5 Key Ingredients of Business Success
Author: Abel Cheng
What do you need to have for a successful business? Many people focus
too much on the money part and neglect other important ingredients of a
successful business. Here's the list of key ingredients for business
success:
1) Time: You must understand that time is money. In business, our
objective is to make money. Period. But the question is how
productively you convert your time into money. Are you making full use
of your time or you just let the time pass by you?
How much you make depends on how good you are at converting time to
money. If you are already productive, then you may want to ask what are
the things you can do to improve further the ratio of dollar/second? If
you are making $0.01/second, what you can do to make it $0.02/second?
Or even more. Remember time is the most valuable asset and once it's
gone, it's gone. Also time is also the fairest distribution of
resources every human being receives.
2) People: To be successful in business, you must have people
connections. I mean the right people. People consist of customers,
suppliers, partners, staff, and associates.
One thing that you must not leave out is your mentor or coach. Having
genuine mentors or coaches is very important and it can make a very big
difference in your business.
If you are serious about improving your life or business, and you are
looking for a coach, I might be able to help. Drop me an email at
http://www.abelcheng.com/contact
To make sure that you have more profits, you must serve people well.
Organize your database of people connections. By simply knowing who
does what, who supplies what, who needs what, where to get what make
you miles ahead of other people. To organize your connections, you can
either use a paper folder or computer spreadsheet.
3) Knowledge and Skills: When I talk about knowledge and skills, I am
not referring to academic knowledge that you find in schools or
colleges. What's more important to you is knowledge and skills that can
bring you results you want.
How many MBA holders that you know of have become business owners and
have made tones of money? That shows getting the right knowledge and
skills is important. Don't blindly go after knowledge that could drown
you. Go for knowledge and skills that are universally tested and
proven.
Examples of right knowledge and skills are where to get what from who,
money making trends, marketing strategies, art of dealing with people,
negotiation skills, selling skills, skills of managing and growing
money, investment skills, universal laws of success, and more. Don't
waste time on unnecessary knowledge as I went through that before.
There's only so much that you need to know and learn. Be sharp and
focus when you acquire knowledge and skills. Don't follow what normal
people do.
4) Personal Health: In fact, this is the most important ingredient of
all. How can you run a business without a healthy body? In order to
maintain an optimum health, you have to provide your body with proper
nutrients and sufficient exercise. And also don't forget about
emotional well being. Don't let anger and other negative emotions
control you.
This is where positive and empowering attitudes come into play.
Maintaining your body is just like maintaining your car. If you send
your car to workshop for regular service and pump petrol regularly, why
don't you do the same for your body? It's something for you to think
about. Don't be stingy over spending money for your own health because
physical and mental health can cause you a lot of money in the long run
if your body is not taken care of properly.
5) Money: Let's face it. It does take money to make money even you need
a little. But you might not need a lot of money to start a business
because there are many ways to start one with low capital.
I meet a lot of people who want to be rich but are not willing to
invest the money. You must invest in something in order to for you to
get something. The law of sowing and reaping is at work. Don't expect
something without investing anything. Money is one of the investments
you need to make.
Even though you don't need to have a capital for your business, but at
least you must be able to cover your expenses while building your
business. You also need money to buy products to stock up and other
stuff. So, you must at least come up with whatever amount that you have
to start a business.
These are the five basic ingredients of business success. Do your best
to acquire or grow or invest in these ingredients. But the good thing
is you don't need to have a perfect combination of ingredients to get
started. You can still perfect the ingredients along the way. Somehow,
get it started with what you've got.
Abel Cheng
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