates had his big break when he negotiated and signed a deal with IBM, Aliko Dangote had his big break when he secured a license to import cement. Oprah Winfrey had hers when she started Harpo Studios Productions and acquired the full rights to her shows; “The Oprah Winfrey Show.” Larry Ellison had his when he secured a deal to build database software for the CIA. The list goes on and on. So if you really want to take a giant stride in business, you must not only pray for a big break; you must seek it out and be prepared for it when it comes.

6. Believe there is money to be made in your country

One of the main prerequisite to building a successful business and ultimately becoming rich is developing a firm belief in your country. Opportunities are bound everywhere but it just takes a smart eye to see them. Everyone has to seek opportunities in their own country instead of seeking greener pastures in other countries.

7. All work and less play makes Jack a rich man

A popular saying goes “all work and no play makes Jack a dull boy,” but successful entrepreneurs believe that all work and less play makes Jack a rich man. Derive more joy in working. Believe in hard work. It’s hard to see a youth that will go to bed by 2am and wake up by 5am. One doesn’t rest until he/she achieves something.

8. Give back to those who made you

We are conversant with the saying that goes “no man is an island.” One can never get rich alone. There have to be contributing factors and individuals one will need to leverage upon. Believe in the principle of “give and it shall be given unto you.” Just as stated above, one of the small business success secrets is this; you must give back to those who made you. “No man becomes rich without himself enriching others.” – Andrew Carnegie Now who are those who made you? These are individuals or entities you leveraged upon to get to the status you are now. They are those who gave you a helping hand when you needed it most. They could be those who gave you business contacts, connections and encouragement. They could be business associates, political associates, investors, loyal customers, good suppliers, political associates, your employees, business team, business partners and so on.

9. Obey the laws of the land

Why risk going to jail by engaging in illegal businesses when it is easier to make money legally? Entrepreneurs should be law abiding citizens. Everyone has to do business as outline by the regulatory bodies. Obeying the laws of the land also entails keeping ones credit and tax record clean. Nothing hurts more than striving to build a business empire only to have ones assets impounded or frozen by the authorities.

10. Business must flow in your blood

Lastly, one must have business flowing in his/her blood if he/she really want to make it big as an entrepreneur. All successful entrepreneurs seem to possess a different kind of spirit. That’s the entrepreneurial spirit. To succeed in business, everything around an entrepreneur must smell business. That is to say one must think business, dream business and live for business. It’s all about the entrepreneurial spirit. Without this spirit, one will ultimately fail. Business flowing in one’s blood entails tenacity, doggedness, shrewdness and every single attribute required to keep you going in the game of entrepreneurship.