Get ready for challenges
“If you’re like me, being upbeat—let alone envisioning a clear path to huge success—might not always come naturally, but by pushing yourself to think positively, to talk success, you can go a long way to turning success into reality!”
To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought.
You can avoid this in your business ventures by taking your time and planning out all the necessary steps you need to achieve success. Whatever type of business you want to start, using the following nine tips can help you be successful in your venture.
The Success Formula
- Have a five-year plan for success.
- Realize that you, not others, ultimately control your success.
- Brainstorm alternatives to tough situations.
- Celebrate your achievements.
- Shrug off your setbacks.
- Develop a support network.
- Always stand for integrity in business.
- Remind yourself that every day is a new opportunity.
- Keep yourself in top physical condition.
- Always be open to learning new ideas.
Being in business means taking risks.
To really get ahead, you have to take some risks. No successful business or career was built without some risk taking.
Understand the Risks and Rewards
The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.
Understanding risks and rewards includes being smart about the timing of starting your business. For example, has the severe economic dislocation caused by the coronavirus pandemic provided you with an opportunity (say, manufacturing and selling face masks) or an impediment (opening a new restaurant during a time of social distancing and limited seating allowed)?
Business Strategy
Starting a business requires analytical thinking, determined organization, and detailed record-keeping.
Environment
It’s important to be aware of your competition and either appropriate or improve upon their successful tactics.
Sacrifices
You’ll almost certainly end up working harder for yourself than you would for someone else, so prepare to make sacrifices.
Thinking success breeds success.
According to 2019 data from the U.S. Bureau of Labor Statistics, approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more. If you want to be among that 25%, rigorous attention to these ten tips is the smart way to get there.