WHAT MAKES A BUSINESS SUCCEED?

Obviously, it is the opposite of that of what makes it fail. It again all boils down to the mindset of the owner. Specifically, however, some of the qualities that a successful entrepreneur has are:

Vision – Real entrepreneurs see what others do not. They will always see opportunities to add value to something. For example, bring a tycoon and an employee together in grass field. What do you think each sees? The employee will see only grass all around him but the tycoon sees buildings, hotels or other real estate projects.

Resilience – Every business is a roller coaster ride. There will be moments of disappointments and extreme frustrations. But a cold blooded entrepreneur will keep moving forward despite this. He does not let anything stop him from achieving his goal. He has the motto of “only losers quit”.

Expanded Comfort Zone – T. Harv Eker said that “Your comfort zone is in direct proportion to your income zone”. In pursuit of success, every entrepreneur shall encounter very uncomfortable situations (i.e. borrowing money is a very uncomfortable situation especially for people who got accustomed to the belief that you are poor if you borrow money). The strong willed entrepreneur expands his/her comfort zone such that he/she is able to do things he/she has never done before. Imagine how uncomfortable the 17 year old College dropout Bill Gates must have been when he talked to the then CEO of IBM selling a product that he never owned (the DOS). If he had not done that then we would not have Microsoft now and he wouldn’t have been one of the wealthiest men on earth.

Great money management skills –It starts with his or her habits with regards his/her personal money. The lifeblood of any business is cash. That means the business should never lose cash. A good money management system therefore ensures the business has life.

Passion – This is what keeps the successful entrepreneur up all night. Because he is too excited on what he will do next, he cannot stop thinking about it and thus he has extreme levels of adrenaline. He loves creating and it is the essence of his entrepreneurship.

Mastermind group support system – No successful businessman created his success all by himself. Business is all about teams. The successful entrepreneur surrounds himself with success minded individuals. He spends more time with fellow entrepreneurs than employees. That doesn’t mean he has no friends who are employees, but it’s just that he does not like talking about paychecks, bonuses, vacation leaves and other employment related matters. In relation to this, he keeps expanding his network as he knows that success depends heavily on his network and not his expertise. While employees constantly strive to pursue further studies just to be more specialized and increase their job rating, the entrepreneur strives to meet more and more people everyday.

System orientation and not product orientation – As Robert Kiyosaki said, there are lots who claim they can make better hamburgers than McDonald’s but they can’t make a better system like McDonald’s. Successful entrepreneurs think duplication is the name of the game. And you can only duplicate when there’s a system.