How to Build A Successful Business or successful businessman?
Starting a business and becoming successful is often part of the American Dream. But there is a difference between starting a business and building a successful business. Many businesses fail within the first few years of existence due to the lack of planning for the long-term. successful businessman in Johannesburg there is not enough vision and there is not enough done to strengthen the business properly from the ground up.
If you want to start a business there is an easy way to get a better understanding of why some businesses fail and others don’t. When starting a business think about it similar to building a house. If done right it is protecting you against any kind of storm or danger of the outside world and will last for a long time. It offers shelter and protection. For you and your business that could be translated to that you want to have a business that is able to weather economical ups and downs (=storm) and that will provide income to pay the bills (shelter and protection).
When building a house there are several different steps you need to follow to have the house build. You know you want a house, but you got to pick a location and get an architect to plan everything out. In the business world that would be: you know you want to start a business, but you have to come up with a business idea and work out a business plan. The next thing for the house would be to build the foundation (and eventually the basement) for the house. In the business world – you got to build the initial infrastructure (example: connecting with vendors, find a manufacturer for your product, create a sales team, rent office space, get a delivery truck, etc.). Once that is in place you able to actually do business and earn some money. But you are not completely done yet. You need to build a frame, put in windows and you also need a roof on house. For your business this means that you pay off debt, improve business processes and get professional help when needed (example: find a tax accountant, select a payroll service, etc.).
Once the house is build you probably want to fill it with furniture and make it livable for the future. Nobody wants to sleep on the floor, right. Again translating this to the business world it could mean that you invest money you earned back into your business. You buy machinery instead of leasing it. Eventually you buy a building, hire more staff, develop more products, move into new markets, build up a high cash reserve, and buy other businesses and so forth. This is often the step where winners and losers separate. Re-investing money into the business is a key factor for success. If you go and spend all the money on your own salary to buy things you have nothing to go back to when the economy slips into a recession or if disaster strikes.
The successful business owner has build up a cash reserve or can borrow money from bank – securing loans with the assets of the business. Going back to building a house this pretty much matches the same efforts. You pay off your mortgage and have equity available to eventually borrow against when emergency arises. Emergencies do not include paying off credit cards to use them again or to buy a car. Financially responsible you should be looking at the long term and not finance short-term goods with long-term debt.
Interesting Facts About successful businessman in Pretoria:
About successful businessman in Pretoria:
These days, everywhere you turn, you are bombarded by news of gloom and doom about our economy. It's like Halloween got here way too early this year. I try my best to avoid the TV and radio news altogether. No, I'm not in denial or being naive. There's no doubt that something is very wrong in this picture. However, if you focus your attention on the bad news that's broadcast 24/7, and hang around the water cooler whining, bitching and complaining, your chance of success is doomed.
Research has shown that the right mindset and attitude can make or break a person/business. How do you maintain a laser-sharp focus and unwavering success mindset during these challenging times? That's where masterminding comes in.
The right mastermind group can provide abundant resources for building your business. Mastermind groups can be made up from a group of peers in the exact same industry that you are in, a group of companies that focus on the same vertical market or market segment, or a group of business leaders that are ready to mentor those who are starting out. When you are in a group of like-minded, success-focused, positive business professionals, there are infinite possibilities, creativity and resources to be shared. Oftentimes, we cannot see what's missing in our own business. It's extremely valuable to have someone else to point out your blind spot or offer you solutions you would not have thought of by yourself.
During these turbulent times, perhaps the most important value of having a mastermind group, is to have an army of your own, so to speak, against the ugly beasts of fear, negative beliefs, doubts and worries. If you are familiar with the Law of Attraction and the success principles taught by masters such as Napoleon Hill, you know that you can't afford the negative thoughts and beliefs -- not in your personal life, and definitely not in your business. If you have taken all the right steps to select the right kind of people for your mastermind group, you would have an unbreakable support network to always keep you in the positive energy field.
