Innovative Entrepreneur Life | Successful Business Characteristics

The Keys To Success In Business

2009-11-21T03:31:00.000-08:00

Success in business has nothing whatsoever to do with salesmanship, little to do with a knowledge of your company’s products or services. It is owing to some far more basic fundamental principles which will determine your success or failure at anything you do in life.
They are your A,B,C’s, Attitude, Belief and Consistency. Taking them in reverse order.

Consistency:

We get up every morning, we brush our teeth wash, get dressed have breakfast. We are consistent in our actions. We do it every day. We need to do the same in being consistent with our tasks associated with our business for the days that we have chosen we are going to work, be it 1 or 7 days a week. We need the 6 marbles in our left pocket or left side of our bag and transfer 1 marble to the other side every time we have carried out a positive action i.e. seeing a customer, talking to someone about the business, etc. etc. We need to do it consistently. We need to have transferred all 6 marbles (better still 10) by the end of the day. We need to concentrate on the actions not on the result. I’ll repeat that, we need to concentrate on the actions not on the results. When we go mountain climbing, if we would continually look at the summit we would soon trip up and fall. We need to concentrate on every step at a time, one after the other and as surely as the sun goes down we will reach our summit.

Belief:

An absolute and genuine belief in our business, it’s products and services and what it can give it’s customers.

Attitude:

Possibly the most important of these three but useless on its own. It’s no good having the best attitude in the world if one’s sitting on one’s own in a closed room not talking to anyone. So what is attitude apart from how one feels about oneself and others. I describe it like this. Your face is transparent, totally transparent and your attitude shines through whether it’s positive or negative. The first second that a prospective customer sees you maybe even before you see him, your attitude comes through. The customer sees it, maybe only subconsciously and will react accordingly. We all know that the first thing any salesperson has to sell is themselves even before they open their mouth. If they can’t sell themselves they might as well turn round and go home and go back to bed. If they can’t sell themselves they wouldn’t be able to sell packet of peanuts or a Mars bar.
Another description of attitude, when I took my 14 year old daughter recently to Disneyland Paris we went one evening to an aquatic circus. Very unusual, people diving, dancing and somersaulting on water. It was a spectacular show. What made it even more enjoyable (we were sitting on the front row) was the fact that all the performers without exception were obviously really enjoying themselves. They were loving every minute of it and gave it their all. Their attitude really shone through like a beacon and this made our enjoyment total.

So when we get up in the morning and do our consistency things let’s get a really big warm smile from within feeling good about ourselves and keep that all day. When we go about our business we need to keep out good attitude with us. If we can’t also be in the place where we are physically there’s no point being there in the first place. It’s easier to ride a horse in the direction that it’s going.

So those are my 3 all important ingredients that determine one’s success or failure at anything in life.

How to achieve the perfect work-life balance

2009-06-02T05:14:00.000-07:00

Many successful entrepreneurs are de-prioritizing achieving a work-life balance in today's work culture of high pressure and competitiveness. According to a recent study of the 1.7 million respondents who agreed they suffer from excessive work hours and job stress, a whopping 64% admitted it was 'self-inflicted' and was taking a toll on their lives. 81% of the respondents said work was adversely affecting their health while 46% felt it was affecting their interpersonal relationships.

There is no rule as such for what a proper work-life balance is. Your personal circumstances, whether you are in your late thirties, married with children and living with in-laws or a swinging single, fresh out of university, determine your priorities. The bottom line is simply to invest some quality time for yourself, to allow yourself the chance to stop and smell the roses rather than letting work and strain overcome you only then you will be able to manage a successful business.

Identify, identify:

A good way to start is, to keep track of everything you do in a week towards meeting your goals. Identify avoidable activities by figuring out how to by-pass them. Next for important chores, try to improve your efficiency. Jotting down daily 'to-do lists' is a great way of managing your day-to-day affairs, rather than leaving things for the fag end, when your productivity level is at its ebb.

