The high road to becoming a self-made millionaire is starting and building your own business.
But this is not as easy as it sounds. Most businesses started by inexperienced people fail. Probably th primary reason why people dont start businesses is because they're afraid that they are going to lose their money.
99 percent of businesses started by people lacking business experience fail within the first two or three years.
Why Business Fail
It's because they dont know how. They may have an idea for product or service, but they dont know all the things that they need to know to run a successful business.
Why Business Succeed
However, surprising enough, 80% of businesses started by experienced businesspeople succeed. The reason is experienced businesspeople know what to do.
Here are seven principles for business success :
1. Start at the beginning
Look into yourself and determine the kind of product or service you could really get excited about producing and selling. How you feel personally about your business will determine whether you make it a success.
2. Offer good quality at fair price
If it is in competition with other similar products or services, it must have what is called an USP.
USP is a combining of Ultimate advantage, Sensational offer, and Powerful Promise. (We will talk bout this USP further at other marketing chapter)
3. Pratice frugality at all times
Tight financial controls and good budgeting are necessary for business success. Successful companies put a system to tend to be very careful with their expenditures.
Cashflow is like blood to the brain, guard your cash carefully.
When Sam Walton was worth more than $25 billion, he still drove his own pickup truck to and from work.
The practice of frugality assured that the business was profitable, year after year.
4. Maximize your marketing
The purpose of a business is not "make a profit", but it is to "create and keep a customer".
Profits are the result of creating and keeping a sufficient number of customers in a cost-effective way.
And the most important single skill you must develop for succeeding in your own business is the ability to sell yourself and your product to your customers.
But where there is no sales expertise, the finest product or service will fail.
5. Love your customer
You can tell a good business by the way to treat the customer, by answer the phone calls with customer, by deal with their needs and complaints.
This is the top priority.
6. Develop a complete business plan before starting
If you do not have a business plan, you immediately reveal yourself as an incompetent manager, the number one reason for business failure.
Here are 100 samples business plan you can try.
7. Never give up and keep learning
Determination, persistence, and patience go hand in hand with business success.
It's take time to success, but by applying a proper way to start up a business can get you to the fast track.
Keep learning by reading a success business story and business advice.
