An embrace of failure that is greater than that of success – we all know this mantra that successful business owners face, but there’s certainly more to that.
In this article, we highlight the 8 principles of successful business owners to follow, learn and to apply in your own startup.
The world is mad about startups. In 2016, the amount of venture dollars plugged into startups around the world grew 19% over 2015, with $176 billion invested altogether, says Crunchbase.
No wonder that many aspiring entrepreneurs are eager to conquer the world with their ideas, sometimes even weird ones.
After all, ideas are born to be implemented, aren’t they?
But why do some startups become successful and profitable while others just perish? Is it because of the infamous “8 out of 10 startups die” myth?
Start with your target niche!
Select a target niche on the basis of having a strong affinity with it – an understanding of its desires but more importantly its anxieties and fears. The things that keep it awake at night.
Select a niche you understand better than it understands itself!
Now create products and services that will address these worries, fears, phobias and anxieties. members of that niche will flock to buy them from you.
If you are thinking of quitting your day job and going freelance, I’d ask you to consider – not necessarily do, but at least think about – the following:-
“Rather than doing what you used to do, how about selling to who you used to be? – One successful business owner recounts this to us.
While you digest that thought, imagine you’ve spent 30 years becoming the best toilet cleaner in the world, and now you’re going freelance.
Will you make your fortune by cleaning the toilets of the extremely rich who will pay you a thousand per hour, or by helping the tens of thousands of people who can aspire no higher than toilet cleaner to have a more satisfying working life?
Customers are to be pleased.
That may be the first rule in the business rulebook and applies in practical application too. Your strategy should be in such a way that it leaves the customer satisfied, always.
If you can come up with more ideas to get this lucky fish into your bucket, you have a job to keep.
There will be times when you will have financial crisis and that is where this should come into force.
Whatever you do, customers shouldn’t take the brunt of your lousy business plans.
Business works on the word of people; one person comes, he is pleased, he will pass on the information to others. And, so will the others to others.
If you are in a dilemma in what to choose, you have your answer.
The right answer is always customers.
Be ‘The Boss’
This world is cut-throat. If you want to know the real truth, you have to do the work yourself. There won’t be any escapes.
You should be the personal the staff reports to at the end of the day. The sales details and what’s being done should be on your tips.
You may have a finance adviser, or accountant or whoever it maybe.
But, it comes with your job to cross check that everything is right. If you can’t do it in daily basis, it should be done in weekly basis, depending on how large and influential your business is.
You need to know what’s going on with your staff, because who knows, that somebody in your staff could be a leech trying to suck you out completely. And, you don’t need that.
Stop snooping and start planning
Business world brings with it a long tail of rivals and it is a natural instinct to bite and growl at each other.
Hold that instinct back.
Going around sniffing among your rivals and holding long discussions why they are successful isn’t going to help you a tiny bit.
It won’t do any good to steal their ideas. We have written an article on what you can do – What if someone steals my startup idea?
You need to come up with your own ideas and your own strategies. Start discussing where you are going wrong and chances are you will be able to make it right.
The root problem always lies inside your own system.
Track and demolish that before you enter into a foreign territory of your rival, which unfortunately will get you killed in your own game.
Here are few to-go tips from our experience with successful business owners
- Business isn’t success overnight; it is success eventually.
- Your plans most likely will have a future outcome and business is all about setting up that future. If you want to be the best businessman, you will make decisions that benefit you in the future and not the present.
- Have a back-up plan for any business dealing you make. If it doesn’t go the way you want it to, you won’t become bankrupt.
- Never finalize a deal in one sitting. If it is utmost necessary, you just say, ‘I will get back to you tomorrow.’
- Try to have a visual or audio recordings of your dealings and a witness to back you, in case a law suit comes your way.
- Busniess is about taking risks, but it is more about intricate strategy planning. Maybe, you need to learn swimming before you decide to jump off a cliff into the water pool.
Learn from the Best – Richard Branson
(If you don’t follow his blog on the official company website, or his LinkedIn page, you are missing out on some sound, practical, tested advice.)
One of his oft repeated advice is to focus on one’s employees first.
It sort of should go without saying — and it’s surprising that it still doesn’t go without saying at some companies — if the person who works at your company is 100% proud of the job they’re doing, if you give them the tools to do a good job, they’re proud of the brand, if they were looked after, if they’re treated well, then they’re gonna be smiling, they’re gonna be happy and therefore the customer will have a nice experience.
If the person who’s working for your company is not given the right tools, is not looked after, is not appreciated, they’re not gonna do things with a smile and therefore the customer will be treated in a way where often they won’t want to come back for more.
So, my philosophy has always been, if you can put staff first, your customer second and shareholders third, effectively, in the end, the shareholders do well, the customers do better, and yourself are happy.
There are two main psychological attributes required for any beginner in any business.
Patience is everything
No business will start giving you huge profits from day 1.
Sometimes you have to wait for months and sometimes for years fr the business to completely set down and then you start enjoying it.
You should always have a determination to do work towards your goal.
No matter how hard it is or how long it will take, you should always be determined that you can do it and you have to do it.
No one can really stop you then.
You will definitely achieve your goals.