Grab some sleep:

Another simple way of improving effectiveness is to get enough sleep. You may feel guilty for sleeping that extra hour, but it may be worse if you don't. Sleep deprivation may result in more mistakes at work and therefore, force you to spend an additional two hours rectifying them.

How to make your people respond

2009-05-17T09:55:00.000-07:00

As a business entrepreneur, you cannot do everything yourself, you have you get the full support of those who work with you. And sometimes it is important to look for that something that will change your focus, albeit for a while.

Does this sound like double Dotch to you? If it does then remember that it is the simple and innovative things in management that count in the end. Things like conversation. How often have you had a conversation-no, not work related-with your team members? Try it and see what a difference it can make.

As an entrepreneur you do have a lot at stake as far as deliverables go. But equally it is the people with whom you work that can give you those deliverables. So it would be in your interest not to only focus on the things you have to do, but set your sights on the people you have around you. Get to know them personally. Find out who has what strengths and hone in on them.

Sometimes a little tweak is all it takes to make that magical difference. For example, ask yourself how often you have had a conversation with your colleagues- not work related, but just fun related. Try it and see what a difference it will make to you and your team. Remember, you can not do everything yourself, you have to get the full suupport of those who work for you or with you. So, it makes sense to get to know your team.

When you show an interest in your team as real people you will find that you will get their support and have a whole load of willing, capable and enthusiastic people around you.

Acknowledge the efforts of your team | Make them feel important

2009-05-11T05:28:00.000-07:00

In a successful business organization, people need to feel that they are important to the job they hold. This is the first lesson that you need to learn if you are a manager leading a team. Money is not everything and in these bleak financial times when nobody is giving increments and people are being given pink slips, you need to reach out to the members in your team and let them know that you care for them.

Here are some ways by which you can tell people how important they are!!

First ensure that you create goals that are shared and that show the tie-in of individual work with the organizational goals. This way the person who has performed will be truly rewarded. What makes people feel important is the high expectations that they have nursed during their performance. These have to be acknowledged. This is one of the important business characteristics.

You could also settle for nothing less than the best. When you come to selecting someone for a job, be sure that you are not playing favorites. This is something your team members will be looking out for. Go with the right person for the job regardless of the how tempted you may be to give the job to someone you secretly favor. This way you will get a reputation of a good business entrepreneur for being impartial and fair. Also, the person who gets the job will feel truly good about himself.

When it comes to appraisal time, be sure that everyone gets his or her just dues. You may not be able to raise the salaries of your team at this point in time but you could think innovative sops like extra leave, food coupons, gas coupons and so on.

You should also know that you as a leader are in a position of both respect and trust-respect you command and trust you earn. It is imperative that you are trusted. Therefore, in your role as a leader, make sure that your actions reflect a fundamental respect for others.
And last but not the least, respect people’s time. You may enjoy sitting late in office but others may want to get home. So finish all the work that involves the team first of all so that they can leave you busy at work.

Becoming a Successful Business Entrepreneur

2009-05-01T09:40:00.000-07:00

Becoming a successful entrepreneur does not require a lot of money but require innovative ideas and a strong urge to do something extraordinary and prove oneself. It is amazing that there is no need of huge investment to become an entrepreneur. Because, if this would be the major requirement then none of the following would have existed who have created history.

When, Michael Dell, the founder of Dell Computers, started his business he was having only one thousand dollars that too were borrowed. Bill Gates started his business with just five hundred dollars. Even after starting their business with so less investment its well known where they have reached by now. Perhaps on seeing their success, the students of well known business schools are going towards entrepreneurship instead of placement in good companies. Then what are you waiting for? Get ready to sail as an entrepreneur in the ocean of global market.

Your Success Plan

According to a recent survey, the young generation is inclined towards entrepreneurship even in the present recession period. To venture a new enterprise you require a success plan.

Unique Business Idea:

It is essential to have an innovative business idea to start any type of new business. Especially an idea that is really unique. Before starting any new business it is mandatory to the homework related to the business.