Next time you meet with your mastermind group, may I suggest that you set a group intention to lift and keep one another in the success-oriented positive energy field. Select some empowering affirmations that you'd like to recite and affirm at your meetings. Absolutely no whining, bitching or complaining allowed in and outside of the group. Set up some type of buddy system so you can call for support, in case you fall into a negative slump. Do everything you can to safeguard your positive energy, and watch the success come to you.
successful businessman in Pretoria
To be a successful entrepreneur you are going to have to learn to deal with failure. There is no way around it. Thomas Edison tried over ten thousand different experiments before he finally demonstrated the first incandescent light bulb on October 21, 1879. Bill Gates' first company, Traf-O-Data, was a failure. Michael Jordan was once quoted as saying: "I've missed more than 9,000 shots in my career. I've lost almost 300 games. 26 times I've been trusted to take the game winning shot; And missed. I've failed over and over again in my life. And that is why I succeed." In my short stint as an entrepreneur I've failed more times than I can count. I have also had my share of success, but its not even close to equal. The failures far outweigh the successes, and Im sure I have a lot more failure ahead of me. Im OK with that because I know that as soon as I stop failing, I have stopped trying to innovate. It's the nature of the business of being an entrepreneur, and of success in general. If it were easy, everyone would do it. It is naive to think that every good idea that you have will result in a successful business venture. I have yet to hear an entrepreneur say "every single idea I come up with seems to work." More likely, you hear something like "I failed at my first five businesses before this one took off." Think about that for a second. Five businesses. Sometimes the number is three, sometimes it's 20, but the important point is that most entrepreneurs don't hit a home-run with their first company. It really does amaze me - how many people have the stones to fail five times and still start a sixth business? You have to be supremely confident and treat those previous five times as a learning experience for the sixth. And if number six fails, you have to do the same and move on to number seven. In my opinion, the most important thing is how you deal with failure. Once you accept that it's inevitable, you are able to learn from your mistakes and move on. It's easy to let the failure consume you - not so much because you are pessimistic, but more so because it is hard to see something that you poured your heart and soul into be ignored or rejected. As soon as possible you need to come to the realization that your business is what they are ignoring or rejecting, NOT you. The sooner you do that, the sooner you can objectively analyze why you failed and learn the things necessary for improvement in the future. Failure isn't easy and is extremely frustrating, but it's a necessary part of success. Don't believe me? Ask Thomas Edison, Bill Gates or Michael Jordan! Ok, asking Thomas Edison might be a little tough, but you get the idea 🙂
Entrepreneurial Mind Frame
What is a Blunder? Definition of Blunder: Main Entry: 1blun·der Function: verb 1: to move unsteadily or confusedly 2: to make a mistake through stupidity, ignorance, or carelessness transitive senses 3: to utter stupidly, confusedly, or thoughtlessly 4: to make a stupid, careless, or thoughtless mistake in - blun·der·er / noun - blun·der·ing·ly / adverb Source: Merriam Webster First, why even focus on the blunders? Isn't that kind of a negative focus? The reality is that we all make mistakes. Most of us don't like to re-live the mistake so we try our best to forget what happened. Worse yet, we sometimes blame our clients (bad client, bad, bad client). But that same coaching blunder can be used to sharpen our coaching skills. The very thing that we worry will be the end of us (a blunder) can actually catapult us to a very different level of performance. Learning to recognize and embrace our coaching blunders is the path to better coaching. We will continue to blunder, so let's take advantage of the opportunities that present themselves! What are some reasons to focus on the blunders? Here are 8 compelling reasons to embrace your mistakes and use them to your advantage: 1. Become a more (polished) (sophisticated) (evolved) coach. 2. Eliminate your rough edges while refining the sharpness with which you coach. 3. Replace repetitive blunders with a stealth form of uber-coaching. 4. Give your clients the gift of effective coaching on every call. 5. Begin to learn the real reasons your clients leave (fire) you and what to do to turn that around. Coaches often have clients for 2-3 months and then they fade away. Now you can begin to learn why clients leave you. 6. Discover how to love being rated by your clients in performance reviews. 7. Learn how to self-assess, and self-coach, with honesty and compassion. 8. Discover real time solutions for when you get stuck (and who doesn't at one time or another). What kind of Blunders do coaches make? In the Coaching Blunders Series, available in audio with a workbook, we discuss different types of blunders and their value to us: 1. Administrative Blunders 2. Fearful Blunders 3. Avoidance Blunders 4. Communication Blunders 5. Power and Empowerment Blunders 6. Benefits of Blunders What are the Top 10 Blunders that you see coaches make? Although we identified close to 100 coaching blunders I feel that the Top 10 Coaching Blunders are: 1. Waiting until you are ready to coach (new coaches) or waiting to coach the more challenging clients (experienced coaches). Get clients now! Your coaching education will make more sense if you're coaching. You're never going to "have it" if you don't "do it". I highly recommend that you "dive in and get both feet wet". 