By Mike Anderson
I frequently talk about the topic and just about every day, wherever I may be, I get posed this question in one format or another, 'What do I need to do to become a successful business owner or entrepreneur'.
For an entrepreneur, success is just about everything. Entrepreneurs commit their life searching for success. Some make it, many don’t. Success on its own is a powerful word with many interpretations. I would like to define ‘success’ in two words – ‘true happiness’. If you think about it, if you are truly happy as a person, then surely that is success. Your own success is what brings you to ‘true happiness’. It's personal, it's everything and it’s a choice!
How do many mega-entrepreneurs of the world achieve quicker success over those who have given up and failed or taken much longer than ever expected?
I want to highlight some of the points that have been the most obvious:
o They’ve given more thought to planning their business before starting out.
o They build something they believe in; they believe in their purpose and in themselves.
o They love what they do. They have chosen something that is in line with their own personal interest and passion.
o They have business knowledge, experience and interest in the business they ventured into.
o They are willing to put in never ending hours of work themselves. For them, it's also their preferred hobby.
o They dig deep to build something radically different and radically better.
o They never, ever give up control, until they sell. They always remain in the driver’s seat.
o They figure out how to achieve their goals on a tiny budget, and then they cut that number in half. It will always cost twice as much, and take twice as long as you think. Apply the principles of lean to your business from day one. Your goal is to stay alive until you can nail your secret formula for success.
o They take care of themselves and their families. If you aren’t laughing or smiling on a regular basis, recalibrate. The notion that we need to kill our family relationships, personal health or level of sanity to build our own business is sadly misaligned. Just don’t go there.
o Even when they have everything to lose, they act like they don't. Regardless of the amount of money they have or the size of their company or the amount of wealth they have, those people that take action and risk without the fear of failure are the ones that will ultimately take market share.
o They work towards being significant. The key is not to worry about being successful, but to instead work towards being significant, and the success will naturally follow. If you do work that you love, and work that fulfils you, the rest will come. The reason why they have been able to be so financially successful is because their focus has never, ever for one minute been money.
o They have adopted the habit of saving and investing. They have more investment capital of their own and have been less reliant on borrowings.
o They have taken on the role of being the ‘rainmaker’. They secure big clients and conclude big deals. In this way they bring in the money fast and borrow less.
o They have a clear, uncluttered focus and a product or service which appeals to their customer base. Their customers love what they do and are willing to pay for the product or service.
o They learn from the pitfalls of others and get the best advice from the right people.
o They act quickly and change direction when they hit a 'T-Junction' or when something doesn’t work in their business.
o They demand excellence from themselves and take responsibility irrespective of what happens.
o They don’t throw in the towel – they just keep going. They have that built in resilience factor, and are able to without hesitation, bounce back positively and keep moving.
Most businesses do take time for success. Many people give up when there’s no immediate success and the 'entrepreneurial honeymoon' is over after a few months. They’ve only heard about the success stories and weren’t prepared for the unexpected challenges and the price one needs to pay.
Yes, we all hear about these mega-entrepreneurs and the 'wow' success stories attached to them. What you don’t hear are the horror stories. Many of these tycoons have being bankrupt more than once and many up to seven times. What does stand out is that they never give up. Failure has never been an option.
Mike Anderson is Founder & CEO of the National Small Business Chamber (NSBC)