An excellent Business Plan:

You are required to prepare a roadmap on the idea including features, gains, price, competition, and finance etc. In addition, there is need to do market research in the relevant business area. You are also required to look into the long term feasibility of the business.

Using Finance as a fuel:

If you are planning a 100 km journey and your car does not have the required fuel then you just can not imagine reaching your destination. In the same way if you have prepared a business plan and you do not have the required amount of investment then you can not achieve your goal. You should know well in advance that how much investment is needed for the venture. You can arrange finance from bank, relatives and friends.

Proving Yourself:

After doing the business planning, the main phase is to execute the business plan. Sales and customer service are the acid tests for a new businessman. In fact, this is the time when you are to prove 100% of your skills so that people start entrusting you. Its only then, when the real success story starts.

Taking Risks to be Successful-II

2009-04-08T09:10:00.000-07:00

Whenever you are running a business or indeed taking any kind of work, you will come across problems of all kinds. These should not dampen your spirits. All problems have solutions. They actually pave the way to success.

Remember, Failure is part of the process of success. People who avoid failure also avoid success. All types of people make this world and the ones who matter are the ones who spur you on the chase your dreams. If the more cautious friend is urging you to consider your decision to take a risk that could end up in making you a millionaire, do stop and think- but go with your gut feel. This is one of the essential characteristics of a successful business entrepreneur.

Opportunities present themselves rarely, and it is up to you to use them to put your best advantage. There is something to be said in taking a calculated risk. Here you know about the pros and cons of the risk and if the pros outweigh the cons, become innovative, there is no harm in going for innovative ideas.

Is your dream of being successful at business worth the risks you take? Will it be a foolish decision to take risk? And finally, you have to decide, because in the end only you can finally take the call.

Taking Risks to be Successful-I

2009-04-03T03:57:00.000-07:00

Every risk taken, and every mistake made is a learning experience. It is always wise to be prudent. But when you are running a business, it is wise to be prudent and also take the odd little risk. This is what makes the successful businessman stand apart from his more conservative counterparts.

Most successful businesses are the ones that take risks in order to move forward. If you allow yourself to be a victim of self-doubt, you will end up denying yourself the potential reward of success. It is a commonly accepted fact that at the 4end of an innings, when you look back on your life, you may not regret the risks you took but you will definitely regret the risks you did not take.

One way to train your self to take a few risks is to practice taking small risks. Of course, you may end up making some wrong decisions, but the better you get at risk taking, the more success you are likely to have in the future. After all, every risk taken and every mistake made is a learning experience.

I will write some more strategies in my next post.

Best Practices in Team Management

2009-03-23T07:57:00.000-07:00

Are you the type of manager who wants your people to succeed? Are you happy when they experience success? Or are you the type that constantly looks over your shoulders hoping that no one will pip you to the post? For this, you require leadership and team building qualities.

The best managers delight in the success of their teams. They enhance their job skills and job competencies. They realize that their success depends upon everybody’s achievements and they know that the more the team evolves and grows the more it will achieve. Here are some tips which can make you become a deft manager.

Acknowledge Your Team:

Get out from behind your desk and start walking around the shop floor and tell your people they are valued by stopping to chat, praise etc.

Ask for advice:

You will be surprised at what people can tell you. Never discount anyone’s knowledge- use it to your advantage. You will be astonished to know their skills.

Let others shine:

You have to be able to give others the message that you are fallible. Let them feel that you may not have all the qualities but with their support, you will succeed. Never forget that motivated people are more likely to do a better job. Also use other sorts of motivational strategies for employee motivation.

Arouse team support:

Don’t create dissension between team members or let members of the team create it amongst themselves rather use team building exercises to enrich their team building qualities and skills.

Humor it all takes:

Show your team your lighter side. There is nothing like a good laugh to blow away those cares. It is a secret law of attraction.

