And when it comes to business, specifically a successful business, this saying couldn’t be more fitting.
Setting up and running your own business can be scary, difficult and challenging because success demands focus, discipline and perseverance.
Success will not come overnight, but if you abide by the following rules it is likely you will ensure your business is a success in the long-term.
1. Passion is at the heart of your business
It goes without saying that to be successful, you need to be passionate about what you do. But when it’s your own business, passion is the most basic requirement that your business needs to ensure it survives. Your passion will help see you through the lows and tough times, your passion will be what ensures your business succeeds. Don’t let your passion fade in the face of adversity, and always remember why you set up the business in the first place.
2. Don’t let your fear hold you back
I have always been a big believer in making your own mistakes: people can’t teach you right and wrong in business, you have to learn on your own. And the only way you learn is by making mistakes. Don’t be afraid of taking risks and making the wrong decision, because whatever road you take, you will be able to learn something valuable that will help you later on.
3. Get out of your comfort zone
No one likes being out of their comfort zone. We usually stick to what we know and what we are good at. But to truly be successful you need to push boundaries. There will be many times you will feel uncomfortable implementing a certain change, say in technology or mission, but for you to grow personally and for the company to grow, you will sometimes have to step outside your comfort zone.
4. Spend money on yourself!
Don’t just pour all of your money into your business – you need to make sure you spend money on yourself. Look after yourself and treat yourself to nice things. This isn’t just a way to make you feel good, but this is the ultimate motivator for making even more money. If all you do is save your money, you may lose motivation for ensuring your business stays successful.
5. Offer different options
A study found that people buy more jelly beans when they were offered an assortment of colours, even if all the different-coloured jelly beans taste exactly the same. The more choices for the shopper, the better. If you want your business to truly succeed, you need to offer your customers a variety of different options. Keep them interested and keep them coming back for more. By offering more choice, you are instantly making your business more appealing to your target market.
6. Continually strive to keep costs low
It is essential that you don’t become complacent when your business starts doing well, and start to relax when it comes to cash flow. You should always look at areas where you can save money and reduce costs. Things like paying vendors up front will give you leverage for negotiating better deals.
7. Prepare to make sacrifices
This one is not very pleasant, but it’s something you are going to have to accept if you want your business to become really successful. Whether this means giving up a few gym sessions, working into the early hours of the morning or spending less time with family and friends, you need to prepare yourself for the sacrifices that you will have to make. Once you are a millionaire, you will have to make fewer sacrifices, but on your way up there you will have to spend less time on the things you enjoy in life.
What do you think of these tips? Do you think these are the core fundamentals for being successful in business?
Have I missed anything essential out?