As an entrepreneur with a diverse range of businesses, I regularly get asked by people aspiring to run their own businesses what the key principles are that have helped me to achieve success. Frequently faced with this question, I try to give the best advice possible – but due to my busy schedule and not having a full understanding of the person’s strengths, weaknesses and key qualities, it’s hard to give that one piece of pivotal advice.
It’s through dealing with this scenario that I have decided to write a list of the ten success principles that I have used to guide me in my business and personal life.
Hopefully you will find these tips useful and can implement some of these principles in your everyday life.
One of the key criteria for me entering or investing in any business is the potential scalability of that business. Many entrepreneurs go wrong by failing to research the market before going in to it. It’s common within the business world for business owners to limit their success by starting a business based on their passion, even if the market is not big enough for that business to grow. So when considering a start-up business, it’s essential that you choose a business that you will be passionate about, but what is also equally important is that you choose a business that is scalable. The first step of checking the potential scalability of your business is to look at how big the market is and how great the current demand for your service or product is. Once you base your business on this foundation it makes your business life so much easier.
Networking has been essential in helping me to grow my businesses and find great investment opportunities. Every successful partnership I’ve formed, every investment deal I’ve closed, started off by simply making the effort to network. Make a commitment to regularly attend events, seminars and exhibitions where you can meet new people who can potentially add value to your life. Through doing so, you will get the chance to share ideas with people and open new doors of opportunities for yourself.
When starting your business ensure that you equip yourself with the best possible team. When starting a business I have always focused on hiring talent that has strengths in the area of my weaknesses. You must adopt this same attitude, even if at first you recruit just a single staff member to your team. Remind yourself that what can usually take one person months to do, as part of a team that person can accomplish the same thing in weeks. If you want to start reaping measurable results get the best team and delegate, delegate and delegate.
Treating others with respect has served me well and worked to my advantage in my personal and business career. My parents raised me with the mindset to treat all people equally and not differently because of the level of their achievement or the size of their net worth. I believe that every human has been blessed with a talent and has a lesson to offer. So my advice is to treat everyone with respect because you may one day need them. Do remember that someone down and out today could be the world’s most important person in the future.
I believe that the will to succeed is more powerful than the skill. I’ve met many people who have incredible natural talent and all the qualifications in the world, but due to their lack of motivation they don’t get very far. I’ve also come across those who are less talented, but surpass the ones with natural gifts due to cultivating an undeniable will power and determination to succeed. My advice to you is not to limit your goals because of your lack of knowledge or skill; with the will power you will automatically attract the resources, skills and opportunities along the way.
The phrase “believe in yourself” is a cliché but very true. If you don’t have any faith in yourself you will remain looking for external help, when actually you can help yourself. The moment you have self-belief and are confident you instantly become resourceful, productive and take more actions than if you were less confident. The best advice I can give is to get into the habit of acting with self-confidence, acting like you have the answers, and then through time confidence will become second nature to you.
Whenever I have decided to start a business I’ve always written down a vision to direct me in the right direction. It’s important that in anything you do you set goals. It’s by having a clear goal that you able to figure out the most appropriate steps to get you there. When you write a vision for yourself make sure it’s something compelling that you have a burning desire for. It’s usually the big visions that will keep you working day and night to succeed.
In my businesses the motto I push to my employees and myself is to strive for perfection. Once you set a standard for excellence, the work you do will stand out above the competition. Whether you are creating a product, making sales calls or writing business proposals, make sure you put your full effort into it because the more you put into life, the more you get out.
The most common attribute I’ve seen in self-made millionaires and billionaires is the ability not to quit on reaching their vision. If you aim to achieve anything great in life and are not willing to face rejection, temporary failure or setbacks, then the likelihood of you achieving success is virtually none. The way to overcome failing situations is to understand that failure is not the opposite of success, but instead the stepping-stone to success. Resolve to never give up until you succeed.
If you fail to plan, you plan to fail. Make it a habit to set a detailed plan on how to accomplish and reach your objectives. Once you have created your very own strategy you can review it and make alterations to it until you discover the formula that will work for you. Without a plan it’s easy to become less productive, but with a plan it’s easy to gain results.