Lead by example

2009-03-15T08:02:00.000-07:00

Getting people to do your bidding may be what some call effective leadership. But beware! Leadership by trickery is what will make your team unduly suspicious of you. If you want to develop a long term foundation for leadership, then take the larger picture into account and think about how your actions will impact your colleagues and the company you work for. Thus, to build a foundation of trust, you must act with integrity.

This means that you have to keep your promises. Leaders often make commitments when they are in a friendly mood and then forget about them or don’t follow them through. Once, however, you have the reputation of meaning what you say, you will automatically increase your integrity amongst your colleagues and co-workers.

However, a word of warning. If and when you commit to something, make sure that you put it within the correct time span. You can not promise someone a promotion and leave it in the air. You have to assure the employee of the time as well.

It could very well happen that despite your very best efforts, a promise you made does not come through. The best way to handle this situation is to be upfront and honest about it, and tell the person the truth. If you hide and prevaricate, it will only damage your reputation. Do not apologize and try to come up with some other way to work things out, because you will cut a sorry figure.

Always Keep Your Word

2009-03-13T05:50:00.000-07:00

Promises are important in any relationship, but in business, they are especially important. Forgetting promises erodes trust. This will affect you and your business in the long run. That is why “give to get,” is the mantra of most successful business houses.

The fact remains that the better assisted you are by an affiliation of varied business and personal contacts, the better you will be able to perform in today’s fast-paced environment. Plus, the better equipped you will be to initiate change if and when the need arises. The professional contacts you build during the various stages of your career will enable you to maintain an active flow of business information.

However in all this, remember, never to renege on your promises. Think about it: in an expensive moment, you might have committed one of your products at a heavy discount to someone. But the next day, you realize your folly and try to get out of the deal. This is the worst thing you could do.

Fulfill your promises even if it means that you could be out of pocket temporarily. In the long term, you could get something more valuable from the person you made the deal with.

As author Steven Covey has said in The Seven Habits of Highly Effective People, “ I had enough credit in my ‘emotional bank account’ to tide me over.”

How to become a successful entrepreneur?

2009-03-10T22:55:00.000-07:00

You can succeed in your venture as an entrepreneur if you possess the five key entrepreneurial skills: Concentration, Organization, Discrimination, Innovation and Communication.

Concentration: This is nothing but single minded focus on a specific objective. If you are not focused, nothing will get done. You will have to put all your energy into getting your business on the road and work towards your goal dedicatedly. Plan three things to do everyday and ensure that they get done. If you are faced with a crisis, deal with it with determination.

Organize: If you are not organized, your business will flounder. You must have a system that works. Your accounts, for example must be up to date. Your order must be at hand. You must be able to take more orders and deliver them effectively and efficiently. All this comes under organization and you must be prepared to cope with and outdo competition.

Discrimination: This means that you have to differentiate between the important and the unimportant. Remember the Pareto’s 80/20 principle: 20 percent of anything will bring 80 percent of the results. You thus have to discriminate between the 20 and the 80 percent. Let’s take an example, suppose you have a team member who is in the 20 percent bracket and is causing you no ends of problems. The solution- let the person go. If you have an employee who brings lots of business, focus your energy on him/her.

Innovate: Think of ways in which you can better do things. This also suggests that you are constantly being creative, thinking of how to get new clients, beef up your internal and external operations.

Communicate: This means that you must be able to get your point of view across effectively. When it boils down to business, you can not afford to have people not listen to you. So, if you want your clients to really listen to you- convey it in the most effective manner possible.

Time to Take Action

2009-02-08T06:18:00.000-08:00

It is important that our work and life have a balance. You may hate what has happened to your life. But, you probably don’t know how to change the landscape. You will be happy to know that you can change your life.

Whether you make this decision for health reasons, relationship reasons or simply out of the need to get control over your own life, you have more than enough justification and motivation to make the move.

