Running a business for is tough; having a profitable business is so much tougher, simply because there is so much competition out there selling the same products and services, worst still, many are slashing their prices way below cost!
However, the rewards can be very much worth it if you use the right formula and do things in a way that destined you to be successful.
Whether you are going to be successful or not is actually predictable, and most of the time, the prediction can be amazingly accurate. You just need to follow certain steps and do things in a certain way and you will be successful in the long term.
Below are some attitudes you ought to have to make your business successful and profitable:
1) You need to be prepared to work long hours, day and night, weekdays and weekends.
If you are not prepared to do so, please find a stable job.
2) You need to take the full responsibility for any failure that could happen, and this could possibly lead to tremendous financial stress for you and your family.
3) You need to feel positive and excited about the product or service you are offering.
If not, your passion will not last long.
4) If you have any doubts about the prospect for the business, you should never start your own business.
5) You need to have a flexible and agile mind. You need to be inventive, and you have to move fast to grasp opportunities and avoid pitfalls.
6) You need to have the commitment to succeed, however long the struggle, however hard the fight.
7) You need to be prepared to lose all of the time and money that you will be investing, potentially even losing more than that. Most businesses fail and close down within the first 12-18 months. Be prepared to work extremely hard on your business to succeed in the long run.
8) You need to have 100% support from your family—especially your spouse if you have one. They will need to give you support in terms of encouragement, finances, constant feedback, and moral support.
9) Be prepared to put aside all your ego and pride. To do business, you need to be the most humble person in the world, and you will need to please anyone that comes across your path, especially your potential customers. Even suppliers will also need to be pleased, as they might give you better credit terms and discounts.
10) You will need to learn as much as possible about your product and the services you are offering, including everything about your competition, their pricing, the market practice, and any other information that might be relevant. Read about it in magazines, online forums, and news articles; go to trade shows and exhibitions; participate in private networking and discussion groups. All this information will help you to make better strategic decisions on how and where your company is going to progress.
11) You will need to make bold decisions fast; you should not be considering too many factors when making a business decision, because in business, time is money. If your potential for risk is very low and rewards are very high, then your decision should be almost immediate because you’ve simply got nothing much to lose in that case.
12) You need to set your target high, if you are now having $500,000 in revenue per year, set a 5 times target to 2.5 million per year, even if you never reach the goals, likelihood you will achieve better results compared to $500,000.
Good luck on your business venture….You will need alot of it. Cheers!