Financial Resource

Anonymous

I can’t remember who made this statement or where i came across it from but i really think it’s the truth. Focus is fundamental to success in business. If you lack focus, then forget about starting and building a business. I have seen new entrepreneurs dream of owning multiple businesses. Now let me ask; how can you own multiple businesses when you have not been able to run one competently.

I have also seen some entrepreneurs start a business and quit after some years. Before you know it, they have started another business. These set of entrepreneurs are always looking for the new hot business opportunity of the month. The sad fact is that these entrepreneurs will spend their entire life building castles in the air. Instead of jumping from one business to another, why don’t you simply focus and bring out the best in that single company of yours.

Remember, Bill Gates did not become rich by building multiple businesses; he became rich by building Microsoft. Michael Dell did not build multiple businesses; he focused on Dell Computer Corporation.

7. You have not developed an overall plan and strategy.

Sometimes, i am approached by highly motivated aspiring entrepreneurs who are getting ready to start their own business. “I am about quitting my job to start my own business, what advice do you have for me.” This is often the question asked by these aspiring entrepreneurs and my reply to them is always this; “Do you have a plan?

Now i am throwing the same question at you “do you have a plan? Before ever starting a business, it is advisable you create a business plan, marketing plan and an overall strategy. I will never forget the words of my mentor to me with respect to building a business:

“A successful business is created before there is a business” – Robert Kiyosaki

“A poorly designed business will fail even if the business is profitable.” – Robert Kiyosaki

Success in business starts with a plan and your overall plan or strategy must reflect three things; how to start the business, how to survive and how to grow or expand the business.

8. You have no set goals.

This is another reason why you will never be able to start and build a successful business. I hope you know that starting a business without a goal is like embarking on a journey without a destination. Why is a goal important? A goal is important because it is going to be your ultimate source of motivation and a check point for you.

Most people are lazy when it comes to goal setting and without goals, you will just be beating about the bush. If you study the life of great entrepreneurs, you will observe they are goal getters.

9. You want to do build a business alone.

If you are ever going to build a great business, then you must drop the do it yourself mentality. Whenever successful entrepreneurs are being interviewed, i always watch or listen with keen interest. While most individuals talk about doing things themselves, these great entrepreneurs always attribute their achievements and success to their business team.

If you are self centered or “I” conscious, then you will never go far in the business world. I have heard of self made millionaires but i don’t think there is anything like a self made multi billionaire. Andrew Carnegie best explains it by saying “You cannot become super rich without first enriching others.

One secret to the success of most great entrepreneur is their ability to hire smart people and delegate certain tasks to these smart people. When you think of hiring smart people, think of Bill Gates and his Micro Kids.

10. You are not willing to pay the price.

“Every goal has a process and every process has a price.” – Robert Kiyosaki

Finally, i don’t need to write much on this because it is self explanatory. What is the price of being the best in school? My answer is long hours of study. What is the price of being the best in sports? My answer is hard preparation and constant practice. What is the price of starting and building a successful business from scratch? My answer is “I don’t know.”

In the process of building a business, there is definitely a huge price to pay. What this price is; i don’t know. One unique thing about the business world is that the price for building a successful business never seems to be the same.

The price for success paid by Bill Gates is definitely different from the price paid by Ray Kroc or Steve Jobs.

All i can say is this; you will definitely not go far if you are not prepared to pay the price for success in business. Though everyone will not pay the same price, always bear in mind that you must pay a price and “with every price comes a great reward.”

At this point, i want to thank you for reading. Before i drop my pen, i want you to always remember that starting and building a successful business is not an impossibility. Rather, it is the entrepreneur that makes it either a possibility or an impossibility.

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