Business Conglomerates such as Apple, Unilever, Dell even Ralph Lauren was not built overnight… They climbed for many years to become their companies the most successful and established companies in their industries. There were many times they failed, but they never gave up. Most of these companies are the first movers in a particular industry. Yet it was not easy to win the hearts of the customers. They had to manipulate the minds to make sales.
There were times where they experienced complete losses. Once Steve Jobs, the founder of Apple was kicked out of his own business by his Board of Directors. And if he stopped from there he will not implement the NeXT computer company and eventually, Apple had to recruit Steve as the CEO for its survival.
It’s not easy starting up a business. But more than that, it is not easy to become successful. But if you have the passion to initiate your own business, then this will give you a little nudge. These top famous business owners have found and used different secrets and strategies to bring their businesses to what they are today.
These secrets can be very useful, especially for the young entrepreneurs who wish to implement their creative ideas to the world and to the ones who want to be their own boss.
1. You passion goes a long way
We all have passions for different things. Bookworms, coffeeholic all of these are people with passions. They can just disappear into the woods or to a cliff with a book or with a steaming cup of coffee. Likewise, you need to have a passion for your business. You need to start up a business because you need it. Not because your neighbor is a businessman or just because your lovely cousins are asking you to do it. If you have the passion, then you have the eagerness to find new avenues and make your business better than it was yesterday. It will eventually push you to find out the unsatisfied needs in different markets.
In this case, you need to have a passion for adding value to people’s lives. You need to create a product or service that is unique. Think about Facebook, who can ignore it? And there is no single human being who does not know about this gigantic social media network.
2. Thinking positive is a light bulb.
If you think positive, then you will attract positivity in your life. Being negative only brings sorrow, depression, and frustration. Let me tell you a little story… Fred Smith, the founder of FedEx introduced his business idea to his business management class at Yale University. It was graded as a poor assignment and received a failing grade. But he never took in a negative way. He neglected the grade and today he owns one of the famous package delivery services. What if he was crying for his grades and buried this amazing idea? He would be working somewhere and the world, even won’t know him…
If you have a positive mind, then you will succeed. There are no failures in your business pathway. Begin your day with an end in mind. Plan the sales that you need to make per day and ways to make it happen. List down all the possible options that you can use. Think about the loopholes and ways to overcome them. It will be hard in the beginning. But what else comes easily? Once you practice it, then you will have fewer regrets.
3. The 80/20 rule
This is a rule that appeals to almost every situation in life. We never really think about it, but happen a lot. Here are some simple examples that we never think… 80% of the FB posts are shared by 20% of the FB profiles. 80% of the crimes are done by 20% of the criminals. Likewise, 80% of the consequences occur due to 20% of the effects.
Always keep in mind, 80% of your sales happen due to 20% of customers. 80% of the effective promotions can be made by 20% of advertising. 80% of the profits are made by 20% of sales. If you follow the rule properly, then you can make your business a very successful one.
4. Nothing comes without working hard
There is a very common idiom called “the crying baby gets the milk”. Yeah, it’s true. Nothing comes without any effort. Miracles do happen. But, not every time. Most of the time we make miracles happen. And making them happen is done by working hard. Bolt would not become the fastest runner without continuous practices. Adele would not become a famous award-winning singer without endless vocational training. The Dell Company might not become one of the largest technology infrastructure companies if the founder gave up his first attempt.
All of these became famous and achieved their goals by working hard every day and by taking multiple training sessions. Their dreams didn’t come true by wishing upon a shooting star. They make their dreams come true. You must have the energy to make your dreams come true.
5. Flexibility is essential
People change. The environment is changing. Technology is changing. Nothing is eternal. Everything changes from time to time. Even the needs of the people… For instance, during our grandparent’s time, mobile phones were not a need. It was just a want. But in the 21st Century, the digital era, mobile phones are much needed than jewelry.
Businesses need to adapt accordingly to the changes that are happening in the world. Otherwise, you just lose the game. You might remember that Nokia was the top famous mobile phone brand in the world around 2005. But then the smartphone technology was introduced. But Nokia refused to accept the new technology and remained still. And it led them to a huge breakdown. They lost their market share.
So take the hint, you have to be flexible if you want to become successful. You need to adopt new technologies. And need to try out new strategies. Most importantly you should be bold enough to implement new plans to cater to new consumer needs. For all these things you need to have an adaptable and flexible mindset.
6. Human Resource is your precious jewelry
I know most of the systems are mechanized but that does not mean that we can work without a human workforce. Machines will do the productions, delivering, and the other parts in a process. But decision making has to be done by the employees.
Having a workforce with creative ideas and who are committed to working can achieve skyrocketed success in your business. They will always think out of the box and seeks new avenues that have the potential to grow the business. They come up with different solutions and ideas for the daily issues that the company is facing.
You have to be very wise and careful when you choose employees for your company. They must have the capability to support growth. If you choose the wrong employees then they can hinder your success and cause many problems. The work environment that you have in your company also matters. If you are having a friendly, flexible, and supportive working culture, then your employees will be happy to work in your company.
7. Planning is important, but implementing is the most important
We all plan many things in life. Even daily activities. When you wake up, you plan what to wear, where to go for lunch. And usually, we ask from friends like what are your dinner plans? But how many of these plans do you execute? It’s a common flaw in many people. But if you read about a famous successful person’s biography then, you will see that if they plan they implement them. That is one of their secrets in their lives. And that is why their businesses are also achieving new steps on the road to success.
If you need your business to become successful then you better implement your plans. But first, make sure you check the feasibility in the plan. When you create the blueprint, just gather the best employees or the associates who have creative and practical ideas. Use measurements and parameters such as IRR to check whether your new strategy is worth implementing.
8. Stay focus
Staying focus is another key to uplift your business. Even if you are walking on the road, then you need to stay focused. Otherwise, you will get hit by a vehicle or fall into a pit. Likewise, you need to pay attention to your business as well. You need to analyze your strengths and enhance them. Further, have to analyze the threats and find solutions to mitigate them. Then you need to analyze your competitors and implement new strategies to protect your market share. If you lose focus, then you will never know until you hit bankruptcy.
9. Transparency can gain trust
When you do something genuinely you will have many positive feedbacks. When you offer a product with good quality at a reasonable price, then you can attract more customers and retain them. They will even spread the good words and bring your more customers. This we call “word of mouth” which is one of the most effective promotional tools that we can use. And this is why many big companies are following a strategy called “best cost strategy” where they offer products with unique features at a reasonable price.
For example, take The Toyota Motor Company. The car model Lexus was introduced to cater to the high-end vehicle market segment. They started offering the high-end quality that is standardized up to BMW and Mercedes Benz but at a lower price. Soon they became the second best-selling luxury brands in the USA.
10. Reinvest to earn more
This is a common mistake that most of the businessmen do. Instead of reinvesting a portion of the business, they spend the entire revenue on their personal needs. If you do this then your business will remain at the same level or even fall off to a lower level. It is important to enjoy your life, but also remember that you can enjoy more if you earn more… Have the practice to divide your income into portions. And have a certain portion for reinvestments. You must not spend and then save. First, you must save, and then you can spend the rest. That way you can secure both your business and life.
These are the common secrets that most of the successful entrepreneurs have used to bring their businesses into the spotlight. Always remember, the most important thing you have to have is patience. It takes time and courage to walk along in the pathway of triumph. You might face drawbacks and negativities, but if you believe in yourself and have patience one day you can take your company to the place that you desire.