However, you need to make a firm commitment to this change. Be realistic about how fast and how far you can go with this plan. But, let’s be clear about something. What we are talking about here is not quitting your job and hoping that someone will donate money to the cause. There is a real difference between achieving balance in your work and family life and the idea that you don’t have to work at all.

Work is part of life, and it is healthy and constructive. It pays the bills; it gives us the reward of real accomplishment and feeling of useful participation in the community and in society. What we are talking about here is the rational balance of your work and social life – a balance that is all too rare in today’s society, and one whose absence has caused sky-high healthcare costs and a dramatic increase in stress, psychological and relationship problems.

If you have decided to jump off the merry-go-round and seek some occasional solace with your family and friends, you must have a plan for your escape.

First, and foremost, you must set goals, Involve your boss, co-workers, friends and family in the process and keep the lines of communication open, and you’ll end up where you want to be. Sounds easy, doesn’t it?

Depending on your age and how long you have run the rat race, you may find it harder than you thought it would be but with perseverance and the right support network, you can succeed.

A Vision of Success

2009-02-02T06:02:00.000-08:00

Success is more than economic gains, titles, and degrees. Planning for success is about mapping out all the aspects of your life. Similar to a map, you need to define the following details: origin, destination, vehicle, backpack, landmarks, and route.

Origin: Who you are

A map has a starting point. Your origin is who you are right now. Most people when asked to introduce themselves would say, “Hi, I’m John and I am a 27-year old, university student.” It does not tell you about who John is; it only tells you his present preoccupation. To gain insights about yourself, you need to look closely at your beliefs, values, and principles aside from your economic, professional, cultural, and civil status. Moreover, you can also reflect on your experiences to give you insights on your good and not-so-good traits, skills, knowledge, strengths, and weaknesses. Upon introspection, John realized that he was highly motivated, generous, service-oriented, but impatient. His inclination was in the biological-medical field. Furthermore, he believed that life must serve a purpose, and that wars were destructive to human dignity.

Destination: A vision of who you want to be

“Who do want to be?” this is your vision. Now it is important that you know yourself so that you would have a clearer idea of who you want to be; and the things you want to change whether they are attitudes, habits, or points of view. If you hardly know yourself, then your vision and targets for the future would also be unclear. Your destination should cover all the aspects of your being: the physical, emotional, intellectual, and spiritual. Continuing John’s story, after he defined her beliefs, values, and principles in life, he decided that he wanted to have a life dedicated in serving his fellowmen.

Vehicle: Your Mission

A vehicle is the means by which you can reach your destination. It can be analogized to your mission or vocation in life. To a great extent, your mission would depend on what you know about yourself. Bases on John’s self-assessment, he decided that he was suited to become an engineer, and that he wanted to become one. His chosen vocation was an electronics engineer.

Travel Bag: Your knowledge, skills, and attitude

Food, drinks, medicines, and other travelling necessities are contained in a bag. Applying this concept to your life map, you also bring with you certain knowledge, skills, and attitudes. These determine your competence and help you in attaining your vision. Given such, there is a need for you to assess what knowledge, skills, and attitudes you have at present and what you need to gain along the way. This two-fold assessment will give you insights on your landmarks or measures of success. John realized that he needed to gain professional knowledge and skills on engineering so that he could become an engineer. He knew that he was a bit impatient with people so he realized that this was something he wanted to change.

Landmarks and Route: S.M.A.R.T. objectives

Landmarks confirm if you are on the right track while the route determines the travel time. Thus, in planning out your life, you also need to have landmarks and a route. These landmarks are your measures of success. These measures must be Specific, Measurable, Attainable, Realistic and Time bound. Thus you cannot set two major landmarks such as earning a master’s degree and a doctorate degree within a period of three years, since the minimum number of years to complete a master’s degree is two years.

Anticipate Twists, Deviations and Potholes

The purpose of your life map is to minimize hasty and spur-of-the-moment decisions that can make you lose your way. But oftentimes our plans are modified along the way due to some inconveniences, delays, and other situations beyond our control. Like in any path, there are twists, deviations, and potholes thus; we must anticipate them and adjust accordingly.

