Have you ever wondered why some people are successful and some people are not? What makes those people so successful? Have you ever wanted to know why some businesses succeed and why some fail? Then This is a must read!
Common Characteristics of Self-Made Millionaires
They became totally absorbed doing something they really enjoyed.
- If you don't really enjoy what your doing get out of it and start doing what you love if not then you will never be successful!
They specialized and became very good at their work. They did what others did not want to do.
The conclusion that researchers reached after 20 years of study:
“You will always be most successful doing what you most enjoy.”
A) Know what your doing; become excellent in the field you choose.”
B) Believe in what yourself and what your doing
C)Love what you are doing
Key Abilities of Successful people
1. Foresight- the ability to see the big picture, to anticipate trends and results. To see the next big thing before it happens.
2. Judgment- Wisdom acquired through experience and reflection, especially making mistakes and learning from them.
3. Leadership- The ability to inspire, to get extra-ordinary performance from ordinary people.
4. Communications- The ability to interact effectively one-on-one to make presentations to groups and communicate on paper.
5. Sales Ability- The ability to influence, persuade, motivate people to act in a certain way. The ability to ask the right questions and have people answer their own questions.
Strategies
What is the purpose of a business?
- To create and serve a customer efficiently and economically
Cash Flow is the blood of a business without it there is no business
- Cash flow comes when a business has delivered a satisfactory product or service to a customer who is willing and able to pay.
Marketing is what creates new customers and lets the world know what products or services you offer and how they can get them.
Finance- Especially banking relationships and venture capital sources.
Production- Quality, continuity, volume
Distribution- How fast customers get the products they order or how fast it takes to get to products to you.
Research- Developing new products and services,new processes, response to competition
Knowledge is power: The more you know about your product or service the better you can promote it, the more you can over come objections.
Strive for excellence in your chosen field.
Why do businesses fail
1. Lack of direction, the fail to establish specific goals and plans to achieve them. They don't have a business plan.
2. Impatience- Trying to accomplish to much to fast. Success does not happen overnight it takes time.
3. Greed- Trying to cream the market, become an instant millionaire, overcharging
4. Action without thinking, always think about what is going to happen if you take this action?
5. Poor cost control, Overspending, especially in the beginning
6. Poor quality of product- difficult to sell and to get repeat business
7. Insufficient working capital- Expectations of immediate positive cash flow, Six months minimum should be provided.
8. Bad or non-existent budgeting- Failure to develop a budget plan.
9. Inadequate financial records- failure to set up bookkeeping and accounting system at the beginning.
10. Loss of momentum in sales department- This leads to loss of cash flow and the loss of the business if there is no cash flow
11. Failure to anticipate market trends- changes in demand, consumer preference, economic situation
12. Lack of managerial ability or experience- not knowing or understanding the important details of the business
13. Indecisiveness- Inability to make decisions in the face of difficulties, Decisions delayed or improperly made because of concern for people.
14. Bad human relations
15. Lack of priorities
Why do businesses succeed?
1. Product or service well suited to the needs of the current market, They have what people want.
2. They Plan their Business in advance they know exactly what they want to achieve in their business.
3. Complete market analysis followed by development of advertising promotion and sales programs.
4. Tight financial controls, good budgeting, accurate bookkeeping and accounting- frugality.
5. High degree of competence, capability on the part of staff.
6. Good internal efficiency, time management, job descriptions, clear and measurable output responsibilities.
7. Determination, persistence and patience on the part of business principles.
8. Good communication among staff- open-door policy.
9. Strong momentum in sales department and emphasis on marketing.
Concern for the customer at all times is a top priority.
