3 Essential Elements of Operating a Successful Business
by Michael Brassil
Published on this site: September 9th, 2005 - See
more articles from this month
Have you ever imagined what it would be like to live your
dream? A good place to start would be to recognize that there
are three elements, and only three elements, that separate
success from failure. If you exercise one of the elements,
you might just be successful. Two and you will probably succeed.
Three, and you can practically guarantee your success.
What are they? They are deceptively simple, and deep down
inside you know what they are. But to purposefully write them
down and use them as guides in selecting your dream business
will make all the difference in the world. As you go through
this exercise, you will dramatically build on your chances
of success. Nowhere will it count more than right here, deciding
how many of the three essential elements will qualify you to realize your dream.
- Find a need!
Is there a market niche for your particular product or service?
Does the world, or even your community, need what you have
to offer? Only by sampling and testing will you be able
to determine this with any degree of certainty, but we will
be covering this as we go along in greater detail. The most
important aspect would be to determine a Unique Selling
Proposition for your product or service. Too many business
owners are just trying to be me-too companies. You cannot
be just like the next guy and expect to prosper in this volatile economy.
One of the most important things I learned from my Dad was,
there are really only two things to consider, and next to
them everything else is minor. Those two things are: (1)
What do you really want? And just as, and perhaps even more
important, (2) Are you willing to do whatever it takes to
achieve it?
What do you really, really want from this endeavor? What
is your ultimate goal? Are you willing to do whatever it
takes to achieve this goal? Instead of looking for a business
based on how much money you can earn up-front, select a
business based on your love for that endeavor. The most
successful and fulfilled people are individuals who are
following a dream or vision of their own. They are not just
out trying to make a buck.
What opportunities can you act upon? Woolworth saw a need
for small inexpensive items and opened the chain of stores
that grossed billions. Wrigley started giving gum away as
a bonus, and seized the chance to expand worldwide.
You must create a uniqueness to your product or service.
What can you offer that no one else can offer? Is it a better
warranty, improved customer service, more technical support,
faster shipping, or lower price? Think of something that
will set you apart from your competitors and describe in
detail exactly what it is.
- Be good at what you do.
Are you as good as, or better than, the next guy when it
comes to producing/marketing your product or service? This
element equires an honest self-assessment. "What are
my abilities?" To determine your abilities you must
take an honest inventory of yourself. Examine every possibility
and be sure to include strengths and weaknesses. Will your
strong points be able to let you overcome your deficits?
- Have true passion for the business.
If there is one element you absolutely cannot do without,
it is passion. Passion is an irresistible attitudinal energy
that generates power. Do you have a passion for working
with your particular product or service? Notice, I didn't
say "do you like what you want to do?" There are
too many competitors out there who are ready, willing and
able to "eat your lunch" when it comes to competing
with you. They may have found the same niche that you have
found. They may like what they do as much as you do. But
what separates the winners from the losers is passion. What
are you really passionate about? If your answer is, "I'm
passionate about making a lot of money." That is not
the right answer. Making a lot of money is consequence of
engaging in a successful activity where you remain motivated
long enough to be successful. The key to creating passion
is to find and do what it is that you truly love. Passion is the laser-like focusing
of our creative life force. We do not create passion. (Don't
confuse passion with being a workaholic. Workaholism devours
while passion amplifies.)
So there they are, the three key elements to having a successful
small business.
Michael (Mike) Brassil is author of "The Only
Business Start-Up Guide You Will Ever Need." Download
two chapters - Starting a New Business and The Home Working
Revolution - at: http://www.ImpactGuide.com
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