Setting Life Goals

2009-01-31T08:02:00.000-08:00

It has been said “Time is the coin of your life. It is the only coin you have, and only you can determine how it will be spent. Be careful lest you let other people spend it for you.”

Now, let’s talk about Goals. Like any other important life decision, you have to have goals or you are shooting in the dark. To set Goals for your life, you have to take your expectations and translate them into the ‘what’ of what you want to achieve and the ‘when’. Be as specific as possible.

Be Simple Be right

Remember, the best way to set goals is to word them simply but specifically. That way you can measure your success without trying to guess whether you succeeded. The next task at hand is to figure out HOW to achieve your goals. Remember that your expectations and goals must be realistic or you will never get to where you want to be.

Now it is time to figure out just how realistic your expectations and goals are, because you have to establish a plan to achieve those goals!

You can probably think of more questions you’ll have to answer! But, this list will give you some idea of the considerations involved in just one goal. For every goal you set, you will have to think about how reasonable the goal is, how achievable it is and exactly how you plan to accomplish it in the timeframe you have set for yourself. When it comes to the goals of your family and friends, the emotional attachment and desire to do the right thing may make it hard to think clearly and to accurately plan for how and when these things will happen. Be honest with yourself and with each other and by all means include your support network in the plan. Ask your family to come up with ideas about how you can accomplish these things. Brainstorm and leave the door open for crazy ideas. You’d be surprised at what you might uncover in this way. Then sit down and pick through the plan and decide which ideas will work and which must be discarded.

Live a dynamic life!

And, you may have to change some of your timetables and tasks to incorporate the unexpected changes in your life. Remember, there is always more than one way to solve a problem. Don’t panic and don’t give up on your work/life balance goals. Just find another way to accomplish them and be realistic about whether you can achieve them in the same time period. Perhaps you need to extend your timetable a bit to accommodate the new developments in your life. That doesn’t mean you won’t get there. Just knowing you have a contingency plan will keep you afloat and moving forward.

Just remember! PLAN is not just another four-letter word!

LET US LEARN ABC OF LIFE

2009-01-30T05:32:00.000-08:00

We all have learnt ABC in our schools, but today I will show you another perspective of ABC with respect to life

Avoid negative sources, people, places, things and habits.
Believe in yourself.
Consider things from every angle.
Don't give up and don't give in.
Enjoy life today, yesterday is gone, tomorrow may never come.
Family and friends are hidden treasures; enjoy their riches.
Give more than you planned to.
Hang on to your dreams.
Ignore those who try to discourage you.
Just do it.
Keep trying no matter how hard it seems, it will get easier.
Love yourself first and most.
Make it happen.
Never lie, cheat or steal, always strike a fair deal.
Open your eyes and see things as they really are.
Practice makes perfect.
Quitters never win and winners never quit.
Read, study and learn about everything important in your life.
Stop procrastinating.
Take control of your own destiny.
Understand yourself in order to better understand others.
Visualize it.
Want it more than anything.
Excellerate your efforts.
You are unique of all God's creations, nothing can replace YOU.
Zero in on your target and go for it!

THE TRUE STRENGTH OF MAN

2009-01-30T05:26:00.000-08:00

The strength of a man is not seen in the width off his shoulders.
It is seen in the width of his arms that circle you.

The strength of a man is not in not in the deep tone of his voice.
It’s in the gentle words he whispers.

The strength of a man is no in how many buddies he has.
It’s ho good a buddy he is with his kids.

The strength of a man is not in how respected he is at work.
It’s in how respected he is at home.

The strength of a man is not in how hard he hits.
It’s in how tender he touches.

The strength of a man is not in the hair on his chest.
It’s in the heart ………. That lies within his chest.

The strength of a man is not how many women he has loved.
It’s in how he can be true to one woman.

The strength of a man is not in the weight he can lift.
It’s in the burden he can carry.