2. Taking your client at face value. This may sound shocking but the reality is that clients come to us because they are here, and want to get there. If they could do it on their own, they wouldn't' need us. Often, what a client says to us has to do with the client's current paradigms and attitudes. If we take their goals and ideas at face value, we may be missing huge goals that they want to tap into but don't yet know how to express. They are hiring us so we can tap into the goals with them. 3. Going into solution mode. Most coaches, particularly new ones, will jump right away to finding solutions and solving problems. Why do we tend to go to solution mode? What's our motivation? We do this because we think it will justify our fees and prove our value as a coach. This is very limited thinking on the part of the coach. 4. Not knowing your client. a. Do a thorough pre-hire interview. If you want to know how to do this successfully consider getting the eBook Ten Step Buying Process: Converting Prospects to Clients at http://discninja.com/products.htm. b. Have a complete intake form for your clients to complete. c. Use assessments. My favorite is the DISC Personal Profile System. To see a number of valuable coaching assessments visit www.InternetAssessments.com. I prefer to have a complimentary collaborative interview with a potential new client instead of offering a complimentary free session. This way I get a clear understanding of the potential client. By using the DISC assessment, it helps me stay out of "solution mode" because I can deal with client behaviors and discover their motivations from there. 5. Avoiding difficult or touchy subjects. Allowing client to avoid issues that are "hot" (and avoid they will). Sometimes coaches inadvertently allow clients to avoid the touchy subjects. We have to be very watchful to know what the touchy subjects are for each client. If the client keeps avoiding a certain topic, it's a blunder on the coach's part to allow that to happen. Once you notice a client avoiding a touchy subject then bring this up in session. For instance, Every time, I begin to ask you about this topic, you change the topic. I'd like us to take a few minutes and see what's here. 6. Not having a system in place for the administration of our clients. a. Keeps us from serving our clients and growing our business. b. Client Compass software is a great administrative environment. i. E-Caps that can be sent to your client directly after each call. ii. Invoicing - Failing to manage the money and/or get paid on time. Payment can be handled directly through the premium version of Client Compass. iii. Keeping track of paid and volunteer time iv. For more info visit http://www.clientcompass.com c. Not having a well-written coaching policy that sets clear client expectations. If you would like to see my coaching package it is available as a part of the www.90DayMarketingMarathon.com as lesson #41. For your quick reference it is available at this link: www.90DayMarketingMarathon.com/coachingpackage.pdf. If you set up systems, then tasks can be done automatically and you can spend more time coaching and earning a living and less time on administrivia. 7. Not building an environment that allows more people to know about you as a coach. In the www.90DayMarketingMarathon.com program, we create just such an environment for you. a. Selling people or talking people into coaching. Once again, I recommend reviewing the Ten Step Buying Process: Converting Prospects to Clients (see #4 above) b. Coaching any one other than your "ideal" client. c. Not letting enough people get to know you. A lot of coaches love to coach, but they don't love to market. If you're not marketing and people don't know about you, you won't have the business you want. Consider joining the www.90DayMarketingMarathoncom. It will help you be clear on your ideal client. And I guarantee that you will be a much better coach when you are coaching your ideal client. 8. Coaching around topics we should avoid a. Legal b. Financial c. Medical d. Therapeutic We know this and yet it's so easy to get sucked into it. Hold clear boundaries and coach your clients to contact the appropriate contacts such as their employee assistance program (EAP), therapist, attorney, etc. Our job as coaches is to not get sucked into it but to have strong and clear boundaries and to hold the right space for coaching our clients. 9. Constantly asking questions and/or not allowing clients to answer before asking a new question. Silence tends to make most of us very uncomfortable. So, if the coach becomes uncomfortable we often ask new questions before the previous one was answered. This is a serious blunder. That same silence can also put your client into a certain discomfort, which can be a good thing. It teases something deeper out of them. Don't let clients "off the hook" because of your discomfort! 10. Raising fees before we are ready. If we don't feel worthy, it will not work. Clients will sense this like dogs sense fear! One option is to create coaching programs with a specific focus as well as a beginning, middle and end. There is less risk for the prospect or client in both time and money. And, you can often convert people who have taken one of your coaching programs into a one-on-one client. This is because they have had a chance to get to know you and trust you. You have developed a relationship with them and they will feel more confident in working with you. You can create your own program or purchase a license for a coaching program from a third party such as CoachVille. I am also offering several licensing programs so feel free to contact me for more information. Parting Words of Wisdom: The key is to embrace your own blunderella or blunderfella. Embrace them and you will learn much more quickly than when you are in resistance. © Copyright 2005 Alicia Smith Permission to reproduce granted if all attribution & contact information is included.
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